FOR IMMEDIATE RELEASE 26-19
Jayshree Desai, CFO Kip Rupp, CFA, IRC - Contacts: Investors Sean Eastman - Media – Mili Gosar FGS Global Investors Quanta Services, (832) 640-7570 Inc. (713) 629-7600
QUANTA SERVICES REPORTS THIRD QUARTER 2026 RESULTS Third Quarter Consolidated Revenues of $12.0 Billion* Third Quarter GAAP Diluted EPS of $4.55* and Adjusted Diluted EPS of $6.06* Net Income Attributable to Common Stock of $694.9 Million* Adjusted EBITDA of $1.4 Billion* Cash Flow From Operations of $1.5 Billion* and Free Cash Flow of $1.2 Billion* Remaining Performance Obligations (RPO) of $41.8 Billion* and Total Backlog of $63.7 Billion* Strong Performance Drives Significant Increase In 2026 Financial Expectations Across All Metrics * = Record quarterly or record third quarter result HOUSTON – October 29, 2026- Quanta Services, Inc. (NYSE: PWR) today announced results for the three months ended September 30, 2026. Revenues in the third quarter of 2026 were $12.01 billion compared to revenues of $7.63 billion in the third quarter of 2025, and net income attributable to common stock was $694.9 million, or $4.55 per diluted share, in the third quarter of 2026 compared to net income attributable to common stock of $339.4 million, or $2.24 per diluted share, in the third quarter of 2025. Adjusted diluted earnings per share attributable to common stock was $6.06 for the third quarter of 2026 compared to $3.33 for the third quarter of 2025. “Quanta delivered another exceptional quarter, with third-quarter results that again exceeded expectations. Revenue, adjusted EBITDA and adjusted diluted earnings per share all achieved strong double-digit growth, cash flow was robust and total backlog reached a record $63.7 billion. These results demonstrate the power of our solutions-based operating model, as well as the execution certainty our self-perform capabilities deliver for customers every day. Given this outperformance and the expected incremental strength in the fourth quarter, we are again significantly increasing our full-year 2026 financial expectations across all metrics,” said Duke Austin, President and Chief Executive Officer of Quanta Services. -MORE-
“The breadth of our portfolio, combined with the fungibility of our skilled workforce across multiple end markets, provides a significant competitive advantage. This flexibility allows us to strategically deploy resources where demand is strongest, mitigate exposure to individual market cycles and deliver more consistent, predictable outcomes for our customers and stockholders. With demand for our services broadening across utility, power generation, industrial and technology customers, we are pacing ahead of the multi-year growth targets we outlined at our 2026 Investor Day, and our conviction in Quanta’s ability to compound profitable growth over the long term continues to strengthen. We believe there is opportunity to deliver strong double-digit adjusted EPS growth in 2027, supported by continued backlog growth.” Certain items that impacted Quanta’s results for the three and nine months ended September 30, 2026 and 2025 are reflected as adjustments in the calculation of Quanta’s adjusted net income attributable to common stock, adjusted diluted earnings per share attributable to common stock and adjusted EBITDA (non-GAAPfinancial measures). These items are described in the accompanying tables reconciling adjusted net income attributable to common stock, EBITDA and adjusted EBITDA to net income attributable to common stock and adjusted diluted earnings per share attributable to common stock to diluted earnings per share attributable to common stock. Quanta completed five acquisitions in the first nine months of 2026 and eight acquisitions during the full year 2025, and the results of the acquired businesses are included in Quanta’s consolidated results from the respective acquisition dates. For further information on the items that impacted comparability of 2026 and 2025, see the footnotes in the accompanying tables presenting Supplemental Segment Data and reconciliations of EBITDA, adjusted EBITDA, adjusted net income attributable to common stock and adjusted diluted earnings per share attributable to common stock (non-GAAPfinancial measures) to their comparable GAAP financial measures. RECENT HIGHLIGHTS
Completed Two Acquisitions - In September and October 2026, Quanta completed two acquisitions that strengthen its front-end, fabrication and supply chain capabilities. The first is a Houston, Texas-based energy services provider with approximately 320 employees that offers engineering and design, fabrication, automation and controls, and engineering, procurement and construction services, and is included in the Underground and Infrastructure segment. The second is a Fort Worth, Texas-based • vertically integrated manufacturer of steel monopoles and lighting structures, primarily for utility transmission and distribution applications, with approximately 270 employees, which will primarily be included in the Electric segment. Aggregate consideration, net of cash acquired, was approximately $245 million, consisting of approximately $96 million in cash paid or payable and approximately $149 million in Quanta common stock. The two newly announced acquisitions are not expected to contribute materially to Quanta’s full-year 2026 financial results.
Enhanced Liquidity and Financial Flexibility - In August 2026, Quanta issued $2.00 billion aggregate principal amount of senior notes. In July 2026, Quanta increased the aggregate revolving commitments under its senior credit facility from $2.80 billion to $2.98 billion and extended the maturity date for • revolving loans from July 31, 2030 to July 31, 2031. Effective August 8, 2026, Quanta increased the maximum amount of its unsecured commercial paper program from $2.80 billion to $2.98 billion. On September 1, 2026, Quanta prepaid the full $618.8 million outstanding balance of the term loan under its senior credit facility.
Published 2025 Sustainability Report - In September 2026, Quanta published its 2025 Sustainability Report, which provides transparency around Quanta’s sustainability strategy and the company’s continued progress in 2025. Titled “Craft + • Culture,” the report highlights how Quanta’s craft-skilled workforce and the investment in training, safety and leadership development behind it position the company to meet growing demand for reliable power, resilient infrastructure and modern energy systems.
Appointed Ellen Rubin to Board of Directors - In September 2026, Ellen Rubin joined Quanta’s Board of Directors. Ms. Rubin currently serves as an Operating Partner at Glasswing Ventures LLC, a venture capital firm focused on AI and • frontier technologies, and as a director of Allegion plc. She brings executive leadership and public company board experience, as well as deep technology expertise, including AI and cloud computing innovation, technology strategy and cybersecurity risk management.
RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 Revenues in the nine months ended September 30, 2026 were $29.45 billion compared to revenues of $20.64 billion in the nine months ended September 30, 2025, and net income attributable to common stock was $1.37 billion, or $8.97 per diluted share, in the nine months ended September 30, 2026 compared to net income attributable to common stock of $712.9 million, or $4.72 per diluted share, in the nine months ended September 30, 2025. Adjusted diluted earnings per share attributable to common stock was $12.98 for the nine months ended September 30, 2026 compared to $7.59 for the nine months ended September 30, 2025. FULL-YEAR 2026 OUTLOOK Prior to the Company’s conference call, management will post a summary of Quanta’s updated 2026 guidance expectations with additional commentary in the “News and Events” and “Financial Info” areas of the Investor Relations section of Quanta’s website at http://investors.quantaservices.com. The long-term outlook for Quanta’s business is positive. However, weather, regulatory, permitting, supply chain challenges and other factors affecting project timing and execution have impacted, and may impact in the future, Quanta’s financial results. Additionally, we continue to consider future uncertainty associated with overall challenges to the domestic and global economy, including inflation, interest rates and potential recessionary economic conditions. Quanta’s financial outlook for revenues, margins and earnings reflects management’s effort to align these uncertainties with the backlog the Company is executing on and the opportunities expected to materialize during the remainder of 2026. The following forward- looking statements are based on current expectations, and actual results may differ materially, as described below in Cautionary Statement About Forward- Looking Statements and Information. For the full year ending December 31, 2026, Quanta now expects revenues to range between $41.3 billion and $41.6 billion and net income attributable to common stock to range between $1.92 billion and $1.98 billion. Quanta also now expects diluted earnings per share attributable to common stock to range between $12.57 and $12.97 and adjusted diluted earnings per share attributable to common stock to range between $17.90 and $18.30. Quanta now expects EBITDA to range between $3.99 billion and $4.09 billion and adjusted EBITDA to range between $4.40 billion and $4.49 billion. Additionally, for the full year ending December 31, 2026, Quanta now expects net cash provided by operating activities to range between $3.45 billion and $4.00 billion and free cash flow (a non-GAAPfinancial measure) to range between $2.50 billion and $3.00 billion. -MORE-
The financial measures not prepared in conformity with generally accepted accounting principles in the United States (GAAP) that are utilized in this press release are provided to enable investors, analysts and management to evaluate Quanta’s performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing Quanta’s operating results with those of its competitors. These measures should be used in addition to, and not in lieu of, financial measures prepared in conformity with GAAP.
Please see the accompanying tables for reconciliations of the following non-GAAP financial measures for Quanta’s current and historical results and full-year 2026 expectations (as applicable): adjusted diluted earnings per share attributable to common stock to diluted earnings per share attributable to common stock; adjusted net income attributable to common stock, EBITDA and adjusted EBITDA to net income attributable to common stock; free cash flow to net cash provided by operating activities; and backlog to remaining performance obligations.
Quanta Services has scheduled a webcast and conference call for 9:00 a.m. Eastern Time today, October 29, 2026. This event will be facilitated through web-based audio using a Zoom Webinar. To register for and access the event, please log in to the webinar through the Investor Relations section of Quanta’s website (). Once registered, if you prefer to access the call by phone, dial-in details will be provided on the event access page upon registration and when prompted, please enter the unique Participant ID provided to join the call. Please allow at least 15 minutes to register and download and install any necessary audio software. For those who cannot participate live, shortly following the webcast a digital recording will be available on the Company’s website.
Additionally, Quanta has posted its Third Quarter 2026 Operational and Financial Commentary, as well as all other supplemental earnings call materials, in the section of the Quanta Services website. While management intends to make brief introductory remarks during the earnings call, the Operational and Financial Commentary is intended to largely replace management’s prepared remarks, allowing additional time for questions from the institutional investment community. For more information, please contact Kip Rupp, Vice President - Investor Relations or Sean Eastman, Director - Investor Relations at Quanta Services, at 713-629-7600 or investors@quantaservices.com.
Investors and others should note that while Quanta announces material financial information and makes other public disclosures of information regarding Quanta through U.S. Securities and Exchange Commission (SEC) filings, press releases and public conference calls, it also utilizes social media to communicate this information. It is possible that the information Quanta posts on social media could be deemed material. Accordingly, Quanta encourages investors, the media and others interested in our company to follow Quanta, and review the information it posts, on the social media channels listed in the section of the Quanta Services website.
Quanta Services is an industry leader in providing specialized infrastructure solutions to the utility, power generation, load center, communications, pipeline, and energy industries. Quanta’s comprehensive services include designing, installing, repairing and maintaining energy, load center and communications infrastructure. With operations throughout the United States, Canada, Australia and select other international markets, Quanta has the manpower, resources and expertise to safely complete projects that are local, regional, national or international in scope. For more information, visit .
This press release (and oral statements regarding the subject matter of this press release, including those made on the conference call and webcast announced herein) contains forward-looking statements intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements relating to projected revenues, net income, earnings per share, margins, cash flows, liquidity, weighted average shares outstanding, capital expenditures, interest rates and tax rates, as well as other projections of operating results and GAAP and non-GAAP financial results, including EBITDA, adjusted EBITDA and backlog; expectations regarding Quanta’s business or financial outlook; expectations regarding opportunities, technological developments, competitive positioning, future economic and regulatory conditions and other trends in particular markets or industries; expectations regarding Quanta’s plans and strategies, including with respect to supply chain solutions and expanded or new services offerings; the business plans or financial condition of Quanta’s customers; the potential benefits from, and future financial and operational performance of, acquired businesses and investments; the expected value of contracts or intended contracts with customers, as well as the expected timing, scope, services, term or results of any awarded or expected projects; possible recovery of pending or contemplated insurance claims, change orders and claims asserted against customers or third parties, as well as the collectability of receivables; the development of and opportunities with respect to future projects, including projects involving renewable energy and other power generation, electrical grid modernization, upgrade and hardening projects, data centers and other technology infrastructure, advanced manufacturing facilities and larger transmission and pipeline infrastructure; expectations regarding the future availability and price of materials and equipment necessary for the performance of Quanta’s business; the expected impact of global and domestic economic or political conditions on Quanta’s business, financial condition, results of operations, cash flows, liquidity and demand for Quanta’s services, including inflation, interest rates, tariffs and recessionary economic conditions and commodity prices and production volumes; the expected impact of changes or potential changes in climate and the physical and transition risks associated with changes in climate; future capital allocation initiatives, including the amount and timing of, and strategies with respect to, any future acquisitions, investments, cash dividends, repurchases of Quanta’s equity or debt securities or repayments of other outstanding debt; the expected impact of existing or potential legislation or regulation; potential opportunities that may be indicated by bidding activity or similar discussions with customers; the future demand for, availability of and costs related to labor resources in the industries Quanta serves; the expected recognition and realization of Quanta’s remaining performance obligations and backlog; expectations regarding the outcome of pending or threatened legal proceedings; expectations regarding the outcome of insurance claims; and expectations regarding Quanta’s ability to maintain its current credit ratings; as well as statements reflecting expectations, intentions, assumptions or beliefs about future events, and other statements that do not relate strictly to historical or current facts. These forward- looking statements are not guarantees of future performance; rather they involve or rely on a number of risks, uncertainties, and assumptions that are difficult to predict or are beyond our control, and reflect management’s beliefs and assumptions based on information available at the time the statements are made. We caution you that actual outcomes and results may differ materially from what is expressed, implied or forecasted by our forward-looking statements and that any or all of our forward-looking statements may turn out to be inaccurate or incorrect. Forward-looking statements can be affected by inaccurate assumptions and by known or unknown risks and uncertainties including, among others, market, industry, economic, financial or political conditions that are outside of the control of Quanta, including economic, energy, infrastructure and environmental policies and plans that are adopted or proposed by the U.S. federal and state governments or other governments in territories or countries in which Quanta operates, inflation, interest rates, recessionary economic conditions, deterioration of global or specific trade relationships and geopolitical conflicts and political unrest; quarterly variations in operating and financial results, liquidity, financial condition, cash flows, capital requirements and reinvestment opportunities; trends and growth opportunities in relevant markets, including Quanta’s ability to obtain future project awards; delays, deferrals, reductions in scope or cancellations of anticipated, pending or existing projects as a result of, among other things, supply chain or production disruptions and other logistical challenges, weather, regulatory or permitting issues, right of way acquisition, environmental processes, project performance issues, claimed force majeure events, protests or other political activity, legal challenges, inflationary pressure, reductions or eliminations in governmental funding or customer capital constraints; the effect of commodity prices and production volumes, which have been and may continue to be affected by inflationary pressure and geopolitical conditions, on Quanta’s operations and growth opportunities and on customers’ capital programs and demand for Quanta’s services; the successful negotiation, execution, performance and completion of anticipated, pending and existing contracts; events arising from operational hazards, including, among others, wildfires and explosions, that can arise due to the nature of Quanta’s services and certain of Quanta’s product solutions, as well as the conditions in which Quanta operates and can be due to the failure of infrastructure on which Quanta has performed services and result in significant liabilities that may be exacerbated in certain geographies and locations; unexpected costs, liabilities, fines or penalties that may arise from legal claims and proceedings, indemnity obligations, reimbursement obligations associated with letters of credit or bonds, multiemployer pension plans or other claims or actions asserted against Quanta, including amounts not covered by, or in excess of the coverage under, third-party insurance and amounts related to claims up to the applicable deductible of Quanta’s third-party insurance; potential unavailability or cancellation of third-party insurance coverage, as well as the exclusion of coverage for certain losses, potential increases in premiums and deductibles for coverage deemed beneficial to Quanta, increases in amounts or retention amounts or the unavailability of coverage deemed beneficial to Quanta at reasonable and competitive rates (e.g., coverage for wildfire events); damage to Quanta’s brand or reputation, as well as potential costs, liabilities, fines and penalties, arising as a result of cybersecurity breaches, environmental and occupational health and safety matters, corporate scandal, failure to successfully perform or negative publicity regarding a high-profile or large-scale infrastructure project, involvement in a catastrophic event (e.g., fire, explosion) or other negative incidents; disruptions in, or failure to adequately protect, Quanta’s information technology systems; Quanta’s dependence on suppliers, subcontractors, equipment manufacturers and other third-parties, and the impact of, among other things, inflationary pressure, regulatory, supply chain and logistical challenges on these third parties; estimates and assumptions relating to financial results, remaining performance obligations and backlog; Quanta’s inability to attract, the potential shortage of and increased costs with respect to skilled employees, as well as Quanta’s inability to retain or attract key personnel and qualified employees; Quanta’s dependence on fixed price contracts and the potential to incur losses with respect to these contracts; cancellation provisions within contracts and the risk that contracts expire and are not renewed or are replaced on less favorable terms; Quanta’s inability or failure to comply with the terms of its contracts, which may result in additional costs, unexcused delays, warranty claims, failure to meet performance guarantees, damages or contract terminations; adverse weather conditions, natural disasters and other emergencies, including wildfires, pandemics, hurricanes, tropical storms, floods, debris flows, earthquakes and other geological- and weather-related hazards; the impact of changes in climate; Quanta’s ability to generate internal growth; competition in Quanta’s business, including the ability to effectively compete for new projects and market share, as well as technological advancements and market developments that could reduce demand for Quanta’s services; the failure of existing or potential legislative actions and initiatives to result in increased demand for Quanta’s services or budgetary or other constraints that may reduce or eliminate tax incentives or government funding for projects, which may result in project delays or cancellations; unavailability of, or increased prices for, materials, equipment and consumables (such as fuel) used in Quanta’s or its customers’ businesses, including as a result of inflationary pressure, supply chain or production disruptions, governmental regulations on sourcing, the imposition of tariffs, duties, taxes or other assessments, and other changes in U.S. trade relationships with foreign countries; loss of or deterioration of relationships with customers with whom Quanta has long-standing or significant relationships; the potential that participation in joint ventures or similar structures exposes Quanta to liability or harm to its reputation as a result of acts or omissions by partners; the inability or refusal of customers or third-party contractors to pay for services, which could result in the inability to collect our outstanding receivables, failure to recover amounts billed to, or avoidance of certain payments received from, customers in bankruptcy or failure to recover on change orders or contract claims; risks associated with operating in international markets and U.S. territories, including instability of governments, significant currency exchange fluctuations, and compliance with unfamiliar legal and labor systems and cultural practices, the U.S. Foreign Corrupt Practices Act and other applicable anti-bribery and anti-corruption laws, and complex U.S. and foreign tax regulations and international treaties; inability to successfully identify, complete, integrate and realize synergies from acquisitions, including the inability to retain key personnel from acquired businesses; the potential adverse impact of acquisitions and investments, including the potential increase in risks already existing in Quanta’s operations, poor performance or decline in value of acquired businesses or investments and unexpected costs or liabilities that may arise from acquisitions or investments; the adverse impact of impairments of goodwill, other intangible assets, receivables, long-lived assets or investments; the impact of the unionized portion of Quanta’s workforce on its operations; inability to access sufficient funding to finance desired growth and operations, including the ability to access capital markets on favorable terms, as well as fluctuations in the price and trading volume of Quanta’s common stock, debt covenant compliance, interest rate fluctuations, a downgrade in our credit ratings and other factors affecting financing and investing activities; the ability to obtain bonds, letters of credit and other project security; new or changed tax laws, treaties or regulations or the inability to realize deferred tax assets; and other risks and uncertainties detailed in Quanta’s Annual Report on Form 10-K for the year ended December 31, 2025, Quanta’s Quarterly Reports on Form 10-Q
for the quarters ended March 31, 2026, June 30, 2026 and September 30, 2026 (when filed) and any other documents that Quanta files with the SEC. For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Quanta’s documents filed with the SEC that are available through Quanta’s website at or through the SEC’s Electronic Data Gathering and Analysis Retrieval System (EDGAR) at . Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Quanta further expressly disclaims any written or oral statements made by any third party regarding the subject matter of this press release.
Quanta Services, Inc. and Subsidiaries Condensed Consolidated Statements of Operations For the Three and Nine Months Ended September 30, 2026 and 2025 (In thousands, except per share information) (Unaudited) ─────────────────────────────────────────────────
Quanta Services, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands) (Unaudited)
Quanta Services, Inc. and Subsidiaries Supplemental Segment Data For the Three and Nine Months Ended September 30, 2026 and 2025 (In thousands, except percentages) (Unaudited) ────────────────────────────────────────
Segment Results The following table sets forth segment revenues, segment operating income and operating margins for the periods indicated. Operating margins are calculated by dividing operating income by revenues.
Included in operating income for the Electric segment was equity in earnings of integral unconsolidated (a) affiliates of $10.0 million and $13.7 million for the three months ended September 30, 2026 and 2025, and $36.0 million and $41.1 million for the nine months ended September 30, 2026 and 2025.
Included in corporate and non-allocated costs was, among other things, amortization expense of $188.6 million and $133.2 million for the three months ended September 30, 2026 and 2025, and $498.0 million and $355.9 (b) million for the nine months ended September 30, 2026 and 2025, as well as non-cash stock-based compensation of $67.9 million and $46.9 million for the three months ended September 30, 2026 and 2025 and $193.9 million and $129.1 million for the nine months ended September 30, 2026 and 2025.
Quanta Services, Inc. and Subsidiaries Supplemental Data (In thousands) (Unaudited)
Remaining Performance Obligations and Backlog (a non-GAAPfinancial measure) Quanta’s remaining performance obligations represent management’s estimate of consolidated revenues that are expected to be realized from the remaining portion of firm orders under fixed price contracts not yet completed or for which work has not yet begun as of such dates and, to a lesser extent, from certain unit-priced contracts with more than an insignificant amount of partially completed units. For purposes of calculating remaining performance obligations, Quanta includes all estimated revenues attributable to consolidated joint ventures and variable interest entities, revenues from funded and unfunded portions of government contracts to the extent they are reasonably expected to be realized, and revenues from change orders and claims to the extent management believes additional contract revenues will be earned and are deemed probable of collection. Quanta has also historically disclosed its backlog, a measure commonly used in its industry but not recognized under GAAP. Quanta believes this measure enables management to more effectively forecast its future capital needs and results and better identify future operating trends that may not otherwise be apparent. Quanta believes this measure is also useful for investors in forecasting Quanta’s future results and comparing Quanta to its competitors. Quanta’s remaining performance obligations, as described above, are a component of its backlog calculation, which also includes estimated orders under master service agreements (MSAs), including estimated renewals, and certain non- fixedprice contracts. Quanta’s methodology for determining backlog may not be comparable to the methodologies used by other companies. Estimates of the timing of revenue recognition of remaining performance obligations are subject to change based on, among other things, project accelerations; project cancellations or delays, including but not limited to those caused by commercial issues, permitting and regulatory requirements, natural disasters, emergencies and adverse weather conditions; and final acceptance of change orders by customers. These factors can cause revenues to be realized in periods and at levels that are different than originally projected. The following table reconciles total remaining performance obligations to Quanta’s backlog (a non- GAAPfinancial measure) by reportable segment along with estimates of amounts expected to be realized within 12 months. The following table shows dollars in thousands.
Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures Adjusted Net Income and Adjusted Diluted Earnings Per Share Attributable to Common Stock For the Three and Nine Months Ended September 30, 2026 and 2025 (In thousands, except per share information) (Unaudited) ───────────────────────────────────────────────────
The following table presents the reconciliations of the non-GAAPfinancial measures of adjusted net income attributable to common stock to net income attributable to common stock and adjusted diluted earnings per share attributable to common stock to diluted earnings per share attributable to common stock for the three and nine months ended September 30, 2026 and 2025. These reconciliations are intended to provide useful information to investors and analysts as they evaluate Quanta’s performance. Management believes that the exclusion of certain items from net income attributable to common stock and diluted earnings per share attributable to common stock enables Quanta and its investors to more effectively evaluate Quanta’s operations period over period and better identify operating trends that may not otherwise be apparent due to, among other reasons, the variable nature of these items period over period. In addition, management believes these measures may be useful for investors in comparing Quanta’s operating results with other companies that may be viewed as our peers. However, these non-GAAPmeasures should not be considered as alternatives to net income attributable to common stock and diluted earnings per share attributable to common stock or other measures of performance that are derived in accordance with GAAP. As to certain of the items in the table: (i) non-cashstock-based compensation expense varies from period to period due to acquisition activity, changes in the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting and amounts granted; (ii) amortization of intangible assets and amortization included in equity in earnings are impacted by Quanta’s acquisition activities and investments in integral unconsolidated affiliates, and therefore can vary from period to period; (iii) acquisition and integration costs vary from period to period depending on the level and complexity of Quanta’s acquisition activity; (iv) change in fair value of contingent consideration liabilities varies from period to period depending on, among other things, the performance in post-acquisition periods of certain acquired businesses and the effect of present value accretion on fair value calculations; (v) equity in losses and earnings of non- integralunconsolidated affiliates varies from period to period depending on the activity and financial performance of such affiliates, the operations of which are not operationally integral to Quanta; (vi) gain on sale and change in fair value of non-marketableequity securities, net varies from period to period based on various factors, including disposition activity, and changes in qualifying observable prices on investments; and (vii) income tax contingency releases vary period to period and depend on the level of reserves for uncertain tax positions and the expiration dates under various federal and state statute of limitations periods. Because adjusted net income attributable to common stock and adjusted diluted earnings per share attributable to common stock, as defined, exclude some, but not all, items that affect net income attributable to common stock and diluted earnings per share attributable to common stock, they may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measures, net income attributable to common stock and diluted earnings per share attributable to common stock, and information reconciling the GAAP and non-GAAPfinancial measures, are included in the table to follow. -MORE-
Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures Adjusted Net Income and Adjusted Diluted Earnings Per Share Attributable to Common Stock For the Three and Nine Months Ended September 30, 2026 and 2025 (In thousands, except per share information) (Unaudited) ───────────────────────────────────────────────────
The amounts include $1.9 million and $6.7 million for the three months ended September 30, 2026 and 2025 and $6.1 million and $15.2 million for the nine months ended (a) September 30, 2026 and 2025 that, pursuant to acquisition purchase agreements, were or will be withheld from the sellers’ proceeds, and have or will be paid to certain employees upon satisfaction of post-closing service obligations.
The income tax impact of adjustments that are subject to tax is (b) determined using the incremental statutory tax rates of the jurisdictions to which each adjustment relates for the respective periods.
The amounts for the three and nine months ended September 30, 2026 and 2025 are releases of tax contingencies upon expiration of certain statutes of limitation (c) periods. ──────────────────────────────────────────────────────────────────────────────
Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA For the Three and Nine Months Ended September 30, 2026 and 2025 (In thousands) (Unaudited) ───────────────────────────────────────────────
The following table presents reconciliations of the non-GAAPfinancial measures of EBITDA and adjusted EBITDA to net income attributable to common stock for the three and nine months ended September 30, 2026 and 2025. These reconciliations are intended to provide useful information to investors and analysts as they evaluate Quanta’s performance. EBITDA is defined as earnings before interest and other financing expenses, taxes, depreciation and amortization, and adjusted EBITDA is defined as EBITDA adjusted for certain other items as described below. These measures should not be considered as an alternative to net income attributable to common stock or other financial measures of performance that are derived in accordance with GAAP. Management believes that the exclusion of these items from net income attributable to common stock enables Quanta and its investors to more effectively evaluate Quanta’s operations period over period and to identify operating trends that might not be apparent due to, among other reasons, the variable nature of these items period over period. In addition, management believes these measures may be useful for investors in comparing Quanta’s operating results with other companies that may be viewed as its peers. As to certain of the items below: (i) non-cashstock-based compensation expense varies from period to period due to acquisition activity, changes in the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting and amounts granted; (ii) acquisition and integration costs vary from period to period depending on the level and complexity of Quanta’s acquisition activity; (iii) equity in losses and earnings of non-integralunconsolidated affiliates varies from period to period depending on the activity and financial performance of such affiliates, the operations of which are not operationally integral to Quanta; (iv) change in fair value of contingent consideration liabilities varies from period to period depending on, among other things, the performance in post-acquisition periods of certain acquired businesses and the effect of present value accretion on fair value calculations; and (v) gain on sale and change in fair value of non-marketableequity securities, net varies from period to period based on various factors, including disposition activity, and changes in qualifying observable prices on investments. Because EBITDA and adjusted EBITDA, as defined, exclude some, but not all, items that affect net income attributable to common stock, such measures may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measure, net income attributable to common stock, and information reconciling the GAAP and non-GAAPfinancial measures, are included below.
Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA For the Three and Nine Months Ended September 30, 2026 and 2025 (In thousands) (Unaudited) ───────────────────────────────────────────────
The amounts include $1.9 million and $6.7 million for the three months ended September 30, 2026 and 2025 and $6.1 million and $15.2 million for the nine months ended (a) September 30, 2026 and 2025 that, pursuant to acquisition purchase agreements, were or will be withheld from the sellers’ proceeds, and have or will be paid to certain employees upon satisfaction of post-closing service obligations.
Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures Free Cash Flow For the Three and Nine Months Ended September 30, 2026 and 2025 (In thousands) (Unaudited) ─────────────────────────────────────────────────────────
Reconciliation of Free Cash Flow: The following table presents a reconciliation of the non-GAAPfinancial measure of free cash flow to net cash provided by operating activities for the three and nine months ended September 30, 2026 and 2025. This reconciliation is intended to provide useful information to investors and analysts as they evaluate Quanta’s ability to generate the cash required to maintain and potentially expand its business. Free cash flow is defined as net cash provided by operating activities less net capital expenditures. Net capital expenditures is defined as capital expenditures less proceeds from the sale of property and equipment and from insurance settlements related to property and equipment. Management believes that free cash flow provides useful information to Quanta’s investors because free cash flow is viewed by management as an important indicator of how much cash is provided or used by routine business operations, including the impact of net capital expenditures. Management uses this measure for capital allocation purposes as it is viewed as a measure of cash available to fund debt payments, acquire businesses, repurchase common stock and debt securities, declare and pay dividends and transact other investing and financing activities. However, this measure should not be considered as an alternative to net cash provided by operating activities or other measures of performance that are derived in accordance with GAAP. The most comparable GAAP financial measure, net cash provided by operating activities, and information reconciling the GAAP and non-GAAPfinancial measures, are included below. The following table shows dollars in thousands.
Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures Estimated Adjusted Net Income and Adjusted Diluted Earnings Per Share Attributable to Common Stock For the Full Year 2026 (In thousands, except per share information) (Unaudited)
The following table presents reconciliations of the non-GAAPfinancial measures of estimated adjusted net income attributable to common stock to estimated net income attributable to common stock and estimated adjusted diluted earnings per share attributable to common stock to estimated diluted earnings per share attributable to common stock for the full year ending December 31, 2026. These reconciliations are intended to provide useful information to investors and analysts as they evaluate Quanta’s expected future performance. Management believes that the exclusion of certain items from net income attributable to common stock and diluted earnings per share attributable to common stock enables Quanta and its investors to more effectively evaluate Quanta’s operations period over period and better identify operating trends that may not otherwise be apparent due to, among other reasons, the variable nature of these items period over period. In addition, management believes these measures may be useful for investors in comparing Quanta’s operating results with other companies that may be viewed as its peers. However, these non-GAAPmeasures should not be considered as alternatives to net income attributable to common stock and diluted earnings per share attributable to common stock or other measures of performance that are derived in accordance with GAAP. As to certain of the items below: (i) non- cashstock-based compensation expense may vary from period to period due to acquisition activity, changes in the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting and amounts granted; (ii) amortization of intangible assets and amortization included in equity in earnings are impacted by Quanta’s acquisition activities and investments in integral unconsolidated affiliates, and therefore can vary from period to period; (iii) acquisition and integration costs vary from period to period depending on the level and complexity of Quanta’s acquisition activity; (iv) change in fair value of contingent consideration liabilities varies from period to period depending on, among other things, the performance in post-acquisition periods of certain acquired businesses and the effect of present value accretion on fair value calculations; (v) equity in losses and earnings of non- integralunconsolidated affiliates varies from period to period depending on the activity and financial performance of such affiliates, the operations of which are not operationally integral to Quanta; (vi) change in fair value of non- marketableequity securities varies from period to period based on various factors, including changes in qualifying observable prices on investments and (vii) income tax contingency releases vary period to period and depend on the level of reserves for uncertain tax positions and the expiration dates under various federal and state statute of limitations periods. Because adjusted net income attributable to common stock and adjusted diluted earnings per share attributable to common stock, as defined, exclude some, but not all, items that affect net income attributable to common stock and diluted earnings per share attributable to common stock, they may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measures, net income attributable to common stock and diluted earnings per share attributable to common stock, and information reconciling the GAAP and non-GAAPfinancial measures, are included in the table to follow. -MORE-
Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures Estimated Adjusted Net Income and Adjusted Diluted Earnings Per Share Attributable to Common Stock For the Full Year 2026 (In thousands, except per share information) (Unaudited)
Estimated Range Full Year Ending December 31, 2026 ────────────────────────────────────────────────────────────────────────────── Reconciliation of estimated adjusted net income attributable to common stock: Net income attributable to common $ 1,917,000 $ 1,978,300 stock (as defined by GAAP) Acquisition and 81,400 81,400 integration costs (a) Increase in fair value of contingent 36,200 36,200 consideration liabilities Equity in losses of non-integral 12,700 12,700 unconsolidated affiliates Change in fair value of non-marketable 10,400 10,400 equity security investments Non-cash stock-based 265,400 265,400 compensation Amortization of 687,200 687,200 intangible assets Amortization included in equity in earnings of integral 9,900 9,900 unconsolidated affiliates Income tax impact of (283,600 ) (283,600 ) adjustments (b) Impact of income tax contingency (6,500 ) (6,500 ) releases (c) Adjusted net income attributable to $ 2,730,100 $ 2,791,400 common stock Reconciliation of adjusted diluted earnings per share: Diluted earnings per share attributable $ 12.57 $ 12.97 to common stock (as defined by GAAP) Acquisition and 0.53 0.53 integration costs (a) Increase in fair value of contingent 0.24 0.24 consideration liabilities Equity in losses of non-integral 0.08 0.08 unconsolidated affiliates Change in fair value of non-marketable 0.07 0.07 equity security investments Non-cash stock-based 1.74 1.74 compensation Amortization of 4.51 4.51 intangible assets Amortization included in equity in earnings of integral 0.06 0.06 unconsolidated affiliates Income tax impact of (1.86 ) (1.86 ) adjustments (b) Impact of income tax contingency (0.04 ) (0.04 ) releases (c) Adjusted diluted $ 17.90 $ 18.30 earnings per share Weighted average shares outstanding for diluted and adjusted diluted earnings per 152,500 152,500 share attributable to common stock
Includes $8.0 million that, pursuant to acquisition purchase (a) agreements, was or will be withheld from the sellers’ proceeds and will be paid to certain employees upon satisfaction of post-closing service obligations.
The income tax impact of adjustments that are subject to tax is (b) determined using the incremental statutory tax rates of the jurisdictions to which each adjustment relates for the respective periods.
(c) The amount is releases of tax contingencies upon expiration of certain statute of limitations periods.
Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures Estimated EBITDA and Adjusted EBITDA For the Full Year 2026 (In thousands) (Unaudited)
The following table presents the reconciliations of the non-GAAPfinancial measures of estimated EBITDA and estimated adjusted EBITDA to estimated net income attributable to common stock for the full year ending December 31, 2026. These reconciliations are intended to provide useful information to investors and analysts as they evaluate Quanta’s expected future performance. EBITDA is defined as earnings before interest and other financing expenses, taxes, depreciation and amortization, and adjusted EBITDA is defined as EBITDA adjusted for certain other items as described below. These measures should not be considered as an alternative to net income attributable to common stock or other financial measures of performance that are derived in accordance with GAAP. Management believes that the exclusion of these items from net income attributable to common stock enables Quanta and its investors to more effectively evaluate Quanta’s operations period over period and to identify operating trends that might not be apparent due to, among other reasons, the variable nature of these items period over period. In addition, management believes these measures may be useful for investors in comparing Quanta’s operating results with other companies that may be viewed as its peers. As to certain of the items below: (i) non-cashstock-based compensation expense varies from period to period due to acquisition activity, changes in the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting and amounts granted; (ii) acquisition and integration costs vary from period to period depending on the level and complexity of Quanta’s acquisition activity; (iii) change in fair value of contingent consideration liabilities varies from period to period depending on, among other things, the performance in post- acquisition periods of certain acquired businesses and the effect of present value accretion on fair value calculations; (iv) equity in losses and earnings of non-integralunconsolidated affiliates varies from period to period depending on the activity and financial performance of such affiliates, the operations of which are not operationally integral to Quanta; and (v) change in fair value of non-marketableequity securities varies from period to period based on various factors, including changes in qualifying observable prices on investments. Because EBITDA and adjusted EBITDA, as defined, exclude some, but not all, items that affect net income attributable to common stock, such measures may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measure, net income attributable to common stock, and information reconciling the GAAP and non-GAAPfinancial measures, are included in the table to follow.
Estimated Range Full Year Ending December 31, 2026 ────────────────────────────────────────────────────────────────────────────── Net income attributable to common stock $ 1,917,000 $ 1,978,300 (as defined by GAAP) Interest and other financing expenses, 279,000 284,000 net Provision for income taxes 599,900 626,900 Depreciation expense 475,100 475,100 Amortization of intangible 687,200 687,200 assets Interest, income taxes, depreciation and amortization included in 34,200 34,200 equity in earnings of integral unconsolidated affiliates EBITDA 3,992,400 4,085,700 Non-cash stock-based 265,400 265,400 compensation Acquisition and integration 81,400 81,400 costs (a) Change in fair value of non-marketable equity 10,400 10,400 security investments Increase in fair value of contingent 36,200 36,200 consideration liabilities Equity in losses of non-integral unconsolidated 12,700 12,700 affiliates Adjusted EBITDA $ 4,398,500 $ 4,491,800
Includes $8.0 million that, pursuant to acquisition purchase (a) agreements, was or will be withheld from the sellers’ proceeds and will be paid to certain employees upon satisfaction of post-closing service obligations.
Quanta Services, Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures Estimated Free Cash Flow For the Full Year 2026 (In thousands) (Unaudited)
The following table presents a reconciliation of the non-GAAPfinancial measure of estimated free cash flow to estimated net cash provided by operating activities for the full year ending December 31, 2026. This reconciliation is intended to provide useful information to investors and analysts as they evaluate Quanta’s expectations regarding its ability to generate the cash required to maintain and potentially expand its business. Free cash flow is defined as net cash provided by operating activities less net capital expenditures. Net capital expenditures is defined as capital expenditures less proceeds from the sale of property and equipment and from insurance settlements related to property and equipment. Management believes that free cash flow provides useful information to Quanta’s investors because free cash flow is viewed by management as an important indicator of how much cash is provided or used by routine business operations, including the impact of net capital expenditures. Management uses this measure for capital allocation purposes as it is viewed as a measure of cash available to fund debt payments, acquire businesses, repurchase common stock and debt securities, declare and pay dividends and transact other investing and financing activities. However, this measure should not be considered as an alternative to net cash provided by operating activities or other measures of performance that are derived in accordance with GAAP. The most comparable GAAP financial measure, net cash provided by operating activities, and information reconciling the GAAP and non- GAAPfinancial measures, are included below.
Full text with the tables
Exhibit 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE 26-19
Jayshree Desai, CFO Kip Rupp,
CFA, IRC -
Contacts: Investors Sean Eastman - Media – Mili Gosar FGS Global
Investors Quanta Services, (832) 640-7570
Inc.
(713) 629-7600
QUANTA SERVICES REPORTS THIRD QUARTER 2026 RESULTS Third Quarter Consolidated
Revenues of $12.0 Billion* Third Quarter GAAP Diluted EPS of $4.55* and Adjusted
Diluted EPS of $6.06* Net Income Attributable to Common Stock of $694.9 Million*
Adjusted EBITDA of $1.4 Billion* Cash Flow From Operations of $1.5 Billion* and
Free Cash Flow of $1.2 Billion* Remaining Performance Obligations (RPO) of $41.8
Billion* and Total Backlog of $63.7 Billion* Strong Performance Drives
Significant Increase In 2026 Financial Expectations Across All Metrics * =
Record quarterly or record third quarter result HOUSTON – October 29, 2026-
Quanta Services, Inc. (NYSE: PWR) today announced results for the three months
ended September 30, 2026. Revenues in the third quarter of 2026 were $12.01
billion compared to revenues of $7.63 billion in the third quarter of 2025, and
net income attributable to common stock was $694.9 million, or $4.55 per diluted
share, in the third quarter of 2026 compared to net income attributable to
common stock of $339.4 million, or $2.24 per diluted share, in the third quarter
of 2025. Adjusted diluted earnings per share attributable to common stock was
$6.06 for the third quarter of 2026 compared to $3.33 for the third quarter of
2025. “Quanta delivered another exceptional quarter, with third-quarter results
that again exceeded expectations. Revenue, adjusted EBITDA and adjusted diluted
earnings per share all achieved strong double-digit growth, cash flow was robust
and total backlog reached a record $63.7 billion. These results demonstrate the
power of our solutions-based operating model, as well as the execution certainty
our self-perform capabilities deliver for customers every day. Given this
outperformance and the expected incremental strength in the fourth quarter, we
are again significantly increasing our full-year 2026 financial expectations
across all metrics,” said Duke Austin, President and Chief Executive Officer of
Quanta Services. -MORE-
“The breadth of our portfolio, combined with the fungibility of our skilled
workforce across multiple end markets, provides a significant competitive
advantage. This flexibility allows us to strategically deploy resources where
demand is strongest, mitigate exposure to individual market cycles and deliver
more consistent, predictable outcomes for our customers and stockholders. With
demand for our services broadening across utility, power generation, industrial
and technology customers, we are pacing ahead of the multi-year growth targets
we outlined at our 2026 Investor Day, and our conviction in Quanta’s ability to
compound profitable growth over the long term continues to strengthen. We
believe there is opportunity to deliver strong double-digit adjusted EPS growth
in 2027, supported by continued backlog growth.” Certain items that impacted
Quanta’s results for the three and nine months ended September 30, 2026 and 2025
are reflected as adjustments in the calculation of Quanta’s adjusted net income
attributable to common stock, adjusted diluted earnings per share attributable
to common stock and adjusted EBITDA (non-GAAPfinancial measures). These items
are described in the accompanying tables reconciling adjusted net income
attributable to common stock, EBITDA and adjusted EBITDA to net income
attributable to common stock and adjusted diluted earnings per share
attributable to common stock to diluted earnings per share attributable to
common stock. Quanta completed five acquisitions in the first nine months of
2026 and eight acquisitions during the full year 2025, and the results of the
acquired businesses are included in Quanta’s consolidated results from the
respective acquisition dates. For further information on the items that impacted
comparability of 2026 and 2025, see the footnotes in the accompanying tables
presenting Supplemental Segment Data and reconciliations of EBITDA, adjusted
EBITDA, adjusted net income attributable to common stock and adjusted diluted
earnings per share attributable to common stock (non-GAAPfinancial measures) to
their comparable GAAP financial measures. RECENT HIGHLIGHTS
Completed Two Acquisitions - In September and October 2026, Quanta
completed two acquisitions that
strengthen its front-end, fabrication and supply chain capabilities.
The first is a Houston, Texas-based energy services provider with
approximately 320 employees that offers engineering and design,
fabrication, automation and controls, and engineering, procurement and
construction services, and is included in the Underground and
Infrastructure segment. The second is a Fort Worth, Texas-based
• vertically integrated manufacturer of steel
monopoles and lighting structures, primarily for utility transmission
and distribution applications, with approximately 270 employees, which
will primarily be included in the Electric segment. Aggregate
consideration, net of cash acquired, was
approximately $245 million, consisting of approximately $96 million in
cash paid or payable and approximately $149 million in Quanta common
stock. The two newly announced acquisitions are not expected to
contribute materially to
Quanta’s full-year 2026 financial results.
Enhanced Liquidity and Financial Flexibility - In August 2026, Quanta
issued $2.00 billion aggregate
principal amount of senior notes. In July 2026, Quanta increased the
aggregate revolving commitments under its senior credit facility from
$2.80 billion to $2.98 billion and extended the maturity date for
• revolving loans from July 31,
2030 to July 31, 2031. Effective August 8, 2026, Quanta increased the
maximum amount of its unsecured commercial paper program from $2.80
billion to $2.98 billion. On September 1, 2026, Quanta prepaid the full
$618.8 million outstanding balance of the term loan under its senior
credit facility.
-MORE-
Published 2025 Sustainability Report - In September 2026, Quanta
published its 2025 Sustainability
Report, which provides transparency around Quanta’s sustainability
strategy and the company’s continued progress in 2025. Titled “Craft +
• Culture,” the report highlights how Quanta’s craft-skilled workforce
and the
investment in training, safety and leadership development behind it
position the company to meet growing demand for reliable power,
resilient infrastructure and modern energy systems.
Appointed Ellen Rubin to Board of Directors - In September 2026, Ellen
Rubin joined Quanta’s Board
of Directors. Ms. Rubin currently serves as an Operating Partner at
Glasswing Ventures LLC, a venture capital firm focused on AI and
• frontier technologies, and as a director of Allegion plc. She brings
executive leadership and public company
board experience, as well as deep technology expertise, including AI
and cloud computing innovation, technology strategy and cybersecurity
risk management.
RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 Revenues in the nine months
ended September 30, 2026 were $29.45 billion compared to revenues of $20.64
billion in the nine months ended September 30, 2025, and net income attributable
to common stock was $1.37 billion, or $8.97 per diluted share, in the nine
months ended September 30, 2026 compared to net income attributable to common
stock of $712.9 million, or $4.72 per diluted share, in the nine months ended
September 30, 2025. Adjusted diluted earnings per share attributable to common
stock was $12.98 for the nine months ended September 30, 2026 compared to $7.59
for the nine months ended September 30, 2025. FULL-YEAR 2026 OUTLOOK Prior to
the Company’s conference call, management will post a summary of Quanta’s
updated 2026 guidance expectations with additional commentary in the “News and
Events” and “Financial Info” areas of the Investor Relations section of Quanta’s
website at http://investors.quantaservices.com. The long-term outlook for
Quanta’s business is positive. However, weather, regulatory, permitting, supply
chain challenges and other factors affecting project timing and execution have
impacted, and may impact in the future, Quanta’s financial results.
Additionally, we continue to consider future uncertainty associated with overall
challenges to the domestic and global economy, including inflation, interest
rates and potential recessionary economic conditions. Quanta’s financial outlook
for revenues, margins and earnings reflects management’s effort to align these
uncertainties with the backlog the Company is executing on and the opportunities
expected to materialize during the remainder of 2026. The following forward-
looking statements are based on current expectations, and actual results may
differ materially, as described below in Cautionary Statement About Forward-
Looking Statements and Information. For the full year ending December 31, 2026,
Quanta now expects revenues to range between $41.3 billion and $41.6 billion and
net income attributable to common stock to range between $1.92 billion and $1.98
billion. Quanta also now expects diluted earnings per share attributable to
common stock to range between $12.57 and $12.97 and adjusted diluted earnings
per share attributable to common stock to range between $17.90 and $18.30.
Quanta now expects EBITDA to range between $3.99 billion and $4.09 billion and
adjusted EBITDA to range between $4.40 billion and $4.49 billion. Additionally,
for the full year ending December 31, 2026, Quanta now expects net cash provided
by operating activities to range between $3.45 billion and $4.00 billion and
free cash flow (a non-GAAPfinancial measure) to range between $2.50 billion and
$3.00 billion. -MORE-
NON-GAAPFINANCIAL MEASURES
The financial measures not prepared in conformity with generally accepted
accounting principles in the United States (GAAP) that are utilized in this
press
release are provided to enable investors, analysts and management to evaluate
Quanta’s performance excluding the effects of certain items that management
believes impact the comparability of operating results between reporting
periods. In
addition, management believes these measures are useful in comparing Quanta’s
operating results with those of its competitors. These measures should be used
in addition to, and not in lieu of, financial measures prepared in conformity
with
GAAP.
Please see the accompanying tables for reconciliations of the following non-GAAP
financial measures for
Quanta’s current and historical results and full-year 2026 expectations (as
applicable): adjusted diluted earnings per share attributable to common stock to
diluted earnings per share attributable to common stock; adjusted net income
attributable to common stock, EBITDA and adjusted EBITDA to net income
attributable to common stock; free cash flow to net cash provided by operating
activities; and backlog to remaining performance obligations.
EARNINGS WEBCAST AND SUPPLEMENTAL MATERIALS INFORMATION
Quanta Services has scheduled a webcast and conference call for 9:00 a.m.
Eastern Time today, October 29, 2026. This event will be facilitated through
web-based audio using a Zoom Webinar. To register for and access the event,
please log in to the webinar through the Investor Relations section of Quanta’s
website ().
Once registered, if you prefer to access the call by phone, dial-in details will
be provided on the event access page upon registration and when prompted, please
enter the unique Participant ID provided to
join the call. Please allow at least 15 minutes to register and download and
install any necessary audio software. For those who cannot participate live,
shortly following the webcast a digital recording will be available on the
Company’s
website.
Additionally, Quanta has posted its Third Quarter 2026 Operational and Financial
Commentary, as well as all other supplemental earnings call
materials, in the section of the Quanta Services website. While management
intends to make brief introductory remarks during the earnings call, the
Operational and Financial Commentary is intended to largely replace
management’s prepared remarks, allowing additional time for questions from the
institutional investment community. For more information, please contact Kip
Rupp, Vice President - Investor Relations or Sean Eastman, Director - Investor
Relations at Quanta Services, at 713-629-7600 or investors@quantaservices.com.
-MORE-
FOLLOW QUANTA IR ON SOCIAL MEDIA
Investors and others should note that while Quanta announces material financial
information and makes other public disclosures of information regarding Quanta
through U.S. Securities and Exchange Commission (SEC) filings, press releases
and public conference calls, it also utilizes social media to communicate this
information. It is possible that the information Quanta posts on social media
could be
deemed material. Accordingly, Quanta encourages investors, the media and others
interested in our company to follow Quanta, and review the information it posts,
on the social media channels listed in the section of the
Quanta Services website.
ABOUT QUANTA SERVICES
Quanta Services is an industry leader in providing specialized infrastructure
solutions to the utility, power generation, load center, communications,
pipeline, and energy industries. Quanta’s comprehensive services include
designing, installing, repairing and maintaining energy, load center and
communications infrastructure. With operations throughout the United States,
Canada, Australia
and select other international markets, Quanta has the manpower, resources and
expertise to safely complete projects that are local, regional, national or
international in scope. For more information, visit .
-MORE-
Cautionary Statement About Forward-Looking Statements and Information
This press release (and oral statements regarding the subject matter of this
press release, including those made on the conference call and webcast announced
herein) contains forward-looking statements intended to qualify for the “safe
harbor” from liability established by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include, but are not limited to,
statements relating to projected revenues, net income, earnings per share,
margins, cash flows, liquidity, weighted average shares outstanding, capital
expenditures, interest rates and tax rates, as well as other projections of
operating results and
GAAP and non-GAAP financial results, including EBITDA, adjusted EBITDA and
backlog; expectations regarding Quanta’s business or financial outlook;
expectations regarding opportunities, technological
developments, competitive positioning, future economic and regulatory conditions
and other trends in particular markets or industries; expectations regarding
Quanta’s plans and strategies, including with respect to supply chain solutions
and
expanded or new services offerings; the business plans or financial condition of
Quanta’s customers; the potential benefits from, and future financial and
operational performance of, acquired businesses and investments; the expected
value of
contracts or intended contracts with customers, as well as the expected timing,
scope, services, term or results of any awarded or expected projects; possible
recovery of pending or contemplated insurance claims, change orders and claims
asserted
against customers or third parties, as well as the collectability of
receivables; the development of and opportunities with respect to future
projects, including projects involving renewable energy and other power
generation, electrical grid
modernization, upgrade and hardening projects, data centers and other technology
infrastructure, advanced manufacturing facilities and larger transmission and
pipeline infrastructure; expectations regarding the future availability and
price of
materials and equipment necessary for the performance of Quanta’s business; the
expected impact of global and domestic economic or political conditions on
Quanta’s business, financial condition, results of operations, cash flows,
liquidity and demand for Quanta’s services, including inflation, interest rates,
tariffs and recessionary economic conditions and commodity prices and production
volumes; the expected impact of changes or potential changes in climate and the
physical and transition risks associated with changes in climate; future capital
allocation initiatives, including the amount and timing of, and strategies with
respect to, any future acquisitions, investments, cash dividends, repurchases of
Quanta’s equity or debt securities or repayments of other outstanding debt; the
expected impact of existing or potential legislation or regulation; potential
opportunities that may be indicated by bidding activity or similar discussions
with
customers; the future demand for, availability of and costs related to labor
resources in the industries Quanta serves; the expected recognition and
realization of Quanta’s remaining performance obligations and backlog;
expectations regarding
the outcome of pending or threatened legal proceedings; expectations regarding
the outcome of insurance claims; and expectations regarding Quanta’s ability to
maintain its current credit ratings; as well as statements reflecting
expectations,
intentions, assumptions or beliefs about future events, and other statements
that do not relate strictly to historical or current facts. These forward-
looking statements are not guarantees of future performance; rather they involve
or rely on a
number of risks, uncertainties, and assumptions that are difficult to predict or
are beyond our control, and reflect management’s beliefs and assumptions based
on information available at the time the statements are made. We caution you
that
actual outcomes and results may differ materially from what is expressed,
implied or forecasted by our forward-looking statements and that any or all of
our forward-looking statements may turn out to be inaccurate or incorrect.
Forward-looking
statements can be affected by inaccurate assumptions and by known or unknown
risks and uncertainties including, among others, market, industry, economic,
financial or political conditions that are outside of the control of Quanta,
including
economic, energy, infrastructure and environmental policies and plans that are
adopted or proposed by the U.S. federal and state governments or other
governments in territories or countries in which Quanta operates, inflation,
interest rates,
recessionary economic conditions, deterioration of global or specific trade
relationships and geopolitical conflicts and political unrest; quarterly
variations in operating and financial results, liquidity, financial condition,
cash flows, capital
requirements and reinvestment opportunities; trends and growth opportunities in
relevant markets, including Quanta’s ability to obtain future project awards;
delays, deferrals, reductions in scope or cancellations of anticipated, pending
or
existing projects as a result of, among other things, supply chain or production
disruptions and other logistical challenges, weather, regulatory or permitting
issues, right of way acquisition, environmental processes, project performance
issues,
claimed force majeure events, protests or other political activity, legal
challenges, inflationary pressure, reductions or eliminations in governmental
funding or customer capital constraints; the effect of commodity prices and
production volumes,
which have been and may continue to be affected by inflationary pressure and
geopolitical conditions, on Quanta’s operations and growth opportunities and on
customers’ capital programs and demand for Quanta’s services; the
successful negotiation, execution, performance and completion of anticipated,
pending and existing contracts; events arising from operational hazards,
including, among others, wildfires and explosions, that can arise due to the
nature of
Quanta’s services and certain of Quanta’s product solutions, as well as the
conditions in which Quanta operates and can be due to the failure of
infrastructure on which Quanta has performed services and result in significant
liabilities
that may be exacerbated in certain geographies and locations; unexpected costs,
liabilities, fines or penalties that may arise from legal claims and
proceedings, indemnity obligations, reimbursement obligations associated with
letters of credit or
bonds, multiemployer pension plans or other claims or actions asserted against
Quanta, including amounts not covered by, or in excess of the coverage under,
third-party insurance and amounts related to claims up to the applicable
deductible of
Quanta’s third-party insurance; potential unavailability or cancellation of
third-party insurance coverage, as well as the exclusion of coverage for certain
losses, potential increases in premiums and deductibles for coverage deemed
beneficial
to Quanta, increases in amounts or retention amounts or the unavailability of
coverage deemed beneficial to Quanta at reasonable and competitive rates (e.g.,
coverage for wildfire events); damage to Quanta’s brand or reputation, as well
as
potential costs, liabilities, fines and penalties, arising as a result of
cybersecurity breaches, environmental and occupational health and safety
matters, corporate scandal, failure to successfully perform or negative
publicity regarding a
high-profile or large-scale infrastructure project, involvement in a
catastrophic event (e.g., fire, explosion) or other negative incidents;
disruptions in, or failure to adequately protect, Quanta’s information
technology systems;
Quanta’s dependence on suppliers, subcontractors, equipment manufacturers and
other third-parties, and the impact of, among other things, inflationary
pressure, regulatory, supply chain and logistical challenges on these third
parties;
estimates and assumptions relating to financial results, remaining performance
obligations and backlog; Quanta’s inability to attract, the potential shortage
of and increased costs with respect to skilled employees, as well as Quanta’s
inability to retain or attract key personnel and qualified employees; Quanta’s
dependence on fixed price contracts and the potential to incur losses with
respect to these contracts; cancellation provisions within contracts and the
risk that
contracts expire and are not renewed or are replaced on less favorable terms;
Quanta’s inability or failure to comply with the terms of its contracts, which
may result in additional costs, unexcused delays, warranty claims, failure to
meet
performance guarantees, damages or contract terminations; adverse weather
conditions, natural disasters and other emergencies, including wildfires,
pandemics, hurricanes, tropical storms, floods, debris flows, earthquakes and
other geological- and
weather-related hazards; the impact of changes in climate; Quanta’s ability to
generate internal growth; competition in Quanta’s business, including the
ability to effectively compete for new projects and market share, as well as
technological advancements and market developments that could reduce demand for
Quanta’s services; the failure of existing or potential legislative actions and
initiatives to result in increased demand for Quanta’s services or budgetary
or other constraints that may reduce or eliminate tax incentives or government
funding for projects, which may result in project delays or cancellations;
unavailability of, or increased prices for, materials, equipment and consumables
(such as fuel)
used in Quanta’s or its customers’ businesses, including as a result of
inflationary pressure, supply chain or production disruptions, governmental
regulations on sourcing, the imposition of tariffs, duties, taxes or other
assessments,
and other changes in U.S. trade relationships with foreign countries; loss of or
deterioration of relationships with customers with whom Quanta has long-standing
or significant relationships; the potential that participation in joint ventures
or
similar structures exposes Quanta to liability or harm to its reputation as a
result of acts or omissions by partners; the inability or refusal of customers
or third-party contractors to pay for services, which could result in the
inability to
collect our outstanding receivables, failure to recover amounts billed to, or
avoidance of certain payments received from, customers in bankruptcy or failure
to recover on change orders or contract claims; risks associated with operating
in
international markets and U.S. territories, including instability of
governments, significant currency exchange fluctuations, and compliance with
unfamiliar legal and labor systems and cultural practices, the U.S. Foreign
Corrupt Practices Act and
other applicable anti-bribery and anti-corruption laws, and complex U.S. and
foreign tax regulations and international treaties; inability to successfully
identify, complete, integrate and realize synergies from acquisitions, including
the inability
to retain key personnel from acquired businesses; the potential adverse impact
of acquisitions and investments, including the potential increase in risks
already existing in Quanta’s operations, poor performance or decline in value of
acquired
businesses or investments and unexpected costs or liabilities that may arise
from acquisitions or investments; the adverse impact of impairments of goodwill,
other intangible assets, receivables, long-lived assets or investments; the
impact of the
unionized portion of Quanta’s workforce on its operations; inability to access
sufficient funding to finance desired growth and operations, including the
ability to access capital markets on favorable terms, as well as fluctuations in
the
price and trading volume of Quanta’s common stock, debt covenant compliance,
interest rate fluctuations, a downgrade in our credit ratings and other factors
affecting financing and investing activities; the ability to obtain bonds,
letters of
credit and other project security; new or changed tax laws, treaties or
regulations or the inability to realize deferred tax assets; and other risks and
uncertainties detailed in Quanta’s Annual Report on Form
10-K for the year ended December 31, 2025, Quanta’s Quarterly Reports on Form
10-Q
-MORE-
for the quarters ended March 31, 2026, June 30, 2026 and September 30, 2026
(when filed) and any other documents that Quanta files with the SEC. For a
discussion of these risks,
uncertainties and assumptions, investors are urged to refer to Quanta’s
documents filed with the SEC that are available through Quanta’s website at or
through the SEC’s Electronic Data Gathering and
Analysis Retrieval System (EDGAR) at . Should one or more of these risks
materialize, or should underlying assumptions prove incorrect, actual results
may vary materially from those expressed or implied in any forward-looking
statements. Investors are cautioned not to place undue reliance on these
forward-looking statements, which are current only as of this date. Quanta does
not undertake and expressly disclaims any obligation to update or revise any
forward-looking
statements, whether as a result of new information, future events or otherwise.
Quanta further expressly disclaims any written or oral statements made by any
third party regarding the subject matter of this press release.
-MORE-
Quanta Services, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
For the Three and Nine Months Ended
September 30, 2026 and 2025
(In thousands, except per share information)
(Unaudited)
─────────────────────────────────────────────────
Three Nine
Mont… Mon…
Ended Sept… End… Sept…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Rev… $ 12,0… $ 7,63… $ 29,4… $ 20,…
Cost
of 10,0… 6,41… 24,7… 17,…
ser…
Gro… 2,00… 1,21… 4,66… 3,0…
pro…
Equ…
in
ear…
of 9,987 13,7… 36,0… 41,…
int…
unc…
aff…
Sel…
gen…
and (783… ) (572… ) (2,1… ) (1,… )
adm…
exp…
Amo…
of (188… ) (133… ) (497… ) (35… )
int…
ass…
Inc…
in
fair
val… (19,… ) (6,8… ) (36,… ) (21… )
of
con…
con…
lia…
Ope… 1,02… 517,… 2,06… 1,1…
inc…
Int…
and
oth… (83,… ) (71,… ) (230… ) (18… )
fin…
exp…
Int… 9,721 3,722 15,9… 11,…
inc…
Oth…
(ex… (7,7… ) 13,3… (27,… ) 17,…
inc…
net
Inc…
bef… 944,… 462,… 1,81… 969…
inc…
tax…
Pro…
for 237,… 119,… 420,… 244…
inc…
tax…
Net 706,… 342,… 1,39… 725…
inc…
Les…
Net
inc…
att… 12,0… 3,419 31,0… 12,…
to
non…
int…
Net
inc…
att… $ 694,… $ 339,… $ 1,36… $ 712…
to
com…
sto…
Ear…
per
sha…
att…
to
com…
sto…
Bas… $ 4.62 $ 2.28 $ 9.10 $ 4.80
Dil… $ 4.55 $ 2.24 $ 8.97 $ 4.72
Sha…
used
in
com…
ear…
per
sha…
Wei…
ave…
bas… 150,… 149,… 150,… 148…
sha…
out…
Wei…
ave…
dil… 152,… 151,… 152,… 151…
sha…
out…
-MORE-
Quanta Services, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
ASSETS September 30, December 31,
CURRENT ASSETS: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 2,315,271 $ 439,508
equivalents
Accounts 10,144,064 6,847,091
receivable, net
Contract assets 1,713,217 1,522,186
Inventories 480,512 370,372
Prepaid expenses
and other current 1,053,902 724,260
assets
Total current 15,706,966 9,903,417
assets
PROPERTY AND 3,893,823 3,455,204
EQUIPMENT, net
OPERATING LEASE 485,587 400,814
RIGHT-OF-USE ASSETS
OTHER ASSETS, net 1,411,575 944,050
OTHER INTANGIBLE 3,169,870 2,906,188
ASSETS, net
GOODWILL 8,081,610 7,317,228
Total assets $ 32,749,431 $ 24,926,901
LIABILITIES AND
EQUITY
CURRENT
LIABILITIES:
Current maturities $ 639,343 $ 763,898
of long-term debt
Current portion of
operating lease 129,783 114,377
liabilities
Accounts payable
and accrued 7,189,693 4,579,458
expenses
Contract 5,535,809 3,258,465
liabilities
Total current 13,494,628 8,716,198
liabilities
LONG-TERM DEBT, net
of current 6,351,734 5,231,008
maturities
OPERATING LEASE
LIABILITIES, net of 391,035 309,671
current portion
DEFERRED INCOME 541,020 502,626
TAXES
INSURANCE AND OTHER
NON-CURRENT 1,349,217 1,139,524
LIABILITIES
Total liabilities 22,127,634 15,899,027
TOTAL STOCKHOLDERS’ 10,535,611 8,938,249
EQUITY
NON-CONTROLLING 86,186 89,625
INTERESTS
TOTAL EQUITY 10,621,797 9,027,874
Total liabilities $ 32,749,431 $ 24,926,901
and equity
-MORE-
Quanta Services, Inc. and Subsidiaries
Supplemental Segment Data
For the Three and Nine Months Ended
September 30, 2026 and 2025
(In thousands, except percentages)
(Unaudited)
────────────────────────────────────────
Segment Results The following table sets forth segment revenues, segment
operating income and operating margins for the periods indicated. Operating
margins are calculated by dividing operating income by revenues.
… …
… …
… …
… …
… …
… … … …
──────────────────────────────────────────────────────────────────────────────
$ … … % $ … … % $ … … % $ … … %
… … … … … … … …
$ … … % $ … … % $ … … % $ … … %
$ … … % $ … … % $ … … % $ … … %
… … % … … % … … % … … %
… ) … … … ) … … … ) … … … ) … …
$ … … % $ … … % $ … … % $ … … %
Included in operating income for the Electric segment was equity in
earnings of integral unconsolidated
(a) affiliates of $10.0 million and $13.7 million for the three months
ended September 30, 2026 and 2025, and $36.0 million and $41.1 million
for the nine months ended September 30, 2026 and 2025.
Included in corporate and non-allocated costs was, among other things,
amortization expense of $188.6 million and $133.2 million for the three
months ended September 30, 2026 and 2025, and $498.0 million and $355.9
(b) million for the nine months ended September 30, 2026 and 2025, as well
as non-cash stock-based compensation of $67.9 million and $46.9 million
for the three months ended September 30, 2026 and 2025 and $193.9
million and $129.1 million for the nine months ended
September 30, 2026 and 2025.
-MORE-
Quanta Services, Inc. and Subsidiaries
Supplemental Data (In
thousands) (Unaudited)
Remaining Performance Obligations and Backlog (a non-GAAPfinancial measure)
Quanta’s remaining performance obligations represent management’s estimate of
consolidated revenues that are expected to be realized from the remaining
portion of firm orders under fixed price contracts not yet completed or for
which work has not yet begun as of such dates and, to a lesser extent, from
certain unit-priced contracts with more than an insignificant amount of
partially completed units. For purposes of calculating remaining performance
obligations, Quanta includes all estimated revenues attributable to consolidated
joint ventures and variable interest entities, revenues from funded and unfunded
portions of government contracts to the extent they are reasonably expected to
be realized, and revenues from change orders and claims to the extent management
believes additional contract revenues will be earned and are deemed probable of
collection. Quanta has also historically disclosed its backlog, a measure
commonly used in its industry but not recognized under GAAP. Quanta believes
this measure enables management to more effectively forecast its future capital
needs and results and better identify future operating trends that may not
otherwise be apparent. Quanta believes this measure is also useful for investors
in forecasting Quanta’s future results and comparing Quanta to its competitors.
Quanta’s remaining performance obligations, as described above, are a component
of its backlog calculation, which also includes estimated orders under master
service agreements (MSAs), including estimated renewals, and certain non-
fixedprice contracts. Quanta’s methodology for determining backlog may not be
comparable to the methodologies used by other companies. Estimates of the timing
of revenue recognition of remaining performance obligations are subject to
change based on, among other things, project accelerations; project
cancellations or delays, including but not limited to those caused by commercial
issues, permitting and regulatory requirements, natural disasters, emergencies
and adverse weather conditions; and final acceptance of change orders by
customers. These factors can cause revenues to be realized in periods and at
levels that are different than originally projected. The following table
reconciles total remaining performance obligations to Quanta’s backlog (a non-
GAAPfinancial measure) by reportable segment along with estimates of amounts
expected to be realized within 12 months. The following table shows dollars in
thousands.
Se… De… Sep…
30, 31, 30,
20… 20… 2025
──────────────────────────────────────────────────────────────────────────────
12 To… 12 To… 12 To…
Mo… Mo… Mo…
E…
R…
p… $ 24… $ 37… $ 14… $ 21… $ 12,… $ 19,…
o…
E…
o…
u…
M…
a… 6,… 14… 7,… 14… 6,7… 13,…
s…
n…
p…
c…
B… $ 31… $ 51… $ 21… $ 36… $ 18,… $ 32,…
U…
a…
I…
R…
p… $ 3,… $ 4,… $ 1,… $ 2,… $ 1,3… $ 1,8…
o…
E…
o…
u…
M…
a… 3,… 7,… 2,… 5,… 2,1… 4,6…
s…
n…
p…
c…
B… $ 7,… $ 11… $ 3,… $ 7,… $ 3,4… $ 6,5…
T…
R…
p… $ 27… $ 41… $ 15… $ 23… $ 13,… $ 20,…
o…
E…
o…
u…
M…
a… 10… 21… 10… 20… 8,8… 18,…
s…
n…
p…
c…
B… $ 38… $ 63… $ 25… $ 43… $ 22,… $ 39,…
-MORE-
Quanta Services, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Adjusted Net Income and Adjusted Diluted Earnings
Per Share Attributable to Common Stock
For the Three and Nine Months Ended
September 30, 2026 and 2025
(In thousands, except per share information)
(Unaudited)
───────────────────────────────────────────────────
The following table presents the reconciliations of the non-GAAPfinancial
measures of adjusted net income attributable to common stock to net income
attributable to common stock and adjusted diluted earnings per share
attributable to common stock to diluted earnings per share attributable to
common stock for the three and nine months ended September 30, 2026 and 2025.
These reconciliations are intended to provide useful information to investors
and analysts as they evaluate Quanta’s performance. Management believes that the
exclusion of certain items from net income attributable to common stock and
diluted earnings per share attributable to common stock enables Quanta and its
investors to more effectively evaluate Quanta’s operations period over period
and better identify operating trends that may not otherwise be apparent due to,
among other reasons, the variable nature of these items period over period. In
addition, management believes these measures may be useful for investors in
comparing Quanta’s operating results with other companies that may be viewed as
our peers. However, these non-GAAPmeasures should not be considered as
alternatives to net income attributable to common stock and diluted earnings per
share attributable to common stock or other measures of performance that are
derived in accordance with GAAP. As to certain of the items in the table: (i)
non-cashstock-based compensation expense varies from period to period due to
acquisition activity, changes in the estimated fair value of performance-based
awards, forfeiture rates, accelerated vesting and amounts granted; (ii)
amortization of intangible assets and amortization included in equity in
earnings are impacted by Quanta’s acquisition activities and investments in
integral unconsolidated affiliates, and therefore can vary from period to
period; (iii) acquisition and integration costs vary from period to period
depending on the level and complexity of Quanta’s acquisition activity; (iv)
change in fair value of contingent consideration liabilities varies from period
to period depending on, among other things, the performance in post-acquisition
periods of certain acquired businesses and the effect of present value accretion
on fair value calculations; (v) equity in losses and earnings of non-
integralunconsolidated affiliates varies from period to period depending on the
activity and financial performance of such affiliates, the operations of which
are not operationally integral to Quanta; (vi) gain on sale and change in fair
value of non-marketableequity securities, net varies from period to period based
on various factors, including disposition activity, and changes in qualifying
observable prices on investments; and (vii) income tax contingency releases vary
period to period and depend on the level of reserves for uncertain tax positions
and the expiration dates under various federal and state statute of limitations
periods. Because adjusted net income attributable to common stock and adjusted
diluted earnings per share attributable to common stock, as defined, exclude
some, but not all, items that affect net income attributable to common stock and
diluted earnings per share attributable to common stock, they may not be
comparable to similarly titled measures of other companies. The most comparable
GAAP financial measures, net income attributable to common stock and diluted
earnings per share attributable to common stock, and information reconciling the
GAAP and non-GAAPfinancial measures, are included in the table to follow. -MORE-
Quanta Services, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Adjusted Net Income and Adjusted Diluted Earnings
Per Share Attributable to Common Stock
For the Three and Nine Months Ended
September 30, 2026 and 2025
(In thousands, except per share information)
(Unaudited)
───────────────────────────────────────────────────
Rec…
of
adj…
net Three Nine
inc… Mont… Mon…
att… Ended End…
to Sept… Sep…
com… 30, 30,
sto… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
inc…
att…
to
com… $ 694,… $ 339,… $ 1,36… $ 712…
sto…
(GA…
as
rep…
Acq…
and
int… 34,7… 31,9… 74,5… 70,…
cos…
(a)
Inc…
in
fair
val… 19,8… 6,803 36,2… 21,…
of
con…
con…
lia…
Equ…
in
los…
of 1,420 80 10,0… 497
non…
unc…
aff…
Gain
on
sale
and
cha…
in
fair — (205 ) 10,3… (205 )
val…
of
non…
equ…
sec…
inv…
net
Inc…
tax
imp… (13,… ) (9,3… ) (30,… ) (21… )
of
adj…
(b)
Imp…
of
inc…
tax (4,4… ) (207 ) (6,5… ) (207 )
con…
rel…
(c)
Adj…
net
inc…
att…
to
com… 733,… 368,… 1,46… 783…
sto…
bef…
cer…
non…
adj…
Non…
sto… 67,9… 46,8… 193,… 129…
com…
Amo…
of 188,… 133,… 497,… 355…
int…
ass…
Amo…
inc…
in
equ…
in 2,537 3,668 7,849 5,9…
ear…
of
int…
unc…
aff…
Inc…
tax
imp…
of (67,… ) (47,… ) (182… ) (12… )
non…
adj…
(b)
Adj…
net
inc…
att… $ 924,… $ 504,… $ 1,97… $ 1,1…
to
com…
sto…
Rec…
of
adj…
dil…
ear…
per
sha…
Dil…
ear…
per
sha…
att…
to $ 4.55 $ 2.24 $ 8.97 $ 4.72
com…
sto…
(GA…
as
rep…
Acq…
and
int… 0.23 0.21 0.49 0.47
cos…
(a)
Inc…
in
fair
val… 0.13 0.04 0.24 0.14
of
con…
con…
lia…
Equ…
in
los…
of 0.01 — 0.07 —
non…
unc…
aff…
Gain
on
sale
and
cha…
in
fair — — 0.07 —
val…
of
non…
equ…
sec…
inv…
net
Inc…
tax
imp… (0.09 ) (0.06 ) (0.21 ) (0.… )
of
adj…
(b)
Imp…
of
inc…
tax (0.03 ) — (0.04 ) —
con…
rel…
(c)
Adj…
dil…
ear…
per
sha… 4.80 2.43 9.59 5.18
bef…
cer…
non…
adj…
Non…
sto… 0.44 0.31 1.27 0.85
com…
Amo…
of 1.24 0.88 3.27 2.36
int…
ass…
Amo…
inc…
in
equ…
in 0.02 0.02 0.05 0.04
ear…
of
int…
unc…
aff…
Inc…
tax
imp…
of (0.44 ) (0.31 ) (1.20 ) (0.… )
non…
adj…
(b)
Adj…
dil…
ear… $ 6.06 $ 3.33 $ 12.98 $ 7.59
per
sha…
Wei…
ave…
sha…
out…
for
dil… 152,… 151,… 152,… 151…
and
adj…
dil…
ear…
per
sha…
See notes to follow. -MORE-
The amounts include $1.9 million and $6.7 million for the three months
ended September 30, 2026
and 2025 and $6.1 million and $15.2 million for the nine months ended
(a) September 30, 2026 and 2025 that, pursuant to acquisition purchase
agreements, were or will be withheld from the sellers’ proceeds, and
have or will be paid
to certain employees upon satisfaction of post-closing service
obligations.
The income tax impact of adjustments that are subject to tax is
(b) determined using the incremental statutory tax
rates of the jurisdictions to which each adjustment relates for the
respective periods.
The amounts for the three and nine months ended September 30, 2026 and
2025 are releases of tax
contingencies upon expiration of certain statutes of limitation
(c) periods.
──────────────────────────────────────────────────────────────────────────────
-MORE-
Quanta Services, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA
For the Three and Nine Months Ended
September 30, 2026 and 2025
(In thousands)
(Unaudited)
───────────────────────────────────────────────
The following table presents reconciliations of the non-GAAPfinancial measures
of EBITDA and adjusted EBITDA to net income attributable to common stock for the
three and nine months ended September 30, 2026 and 2025. These reconciliations
are intended to provide useful information to investors and analysts as they
evaluate Quanta’s performance. EBITDA is defined as earnings before interest and
other financing expenses, taxes, depreciation and amortization, and adjusted
EBITDA is defined as EBITDA adjusted for certain other items as described below.
These measures should not be considered as an alternative to net income
attributable to common stock or other financial measures of performance that are
derived in accordance with GAAP. Management believes that the exclusion of these
items from net income attributable to common stock enables Quanta and its
investors to more effectively evaluate Quanta’s operations period over period
and to identify operating trends that might not be apparent due to, among other
reasons, the variable nature of these items period over period. In addition,
management believes these measures may be useful for investors in comparing
Quanta’s operating results with other companies that may be viewed as its peers.
As to certain of the items below: (i) non-cashstock-based compensation expense
varies from period to period due to acquisition activity, changes in the
estimated fair value of performance-based awards, forfeiture rates, accelerated
vesting and amounts granted; (ii) acquisition and integration costs vary from
period to period depending on the level and complexity of Quanta’s acquisition
activity; (iii) equity in losses and earnings of non-integralunconsolidated
affiliates varies from period to period depending on the activity and financial
performance of such affiliates, the operations of which are not operationally
integral to Quanta; (iv) change in fair value of contingent consideration
liabilities varies from period to period depending on, among other things, the
performance in post-acquisition periods of certain acquired businesses and the
effect of present value accretion on fair value calculations; and (v) gain on
sale and change in fair value of non-marketableequity securities, net varies
from period to period based on various factors, including disposition activity,
and changes in qualifying observable prices on investments. Because EBITDA and
adjusted EBITDA, as defined, exclude some, but not all, items that affect net
income attributable to common stock, such measures may not be comparable to
similarly titled measures of other companies. The most comparable GAAP financial
measure, net income attributable to common stock, and information reconciling
the GAAP and non-GAAPfinancial measures, are included below.
Three Nine
Mont… Mon…
Ended Sept… End… Sept…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
inc…
att…
to
com… $ 694,… $ 339,… $ 1,36… $ 712…
sto…
(GA…
as
rep…
Int…
and
oth… 83,9… 71,8… 230,… 185…
fin…
exp…
Int… (9,7… ) (3,7… ) (15,… ) (11… )
inc…
Pro…
for 237,… 119,… 420,… 244…
inc…
tax…
Dep… 120,… 103,… 350,… 300…
exp…
Amo…
of 188,… 133,… 497,… 355…
int…
ass…
Int…
inc…
tax…
dep…
and
amo…
inc…
in 9,172 8,668 26,0… 21,…
equ…
in
ear…
of
int…
unc…
aff…
EBI… 1,32… 772,… 2,87… 1,8…
Non…
sto… 67,9… 46,8… 193,… 129…
com…
Acq…
and
int… 34,7… 31,9… 74,5… 70,…
cos…
(a)
Equ…
in
los…
of 1,420 80 10,0… 497
non…
unc…
aff…
Gain
on
sale
and
cha…
in
fair — (205 ) 10,3… (205 )
val…
of
non…
equ…
sec…
inv…
net
Inc…
in
fair
val… 19,8… 6,803 36,2… 21,…
of
con…
con…
lia…
Adj… $ 1,44… $ 858,… $ 3,20… $ 2,0…
EBI…
See note to follow. -MORE-
Quanta Services, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA
For the Three and Nine Months Ended
September 30, 2026 and 2025
(In thousands)
(Unaudited)
───────────────────────────────────────────────
The amounts include $1.9 million and $6.7 million for the three months
ended September 30, 2026
and 2025 and $6.1 million and $15.2 million for the nine months ended
(a) September 30, 2026 and 2025 that, pursuant to acquisition purchase
agreements, were or will be withheld from the sellers’ proceeds, and
have or will be paid
to certain employees upon satisfaction of post-closing service
obligations.
-MORE-
Quanta Services, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Free Cash Flow For the
Three and Nine Months Ended September 30, 2026 and 2025
(In thousands)
(Unaudited)
─────────────────────────────────────────────────────────
Reconciliation of Free Cash Flow: The following table presents a reconciliation
of the non-GAAPfinancial measure of free cash flow to net cash provided by
operating activities for the three and nine months ended September 30, 2026 and
2025. This reconciliation is intended to provide useful information to investors
and analysts as they evaluate Quanta’s ability to generate the cash required to
maintain and potentially expand its business. Free cash flow is defined as net
cash provided by operating activities less net capital expenditures. Net capital
expenditures is defined as capital expenditures less proceeds from the sale of
property and equipment and from insurance settlements related to property and
equipment. Management believes that free cash flow provides useful information
to Quanta’s investors because free cash flow is viewed by management as an
important indicator of how much cash is provided or used by routine business
operations, including the impact of net capital expenditures. Management uses
this measure for capital allocation purposes as it is viewed as a measure of
cash available to fund debt payments, acquire businesses, repurchase common
stock and debt securities, declare and pay dividends and transact other
investing and financing activities. However, this measure should not be
considered as an alternative to net cash provided by operating activities or
other measures of performance that are derived in accordance with GAAP. The most
comparable GAAP financial measure, net cash provided by operating activities,
and information reconciling the GAAP and non-GAAPfinancial measures, are
included below. The following table shows dollars in thousands.
Three Nine
Mont… Mont…
Ended Sept… Ended Sep…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
cash
pro… $ 1,45… $ 563… $ 2,9… $ 1,10…
by
ope…
act…
Les…
Net
cap…
exp…
Cap… (267… ) (14… ) (71… ) (415… )
exp…
Cash
pro…
from
sale
of
pro… 13,5… 17,… 47,… 39,4…
and
equ…
and
rel…
ins…
set…
Net
cap… (254… ) (12… ) (67… ) (376… )
exp…
Free
Cash $ 1,19… $ 438… $ 2,2… $ 726,…
Flow
-MORE-
Quanta Services, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Estimated Adjusted Net Income and
Adjusted Diluted Earnings Per Share
Attributable to Common Stock
For the Full Year 2026 (In
thousands, except per share information) (Unaudited)
The following table presents reconciliations of the non-GAAPfinancial measures
of estimated adjusted net income attributable to common stock to estimated net
income attributable to common stock and estimated adjusted diluted earnings per
share attributable to common stock to estimated diluted earnings per share
attributable to common stock for the full year ending December 31, 2026. These
reconciliations are intended to provide useful information to investors and
analysts as they evaluate Quanta’s expected future performance. Management
believes that the exclusion of certain items from net income attributable to
common stock and diluted earnings per share attributable to common stock enables
Quanta and its investors to more effectively evaluate Quanta’s operations period
over period and better identify operating trends that may not otherwise be
apparent due to, among other reasons, the variable nature of these items period
over period. In addition, management believes these measures may be useful for
investors in comparing Quanta’s operating results with other companies that may
be viewed as its peers. However, these non-GAAPmeasures should not be considered
as alternatives to net income attributable to common stock and diluted earnings
per share attributable to common stock or other measures of performance that are
derived in accordance with GAAP. As to certain of the items below: (i) non-
cashstock-based compensation expense may vary from period to period due to
acquisition activity, changes in the estimated fair value of performance-based
awards, forfeiture rates, accelerated vesting and amounts granted; (ii)
amortization of intangible assets and amortization included in equity in
earnings are impacted by Quanta’s acquisition activities and investments in
integral unconsolidated affiliates, and therefore can vary from period to
period; (iii) acquisition and integration costs vary from period to period
depending on the level and complexity of Quanta’s acquisition activity; (iv)
change in fair value of contingent consideration liabilities varies from period
to period depending on, among other things, the performance in post-acquisition
periods of certain acquired businesses and the effect of present value accretion
on fair value calculations; (v) equity in losses and earnings of non-
integralunconsolidated affiliates varies from period to period depending on the
activity and financial performance of such affiliates, the operations of which
are not operationally integral to Quanta; (vi) change in fair value of non-
marketableequity securities varies from period to period based on various
factors, including changes in qualifying observable prices on investments and
(vii) income tax contingency releases vary period to period and depend on the
level of reserves for uncertain tax positions and the expiration dates under
various federal and state statute of limitations periods. Because adjusted net
income attributable to common stock and adjusted diluted earnings per share
attributable to common stock, as defined, exclude some, but not all, items that
affect net income attributable to common stock and diluted earnings per share
attributable to common stock, they may not be comparable to similarly titled
measures of other companies. The most comparable GAAP financial measures, net
income attributable to common stock and diluted earnings per share attributable
to common stock, and information reconciling the GAAP and non-GAAPfinancial
measures, are included in the table to follow. -MORE-
Quanta Services, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Estimated Adjusted Net Income and
Adjusted Diluted Earnings Per Share
Attributable to Common Stock
For the Full Year 2026 (In
thousands, except per share information) (Unaudited)
Estimated Range
Full Year Ending
December 31, 2026
──────────────────────────────────────────────────────────────────────────────
Reconciliation of
estimated adjusted net
income attributable to
common stock:
Net income
attributable to common $ 1,917,000 $ 1,978,300
stock
(as defined by GAAP)
Acquisition and 81,400 81,400
integration costs (a)
Increase in fair value
of contingent 36,200 36,200
consideration
liabilities
Equity in losses of
non-integral 12,700 12,700
unconsolidated
affiliates
Change in fair value
of non-marketable 10,400 10,400
equity security
investments
Non-cash stock-based 265,400 265,400
compensation
Amortization of 687,200 687,200
intangible assets
Amortization included
in equity in
earnings of integral 9,900 9,900
unconsolidated
affiliates
Income tax impact of (283,600 ) (283,600 )
adjustments (b)
Impact of income tax
contingency (6,500 ) (6,500 )
releases (c)
Adjusted net income
attributable to $ 2,730,100 $ 2,791,400
common stock
Reconciliation of
adjusted diluted
earnings per share:
Diluted earnings per
share attributable $ 12.57 $ 12.97
to common stock (as
defined by GAAP)
Acquisition and 0.53 0.53
integration costs (a)
Increase in fair value
of contingent 0.24 0.24
consideration
liabilities
Equity in losses of
non-integral 0.08 0.08
unconsolidated
affiliates
Change in fair value
of non-marketable 0.07 0.07
equity security
investments
Non-cash stock-based 1.74 1.74
compensation
Amortization of 4.51 4.51
intangible assets
Amortization included
in equity in
earnings of integral 0.06 0.06
unconsolidated
affiliates
Income tax impact of (1.86 ) (1.86 )
adjustments (b)
Impact of income tax
contingency (0.04 ) (0.04 )
releases (c)
Adjusted diluted $ 17.90 $ 18.30
earnings per share
Weighted average
shares outstanding for
diluted and adjusted
diluted earnings per 152,500 152,500
share
attributable to common
stock
Includes $8.0 million that, pursuant to acquisition purchase
(a) agreements, was or will be withheld from the
sellers’ proceeds and will be paid to certain employees upon
satisfaction of post-closing service obligations.
The income tax impact of adjustments that are subject to tax is
(b) determined using the incremental statutory tax
rates of the jurisdictions to which each adjustment relates for the
respective periods.
(c) The amount is releases of tax contingencies upon expiration of certain
statute of limitations periods.
-MORE-
Quanta Services, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Estimated EBITDA and Adjusted EBITDA
For the Full Year 2026 (In
thousands) (Unaudited)
The following table presents the reconciliations of the non-GAAPfinancial
measures of estimated EBITDA and estimated adjusted EBITDA to estimated net
income attributable to common stock for the full year ending December 31, 2026.
These reconciliations are intended to provide useful information to investors
and analysts as they evaluate Quanta’s expected future performance. EBITDA is
defined as earnings before interest and other financing expenses, taxes,
depreciation and amortization, and adjusted EBITDA is defined as EBITDA adjusted
for certain other items as described below. These measures should not be
considered as an alternative to net income attributable to common stock or other
financial measures of performance that are derived in accordance with GAAP.
Management believes that the exclusion of these items from net income
attributable to common stock enables Quanta and its investors to more
effectively evaluate Quanta’s operations period over period and to identify
operating trends that might not be apparent due to, among other reasons, the
variable nature of these items period over period. In addition, management
believes these measures may be useful for investors in comparing Quanta’s
operating results with other companies that may be viewed as its peers. As to
certain of the items below: (i) non-cashstock-based compensation expense varies
from period to period due to acquisition activity, changes in the estimated fair
value of performance-based awards, forfeiture rates, accelerated vesting and
amounts granted; (ii) acquisition and integration costs vary from period to
period depending on the level and complexity of Quanta’s acquisition activity;
(iii) change in fair value of contingent consideration liabilities varies from
period to period depending on, among other things, the performance in post-
acquisition periods of certain acquired businesses and the effect of present
value accretion on fair value calculations; (iv) equity in losses and earnings
of non-integralunconsolidated affiliates varies from period to period depending
on the activity and financial performance of such affiliates, the operations of
which are not operationally integral to Quanta; and (v) change in fair value of
non-marketableequity securities varies from period to period based on various
factors, including changes in qualifying observable prices on investments.
Because EBITDA and adjusted EBITDA, as defined, exclude some, but not all, items
that affect net income attributable to common stock, such measures may not be
comparable to similarly titled measures of other companies. The most comparable
GAAP financial measure, net income attributable to common stock, and information
reconciling the GAAP and non-GAAPfinancial measures, are included in the table
to follow.
Estimated Range
Full Year Ending
December 31, 2026
──────────────────────────────────────────────────────────────────────────────
Net income attributable to
common stock $ 1,917,000 $ 1,978,300
(as defined by GAAP)
Interest and other financing
expenses, 279,000 284,000
net
Provision for income taxes 599,900 626,900
Depreciation expense 475,100 475,100
Amortization of intangible 687,200 687,200
assets
Interest, income taxes,
depreciation and
amortization included in 34,200 34,200
equity in earnings of
integral
unconsolidated affiliates
EBITDA 3,992,400 4,085,700
Non-cash stock-based 265,400 265,400
compensation
Acquisition and integration 81,400 81,400
costs (a)
Change in fair value of
non-marketable equity 10,400 10,400
security
investments
Increase in fair value of
contingent 36,200 36,200
consideration liabilities
Equity in losses of
non-integral unconsolidated 12,700 12,700
affiliates
Adjusted EBITDA $ 4,398,500 $ 4,491,800
Includes $8.0 million that, pursuant to acquisition purchase
(a) agreements, was or will be withheld from the
sellers’ proceeds and will be paid to certain employees upon
satisfaction of post-closing service obligations.
-MORE-
Quanta Services, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Estimated Free Cash Flow
For the Full Year 2026 (In
thousands) (Unaudited)
The following table presents a reconciliation of the non-GAAPfinancial measure
of estimated free cash flow to estimated net cash provided by operating
activities for the full year ending December 31, 2026. This reconciliation is
intended to provide useful information to investors and analysts as they
evaluate Quanta’s expectations regarding its ability to generate the cash
required to maintain and potentially expand its business. Free cash flow is
defined as net cash provided by operating activities less net capital
expenditures. Net capital expenditures is defined as capital expenditures less
proceeds from the sale of property and equipment and from insurance settlements
related to property and equipment. Management believes that free cash flow
provides useful information to Quanta’s investors because free cash flow is
viewed by management as an important indicator of how much cash is provided or
used by routine business operations, including the impact of net capital
expenditures. Management uses this measure for capital allocation purposes as it
is viewed as a measure of cash available to fund debt payments, acquire
businesses, repurchase common stock and debt securities, declare and pay
dividends and transact other investing and financing activities. However, this
measure should not be considered as an alternative to net cash provided by
operating activities or other measures of performance that are derived in
accordance with GAAP. The most comparable GAAP financial measure, net cash
provided by operating activities, and information reconciling the GAAP and non-
GAAPfinancial measures, are included below.
Estimated Range
Full Year Ending
December 31, 2026
──────────────────────────────────────────────────────────────────────────────
Net cash provided by
operating $ 3,450,000 $ 4,000,000
activities
Less: Net capital (950,000 ) (1,000,000 )
expenditures
Free Cash Flow $ 2,500,000 $ 3,000,000
###