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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Chad Dillard | Bernstein | 9 (0%) |
| Philip Shen | ROTH Capital Partners | 8 (25%) |
| Jamie Cook | Truist Securities | 8 (13%) |
| Brian Brophy | Stifel | 8 (0%) |
| Adam Thalhimer | Thompson Davis | 7 (0%) |
| Justin Hauke | Robert W. Baird | 7 (0%) |
| Steve Fisher | UBS | 7 (0%) |
| Steve Fleishman | Wolfe Research | 6 (33%) |
| Ati Modak | Goldman Sachs | 6 (0%) |
| Mike Dudas | Vertical Research Partners | 6 (17%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jefferies | 3 | 9 (0%) |
| Bernstein | 1 | 9 (0%) |
| ROTH Capital Partners | 1 | 8 (25%) |
| Truist Securities | 1 |
| 8 (13%) |
| Stifel | 1 | 8 (0%) |
| Robert W. Baird | 1 | 7 (0%) |
| Goldman Sachs | 2 | 7 (0%) |
| Thompson Davis | 1 | 7 (0%) |
Quanta delivered Q1 revenues of $7.9 billion with diluted EPS of $1.45, growing sharply year-over-year, as record backlog reached $48.5 billion. Management raised FY2026 guidance significantly, lifting revenue to $34.7-$35.2 billion (+4.3% at midpoint) and adjusted EPS to $13.55-$14.25 (+6.9% at midpoint). Technology and large load center demand accelerated while vertical supply chain investments expanded capacity to capture the multi-decade generation build-out.
Demand | Capex Investment | Competitive Dynamics | M&A | Cloud & AI | Regulation Policy | Revenue Growth | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 4 | 3 | 3 | 3 | 4 | 3 | 2 |
| 2025Q1 | 8 | 6 | 5 | 2 | 3 | 3 | 2 | 1 |
| 2025Q2 | 9 | 2 | 3 | 7 | 2 | 4 | 1 | |
| 2025Q3 | 7 | 8 | 7 | 4 | 3 | 2 | 2 | 2 |
| 2025Q4 | 5 | 3 | 2 | 2 | 4 | 1 | 2 | |
| 2026Q1 | 11 | 4 | 5 | 3 | 3 | 2 | 6 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 7 | 8 | 9 | 7 | 5 | 11 |
| Capex Investment | 4 | 6 | 2 | 8 | 3 | 4 |
| Competitive Dynamics | 3 | 5 | 3 | 7 | 2 | 5 |
| M&A | 3 | 2 | 7 | 4 | 2 | 3 |
| Cloud & AI | 3 | 3 | 2 | 3 | 4 | 3 |
| Regulation Policy | 4 | 3 | 4 | 2 | 1 | 2 |
| Revenue Growth | 3 | 2 | 2 | 6 | ||
| Margin | 2 | 1 | 1 | 2 | 2 | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $6.55B | +13.3% | $2.03 | +43.0% | 14.5% | 6.8% | 4.7% | $565M |
| FY2025 Q1 | $6.23B | +23.9% | $0.96 | +21.5% | 11.6% | 3.9% | 2.3% | $110M |
| FY2025 Q2 | $6.77B | +21.1% | $1.52 | +20.6% | 13.2% | 5.8% | 3.4% | $155M |
| FY2025 Q3 | $7.51B | +15.6% | $2.24 | +14.9% | 14.5% | 6.9% | 4.5% | $421M |
| FY2025 Q4 | $7.84B | +19.6% | $2.08 | +2.5% | 12.6% | 6.2% | 4.0% | $934M |
| FY2026 Q1 | $7.87B | +26.3% | $1.45 | +51.0% | 14.1% | 4.2% | 2.9% | $172M |
| FY2026 Q2 | $9.56B | +41.1% | $2.96 | +94.7% | 16.2% | 7.3% | 4.7% | $0 |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What PWR and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“The strategic partnership agreement with [ Quanta Services ] that we announced late last year, continues to drive high confidence in the execution of our high-voltage transmission projects.”
AEP frames Quanta Services as its industry-leading strategic partner accelerating the 765 kV transmission build-out, a strong endorsement of Quanta's construction pipeline with AEP.
“but we're not looking to become [ Quanta ] in the T&D business. We're going to continue to”
EMCOR positions itself as a low-to-mid-voltage electrical player and explicitly does not intend to compete with Quanta Services in the high-voltage transmission and distribution (T&D) market.
“There's Bloom and others that we're involved with on jobs, and I do think that is a good bridge power in many ways”
Quanta is working alongside Bloom Energy on bridge-power projects, a positive read-through for Bloom's on-site generation demand tied to data-center power constraints.
“Just to follow up on your relationship with NiSource. The utility recently announced the Alphabet GenCo expansion on top of the original Amazon program.”
Amazon anchored the original NiSource GenCo program that is now being expanded, a read-through to Amazon's ongoing data-center power demand.
“Just to follow up on your relationship with NiSource. The utility recently announced the Alphabet GenCo expansion on top of the original Amazon program.”
Alphabet is expanding a GenCo data-center power program at NiSource, a read-through to continued Alphabet hyperscale/data-center power buildout in the Midwest.
“Just to follow up on your relationship with NiSource. The utility recently announced the Alphabet GenCo expansion on top of the original Amazon program.”
NiSource is a Quanta utility customer whose GenCo program is expanding, a roughly $5.7B opportunity that is growing, signaling rising NiSource capital spend in the Midwest.
“We have a great relationship with AEP. As they announced 765, we're right in the middle of it with them, both on equipment as well.”
Quanta describes AEP as a growing transmission customer, partnering on the utility's 765kV build including equipment supply, implying expanding capex at AEP.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
PWR Quanta Services | 10 | +26.3% | |
| EME EMCOR Group, Inc. | 10 | +19.7% | |
| FIX Comfort Systems USA, Inc. | 10 | +56.5% | |
| J Jacobs Solutions | 8 | +26.9% |