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Quanta Services (PWR) stock

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NYSE: PWR NYSE Construction & Engineering Next results ~February 18, 2027

B Fundamentals grade

Quanta Services is a US-listed company in the construction & engineering industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$740

Cash-flow model

Base case. Range ~$560–$980 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 12% below our base value.

Price used: $655.13, November 3, 2026

Quanta Services valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Quanta Services files

10-Q filed October 29: Quanta Services

Model value +16.7%

Revenue for the twelve months to September 2026 was $37.3bn, up 37.1% on a year earlier, faster than the 26.3% growth a quarter earlier. That growth ranks 6 of 29 among the construction & engineering companies we cover. Free-cash-flow margin rose to 8.5% from 4.6% a year earlier. Our model value rises from $628 to $734 a share, against a share price of $621. The rating stays Hold. At that price, our model says the market is pricing in about 16.4% a year of cash-flow growth for five years, slower than the 23.5% a year revenue growth it has delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 30: Quanta Services

Quanta Services grew revenue 37.1% to $37.3bn over the twelve months to June 2026, accelerating from 26.3% growth a quarter earlier. Among the 27 construction & engineering firms we cover, that pace ranks fifth. Margins improved too: free cash flow rose to 8.5% of revenue, up from 4.6% a year earlier. These gains lift the fundamentals grade from C to B. Our model value is little changed at $628 a share, close to the current price of $607, so the rating stays Hold. At that price, the market appears to be pricing in cash-flow growth of about 20.0% a year over five years, slower than the 23.5% a year revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Quanta Services stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $32.9bn, up 26.3% on a year earlier, faster than 21.1% a quarter earlier. That growth ranks 118 of 931 among all the companies we cover. Free-cash-flow margin rose to 7.3% from 5.2% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $568 a share, against a share price of $600. At that price, our model says the market is pricing in about 20.9% a year of cash-flow growth for five years, close to the 20.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 18, 2027 (estimated)

Quanta Services's trailing-twelve-month revenue grew 37.1% year on year, with a free-cash-flow margin of 8.5%. Where it stands out: free-cash-flow margin of 8.5% ranks 8 of 43 construction & engineering companies we cover. Where it lags: days sales outstanding of 99 days ranks 23 of 27 construction & engineering companies we cover.

Our discounted-cash-flow model values the business at ~$740 per share in the base case (~$560–$980 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 37.1% (+10.8pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $621.18 is 20% below our value per share of $740.
  • Fast growth. Revenue grew 37.1% over the last 12 months, against a median of 21.2% for construction & engineering companies we cover.
  • Growth speeding up. The growth rate is 10.8 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 10.9% over 90 days.

Things to watch

  • High earnings multiple. The shares trade at 56 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 46% and a beta of 1.7 against the S&P 500.
  • Insiders selling. 6 insiders sold $138M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: days sales outstanding. Days sales outstanding of 99 days ranks 23 of 27 construction & engineering companies we cover (median 67 days).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$6.06 against an average estimate of $5.03: beat by 20.5%
Revenue
$12.01bn, up 57.4% on a year earlier
Share reaction
+2.3% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenues $39.3bn to $39.7bn (full year ending December 31, 2026); net income attributable to common stock $1.74bn to $1.82bn (full year ending December 31, 2026)
Next report
October 29, 2026; average EPS estimate $4.99

Quanta Services' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.5%
  • 1 week+13.2%
  • 1 month-3.2%
  • This year+47.3%
  • 1 year+45.4%
  • 5 years+482.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$37.3B
Operating margin
6.8%
Net margin
4.5%
EPS (TTM, diluted)
$11.05

Growth

Revenue growth
+37.1%
Change in growth rate
+10.8 pts
Share count change
+0.8%

Cash

Free cash flow (TTM)
$3.2B
FCF margin
8.5%
Stock pay % of revenue
0.7%

Earnings

Last results
October 29, 2026
Next results (est.)
February 18, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Leadership
  4. Dividend
  5. Agreement
  6. Agreement
  7. Financing
  8. Results
  9. Guidance
  10. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Quanta Services valuation models and calculator

What the price is pricing in

The share price implies about 17.1% a year of cash-flow growth for five years.That is slower than the 23.5% a year revenue growth Quanta Services has delivered.

  • Priced in17.1%
  • Last 12 months37.1%
  • 3 years a year24.1%
  • 5 years a year23.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($654.27, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$740
Price used
$654.27close November 3, 2026
Implied change
▲ +14%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Quanta Services's free cash flow after stock-based pay with after-tax interest added back ($2.7B, FY2026 Q3 TTM), growing 19.8% and 18% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$560–~$980 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Quanta Services's free cash flow after stock-based pay ( $2.7B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Quanta Services as an operating company, with every model that fits that kind of business. Cost of equity 10.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.32 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$740 ~$560–$980 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$160 ~$100–$210 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$280 ~$250–$390 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$89 ~$63–$130 Left out: out of range vs price (0.14x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$88 ~$78–$100 Left out: out of range vs price (0.14x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$480 ~$160–$740 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Quanta Services with Construction & Engineering in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −11%
  • Last year's free-cash-flow margin change, if it persists ▲ +78%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $224$315$436$595$803$1072
8.5% $164$230$317$431$579$770
10% $128$179$246$333$446$591

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$34.17$38.34$29.55$40.14$71.35$113.80$141.83$215.16$315.42$421.73$621.18
Market value$5.4bn$6.0bn$4.6bn$5.9bn$10.4bn$16.5bn$21.0bn$32.0bn$47.3bn$63.8bn$94.6bn
+ Net debt (− = net cash)$249m$534m$1.0bn$1.2bn$1.0bn$3.5bn$3.3bn$2.9bn$3.4bn$5.6bn$4.7bn
Enterprise value$5.6bn$6.6bn$5.6bn$7.1bn$11.4bn$20.1bn$24.3bn$34.9bn$50.8bn$69.4bn$99.3bn
Multiples
Price / sales 0.7x0.6x0.4x0.5x0.9x1.3x1.2x1.5x2.0x2.2x2.5x
Price / earnings 27.1x19.1x15.5x14.7x23.3x34.0x42.7x43.0x52.3x62.0x56.2x
Price / free cash flow 30.2x47.4x69.9x22.4x12.1x84.2x29.9x28.1x32.0x39.4x30.0x
EV / EBITDA 11.5x11.7x7.5x9.2x13.6x21.8x20.9x24.0x29.8x34.3x33.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

54 /100

Moderate moat

How hard Quanta Services's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 10 / 20

    Cash operating profit has been a median 8.3% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 14.4%, moving by 0.9 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median 5.3%; its worst year was 4.2%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 8 of 9 years, at a median 3.8% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 5.1% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $17.38 +62% $40.4bn +42%
Next $20.44 +18% $46.4bn +15%

Next year's EPS estimate has moved +10.9% in 90 days, across 25 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.9% on 90 days ago. In the last 30 days, 0 analysts raised Quanta Services's forecast and 1 cut it.

Consensus EPS forecast Quanta Services, last 90 days
$16.00 $17.00 $18.00 $19.00 $20.00 $21.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $16.73 Current fiscal year, 60 days ago: $16.73 Current fiscal year, 30 days ago: $16.74 Current fiscal year, 7 days ago: $16.75 Current fiscal year, Now: $17.38 $17.38 Next fiscal year, 90 days ago: $18.42 Next fiscal year, 60 days ago: $19.64 Next fiscal year, 30 days ago: $19.77 Next fiscal year, 7 days ago: $19.90 Next fiscal year, Now: $20.44 $20.44

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $16.73$18.42
60 days ago $16.73$19.64
30 days ago $16.74$19.77
7 days ago $16.75$19.90
Now $17.38$20.44

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $5.03 $6.06 +20.5%
Jun 2026 $3.31 $4.24 +28.1%
Mar 2026 $2.03 $2.68 +31.8%
Dec 2025 $3.02 $3.16 +4.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • revenues full year ending December 31, 2026 $39.3bn to $39.7bn Raised
    “For the full year ending December 31, 2026, Quanta now expects revenues to range between $39.3 billion and $39.7 billion and net income attributable to common stock to range between $1.74 billion and $1.82 billion.” source
  • diluted earnings per share attributable to common stock full year ending December 31, 2026 $11.41 to $11.92 Raised
    “Quanta also now expects diluted earnings per share attributable to common stock to range between $11.41 and $11.92 and adjusted diluted earnings per share attributable to common stock to range between $16.45 and $16.95.” source
  • adjusted diluted earnings per share attributable to common stock full year ending December 31, 2026 $16.45 to $16.95 Non-GAAP Raised
    “Quanta also now expects diluted earnings per share attributable to common stock to range between $11.41 and $11.92 and adjusted diluted earnings per share attributable to common stock to range between $16.45 and $16.95.” source
  • net income attributable to common stock full year ending December 31, 2026 $1.74bn to $1.82bn Raised
    “For the full year ending December 31, 2026, Quanta now expects revenues to range between $39.3 billion and $39.7 billion and net income attributable to common stock to range between $1.74 billion and $1.82 billion.” source
  • EBITDA full year ending December 31, 2026 $3.74bn to $3.86bn Raised
    “Quanta now expects EBITDA to range between $3.74 billion and $3.86 billion and adjusted EBITDA to range between $4.09 billion and $4.21 billion.” source
  • adjusted EBITDA full year ending December 31, 2026 $4.09bn to $4.21bn Non-GAAP Raised
    “Quanta now expects EBITDA to range between $3.74 billion and $3.86 billion and adjusted EBITDA to range between $4.09 billion and $4.21 billion.” source
Show 4 more items
  • net cash provided by operating activities full year ending December 31, 2026 $2.9bn to $3.4bn Raised
    “Additionally, for the full year ending December 31, 2026, Quanta now expects net cash provided by operating activities to range between $2.90 billion and $3.40 billion and free cash flow (a non-GAAP financial measure) to range between $2.00 billion and $2.50 billion.” source
  • free cash flow full year ending December 31, 2026 $2bn to $2.5bn Non-GAAP Raised
    “Additionally, for the full year ending December 31, 2026, Quanta now expects net cash provided by operating activities to range between $2.90 billion and $3.40 billion and free cash flow (a non-GAAP financial measure) to range between $2.00 billion and $2.50 billion.” source
  • revenues from recently completed acquisitions · Phalcon, Enerfab, Percheron and PSD acquisitions full year of 2026 $1.2bn to $1.4bn
    “For the full year of 2026, in the aggregate, Quanta expects these acquisitions to contribute approximately $1.2 billion - $1.4 billion of revenues and approximately $120 million to $140 million of adjusted EBITDA.” source
  • adjusted EBITDA from recently completed acquisitions · Phalcon, Enerfab, Percheron and PSD acquisitions full year of 2026 $120m to $140m Non-GAAP
    “For the full year of 2026, in the aggregate, Quanta expects these acquisitions to contribute approximately $1.2 billion - $1.4 billion of revenues and approximately $120 million to $140 million of adjusted EBITDA.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Quanta Services's revenue by +19.8% next year and +18.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+20.4%, weight 56%) , management guidance (+17.6%, weight 19%) and the company's own record (+20.0%, weight 25%) . How the weights are set.

Analyst recommendations

30 analysts, Oct 2026
Buy2583%
Hold413%
Sell13%

Monthly trend

  1. Oct 202624430
  2. Sep 202624531
  3. Aug 202623630
  4. Jul 202622730

Counts of recommendations published by analysts covering Quanta Services, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.6%
of tradable shares
Days to cover
3.82
at average volume
Short interest, 1 month
+10%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
0.7%
of shares
Employees
69,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +38.4%

$448.78 on October 31, 2025 to $621.18

ThenNowEffect
Revenue (last 12 months) $26.1bn $32.9bn +26.3%
Net margin 3.7% 4.0% +8.1%
P/E multiple 69.6x 71.1x +2.2%
Share count 151m 152m −0.8%

Biggest factor: revenue.

Last 3 years +268.4%

$168.61 on November 3, 2023 to $621.18

ThenNowEffect
Revenue (last 12 months) $18.4bn $32.9bn +79.3%
Net margin 3.2% 4.0% +27.7%
P/E multiple 43.1x 71.1x +64.9%
Share count 148m 152m −2.4%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PWR+60%+25%+52%+47%+34%+47%
Industry peers (median)+38%−8%+43%+48%+25%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PWR67%67%83%67%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PWR−15%−22%−25%−15%−34%−30%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 46% from November 5, 2019 to March 23, 2020. Getting back needed a 84% gain, reached on August 6, 2020, 136 days after the low.

Price behaviour

52-week range
$412.96 – $784.99
From 52-week high
−20.9%
vs 50-day average
−1.8%
vs 200-day average
−0.9%
Volatility (1 year)
46%
Beta vs S&P 500
1.72

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±7.5%
After a week
7 up, 4 down
typical move ±9.2%
After a month
9 up, 2 down
typical move ±9.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +2.3% −2.1% — —
July 30, 2026 +18.9% +2.4% +19.0% +7.4%
April 30, 2026 +18.1% +1.3% +19.4% +9.4%
February 19, 2026 +6.4% +0.5% +8.8% +6.9%
October 30, 2025 +0.1% −0.8% −1.3% +0.8%
July 31, 2025 −3.9% −2.0% −5.8% −8.1%
May 1, 2025 +9.7% +2.2% +11.5% +18.1%
February 20, 2025 −7.8% −2.1% −11.2% −8.2%
October 31, 2024 −2.6% −1.5% +3.0% +9.9%
August 1, 2024 −9.2% −3.3% −1.0% +3.7%
May 2, 2024 +0.1% +2.2% +5.5% +6.2%
February 22, 2024 +11.0% +2.1% +14.3% +21.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Quanta Services’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.17× the last 60 days’ realised volatility , richer than 48% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Quanta Services in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Quanta Services
$20B $25B $30B $35B $40B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $20.9B Revenue (TTM), FY24 Q1: $21.5B Revenue (TTM), FY24 Q2: $22B Revenue (TTM), FY24 Q3: $22.9B Revenue (TTM), FY24 Q4: $23.7B Revenue (TTM), FY25 Q1: $24.9B Revenue (TTM), FY25 Q2: $26.1B Revenue (TTM), FY25 Q3: $27.2B Revenue (TTM), FY25 Q4: $28.5B Revenue (TTM), FY26 Q1: $30.1B Revenue (TTM), FY26 Q2: $32.9B Revenue (TTM), FY26 Q3: $37.3B $37.3B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $20.9B
FY24 Q1 $21.5B
FY24 Q2 $22B
FY24 Q3 $22.9B
FY24 Q4 $23.7B
FY25 Q1 $24.9B
FY25 Q2 $26.1B
FY25 Q3 $27.2B
FY25 Q4 $28.5B
FY26 Q1 $30.1B
FY26 Q2 $32.9B
FY26 Q3 $37.3B
Revenue growth, TTM YoY Quanta Services
10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 22.3% Revenue growth, TTM YoY, FY24 Q1: 22.5% Revenue growth, TTM YoY, FY24 Q2: 20.0% Revenue growth, TTM YoY, FY24 Q3: 17.4% Revenue growth, TTM YoY, FY24 Q4: 13.4% Revenue growth, TTM YoY, FY25 Q1: 15.8% Revenue growth, TTM YoY, FY25 Q2: 18.3% Revenue growth, TTM YoY, FY25 Q3: 18.7% Revenue growth, TTM YoY, FY25 Q4: 20.3% Revenue growth, TTM YoY, FY26 Q1: 21.1% Revenue growth, TTM YoY, FY26 Q2: 26.3% Revenue growth, TTM YoY, FY26 Q3: 37.1% 37.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 22.3%
FY24 Q1 22.5%
FY24 Q2 20.0%
FY24 Q3 17.4%
FY24 Q4 13.4%
FY25 Q1 15.8%
FY25 Q2 18.3%
FY25 Q3 18.7%
FY25 Q4 20.3%
FY26 Q1 21.1%
FY26 Q2 26.3%
FY26 Q3 37.1%
Operating margin (TTM) Quanta Services
5% 5.5% 6% 6.5% 7% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 5.4% Operating margin (TTM), FY24 Q1: 5.4% Operating margin (TTM), FY24 Q2: 5.4% Operating margin (TTM), FY24 Q3: 5.3% Operating margin (TTM), FY24 Q4: 5.7% Operating margin (TTM), FY25 Q1: 5.7% Operating margin (TTM), FY25 Q2: 5.7% Operating margin (TTM), FY25 Q3: 5.8% Operating margin (TTM), FY25 Q4: 5.7% Operating margin (TTM), FY26 Q1: 5.7% Operating margin (TTM), FY26 Q2: 6.2% Operating margin (TTM), FY26 Q3: 6.8% 6.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 5.4%
FY24 Q1 5.4%
FY24 Q2 5.4%
FY24 Q3 5.3%
FY24 Q4 5.7%
FY25 Q1 5.7%
FY25 Q2 5.7%
FY25 Q3 5.8%
FY25 Q4 5.7%
FY26 Q1 5.7%
FY26 Q2 6.2%
FY26 Q3 6.8%
FCF margin (TTM) Quanta Services
4% 5% 6% 7% 8% 9% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.5% FCF margin (TTM), FY24 Q1: 6.2% FCF margin (TTM), FY24 Q2: 7.0% FCF margin (TTM), FY24 Q3: 7.9% FCF margin (TTM), FY24 Q4: 6.2% FCF margin (TTM), FY25 Q1: 5.8% FCF margin (TTM), FY25 Q2: 5.2% FCF margin (TTM), FY25 Q3: 4.6% FCF margin (TTM), FY25 Q4: 5.7% FCF margin (TTM), FY26 Q1: 5.6% FCF margin (TTM), FY26 Q2: 7.3% FCF margin (TTM), FY26 Q3: 8.5% 8.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.5%
FY24 Q1 6.2%
FY24 Q2 7.0%
FY24 Q3 7.9%
FY24 Q4 6.2%
FY25 Q1 5.8%
FY25 Q2 5.2%
FY25 Q3 4.6%
FY25 Q4 5.7%
FY26 Q1 5.6%
FY26 Q2 7.3%
FY26 Q3 8.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Quanta Services took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $28.5B
  2. Cost of revenue $24.2B · 85.0%
  3. Gross profit $4.3B · 15.0%
  4. Selling, general and admin $2.2B · 7.7%
  5. Other operating costs $474M · 1.7%
  6. Operating income $1.6B · 5.7%
  7. Income tax $348M · 1.2%
  8. Interest and other $236M · 0.8%
  9. Net income $1B · 3.6%

Shares of revenue. Source: Quanta Services's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 7.7 9.5 11.2 12.1 11.2 13.0 17.1 20.9 23.7 28.5 37.3
Gross profit 1.0 1.2 1.5 1.6 1.7 2.0 2.5 2.9 3.5 4.3 5.9
EBITDA 0.5 0.6 0.7 0.8 0.8 0.9 1.2 1.5 1.7 2.0 3.0
Operating income 0.3 0.4 0.5 0.6 0.6 0.7 0.9 1.1 1.3 1.6 2.5
Net income 0.2 0.3 0.3 0.4 0.4 0.5 0.5 0.7 0.9 1.0 1.7
Diluted EPS $1.26 $2.00 $1.90 $2.73 $3.07 $3.34 $3.32 $5.00 $6.03 $6.80 $11.05
Growth (year on year)
Revenue — +23.7% +18.0% +8.4% −7.5% +15.9% +31.5% +22.3% +13.4% +20.3% +37.1%
EBITDA — +14.6% +32.0% +4.1% +8.2% +9.9% +26.5% +24.9% +17.4% +18.6% +52.1%
Operating income — +18.1% +42.6% +2.7% +10.2% +8.5% +31.4% +29.3% +19.4% +19.7% +61.2%
Net income — +58.8% −6.9% +37.1% +10.8% +9.1% +1.1% +51.6% +21.5% +13.7% +65.2%
Diluted EPS — +58.7% −5.0% +43.7% +12.5% +8.8% −0.6% +50.6% +20.6% +12.8% +63.9%
Margins
Gross margin 13.3% 13.1% 13.2% 13.2% 14.8% 15.0% 14.8% 14.1% 14.8% 15.0% 15.8%
EBITDA margin 6.4% 5.9% 6.6% 6.4% 7.5% 7.1% 6.8% 7.0% 7.2% 7.1% 8.1%
Operating margin 4.2% 4.0% 4.8% 4.6% 5.5% 5.1% 5.1% 5.4% 5.7% 5.7% 6.8%
Net margin 2.6% 3.3% 2.6% 3.3% 4.0% 3.7% 2.9% 3.6% 3.8% 3.6% 4.5%
Free-cash-flow margin 2.3% 1.3% 0.6% 2.2% 7.6% 1.5% 4.1% 5.5% 6.2% 5.7% 8.5%
Cash flow
Cash from operations 0.4 0.4 0.4 0.5 1.1 0.6 1.1 1.6 2.1 2.2 4.1
Capital spending 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.4 0.6 0.6 0.9
Free cash flow 0.2 0.1 0.1 0.3 0.9 0.2 0.7 1.1 1.5 1.6 3.2
Stock-based pay 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2
Free cash flow after stock pay 0.1 0.1 0.0 0.2 0.8 0.1 0.6 1.0 1.3 1.4 2.9
Balance sheet
Cash 0.1 0.1 0.1 0.2 0.2 0.2 0.4 1.3 0.7 0.4 2.3
Total debt 0.4 0.7 1.1 1.4 1.2 3.8 3.7 4.2 4.2 6.0 7.0
Net debt (negative = net cash) 0.2 0.5 1.0 1.2 1.0 3.5 3.3 2.9 3.4 5.6 4.7
Diluted shares 157m 157m 154m 148m 145m 145m 148m 149m 150m 151m 152m
Returned to shareholders
Dividends — 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1
Buybacks 0.0 0.1 0.4 0.0 0.2 0.1 0.1 0.0 0.0 0.1 0.0
Total returned 0.0 0.1 0.4 0.0 0.3 0.1 0.2 0.0 0.1 0.2 0.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · September 30, 2026
What it owns · $32.7bn
Short-term assets $15.7bnLonger-term assets $17.0bn
What it owes, and who funded it · $32.7bn
Short-term liabilities $13.5bnLonger-term liabilities $8.6bnShareholders' equity $10.5bn
  • Short-term assets cover short-term liabilities $15.7bn of assets due within a year against $13.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $15.7bn short-term assets against $8.6bn of longer-dated liabilities.
  • More cash than debt $2.3bn of cash against $7.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 66% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 74% to 66% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.1bn of operating cash flow against $7.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.5bn against $307m of interest.

From Quanta Services's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$0
Dividends (TTM)
$65.9M
Returned to shareholders
2%
of free cash flow
Buybacks, last 3 fiscal years
$135M
Diluted share count
+0.8%
year over year
Total shareholder yield
0.1%
dividends 0.1% + buybacks 0.0% of market value
Dividend payout ratio
4%
of net income paid out
Sales & admin spending
7.2%
of revenue
Days sales outstanding
99 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction & engineering
Last 12 months unless stated PWR EME MTZ FLR ACM J Median
Revenue, last 12 months $37.3bn $19.8bn $17.3bn $15.5bn $15.4bn $14.2bn $1.5bn
Revenue growth, last 12 months 37.1% 22.1% 25.7% −4.8% −4.2% 20.1% 21.2%
Revenue growth, 3-year average 24.1% 17.9% 13.8% 1.1% 3.3% 28.1% 11.3%
Revenue growth, latest quarter 57.4% 28.8% 29.9% 8.8% −14.2% 34.5% 26.9%
Gross margin 15.8% 19.6% — −0.8% 5.7% 22.1% 13.0%
Operating margin 6.8% 10.4% — −1.4% 4.1% 4.6% 4.1%
Operating margin, 3-year average 6.0% 9.5% — 1.0% 4.9% 5.9% 5.4%
Net margin 4.5% 7.8% 2.8% −12.8% 1.9% 2.4% 1.9%
Cash from operations / revenue 10.9% 8.1% 4.4% −1.8% 2.4% 5.2% 4.4%
Free-cash-flow margin 8.5% 7.5% 2.3% −2.1% 1.3% 4.5% 2.3%
Free-cash-flow margin, 3-year average 7.0% 7.9% 4.5% 0.5% 3.6% 5.5% 5.5%
Stock pay / revenue 0.7% 0.1% 0.2% 0.2% 0.3% 0.5% 0.7%
Change in share count 0.8% −2.0% 0.0% −10.8% −2.2% −3.3% 0.8%

Median of all 43 companies we cover in construction & engineering. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

43 construction & engineering companies
Measure Company Peer median Rank
Revenue growth Growth 37.1% 21.2% 10 of 43
Change in growth rate Growth +10.8pp +3.2pp 11 of 43
Gross margin Profitability 15.8% 11.8% 15 of 39
Operating margin Profitability 6.8% 4.1% 14 of 39
Net margin Profitability 4.5% 2.1% 13 of 42
Free-cash-flow margin Cash generation 8.5% 2.3% 8 of 43
Stock pay as % of revenue Cash generation 0.7% 0.7% 16 of 33
Long-term debt as % of assets Balance sheet 19.4% 16.2% 22 of 35
Change in share count Balance sheet 0.8% 1.9% 20 of 40
Days sales outstanding Balance sheet 99 days 67 days 23 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Electric Power $23B 80.8% ▲ 21.0%
Underground and Infrastructure $5.5B 19.2% ▲ 17.5%
Geography
Region Revenue Share YoY
United States $26.5B 93.0% ▲ 22.6%
Canada $1B 3.6% ▼ 0.6%
Australia $780M 2.7% ▲ 16.9%
Other Countries $198M 0.7% ▼ 46.9%

From Quanta Services's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$95.6B
Institutions reporting
1,918
Shares held vs prior quarter
▼ 1.5%
Positions opened / closed
277 / 94

Top buyers and sellers, Q2 2026: 945 institutions bought and 798 sold ; the biggest buyer was Alliancebernstein L.P (+1.0M shares) and the biggest seller Blackrock, Inc (−989K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $9.4B 13.1M 9.8% ▼ 7.0%
Vanguard Capital Management LLC $7.1B 9.8M 7.4% ▲ 1.0%
Vanguard Portfolio Management LLC $5B 6.9M 5.2% ▲ 0.8%
State Street Corp $4.7B 6.6M 5.0% ▲ 4.7%
Jpmorgan Chase & Co $3.8B 5.3M 4.0% ▼ 12.6%
Peconic Partners LLC $3.4B 4.7M 3.6% ▼ 5.7%
FMR LLC $2.5B 3.5M 2.6% ▼ 15.0%
Geode Capital Management, LLC $2.5B 3.5M 2.6% ▼ 15.9%
Bank Of America Corp $2.3B 3.2M 2.4% ▼ 7.9%
Morgan Stanley $1.7B 2.3M 1.7% ▲ 7.7%
Capital World Investors $1.4B 2.0M 1.5% ▼ 3.1%
First Trust Advisors LP $1.4B 1.9M 1.5% ▲ 93.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Quanta Services's complete shareholder register. Values are as reported by the filers ; 11 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $138M 35 trades by 6 insiders · 0% under pre-set plans
Net ▼ $138M net selling
Insider Date Trade Shares Price Value
Austin Earl C. Jr. President and CEO May 5, 2026 Sell 1,523 $766.91 $1.2M
Austin Earl C. Jr. President and CEO May 5, 2026 Sell 614 $777.60 $477,446
Austin Earl C. Jr. President and CEO May 5, 2026 Sell 1,590 $776.73 $1.2M
Austin Earl C. Jr. President and CEO May 5, 2026 Sell 1,086 $775.77 $842,486
Austin Earl C. Jr. President and CEO May 5, 2026 Sell 934 $774.77 $723,635
Austin Earl C. Jr. President and CEO May 5, 2026 Sell 545 $773.69 $421,661
Austin Earl C. Jr. President and CEO May 5, 2026 Sell 1,121 $772.58 $866,062
Austin Earl C. Jr. President and CEO May 5, 2026 Sell 2,187 $771.47 $1.7M
Austin Earl C. Jr. President and CEO May 5, 2026 Sell 4,354 $770.72 $3.4M
Austin Earl C. Jr. President and CEO May 5, 2026 Sell 4,846 $769.47 $3.7M
Austin Earl C. Jr. President and CEO May 5, 2026 Sell 6,382 $768.71 $4.9M
Austin Earl C. Jr. President and CEO May 5, 2026 Sell 998 $767.74 $766,205

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 38 trades and filings

In the last 12 months, 4 members of Congress disclosed 3 purchases and 8 sales of Quanta Services shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $15,001 - $50,000, traded August 27, 2026, filed September 10, 2026
  • April McClain Delaney(D-MD 6):Sale (full), $15,001 - $50,000, traded May 14, 2026, filed June 5, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded May 13, 2026, filed June 5, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 18, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 19, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Quanta Services was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Quanta Services in brief

What does Quanta Services do?
Quanta Services is a US-listed company in the construction & engineering industry. Its financial year ends in December.
What is Quanta Services's stock ticker?
Quanta Services trades under the ticker PWR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Quanta Services's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Quanta Services reported revenue of $37.3B, 37.1% higher than a year earlier, according to its SEC filings.
What is Quanta Services's free cash flow?
Quanta Services's free-cash-flow margin is 8.5% of revenue over the trailing twelve months, ranking 8 of the 43 construction & engineering companies we cover.
What is Quanta Services's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Quanta Services's free cash flow after stock-based pay gives ~$740 per share in the base case, and ~$560–$980 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Quanta Services's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Quanta Services buying back stock, and does it pay a dividend?
Quanta Services spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 0.8% over the year.
What is Quanta Services's market cap?
On November 2, 2026, Quanta Services's market capitalisation was about $94.6B, with a price-to-earnings ratio of 56.2 and net debt of $4.7B. Market figures come from third-party market data and may be delayed.
Does Quanta Services pay a dividend?
Yes: Quanta Services paid $65.9M in dividends over the trailing twelve months, a dividend yield of 0.07% and a payout ratio of 3.9%.
How much debt does Quanta Services have?
Quanta Services's debt-to-equity ratio is 66.4%, from its latest balance sheet (74.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Quanta Services's competitors?
In our Construction & Engineering peer group, the companies closest to Quanta Services are Emcor, Mastec Inc, Fluor Corp, Aecom and Jacobs Solutions. The side-by-side comparison below sets their revenue, margins and growth against Quanta Services's.
Are insiders buying or selling Quanta Services stock?
Over the last 12 months, Quanta Services's directors and officers reported 0 open-market purchases and 35 sales on Form 4. The insider trading page charts every trade.
When is Quanta Services's next earnings date?
Around February 18, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Quanta Services announces its own schedule.