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Quanta Services

Our readThe purest listed pick-and-shovel on the grid + data-center capex supercycle, with a real labor/scale moat and a record $48.5B backlog — but at ~52x forward EPS / ~31x forward EBITDA the market already pays for flawless execution, so the edge is in buying the volatility, not the multiple.

Website
Ticker
PWR
Beat
datacenters
Size
Public Company
Revenue
$9.6B
last stored quarter: Q2 ’26 — Q3 filed 29 Oct, not yet in our figures
Cash
$506M
as of Jun 2026
Researched · Fresh
4 days ago

The purest listed pick-and-shovel on the grid + data-center capex supercycle, with a real labor/scale moat and a record $48.5B backlog — but at ~52x forward EPS / ~31x forward EBITDA the market already pays for flawless execution, so the edge is in buying the volatility, not the multiple.

Orbit · who it trades with and competes with
no links read yet
Focus · Datacenters
Quanta Services
PWR · public
No published house view
Links

NO LINKS READ YET · no published dossier names Quanta Services beside another company

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Price

Weekly closes

PWR · weekly close
620.73 USD+13.6%
Friday 30 Oct 2026 · last 52 Fridays 422.57–769.99
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 3,459,110 sh · 3.55 days to cover, FINRA · settled 15 Oct 2026
  2. Next print: in 108 days, Scheduled · 22 Feb 2027, scheduled
620.73USD+13.6%datacenters +1.3%PWR · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 15 Oct 2026
3,459,110 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
3.55
see the whole series
Financials

The reported figures

Revenue · quarterly
$9.6B
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$9.6B USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Quanta Services, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$5.6B USD7.1% share of revenue$267M USD$140M USD$305M USD145.3M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$5.8B USD5.6% share of revenue$894M USD$109M USD$1.3B USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$5.0B USD3.1% share of revenue$155M USD$83.1M USD$531M USD146.4M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$5.6B USD5.5% share of revenue$230M USD$161M USD$518M USD147.3M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$6.5B USD6.6% share of revenue$527M USD$212M USD$764M USD147.6M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$6.6B USD6.9% share of revenue$565M USD$147M USD$742M USD—Filed · primarysec.gov
Q1 ’2531 Mar 2025$6.2B USD3.8% share of revenue$110M USD$133M USD$521M USD148.2M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$6.8B USD5.5% share of revenue$155M USD$140M USD$509M USD149.0M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$7.6B USD6.8% share of revenue$421M USD$142M USD$610M USD149.1M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$7.8B USD6.2% share of revenue$934M USD$194M USD$440M USD—Filed · primarysec.gov
Q1 ’2631 Mar 2026$7.9B USD4.3% share of revenue$172M USD$220M USD$365M USD150.1M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$9.6B USD7.3% share of revenue$864M USD$231M USD$506M USD150.3M sharesFiled · primarysec.gov

Quanta Services’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$9.6B+41% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $5.6B, as of Sep 2023Revenue Q4 ’23: $5.8B, as of Dec 2023Revenue Q1 ’24: $5.0B, as of Mar 2024Revenue Q2 ’24: $5.6B, as of Jun 2024Revenue Q3 ’24: $6.5B, as of Sep 2024Revenue Q4 ’24: $6.6B, as of Dec 2024Revenue Q1 ’25: $6.2B, as of Mar 2025Revenue Q2 ’25: $6.8B, as of Jun 2025Revenue Q3 ’25: $7.6B, as of Sep 2025Revenue Q4 ’25: $7.8B, as of Dec 2025Revenue Q1 ’26: $7.9B, as of Mar 2026Revenue Q2 ’26: $9.6B, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
7.3%+1.8 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 7.1%, as of Sep 2023Operating margin Q4 ’23: 5.6%, as of Dec 2023Operating margin Q1 ’24: 3.1%, as of Mar 2024Operating margin Q2 ’24: 5.5%, as of Jun 2024Operating margin Q3 ’24: 6.6%, as of Sep 2024Operating margin Q4 ’24: 6.9%, as of Dec 2024Operating margin Q1 ’25: 3.8%, as of Mar 2025Operating margin Q2 ’25: 5.5%, as of Jun 2025Operating margin Q3 ’25: 6.8%, as of Sep 2025Operating margin Q4 ’25: 6.2%, as of Dec 2025Operating margin Q1 ’26: 4.3%, as of Mar 2026Operating margin Q2 ’26: 7.3%, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
$864M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: $267M, as of Sep 2023Free cash flow Q4 ’23: $894M, as of Dec 2023Free cash flow Q1 ’24: $155M, as of Mar 2024Free cash flow Q2 ’24: $230M, as of Jun 2024Free cash flow Q3 ’24: $527M, as of Sep 2024Free cash flow Q4 ’24: $565M, as of Dec 2024Free cash flow Q1 ’25: $110M, as of Mar 2025Free cash flow Q2 ’25: $155M, as of Jun 2025Free cash flow Q3 ’25: $421M, as of Sep 2025Free cash flow Q4 ’25: $934M, as of Dec 2025Free cash flow Q1 ’26: $172M, as of Mar 2026Free cash flow Q2 ’26: $864M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$506M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $305M, as of Sep 2023Cash Q4 ’23: $1.3B, as of Dec 2023Cash Q1 ’24: $531M, as of Mar 2024Cash Q2 ’24: $518M, as of Jun 2024Cash Q3 ’24: $764M, as of Sep 2024Cash Q4 ’24: $742M, as of Dec 2024Cash Q1 ’25: $521M, as of Mar 2025Cash Q2 ’25: $509M, as of Jun 2025Cash Q3 ’25: $610M, as of Sep 2025Cash Q4 ’25: $440M, as of Dec 2025Cash Q1 ’26: $365M, as of Mar 2026Cash Q2 ’26: $506M, as of Jun 2026
Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
150.3M+3.5% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 145.3M, as of Sep 2023Shares outstanding Q1 ’24: 146.4M, as of Mar 2024Shares outstanding Q2 ’24: 147.3M, as of Jun 2024Shares outstanding Q3 ’24: 147.6M, as of Sep 2024Shares outstanding Q1 ’25: 148.2M, as of Mar 2025Shares outstanding Q2 ’25: 149.0M, as of Jun 2025Shares outstanding Q3 ’25: 149.1M, as of Sep 2025Shares outstanding Q1 ’26: 150.1M, as of Mar 2026Shares outstanding Q2 ’26: 150.3M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateWhat happened
2 Nov 2026Sources added: 0 → 1The dossier's cited-link count grew from 0 to 1.editorial note · the dossier
29 Oct 202610-Q: quarter ended 30 Sep 2026, revenues $12.0bnRevenues $12,014,877k vs $7,631,408k; net income attributable to common stock $694,859k; diluted EPS $4.55.filing · SEC 10-Q · 29 Oct 2026
29 Oct 20268-K: Q3 2026 results, revenue $12.0bnQ3 2026 revenues $12,014,877k (vs $7,631,408k); diluted EPS $4.55; adjusted diluted EPS $6.06; total backlog $63.7bn at 30 Sep 2026; FY2026 adjusted diluted EPS guidance $17.90-$18.30.guidance · SEC 8-K · 29 Oct 2026
15 Sept 20268-K Item 5.02: Ellen Rubin elected director; board size raised to 11On 9 Sep 2026 the board increased from ten to eleven directors and elected Ellen Rubin, who joins the Audit Committee and the Safety, Operations and Risk Committee.filing · SEC 8-K · 15 Sept 2026
dossier age
4 days
researched 2 Nov 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 16 mentions across 2 sections. A dashed foot names none.
Primary sources
1 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-23), 492 words, 16 filing mentions
  2. The dossier: What held, 65 words, no filing mention
Research

The Quanta Services dossier

The verdict

The purest listed pick-and-shovel on the grid + data-center capex supercycle, with a real labor/scale moat and a record $48.5B backlog — but at ~52x forward EPS / ~31x forward EBITDA the market already pays for flawless execution, so the edge is in buying the volatility, not the multiple.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-23)

  1. Q3 2026 actuals: revenue $12,014.9M, +57% YoY (Q3 2025: $7,631.4M) [Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. Q3]. Gross profit $2,008.3M; operating income $1,026.5M, margin 8.5% (6.8%); net income to common $694.9M ($339.4M); GAAP diluted EPS $4.55 ($2.24); adjusted diluted EPS $6.06 ($3.33); adjusted EBITDA $1,448.9M ($858.3M) [8-K Q3]. Growth:.
  2. Acquired revenue is part of it. The Form 10-QThe quarterly version of the annual report. Lighter, and not audited. attributes about $1.22B of Q3 Electric revenue and about $335M of Underground revenue to acquired businesses (acquisitions since the comparable period) [10-Q Q3, segment results]. Excluding both, growth was. Quanta completed five acquisitions in the first nine months of 2026 [8-K Q3].
  3. Segments, Q3 2026 [8-K Q3, supplemental segment data]: Electric revenue $9,799.8M (Q3 2025: $6,172.0M), operating income $1,238.1M, margin 12.6% (11.4%). Underground and Infrastructure revenue $2,215.0M ($1,459.4M), operating income $208.0M, margin 9.4% (8.4%). Corporate and non-allocated −$419.5M, including amortization of intangibles $188.6M and stock compensation $67.9M. FY2025 segment margins were Electric 10.3%, Underground 7.3%.
  4. Backlog record $63.7B at 2026-09-30; RPO $41.8B [8-K Q3]. Electric backlog $51.9B, Underground $11.8B. At 2025-12-31 total backlog was $44.0B and at 2025-09-30 $39.2B. Backlog expected within 12 months: $38.4B.
  5. 2026 guidance raised (guidance, as given in the release): revenue $41.3-41.6B; net income to common $1.92-1.98B; GAAP diluted EPS $12.57-12.97; adjusted diluted EPS $17.90-18.30; adjusted EBITDA $4.40-4.49B; operating cash flow $3.45-4.00B; Free cash flowCash left after paying to run and maintain the business. Unlike profit, it is hard to flatter with accounting choices. $2.50-3.00B; net Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. $0.95-1.00B [8-K Q3, full-year outlook and reconciliations]. The prior dossier recorded the April guide as revenue $34.7-35.2B, adjusted EBITDA $3.49-3.65B, adjusted EPS $13.55-14.25, sourced. The Q2 (July) guide was not read. The CEO says there is "opportunity to deliver strong double-digit adjusted EPS growth in 2027"; no 2027 number is given [8-K Q3].
  6. Cash flow, Q3 2026: operating cash flow $1,453.7M ($563.5M); free cash flow $1,199.4M ($438.1M). Nine months: OCF $2,940.9M, FCF $2,269.8M [8-K Q3].
  7. Balance sheet, 2026-09-30 against 2025-12-31 [8-K Q3]: cash $2,315.3M ($439.5M); accounts receivable $10,144.1M ($6,847.1M); contract assets $1,713.2M ($1,522.2M); contract liabilities $5,535.8M ($3,258.5M); accounts payable and accrued $7,189.7M ($4,579.5M); debt $6,991.1M ($5,994.9M); goodwill $8,081.6M ($7,317.2M); intangibles $3,169.9M ($2,906.2M); stockholders' equity $10,535.6M ($8,938.2M). Net debt.
  8. Financing: Quanta sold $2.00B of senior notes in August 2026: $500M 4.850% due 2029, $750M 5.300% due 2033, $750M 5.550% due 2036 [8-K Aug]. It raised revolver commitments to $2.98B (maturity to 2031-07-31), raised the commercial paper cap to $2.98B, and prepaid the full $618.8M term loan on 2026-09-01 [8-K Q3].
  9. Unapproved change orders and claims fell to $488.4M at 2026-09-30, from $983.6M at 2025-12-31 [10-Q Q3, contract estimates note]. The prior dossier named the $983.6M pool as the main revenue-recognition watch item.
  10. Two more acquisitions in September and October 2026 (a Houston energy-services and fabrication firm in Underground; a Fort Worth maker of steel monopoles for T&D in Electric): aggregate consideration about $245M net of cash, about $96M cash and about $149M in Quanta stock; not expected to contribute materially to 2026 [8-K Q3].
  11. Board: Ellen Rubin joined as an eleventh director on 2026-09-09 [sec.gov: 8-K 2026-09-15, https://www.sec.gov/Archives/edgar/data/1050915/000119312526391989/d78508d8k.htm].

What held

  • The catalyst list's "FY2026 guide updates, each quarter" fired again, upward (fact 5).
  • Receivables still grew faster than revenue over the nine months (AR +48% since year-end), as the prior Lens 10 flagged; contract liabilities and payables grew alongside, and Q3 free cash flow was strong (facts 6-7).
  • The roll-up continues: acquired revenue, rising amortization and goodwill (facts 2, 3, 7, 10).

How our view changed

2 dossiers on Quanta Services since . The verdict has held each time.

Research trail

The research around Quanta Services

Covered in the Knowledge Base

Datacenters & Digital Infrastructure

Company details

IndustryCloud Computing
SizePublic Company
WebsiteVisit Quanta Services

Others in datacenters

5 names

Where Quanta Services sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.