Quanta Services (PWR)
Market Price (9/5/2026): $627.99 | Market Cap: $94.3 BilInvestor Relations Sector: Industrials | Industry: Construction & Engineering
Quanta Services (PWR)
Market Price (9/5/2026): $627.99Market Cap: $94.3 BilSector: IndustrialsIndustry: Construction & Engineering
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% Attractive cash flow generationCFO LTM is 3.2 Bil, FCF LTM is 2.4 Bil Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, Electrification of Everything, 5G & Advanced Connectivity, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 46x, P/EPrice/Earnings or Price/(Net Income) is 71x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.8% Key risksPWR key risks include [1] regulatory and permitting delays impeding the conversion of its substantial project backlog into revenue, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% |
| Attractive cash flow generationCFO LTM is 3.2 Bil, FCF LTM is 2.4 Bil |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, Electrification of Everything, 5G & Advanced Connectivity, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 46x, P/EPrice/Earnings or Price/(Net Income) is 71x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.8% |
| Key risksPWR key risks include [1] regulatory and permitting delays impeding the conversion of its substantial project backlog into revenue, Show more. |
Qualitative Assessment
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Quanta Services (PWR) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Elevated Valuation Leading to a Correction.Quanta Services (PWR) stock reached an all-time high of $788.75 on May 5, 2026, just prior to the specified period. At this peak, and into June, the stock was trading at approximately 50 times its forward adjusted earnings per share for fiscal year 2026, which analysts considered a very high valuation. Despite reporting strong fiscal Q2 2026 results on July 30, 2026, where adjusted diluted EPS of $4.24 significantly beat estimates of $3.25-$3.31, and revenue of $9.56 billion surpassed expectations of $8.61 billion, the market appears to have used this period to re-rate the stock's premium. The subsequent 15% decline brought the valuation to around 36 times 2026 earnings by late August, which was still considered elevated by some, suggesting the market adjusted for its previous high pricing.
2. Significant Insider Selling Prior to and During the Period.Adding pressure to the stock was substantial insider selling activity. On May 7, 2026, just before the start of the analysis period, President and CEO Earl C. Austin Jr. executed sales of company stock totaling over $120 million. While not directly within the specified period, such a large transaction from a key executive at a high valuation point could have signaled a lack of further upside to some investors and contributed to negative sentiment carrying into June and July.
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Quanta Services (PWR) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Elevated Valuation Leading to a Correction.Quanta Services (PWR) stock reached an all-time high of $788.75 on May 5, 2026, just prior to the specified period. At this peak, and into June, the stock was trading at approximately 50 times its forward adjusted earnings per share for fiscal year 2026, which analysts considered a very high valuation. Despite reporting strong fiscal Q2 2026 results on July 30, 2026, where adjusted diluted EPS of $4.24 significantly beat estimates of $3.25-$3.31, and revenue of $9.56 billion surpassed expectations of $8.61 billion, the market appears to have used this period to re-rate the stock's premium. The subsequent 15% decline brought the valuation to around 36 times 2026 earnings by late August, which was still considered elevated by some, suggesting the market adjusted for its previous high pricing.
2. Significant Insider Selling Prior to and During the Period.Adding pressure to the stock was substantial insider selling activity. On May 7, 2026, just before the start of the analysis period, President and CEO Earl C. Austin Jr. executed sales of company stock totaling over $120 million. While not directly within the specified period, such a large transaction from a key executive at a high valuation point could have signaled a lack of further upside to some investors and contributed to negative sentiment carrying into June and July.
3. Mixed Analyst Sentiment and Downgrades Focused on Valuation.Despite the company raising its full-year fiscal 2026 guidance for revenue to $39.3-$39.7 billion and adjusted EPS to $16.45-$16.95 after the strong Q2 2026 results, analyst reactions were mixed, with some downgrades and reiterations of "hold" ratings. For instance, Benchmark downgraded Quanta Services to a "sell" rating on July 31, 2026, and Weiss Ratings downgraded it to a "hold" rating on August 21, 2026. These actions, often citing the stock's high valuation even after strong operational performance, likely contributed to the downward trend as some investors adjusted their positions based on these revised outlooks.
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Stock Movement Drivers
Fundamental Drivers
The -12.3% change in PWR stock from 5/31/2026 to 9/4/2026 was primarily driven by a -26.7% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 711.62 | 624.41 | -12.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 30,121 | 32,905 | 9.2% |
| Net Income Margin (%) | 3.7% | 4.0% | 9.9% |
| P/E Multiple | 96.5 | 70.7 | -26.7% |
| Shares Outstanding (Mil) | 150 | 150 | -0.3% |
| Cumulative Contribution | -12.3% |
Market Drivers
5/31/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| PWR | -12.3% | |
| Market (SPY) | 1.8% | 50.6% |
| Sector (XLI) | 1.2% | 57.0% |
Fundamental Drivers
The 10.9% change in PWR stock from 2/28/2026 to 9/4/2026 was primarily driven by a 15.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 562.88 | 624.41 | 10.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 28,480 | 32,905 | 15.5% |
| Net Income Margin (%) | 3.6% | 4.0% | 11.7% |
| P/E Multiple | 81.8 | 70.7 | -13.6% |
| Shares Outstanding (Mil) | 149 | 150 | -0.5% |
| Cumulative Contribution | 10.9% |
Market Drivers
2/28/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| PWR | 10.9% | |
| Market (SPY) | 12.6% | 47.6% |
| Sector (XLI) | -0.8% | 59.6% |
Fundamental Drivers
The 65.3% change in PWR stock from 8/31/2025 to 9/4/2026 was primarily driven by a 26.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 377.64 | 624.41 | 65.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26,053 | 32,905 | 26.3% |
| Net Income Margin (%) | 3.7% | 4.0% | 8.1% |
| P/E Multiple | 57.7 | 70.7 | 22.5% |
| Shares Outstanding (Mil) | 148 | 150 | -1.2% |
| Cumulative Contribution | 65.3% |
Market Drivers
8/31/2025 to 9/4/2026| Return | Correlation | |
|---|---|---|
| PWR | 65.3% | |
| Market (SPY) | 20.4% | 48.0% |
| Sector (XLI) | 16.5% | 59.9% |
Fundamental Drivers
The 198.6% change in PWR stock from 8/31/2023 to 9/4/2026 was primarily driven by a 79.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 209.11 | 624.41 | 198.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,354 | 32,905 | 79.3% |
| Net Income Margin (%) | 3.2% | 4.0% | 27.7% |
| P/E Multiple | 52.5 | 70.7 | 34.7% |
| Shares Outstanding (Mil) | 145 | 150 | -3.2% |
| Cumulative Contribution | 198.6% |
Market Drivers
8/31/2023 to 9/4/2026| Return | Correlation | |
|---|---|---|
| PWR | 198.6% | |
| Market (SPY) | 77.1% | 54.7% |
| Sector (XLI) | 68.7% | 60.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PWR Return | 60% | 25% | 52% | 47% | 34% | 47% | 769% |
| Peers Return | 34% | -3% | 33% | 75% | 60% | 1% | 391% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| PWR Win Rate | 67% | 67% | 83% | 67% | 58% | 56% | |
| Peers Win Rate | 58% | 48% | 62% | 62% | 60% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| PWR Max Drawdown | -15% | -22% | -25% | -15% | -34% | -29% | |
| Peers Max Drawdown | -29% | -32% | -30% | -23% | -36% | -46% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MTZ, EME, MYRG, PRIM, DY. See PWR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | PWR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -19.0% | -18.8% |
| % Gain to Breakeven | 23.4% | 23.1% |
| Time to Breakeven | 50 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.3% | -9.5% |
| % Gain to Breakeven | 28.6% | 10.5% |
| Time to Breakeven | 42 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.7% | -24.5% |
| % Gain to Breakeven | 15.9% | 32.4% |
| Time to Breakeven | 35 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.7% | -33.7% |
| % Gain to Breakeven | 66.0% | 50.9% |
| Time to Breakeven | 71 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -17.0% | -19.2% |
| % Gain to Breakeven | 20.6% | 23.8% |
| Time to Breakeven | 31 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -29.3% | -12.2% |
| % Gain to Breakeven | 41.5% | 13.9% |
| Time to Breakeven | 151 days | 62 days |
In The Past
Quanta Services's stock fell -19.0% during the 2025 US Tariff Shock. Such a loss loss requires a 23.4% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | PWR | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.3% | -9.5% |
| % Gain to Breakeven | 28.6% | 10.5% |
| Time to Breakeven | 42 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.7% | -33.7% |
| % Gain to Breakeven | 66.0% | 50.9% |
| Time to Breakeven | 71 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -29.3% | -12.2% |
| % Gain to Breakeven | 41.5% | 13.9% |
| Time to Breakeven | 151 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -52.4% | -6.8% |
| % Gain to Breakeven | 110.2% | 7.3% |
| Time to Breakeven | 348 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.6% | -17.9% |
| % Gain to Breakeven | 27.6% | 21.8% |
| Time to Breakeven | 63 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -60.3% | -53.4% |
| % Gain to Breakeven | 152.1% | 114.4% |
| Time to Breakeven | 1483 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -24.8% | -8.6% |
| % Gain to Breakeven | 33.0% | 9.5% |
| Time to Breakeven | 71 days | 47 days |
In The Past
Quanta Services's stock fell -19.0% during the 2025 US Tariff Shock. Such a loss loss requires a 23.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Quanta Services (PWR)
Quanta Services, Inc. (PWR) is a leading specialty contractor that provides a wide range of essential infrastructure services primarily across North America. The company is fundamental to the design, construction, upgrade, repair, and maintenance of critical networks that deliver power, transport energy resources, and support communications. Its operations are broadly divided into three core segments: Electric Power Infrastructure Solutions, Renewable Energy Infrastructure Solutions, and Underground Utility and Infrastructure Solutions.
Through its Electric Power segment, Quanta performs extensive work on electric power transmission, distribution, and substation facilities, including installing smart grid technologies and providing emergency restoration services for electric utilities and commercial clients. The Renewable Energy segment focuses on engineering, procurement, construction (EPC), and maintenance for wind, solar, hydropower, and battery storage facilities, serving renewable developers and utilities expanding their clean energy portfolios. Additionally, its Underground Utility segment specializes in infrastructure for the transportation, distribution, storage, and processing of natural gas, oil, and other products, including pipelines and compressor stations, for energy companies.
In essence, Quanta Services serves as a comprehensive, end-to-end solution provider for utilities, energy companies, and communications providers, helping them build, modernize, and maintain their vital infrastructure. The company plays a crucial role in supporting the ongoing energy transition, enhancing grid reliability, and ensuring the efficient delivery of essential resources across various industries.
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Here are 1-2 brief analogies for Quanta Services (PWR):
- Like the **Bechtel** of utility and energy infrastructure, building and maintaining everything from power lines and wind farms to gas pipelines.
- The **Amazon Web Services (AWS)** for physical infrastructure, constructing and maintaining the foundational systems for electric grids, renewable energy, and pipelines across North America.
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- Electric Power Infrastructure Services: Provides comprehensive services for the design, construction, maintenance, and upgrade of electric power transmission, distribution, and substation infrastructure, including smart grid integration.
- Renewable Energy Infrastructure Services: Offers engineering, procurement, construction, and maintenance for wind, solar, hydropower, and battery storage facilities, along with associated electrical infrastructure.
- Underground Utility Infrastructure Services: Delivers design, engineering, construction, and maintenance for natural gas, oil, and other product transportation, distribution, storage, and processing systems, including pipelines.
- Communications Infrastructure Services: Specializes in design and construction solutions for wireline, wireless, and cable multi-system operator communications networks.
- Specialized Support Services: Includes aviation services, emergency restoration, commercial and industrial wiring, and training programs for utility workers.
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Earl C. "Duke" Austin, Jr. President, Chief Executive Officer
Duke Austin serves as President and Chief Executive Officer of Quanta Services. He has been instrumental in growing Quanta Services into a Fortune 200 company. He has decades of operational, strategic, and executive leadership experience in the energy and infrastructure sector. Austin joined Quanta Services through the acquisition of North Houston Pole Line Corp., where he served as president, leading its strategic growth. He held various senior leadership roles within Quanta, including leading the Electric Power, Natural Gas, and Pipeline Division and serving as Chief Operating Officer, before becoming President and CEO in 2016.
Jayshree Desai Chief Financial Officer
Jayshree Desai serves as the Chief Financial Officer of Quanta Services, a role she assumed in 2022. Prior to joining Quanta, she was the founder, President, and a Director of ConnectGen LLC, a renewable energy company focused on utility-scale wind, solar, and storage development, which was a private-equity-backed developer. She also served as Chief Operating Officer of Clean Line Energy Partners LLC from 2010 to 2018. Desai joined Quanta Services as Chief Corporate Development Officer in early 2020, overseeing mergers and acquisitions and treasury functions.
BJ Ducey President — Strategic Operations
BJ Ducey serves as President of Strategic Operations for Quanta Services. He supports Quanta's extensive business portfolio and leads a team that evaluates technologies, assets, projects, and opportunities. Ducey has significant industry experience, having previously served as Quanta's Senior Vice President of Operations from 2017 through 2023 and in various other management roles within Quanta from 2012 through 2017. He also served as Vice President — Operations and Business Development at Dashiell Corporation, a Quanta operating company, from 2006 through 2012.
Karl Studer President — Electric Power
Karl Studer serves as President of Electric Power for Quanta Services, overseeing all of Quanta's electrical operations across the United States, Canada, and Australia. His leadership has significantly impacted the strategic growth of Quanta in electrical engineering and construction. Studer previously served as Regional Vice President of Quanta. Before his roles at Quanta, he founded Probst Electric Inc. in 2004 and Summit Line Construction in 2008, both of which were acquired by Quanta in November 2013.
Donald Wayne Executive Vice President – General Counsel
Donald Wayne serves as Executive Vice President and General Counsel of Quanta Services. His extensive background with publicly traded energy and construction companies has provided him with the industry knowledge necessary to guide Quanta in its continued growth. Wayne is a graduate of Tufts University and holds a Master of Business Administration and Juris Doctorate from Washington University.
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1. Project Execution and Operational Hazards
Quanta Services faces significant risks related to the execution of its complex and often large-scale projects. These include potential project delays, cost overruns, and cancellations, which can be driven by intricate design, engineering, and regulatory requirements. The company's reliance on fixed-price contracts means that variations in labor and material costs, or other unforeseen challenges, can adversely affect profitability or lead to financial losses on projects. Furthermore, Quanta is exposed to operational hazards such as wildfires and explosions, which have become more prevalent, potentially leading to substantial liabilities. The integration of strategic acquisitions also presents operational complexities, including potential unknown liabilities and the diversion of management's attention, which could disrupt ongoing business operations and hinder the realization of anticipated benefits.
2. Dependence on Large Infrastructure Investments and Political/Regulatory Changes
The company's revenue and growth are heavily dependent on substantial infrastructure investments across the electric power, renewable energy, and other utility sectors. Shifts in government policies and funding, particularly regarding "green" or renewable energy projects, can lead to delays or even cancellations of orders in the backlog, significantly impacting future revenue streams. Broader macroeconomic conditions such as inflation, rising interest rates, and economic uncertainty can also influence customers' capital spending plans and the timing of projects. Additionally, Quanta Services operates in a highly regulated environment, and changes in environmental standards, licensing requirements, or other regulatory mandates can increase compliance costs and alter demand for its services.
3. Labor Availability and Supply Chain Disruptions
As a provider of specialty contracting services, Quanta Services' operations are labor-intensive and highly dependent on the availability of skilled craft labor personnel and experienced operators. A competitive labor market and potential shortages of qualified employees pose a significant risk to the company's ability to execute projects efficiently and expand its business. Concurrently, the availability and cost of essential materials and equipment are subject to global trade dynamics and geopolitical tensions. Disruptions in the supply chain or significant fluctuations in the prices of key commodities can lead to increased project costs and delays, impacting project timelines and overall profitability.
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Quanta Services, Inc. (PWR) operates in several significant infrastructure markets, including electric power, renewable energy, underground utilities (oil and gas pipelines), and communications. The addressable markets for their main products and services are substantial, both in the U.S. and globally.
Electric Power Infrastructure Solutions
The global power transmission and distribution (T&D) market, which encompasses many of Quanta Services' offerings in this segment, was estimated at approximately USD 342.64 billion in 2024 and is projected to reach about USD 432.23 billion by 2030, with a compound annual growth rate (CAGR) of 4% from 2025 to 2030. In the United States alone, the power transmission and distribution market generated USD 63.22 billion in revenue in 2024 and is expected to reach USD 76.54 billion by 2030, growing at a CAGR of 3.3% from 2025 to 2030. Another estimate for the U.S. electric power transmission and distribution market valued it at USD 89.9 billion in 2024, with a projection to increase to USD 110.4 billion by 2032 at a CAGR of 2.7% during 2025–2032. The U.S. electricity transmission and distribution market was valued at USD 82.96 billion in 2022.
The broader U.S. power infrastructure market, which includes electric power T&D, was valued at USD 264.2 billion in 2024 and is expected to reach USD 455.6 billion by 2032, growing at a CAGR of 7.2% during 2025–2032. This growth is significantly driven by the expansion of renewable energy capacity and grid modernization initiatives.
Renewable Energy Infrastructure Solutions
The global renewable energy infrastructure market was estimated at USD 1,000 billion in 2024 and is projected to grow to USD 2,000 billion by 2035, exhibiting a CAGR of 6.5% during the forecast period of 2025-2035. Another source indicates the global renewable energy market size was valued at USD 1,078.7 billion in 2025 and is projected to grow to USD 1,838.57 billion by 2034, with a CAGR of 6.17% from 2026 to 2034.
In the United States, the renewable energy market was valued at USD 140.6 billion in 2025, reaching an estimated USD 156.3 billion in 2026, and is projected to grow to USD 444.9 billion by 2035, at a CAGR of 12.3% during 2026-2035. Other estimates for the U.S. renewable energy market size show it at USD 85.37 billion in 2026, projected to reach USD 169.49 billion by 2034, growing at a CAGR of 8.95% from 2026 to 2034.
Underground Utility and Infrastructure Solutions (Oil & Gas Pipeline Construction)
The global pipeline construction market, which includes oil and gas, was valued at USD 52.49 billion in 2024 and is projected to grow to USD 84.26 billion by 2033, with a CAGR of 5.4% during 2026–2033. Another report states the global oil and gas pipeline market size was valued at USD 26.5 billion in 2023 and is estimated to reach USD 44.01 billion by 2032, growing at a CAGR of 5.8% from 2024–2032. The global oil & gas pipeline market size is valued at USD 122.22 billion in 2026, projected to reach USD 195.09 billion by 2034 at a CAGR of 6.02% during 2026–2034.
The U.S. oil & gas pipeline construction market was valued at USD 52.5 billion in 2024 and is expected to reach USD 99 billion by 2032, advancing at a CAGR of 8.4% during 2025–2032.
Communications Infrastructure
The global telecom network infrastructure market was valued at USD 108.81 billion in 2025 and is projected to reach USD 190.13 billion by 2033, growing at a CAGR of 7.3% from 2026 to 2033. Another report indicates a global market size of USD 128.00 billion in 2026, projected to reach USD 245.11 billion by 2034, exhibiting a CAGR of 8.46% during the forecast period.
The U.S. telecom services market size is estimated at USD 451.7 billion in 2025 and is projected to reach USD 601.2 billion in 2030, advancing at a 5.88% CAGR. The demand for telecom network infrastructure in the USA is expected to grow from USD 72.6 billion in 2025 to USD 129.8 billion by 2035, reflecting a CAGR of 6.0%.
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Quanta Services (PWR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Utility Grid Modernization, Reliability, and Resilience: Ongoing investment in upgrading and hardening electric power transmission and distribution infrastructure, as well as substation facilities, is a significant driver. This includes improving grid resilience and integrating modern technologies to enhance reliability.
- Renewable Energy Infrastructure Development: The company anticipates continued growth from its services related to renewable generation facilities, such as wind, solar, hydropower, and battery storage. Government initiatives, like the Inflation Reduction Act, are providing substantial incentives for these projects, fueling demand for Quanta's engineering, procurement, construction, upgrade, repair, and maintenance services in this sector.
- Data Center Infrastructure Expansion: The rapid growth of data centers, driven by increasing demand for AI and cloud computing, represents a fast-expanding segment for Quanta Services. The company has made strategic acquisitions, such as Cupertino Electric, to bolster its capabilities in this lucrative market and is securing projects tied to large data-center campuses and power generation facilities.
- Strategic Acquisitions: Quanta Services actively employs a disciplined acquisition strategy to expand its capabilities and market reach. Recent acquisitions in 2025, including Tri-City Group, Wilson Construction Company, Billings Flying Service, and Dynamic Systems, have broadened its electrical infrastructure expertise and enhanced its ability to deliver complex projects across various markets. These acquisitions are expected to contribute to both organic and inorganic revenue growth.
- Large-Load Industrial Electrification: Beyond data centers, the broader trend of increased electricity consumption from large-load industries, including manufacturing onshoring, is driving unprecedented infrastructure investment requirements. Quanta is positioned to capitalize on this demand by providing the necessary electric power infrastructure for new and expanding industrial facilities.
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Share Repurchases
- A new $500 million stock repurchase program was authorized in August 2020, through June 30, 2023.
- Quanta repurchased 538,559 shares of its common stock for $134.6 million year-to-date as of July 30, 2025, with approximately $365.1 million remaining under the program.
- Notable quarterly stock buybacks include $190.20 million in March 2025, $76.84 million in March 2024, and $107.99 million in March 2023.
Share Issuance
- Quanta Services' outstanding shares increased to 0.151 billion in Q3 2025, a 0.62% increase year-over-year.
- Shares outstanding for fiscal year 2024 were 0.15 billion, an increase of 0.83% from 2023.
- The acquisition of Cupertino Electric, Inc. in July 2024 included the issuance of 883,000 shares of Quanta common stock, valued at roughly $225 million.
Outbound Investments
- In July 2024, Quanta Services acquired Cupertino Electric, Inc. (CEI) for approximately $1.54 billion, expanding capabilities in technology, data center, and renewable energy infrastructure.
- During 2025, Quanta completed eight acquisitions, including Tri-City Group, Wilson Construction Company, and Billings Flying Service, to strengthen electrical infrastructure capabilities.
- Quanta made a strategic investment of $500 million to $700 million over several years in power transformer manufacturing facilities and vertical supply chain to enhance its high-voltage transmission market position.
Capital Expenditures
- Capital expenditures increased from $260.1 million in 2020 to a peak of $604.1 million in December 2024.
- For fiscal years ending December 2020 to 2024, average capital expenditures were $422.5 million.
- Capital expenditures are focused on supporting the company's infrastructure solutions across electric power, renewable energy, and underground utility sectors.
Peer Outperformance in Construction & Engineering
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| PWR | Quanta Services | 21.5% | 70.7x | 66.2% | 200.1% | 442.6% | — |
| STRL | Sterling Infrastructure | 25.0% | 34.6x | 68.5% | 504.0% | 2005.1% | +1,563pp |
| IESC | IES | 19.4% | 28.2x | -10.2% | 337.8% | 577.5% | +135pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering ← | 31 | 18.0% | 111.1% | 190.3% | CDNL 2702% · FIX 2049% · STRL 2005% |
| Marine Transportation | 5 | 72.8% | 70.4% | 164.7% | HOS 48321% · MATX 188% · KEX 165% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 14.7% | 63.4% | 115.4% | CAT 322% · ALSN 270% · WAB 223% |
| Aerospace & Defense | 55 | -1.3% | 57.5% | 70.3% | ATI 1074% · FTAI 885% · HWM 739% |
| Passenger Ground Transportation | 3 | -11.4% | 41.2% | 58.1% | UBER 88% · CAR 58% · LYFT -65% |
| Rail Transportation | 7 | 30.7% | 72.2% | 46.1% | FSTR 135% · CSX 65% · UNP 51% |
| Industrial Machinery & Supplies & Components | 71 | 8.8% | 49.3% | 45.1% | CRS 1411% · PSIX 952% · EROC 609% |
| Cargo Ground Transportation | 16 | 35.6% | 5.9% | 35.4% | XPO 258% · R 251% · CVLG 209% |
| Trading Companies & Distributors | 19 | 0.7% | 39.0% | 32.8% | DXPE 533% · AIT 289% · WCC 214% |
| Diversified Support Services | 33 | 13.1% | 32.4% | 26.8% | LIME 4173% · TH 371% · WLFC 360% |
| Electrical Components & Equipment | 41 | 19.1% | 51.3% | 21.7% | POWL 2201% · BE 1055% · VRT 900% |
| Building Products | 33 | -9.7% | 7.2% | 19.4% | LMB 575% · GFF 398% · PPIH 300% |
| Research & Consulting Services | 13 | -9.7% | -20.5% | -6.3% | HURN 214% · GRNQ 137% · CRAI 89% |
| Agricultural & Farm Machinery | 17 | 14.0% | -1.4% | -7.2% | BLBD 213% · DE 90% · GENC 59% |
| Industrial Conglomerates | 17 | 10.4% | 15.4% | -8.5% | RCMT 676% · CSW 141% · CSL 80% |
| Environmental & Facilities Services | 29 | -8.8% | 16.4% | -12.0% | CECO 880% · ADUR 558% · NVRI 352% |
| Data Processing & Outsourced Services | 6 | -31.6% | -12.8% | -26.0% | EXLS 49% · BR 11% · G -23% |
| Passenger Airlines | 11 | 3.6% | -1.0% | -26.4% | LTM 2504% · UAL 141% · SKYW 117% |
| Office Services & Supplies | 9 | 12.7% | 23.7% | -30.4% | PBI 186% · TILE 157% · HNI 59% |
| Human Resource & Employment Services | 22 | 5.8% | -18.3% | -35.7% | BBSI 86% · ADP 49% · KFY 31% |
| Air Freight & Logistics | 12 | -6.0% | -22.3% | -39.1% | CHRW 85% · FDX 67% · EXPD 62% |
| Security & Alarm Services | 10 | -33.9% | 5.0% | -45.5% | CIX 137% · MG 96% · NL 53% |
| Airport Services | 3 | -66.4% | -76.9% | -57.6% | JOBY -34% · ASLE -58% · UP -100% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 293.41 |
| Mkt Cap | 13.8 |
| Rev LTM | 11,697 |
| Op Inc LTM | 682 |
| FCF LTM | 357 |
| FCF 3Y Avg | 444 |
| CFO LTM | 650 |
| CFO 3Y Avg | 655 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 21.2% |
| Rev Chg 3Y Avg | 15.3% |
| Rev Chg Q | 21.8% |
| QoQ Delta Rev Chg LTM | 5.1% |
| Op Inc Chg LTM | 39.5% |
| Op Inc Chg 3Y Avg | 34.4% |
| Op Mgn LTM | 5.8% |
| Op Mgn 3Y Avg | 5.1% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 7.2% |
| CFO/Rev 3Y Avg | 7.1% |
| FCF/Rev LTM | 5.6% |
| FCF/Rev 3Y Avg | 4.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electric | 23,001 | 19,012 | 15,867 | ||
| Underground and Infrastructure | 5,478 | 4,660 | 5,015 | 4,355 | 3,531 |
| Electric Power | 8,940 | 7,624 | |||
| Renewable Energy | 3,779 | 1,825 | |||
| Total | 28,480 | 23,673 | 20,882 | 17,074 | 12,980 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electric | 2,360 | 1,959 | 1,491 | ||
| Underground and Infrastructure | 398 | 265 | 378 | 318 | 150 |
| Corporate and non-allocated costs | -1,147 | -877 | -741 | -709 | -534 |
| Electric Power | 959 | 865 | |||
| Renewable Energy | 304 | 182 | |||
| Total | 1,612 | 1,346 | 1,128 | 872 | 664 |
| $ Mil | 2008 |
|---|---|
| Infrastructure Services Segment | 2,380 |
| Dark Fiber Segment | 618 |
| Cash at corporate | 463 |
| Other unallocated amounts, net | 94 |
| Total | 3,555 |
Price Behavior
| Market Price | $624.41 | |
| Market Cap ($ Bil) | 93.8 | |
| First Trading Date | 02/12/1998 | |
| Distance from 52W High | -20.5% | |
| 50 Days | 200 Days | |
| DMA Price | $652.17 | $587.73 |
| DMA Trend | up | down |
| Distance from DMA | -4.3% | 6.2% |
| 3M | 1YR | |
| Volatility | 54.5% | 44.1% |
| Downside Capture | 198.36 | 156.25 |
| Upside Capture | 110.49 | 183.38 |
| Correlation (SPY) | 51.8% | 48.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.00 | 2.26 | 2.06 | 1.75 | 1.67 | 1.40 |
| Up Beta | 1.59 | 5.58 | 3.98 | 2.44 | 1.98 | 1.40 |
| Down Beta | 0.61 | 1.03 | 1.70 | 1.21 | 1.24 | 1.21 |
| Up Capture | -12% | 54% | 107% | 174% | 277% | 479% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 30 | 65 | 137 | 399 |
| Down Capture | 228% | 191% | 177% | 157% | 135% | 108% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 22 | 34 | 62 | 114 | 352 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PWR | |
|---|---|---|---|---|
| PWR | 66.5% | 44.1% | 1.27 | - |
| Sector ETF (XLI) | 17.0% | 17.1% | 0.75 | 60.0% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 48.1% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 22.1% |
| Commodities (DBC) | 44.1% | 20.4% | 1.69 | -0.6% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 4.0% |
| Bitcoin (BTCUSD) | -26.9% | 43.8% | -0.59 | 24.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PWR | |
|---|---|---|---|---|
| PWR | 43.6% | 37.1% | 1.06 | - |
| Sector ETF (XLI) | 12.4% | 17.6% | 0.54 | 61.2% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 55.7% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 13.1% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 16.7% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 36.0% |
| Bitcoin (BTCUSD) | 10.6% | 52.6% | 0.38 | 24.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PWR | |
|---|---|---|---|---|
| PWR | 37.6% | 34.4% | 1.02 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 67.3% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 60.0% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 8.2% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 25.5% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 43.8% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 13.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 17.3% | 21.7% | 10.8% |
| 4/30/2026 | 15.8% | 24.9% | 13.2% |
| 2/19/2026 | 6.7% | 8.4% | 11.3% |
| 10/30/2025 | 1.1% | 1.1% | 0.8% |
| 7/31/2025 | -1.2% | -5.7% | -6.1% |
| 5/1/2025 | 10.0% | 10.6% | 17.0% |
| 2/20/2025 | -3.7% | -8.0% | -7.2% |
| 10/31/2024 | -3.2% | -0.3% | 10.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 17 | 20 |
| # Negative | 9 | 7 | 4 |
| Median Positive | 6.7% | 6.4% | 10.7% |
| Median Negative | -2.7% | -5.7% | -5.2% |
| Max Positive | 17.3% | 24.9% | 34.8% |
| Max Negative | -4.0% | -10.3% | -7.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 17.3% | 21.7% | 10.8% |
| 4/30/2026 | 15.8% | 24.9% | 13.2% |
| 2/19/2026 | 6.7% | 8.4% | 11.3% |
| 10/30/2025 | 1.1% | 1.1% | 0.8% |
| 7/31/2025 | -1.2% | -5.7% | -6.1% |
| 5/1/2025 | 10.0% | 10.6% | 17.0% |
| 2/20/2025 | -3.7% | -8.0% | -7.2% |
| 10/31/2024 | -3.2% | -0.3% | 10.6% |
| 8/1/2024 | -4.0% | -6.4% | 2.1% |
| 5/2/2024 | -0.4% | 3.5% | 7.8% |
| 2/22/2024 | 10.3% | 13.0% | 21.3% |
| 11/2/2023 | 9.7% | 6.4% | 19.4% |
| 8/3/2023 | 0.5% | 0.6% | 3.7% |
| 5/4/2023 | -1.7% | 1.9% | 7.1% |
| 2/23/2023 | 7.6% | 7.6% | 7.1% |
| 11/3/2022 | 5.6% | 4.6% | 11.9% |
| 8/4/2022 | -2.7% | 2.3% | 1.5% |
| 5/5/2022 | -0.2% | -10.3% | 6.5% |
| 2/24/2022 | 10.6% | 12.1% | 34.8% |
| 11/4/2021 | -3.0% | -0.7% | -3.6% |
| 8/5/2021 | 3.9% | 9.1% | 28.1% |
| 5/6/2021 | 1.2% | -2.8% | -4.3% |
| 2/25/2021 | 4.3% | 2.0% | 2.9% |
| 10/29/2020 | 2.9% | 4.2% | 14.9% |
| SUMMARY STATS | |||
| # Positive | 15 | 17 | 20 |
| # Negative | 9 | 7 | 4 |
| Median Positive | 6.7% | 6.4% | 10.7% |
| Median Negative | -2.7% | -5.7% | -5.2% |
| Max Positive | 17.3% | 24.9% | 34.8% |
| Max Negative | -4.0% | -10.3% | -7.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Cash Provided by Operating Activities | Reported | 2.90 Bil | 3.15 Bil | 3.40 Bil | 21.2% | Raised | Guidance: 2.60 Bil for 2026 | |
| 2026 Revenue | Reported | 39.30 Bil | 39.50 Bil | 39.70 Bil | 13.0% | Raised | Guidance: 34.95 Bil for 2026 | |
| 2026 EBITDA | Reported | 3.74 Bil | 3.80 Bil | 3.86 Bil | 15.9% | Raised | Guidance: 3.28 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 4.09 Bil | 4.15 Bil | 4.21 Bil | 16.2% | Raised | Guidance: 3.57 Bil for 2026 | |
| 2026 Net Income | Reported | 1.74 Bil | 1.78 Bil | 1.82 Bil | 22.8% | Raised | Guidance: 1.45 Bil for 2026 | |
| 2026 Diluted EPS | Reported | 11.4 | 11.7 | 11.9 | 22.5% | Raised | Guidance: 9.52 for 2026 | |
| 2026 Adjusted Diluted EPS | Reported | 16.4 | 16.7 | 16.9 | 20.1% | Raised | Guidance: 13.9 for 2026 | |
| 2026 Free Cash Flow | Reported | 2.00 Bil | 2.25 Bil | 2.50 Bil | 25.0% | Raised | Guidance: 1.80 Bil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Cash Provided by Operating Activities | Reported | 2.35 Bil | 2.60 Bil | 2.85 Bil | ||||
| 2026 Revenue | Reported | 34.70 Bil | 34.95 Bil | 35.20 Bil | 4.3% | Raised | Guidance: 33.50 Bil for 2026 | |
| 2026 EBITDA | Reported | 3.20 Bil | 3.28 Bil | 3.36 Bil | 3.5% | Raised | Guidance: 3.17 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 3.49 Bil | 3.57 Bil | 3.65 Bil | 4.4% | Raised | Guidance: 3.42 Bil for 2026 | |
| 2026 Net Income | Reported | 1.40 Bil | 1.45 Bil | 1.50 Bil | 9.4% | Raised | Guidance: 1.32 Bil for 2026 | |
| 2026 Diluted EPS | Reported | 9.17 | 9.52 | 9.87 | 9.3% | Raised | Guidance: 8.71 for 2026 | |
| 2026 Adjusted Diluted EPS | Reported | 13.6 | 13.9 | 14.2 | 6.9% | Raised | Guidance: 13 for 2026 | |
| 2026 Free Cash Flow | Reported | 1.55 Bil | 1.80 Bil | 2.05 Bil | 0.0% | Affirmed | Guidance: 1.80 Bil for 2026 | |
Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 33.25 Bil | 33.50 Bil | 33.75 Bil | 19.6% | Higher New | Actual: 28.00 Bil for 2025 | |
| 2026 EBITDA | Reported | 3.09 Bil | 3.17 Bil | 3.25 Bil | 24.6% | Higher New | Actual: 2.54 Bil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 3.34 Bil | 3.42 Bil | 3.50 Bil | 21.1% | Higher New | Actual: 2.83 Bil for 2025 | |
| 2026 Net Income | Reported | 1.27 Bil | 1.32 Bil | 1.38 Bil | 29.5% | Higher New | Actual: 1.02 Bil for 2025 | |
| 2026 EPS | Reported | 8.36 | 8.71 | 9.06 | 28.6% | Higher New | Actual: 6.78 for 2025 | |
| 2026 Adjusted EPS | Reported | 12.7 | 13 | 13.3 | 22.9% | Higher New | Actual: 10.6 for 2025 | |
| 2026 Free Cash Flow | Reported | 1.55 Bil | 1.80 Bil | 2.05 Bil | 20.0% | Higher New | Actual: 1.50 Bil for 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Net Cash Provided by Operating Activities | Reported | 1.85 Bil | 2.05 Bil | 2.25 Bil | 3.8% | Raised | Guidance: 1.98 Bil for 2025 | |
| 2025 Revenue | Reported | 27.80 Bil | 28.00 Bil | 28.20 Bil | 1.3% | Raised | Guidance: 27.65 Bil for 2025 | |
| 2025 EBITDA | Reported | 2.49 Bil | 2.54 Bil | 2.60 Bil | -0.8% | Lowered | Guidance: 2.56 Bil for 2025 | |
| 2025 Adjusted EBITDA | Reported | 2.77 Bil | 2.83 Bil | 2.88 Bil | 0.0% | Affirmed | Guidance: 2.83 Bil for 2025 | |
| 2025 Net Income | Reported | 987.10 Mil | 1.02 Bil | 1.06 Bil | -0.1% | Lowered | Guidance: 1.02 Bil for 2025 | |
| 2025 Diluted EPS | Reported | 6.53 | 6.78 | 7.02 | 0.1% | Raised | Guidance: 6.77 for 2025 | |
| 2025 Adjusted Diluted EPS | Reported | 10.3 | 10.6 | 10.8 | 0.0% | Affirmed | Guidance: 10.6 for 2025 | |
| 2025 Free Cash Flow | Reported | 1.30 Bil | 1.50 Bil | 1.70 Bil | 3.4% | Raised | Guidance: 1.45 Bil for 2025 | |
Insider Activity
Updated 5/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nobel, Paul | Chief Accounting Officer & SVP | Direct | Sell | 5062026 | 756.98 | 4,000 | 3,027,920 | 6,116,398 | Form |
| 2 | Ducey, Gerald A JR | Pres. - Strategic Operations | Direct | Sell | 11102025 | 446.08 | 7,653 | 3,413,850 | 8,903,757 | Form |
| 3 | Wayne, Donald | EVP and General Counsel | Direct | Sell | 11102025 | 443.81 | 14,000 | 6,213,343 | 15,344,738 | Form |
| 4 | Jackman, Worthing | Direct | Sell | 11072025 | 450.45 | 6,349 | 2,859,907 | 1,229,728 | Form | |
| 5 | Fried, Bernard | Fried Family Revocable Trust | Sell | 11052025 | 452.19 | 4,000 | 1,808,760 | 5,649,210 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nobel, Paul | Chief Accounting Officer & SVP | Direct | Sell | 5062026 | 756.98 | 4,000 | 3,027,920 | 6,116,398 | Form |
| 2 | Ducey, Gerald A JR | Pres. - Strategic Operations | Direct | Sell | 11102025 | 446.08 | 7,653 | 3,413,850 | 8,903,757 | Form |
| 3 | Wayne, Donald | EVP and General Counsel | Direct | Sell | 11102025 | 443.81 | 14,000 | 6,213,343 | 15,344,738 | Form |
| 4 | Jackman, Worthing | Direct | Sell | 11072025 | 450.45 | 6,349 | 2,859,907 | 1,229,728 | Form | |
| 5 | Fried, Bernard | Fried Family Revocable Trust | Sell | 11052025 | 452.19 | 4,000 | 1,808,760 | 5,649,210 | Form |
Investor Activity (13F)
Updated Sep 5, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Peconic Partners LLC | $2.7 Bil | 47.6% | 9 | Hold | 13F |
| Gladstone Capital Management LLP | $125.3 Mil | 12.6% | 32 | ADD +26.1% | 13F |
| Bornite Capital Management LP | $32.9 Mil | 5.5% | 17 | TRIM -61.4% | 13F |
| Wilson Asset Management (International) PTY LTD | $13.7 Mil | 3.9% | 43 | TRIM -54.9% | 13F |
| 11 Capital Partners LP | $9.1 Mil | 2.9% | 19 | TRIM -68.5% | 13F |
| CloudAlpha Capital Management Limited/Hong Kong | $26.1 Mil | 2.9% | 37 | New | 13F |
| Valiant Capital Management, L.P. | $35.9 Mil | 2.8% | 28 | TRIM -7.0% | 13F |
| M.D. Sass, LLC | $34.8 Mil | 2.6% | 36 | TRIM -30.8% | 13F |
| KADENSA CAPITAL Ltd | $15.3 Mil | 2.1% | 39 | TRIM -64.6% | 13F |
| Electron Capital Partners, LLC | $5.2 Mil | 0.2% | 44 | TRIM -94.8% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Hel Ved Capital Management Ltd | $8.4 Mil | 2.9% | 49 | Exited | Dec 31, 2025 | 13F |
| Electron Capital Partners, LLC | $5.2 Mil | 0.2% | 44 | TRIM -94.8% | Mar 31, 2026 | 13F |
| 11 Capital Partners LP | $9.1 Mil | 2.9% | 19 | TRIM -68.5% | Mar 31, 2026 | 13F |
| KADENSA CAPITAL Ltd | $15.3 Mil | 2.1% | 39 | TRIM -64.6% | Mar 31, 2026 | 13F |
| Bornite Capital Management LP | $32.9 Mil | 5.5% | 17 | TRIM -61.4% | Mar 31, 2026 | 13F |
| Wilson Asset Management (International) PTY LTD | $13.7 Mil | 3.9% | 43 | TRIM -54.9% | Mar 31, 2026 | 13F |
| M.D. Sass, LLC | $34.8 Mil | 2.6% | 36 | TRIM -30.8% | Mar 31, 2026 | 13F |
| Valiant Capital Management, L.P. | $35.9 Mil | 2.8% | 28 | TRIM -7.0% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Peconic Partners LLC | $2.7 Bil | 47.6% | 9 | Hold | 13F |
| Gladstone Capital Management LLP | $125.3 Mil | 12.6% | 32 | ADD +26.1% | 13F |
| Valiant Capital Management, L.P. | $35.9 Mil | 2.8% | 28 | TRIM -7.0% | 13F |
| M.D. Sass, LLC | $34.8 Mil | 2.6% | 36 | TRIM -30.8% | 13F |
| Bornite Capital Management LP | $32.9 Mil | 5.5% | 17 | TRIM -61.4% | 13F |
| CloudAlpha Capital Management Limited/Hong Kong | $26.1 Mil | 2.9% | 37 | New | 13F |
| KADENSA CAPITAL Ltd | $15.3 Mil | 2.1% | 39 | TRIM -64.6% | 13F |
| Wilson Asset Management (International) PTY LTD | $13.7 Mil | 3.9% | 43 | TRIM -54.9% | 13F |
| 11 Capital Partners LP | $9.1 Mil | 2.9% | 19 | TRIM -68.5% | 13F |
| Electron Capital Partners, LLC | $5.2 Mil | 0.2% | 44 | TRIM -94.8% | 13F |
Quanta Services — Investor Video Playlist
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Construction & Engineering Resources |
| Engineering News-Record (ENR) |
| Construction Dive |
| Civil Engineering Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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