PWR
Another quarter, another flex
Quanta Services kicked off 2026 by doing what it seems to do best lately: making a mountain of infrastructure work look almost routine. The company said first-quarter revenue hit a record $7.87 billion, up from $6.23 billion a year ago, while adjusted diluted EPS climbed to $2.68.
The backlog buffet is still full
This is the part that should make investors lean in. Quanta ended the quarter with $26.2 billion in remaining performance obligations and $48.5 billion in total backlog — basically a giant pile of future work waiting to be turned into revenue. In contractor-land, that’s the closest thing to a comfort blanket.
Cash in, cash out
The company also posted $391.7 million in operating cash flow and $184.4 million in free cash flow. That’s not just accounting glitter; it helps show the business is converting all that project activity into actual money, which is usually the difference between “good quarter” and “real momentum.”
The tone check: bullish, not bashful
Management also said it is increasing substantially all of its 2026 financial expectations. Translation: they’re not exactly whispering into the void here. If you own PWR, the message is pretty straightforward — demand is strong, visibility is high, and the company thinks the rest of the year can keep the party going.
Big picture: Quanta is still riding the infrastructure wave, and this quarter suggests the surfboard is very much intact.