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PWR · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
An outstanding quarter — revenue up 41% and operating income up 88% driven overwhelmingly by the Electric segment (grid, data center, power gen demand), with margin expansion outpacing cost growth and net income nearly doubling despite rising SG&A, amortization from acquisitions and higher interest expense.
Net Income (Common)
$451M
up 96.9% y/y
Revenue
$9,557M
up 41.1% y/y
Operating Income
$695M
up 87.6% y/y
Gross Profit
$1,545M
up 53.4% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Electric | $7,838 · +43.6% |
| Underground & Infrastructure | $1,719 · +30.7% |
| Revenue | $9,557 · +41.1% |
| Cost of Services | $8,012 · +38.9% |
| Gross Profit | $1,545 · +53.4% · 16.2% margin |
| SG&A | $698 · +32.2% |
| Amort. + Contingent Consid.* | $152 · +19% |
| Operating Income | $695 · +87.6% · 7.3% margin |
| Equity Earnings & Other, net | $7 · -41% |
| Net Interest Expense | $78 · +34.9% |
| Pre-Tax Income | $617 · +93.7% |
| Income Tax | $158 · +85.2% |
| Non-Controlling Interests | $8 · +91.8% |
| Net Income (Common) | $451 · +96.9% · $2.96 diluted EPS |
Verdict: An outstanding quarter — revenue up 41% and operating income up 88% driven overwhelmingly by the Electric segment (grid, data center, power gen demand), with margin expansion outpacing cost growth and net income nearly doubling despite rising SG&A, amortization from acquisitions and higher interest expense.
OCF $1,095M (vs $296M); Free cash flow $886M; new $1B buyback authorized (May 2026), $135M repurchased under prior program; quarterly dividend $0.11/share; FY2026 guidance raised to revenue $39.3-39.7B and net income $1.74-1.82B.
Source and notation
* marks non-cash / ≈ estimated. Source: Quanta Services press release / 10-Q (SEC EDGAR).
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Chart: “PWR Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/pwr/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/pwr/q2-2026"><img src="https://whoreportstoday.com/t/pwr/q2-2026/sankey.png" alt="PWR Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/pwr/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/pwr/q2-2026">PWR Q2 2026 earnings chart (Who Reports Today)</a>
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- Electric segment revenue grew ~44% y/y to $7.84B (82% of total) and drove nearly all operating income growth; Underground and Infrastructure grew ~31% to $1.72B.
- Four acquisitions (Phalcon, Enerfab, Percheron, PSD) closed in Q2/July 2026 for ~$1.24B; did not materially contribute to Q2 results but lift amortization and integration costs.
- GAAP net income attributable to common stock $451.4M vs adjusted net income $646.0M — gap driven by $157.0M intangible amortization, $63.4M non-cash stock comp, $28.5M acquisition/integration costs, and contingent consideration fair value changes.
- Corporate/non-allocated costs swung to a $359.2M drag (from $273.0M), reflecting higher amortization and stock comp tied to acquisition activity.
- Operating margin expanded to 7.3% from 5.5% y/y, showing strong operating leverage despite cost of services still consuming ~84% of revenue.
- Backlog reached a record $53.4B and RPO $33.6B, supporting management's significantly raised full-year 2026 guidance across all metrics.
What distorts the picture in this report and what to watch beyond the headlines.
PWR — Quanta Services provides infrastructure contracting services for electric power, oil, and gas industries across North America.
Headquartered in Houston, Texas, the company specializes in transmission and distribution network construction and maintenance.
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