HOUSTON, April 30, 2026, 10:35 CDT
- Quanta Services bumped up its 2026 forecast following a stronger-than-expected Q1 earnings report.
- Backlog hit a new high at $48.5 billion, driven mainly by strong demand for electric infrastructure.
- Shares surged Thursday, leaving MasTec, EMCOR, and AECOM trailing behind.
Quanta Services Inc. shares jumped Thursday after the Houston-based contractor outpaced Wall Street’s first-quarter profit and revenue targets, lifting its outlook for the year. Analysts polled by FactSet, as cited by MarketScreener, had expected adjusted earnings of $2.04 per share and revenue at $7.00 billion. Quanta delivered $2.68 and $7.87 billion instead, signaling persistent demand for power grid upgrades, large-load infrastructure, and data center work.
Timing is a key factor here. As investors move beyond chipmakers and cloud giants, they’re searching for companies that stand to gain indirectly from the artificial-intelligence buildout. Quanta lands in the thick of the “pipes and wires” segment—think transmission lines, substations, power generation support, plus the infrastructure that keeps large-load spots like data centers running. According to Reuters’ company profile, Quanta serves electric utilities, power generation, large-load center, communications, pipeline and energy markets. Reuters
Quanta reported revenue of $7.87 billion for the first quarter, up from $6.23 billion a year ago. Net income attributable to common stock climbed to $220.6 million, or $1.45 per diluted share, compared to $144.3 million, or 96 cents a share. On an adjusted basis, earnings per share came in at $2.68, rising from $1.78.
Backlog could be the key figure for Wall Street this time. Quanta put its total backlog at $48.47 billion, with remaining performance obligations (RPO) at $26.24 billion. RPO covers contracted revenue locked in but not recognized yet. The backlog number is wider, counting projected orders from master service agreements as well as some non-fixed-price deals.
The company now expects 2026 revenue between $34.7 billion and $35.2 billion, bumping up its outlook along with adjusted diluted EPS projected in a $13.55 to $14.25 range. Back in February, guidance pointed lower—revenue of $33.25 billion to $33.75 billion and adjusted EPS between $12.65 and $13.35.
Quanta shares jumped $71.30 to $699.90 in late-morning U.S. action. The stock easily outperformed peers: MasTec ticked up to $393.16, EMCOR Group reached $883.78, and AECOM was at $83.32.
Electric led the action again. Quanta’s electric revenue jumped to $6.47 billion, up from $4.94 billion a year ago. Underground and Infrastructure brought in $1.41 billion, compared with $1.29 billion last year. That put electric at 82.1% of total revenue for the quarter.
Chief Executive Duke Austin said the company is upping its outlook following what he called a “strong start to the year and improved visibility.” He highlighted a “record backlog of $48.5 billion,” language that’s unlikely to temper investor attention on the company’s grid expansion work. Quanta Services, Inc.
During the earnings call, Austin highlighted that technology and load-center demand remained brisk, calling the opportunities “daily.” He said Quanta was “early” in the space, and pointed to growth coming from both acquisitions and organic expansion. Investing.com
Management linked its outlook directly to supply chain management. Austin said Quanta is committing $500 million to $700 million over several years into power transformer production and supply chain initiatives, targeting a doubling of transformer output. Transformers—essential for shifting voltage and enabling grid transmission—have become a choke point. Austin highlighted lead times stretching to 36 months on certain pieces of equipment.
Analysts zeroed in on whether the order book has more room to grow. Andy Kaplowitz from Citigroup pressed management about big-load contract wins and if those awards could grow even further. Bernstein’s Chad Dillard wanted to know what would need to change for Quanta to take on full turnkey data center projects at a broader scale. Austin responded: backlog gains weren’t just concentrated in a single area, and Quanta could expand its role if customers wanted it.
One wrinkle: Quanta flagged the usual suspects—weather, regulation, permitting, supply chain snags—that can disrupt project schedules and execution. The company also warned its backlog is vulnerable to timing swings from delays, cancellations, commercial disputes, natural disasters, or waiting on final sign-off for change orders. Simply put, a hefty order book doesn’t guarantee smooth, predictable revenue.
Right now, investors have what they wanted: quicker growth, an upbeat outlook, and proof that grid and data-center demand is landing with contractors. But that sets a tougher standard. With Quanta shares up double digits, the margin for error just shrank.
