Quanta Services (PWR) financials
NYSE · Industrials · Engineering & Construction · 69,500 employees · CEO Earl C. Austin Jr.
- Price
- $620.73 -2.28%
- Market cap
- $93.5B
- Enterprise value
- $98.7B
- Last report
- Q3 '26 filed 2026-10-29
- Next report
- 2027-02-18 EPS est. $5.01
Revenue (TTM)$37.3B+37.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)6.8%+0.9 pp vs a year agoOperating income $2.54B
Net income (TTM)$1.69B+66.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.16B+152.1% vs a year agoCapex $913M
Diluted EPS (TTM)$11.04+63.6% vs a year agoSum of the last 4 quarters
Net cash-$5.2B+3.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $93.5B EV $98.7B
- Revenue
- $37.3B Trailing 12 months
- Revenue growth
- +44% FY2026 consensus
- Profit margin
- 4.5% Net income / revenue, TTM
- P/E
- 55.5× Forward 35.2× (FY2026)
- P/S
- 2.5× Price / sales, TTM
- EV / EBITDA
- 26.9× TTM
- Free cash flow
- $3.16B Trailing 12 months
- Net income
- $1.69B Trailing 12 months
- Revenue estimate
- $40.7B FY2026 consensus
- Earnings
- 2027-02-18 Revenue est. $11.7B
- Dividend
- $0.44 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-29): revenue beat by 8.9%, EPS beat by 20.7%Revenue $12B vs $11B expected (+8.9%); EPS $6.06 vs $5.02 (+20.7%).
- Revenue growth accelerating: 60.1% year on yearQ3 '26 revenue $12B, against an average of 25.7% over the four quarters before.
- Operating margin 6.8% (TTM), +0.9 pp on a year agoOperating income grew 59.0% while revenue grew 37.8%.
- 12.5% of pre-tax profit is eaten by non-operating lossesPre-tax income $2.26B vs operating income $2.54B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 2.4% of revenue (a year ago 2.1%)$913M invested in the last 4 quarters (+62.2% on a year earlier). Free cash flow $3.16B = 186.4% of net income.
- Returned $224M to shareholders = 7.1% of free cash flowBuybacks $158M (a year earlier $175M), dividends $65.9M, stock-based pay $247M (TTM).
- Diluted share count up 0.8% in a year153M diluted shares in Q3 '26, 151M a year earlier.
- Net debt $5.2BCash + short-term investments $2.32B, debt incl. leases $7.51B; a year ago net debt $5.41B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $12B | $7.51B | +60.1% |
| Gross margin | 16.7% | 14.5% | +2.2 pp |
| Operating income | $1.03B | $517M | +98.5% |
| Operating margin | 8.5% | 6.9% | +1.7 pp |
| Net income | $695M | $339M | +104.7% |
| Diluted EPS | $4.55 | $2.24 | +103.1% |
| Operating cash flow | $1.45B | $563M | +158.0% |
| Capex | $268M | $142M | +88.1% |
| Free cash flow | $1.19B | $421M | +181.6% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $67.9M | $46.9M | +44.8% |
Reported vs consensus
2026-10-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $12B | $11B | +8.9% |
| EPS (as estimated) | $6.06 | $5.02 | +20.7% |
From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Electric Power Infrastructure | – | – | – | – | – | |
| Electric | – | – | – | – | – | |
| Underground Utility and Infrastructure Solutions | $2.22B | +51.8% | 100.0% | – | – | |
| Underground and Infrastructure | – | – | – | – | – |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $11.4B | +60.7% | 95.1% | $35.2B | +39.6% | |
| CANADA | $337M | +22.2% | 2.8% | $1.12B | +15.7% | |
| AUSTRALIA | $221M | +9.6% | 1.8% | $837M | +13.9% | |
| Non-US | $28M | -31.4% | 0.2% | $131M | -51.8% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '24
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Electric Power | – | – | $355M | – | – | – | – |
| Renewable Energy | – | – | $222M | – | – | – | – |
| Underground Infrastructure | – | – | $94M | – | – | – | – |
| Corporate (unallocated) | – | – | -$239M | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $4.07B
- Capex
- -$913M
- Buybacks
- -$158M
- Dividends
- -$65.9M
- Acquisitions
- -$2.32B
- Net debt issued
- $1.32B
- Stock-based compensation
- $247M
- Free cash flow
- $3.16B
- Returned to shareholders / FCF
- 7.1%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 55.5× | 45.9× | 33.2× – 61.4× |
| EV / EBITDA | 26.9× | 20.8× | 16.3× – 27.1× |
| EV / Sales | 2.6× | 1.8× | 1.4× – 2.5× |
| Price / FCF | 29.6× | 42.0× | 27.5× – 82.5× |
| Price / Book | 8.9× | 5.1× | 3.2× – 7.2× |
| FCF yield | 3.4% | 2.8% | 1.2% – 3.6% |
| Return on invested capital | 9.6% | 7.0% | 5.5% – 8.0% |
| Return on equity | 17.7% | 10.9% | 9.1% – 12.4% |
Analysts
Consensus target $805.29 (+29.7%)
range $684.00 – $960.00 · rating Buy
Strong buy0
Buy27
Hold9
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $40.7B | +43.6% | $17.65 | +159.6% | 35.2× | 14 |
| FY2027 | $47.6B | +16.9% | $20.86 | +18.2% | 29.8× | 19 |
| FY2028 | $54.3B | +14.1% | $24.74 | +18.6% | 25.1× | 11 |
| FY2029 | $62B | +14.3% | $28.38 | +14.7% | 21.9× | 4 |
| FY2030 | $67.4B | +8.7% | $31.46 | +10.9% | 19.7× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 288 figures Quanta Services, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $2.91M2026-03-31 | $3.84M | -24.3% | – | – | – | |
| $1B2026-05-21 | – | – | – | – | – | |
| Accounts Payable and Accrued Liabilities, Current | $7.19B | $4.39B | +63.6% | $4.58B | $3.72B | +23.0% |
| Accounts Payable, Trade, Current | $4.26B | $2.78B | +53.0% | $2.83B | $2.1B | +35.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $10.1B | $6.36B | +59.6% | $6.85B | $5.17B | +32.4% |
| Accounts Receivable, Allowance for Credit Loss | $12.2M | $16M | -23.7% | $15.7M | $15.2M | +3.4% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $1.03M | $897K | +14.5% | $3.72M | $4.28M | -13.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$335M | -$326M | -2.8% | -$307M | -$373M | +17.6% |
| Additional Paid in Capital, Common Stock | $4.76B | $4.04B | +17.9% | $4.28B | $3.44B | +24.2% |
| Amortization of Intangible Assets | $189M | $133M | +41.6% | $499M | $383M | +30.2% |
| Assets | $32.7B | $22.7B | +44.0% | $24.9B | $18.7B | +33.4% |
| Assets, Current | $15.7B | $9.47B | +65.9% | $9.9B | $7.85B | +26.1% |
| Business Acquisition, Pro Forma Revenue | $12B | $8.64B | +39.4% | $30.6B | $28.2B | +8.3% |
| Business Combination, Acquisition Related Costs | $14.3M | $19.5M | -26.7% | – | – | – |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $19.8M | $6.8M | +191.1% | $31.2M | $7.06M | +341.7% |
| Business Combination, Contingent Consideration, Liability | $837M | $494M | +69.5% | $594M | $345M | +72.1% |
| Business Combination, Contingent Consideration, Liability, Current | $162M | – | – | $3.47M2020-12-31 | $77.6M | -95.5% |
| Business Combination, Contingent Consideration, Liability, Noncurrent | $675M | – | – | – | – | – |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $26.9M | $27.3M | -1.5% |
| Cash and Cash Equivalents, at Carrying Value | $2.32B | $610M | +279.3% | $440M | $742M | -40.8% |
| Cash Equivalents, at Carrying Value | $908M | $360M | +152.3% | $228M | $348M | -34.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.32B | $614M | +278.3% | $443M | $746M | -40.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.81B | $101M | +1,692.7% | -$303M | -$549M | +44.8% |
| Common Stock, Dividends, Per Share, Declared | $0.11 | $0.10 | +10.0% | $0.41 | $0.37 | +10.8% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 600M | 600M | 0.0% | 600M | 600M | 0.0% |
| Common Stock, Shares, Issued | 181M | 179M | +1.0% | 180M | 177M | +1.6% |
| Common Stock, Shares, Outstanding | 151M | 149M | +1.0% | 150M | 148M | +1.3% |
| Common Stock, Value, Issued | $2K | $2K | 0.0% | $2K | $2K | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $12.1M | $3.42M | +252.5% | $13.5M | $22.5M | -39.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $701M | $312M | +124.5% | $1.09B | $815M | +34.2% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $713M | $316M | +125.9% | $1.11B | $838M | +32.2% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $1.71B | $1.56B | +9.5% | $1.52B | $1.21B | +25.9% |
| Contract with Customer, Liability, Current | $5.54B | $2.45B | +126.4% | $3.26B | $2.15B | +51.6% |
| Contract with Customer, Liability, Revenue Recognized | $230M | $250M | -8.0% | $1.98B | $1.42B | +39.4% |
| Contract with Customer, Receivable, after Allowance for Credit Loss, Current | $1.36B | $864M | +57.4% | $994M | $667M | +49.2% |
| Contract with Customer, Receivable, after Allowance for Credit Loss, Noncurrent | $395M | $170M | +132.8% | $229M | $144M | +59.3% |
| Cost of Goods and Services Sold | $10B | $6.41B | +56.0% | $24.2B | $20.2B | +20.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $184M | $185M | -0.6% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $66.9M | $52M | +28.5% |
| Current Income Tax Expense (Benefit) | – | – | – | $310M | $293M | +5.8% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $59M | $55.7M | +5.9% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $55.8M | $42.7M | +30.7% | $40.8M | $31.5M | +29.4% |
| Debt, Current | $639M | $97.4M | +556.7% | $764M | $62.7M | +1,118.7% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | $14.3M2025-09-30 | $11.3M | +26.5% | $11.9M2020-12-31 | $6.3M | +88.9% |
| Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | 109K | 135K | -19.5% | 119K | 155K | -23.1% |
| Deferred Compensation Liability, Classified, Noncurrent | $139M | $126M | +10.4% | $126M | $110M | +14.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $63M | $34.5M | +82.6% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$31.6M | -$57.4M | +44.9% |
| Deferred Income Tax Assets, Net | $92.4M2025-12-31 | $63.1M | +46.5% | $92.4M | $63.1M | +46.5% |
| Deferred Income Tax Expense (Benefit) | -$35.8M2025-12-31 | -$6.48M | -453.1% | $37.6M | -$8.33M | +551.7% |
| Deferred Income Tax Liabilities, Net | $541M | $452M | +19.7% | $503M | $353M | +42.3% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $6.2M | $14.6M | -57.4% |
| Deferred Tax Assets, Equity Method Investments | $11.4M2025-12-31 | $6.75M | +69.2% | $11.4M | $6.75M | +69.2% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $18M2025-12-31 | $3.12M | +476.4% | $18M | $3.12M | +476.4% |
| Deferred Tax Assets, Gross | $553M2025-12-31 | $499M | +10.9% | $553M | $499M | +10.9% |
| Deferred Tax Assets, Net of Valuation Allowance | $518M2025-12-31 | $456M | +13.6% | $518M | $456M | +13.6% |
| Deferred Tax Assets, Operating Loss Carryforwards | $123M2025-12-31 | $179M | -31.5% | $123M | $179M | -31.5% |
| Deferred Tax Assets, Other | $4.22M2025-12-31 | $14.8M | -71.4% | $4.22M | $14.8M | -71.4% |
| Deferred Tax Assets, Tax Credit Carryforwards | $21.5M2025-12-31 | $14.6M | +47.1% | $21.5M | $14.6M | +47.1% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01