PWR earnings analysis
What we found in PWR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Quanta Services (PWR) delivered robust Q1 2026 results, posting revenues of $7.87 billion and a diluted EPS of $1.45, both surpassing analyst expectations. The company highlighted significant demand across its segments, notably in Electric Infrastructure Solutions. Management raised its full-year 2026 guidance due to favorable market conditions and an impressive backlog of $48.5 billion.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 26.3%
- Q1 2026 revenues soared to $7.87 billion, up 26.3% from $6.23 billion in Q1 2025.
- Significant EPS Increase
- Diluted EPS for Q1 2026 was reported at $1.45, a hefty increase compared to $0.96 in Q1 2025.
- Strong Operating Income Growth
- Operating income surged 41.7% to $338.8 million, compared to $239.1 million in Q1 2025.
- Electric Segment Revenue Surge
- The Electric segment saw revenues increase by $1.52 billion, totaling $6.47 billion for Q1 2026.
- Increased Backlog
- Total backlog rose to $48.47 billion, reflecting a 10.2% increase since December 31, 2025.
- Impressive Operating Cash Flow
- Net cash provided by operating activities was $391.7 million, a 61% increase from Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Higher Debt Levels
- Interest and other financing expenses rose to $73.27 million, up 34.9% due to increased debt levels.
- Fluctuating Project Revenues
- Revenues from large pipeline projects are expected to continue fluctuating, affecting predictability.
- Supply Chain Challenges
- Management noted potential future project delays stemming from ongoing supply chain issues and regulatory uncertainties.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.45
- Gross margin
- 14.1%
- Operating margin
- 4.3%
- Segment
- Electric
- Segment
- Underground and Infrastructure
What they said about what is next.
Management raised full-year 2026 guidance based on robust demand and visibility in backlog.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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