QUANTA SERVICES, INC.: record quarter with 41.1% revenue growth, but shares already trade at 32x EBITDA

30 июля 2026 года QUANTA SERVICES, INC. раскрыла результаты за второй квартал 2026 года: выручка выросла на 41,1% год к году до 9,56 млрд долл., EBITDA – на 88,9% до 1,1 млрд долл., чистая прибыль – на 96,9% до 451,4 млн долл.. Акции на релизе прибавили 17,3%, а с учётом последующего роста до 4 сентября – 11,3% сверх того. При текущей капитализации в 97,1 млрд долл. и мультипликаторе EV/EBITDA 32,3 против среднего за три года 24,3 акции выглядят скорее привлекательно только при условии сохранения двузначных темпов роста и улучшения маржинальности.

Key takeaways

— Revenue in Q2 2026 grew 41.1% to a record $9.56 billion, with quarterly momentum accelerating from 26.3% in Q1

— EBITDA margin in Q2 reached 11.5% versus 8.6% a year earlier – up 290 bps on operating leverage and acquisition contributions

— Net profit rose 96.9% to $451.4 million, but includes one-off items: a $6.5 million increase in fair value of contingent consideration and $157.0 million of intangible amortization

— Operating cash flow in Q2 was $1.1 billion, covering capex of $231.0 million and generating free cash flow of about $0.9 billion

— Net debt increased by $0.1 billion in the quarter and by $1.5 billion over 12 months to $6.1 billion, or 1.87x EBITDA for the last twelve months

— Backlog reached a record $53.4 billion, providing revenue visibility beyond a year

— The company raised its 2026 guidance: revenue of $39.3–39.7 billion and adjusted EBITDA of $4.09–4.21 billion

Attractiveness

Key figures, USD bn

Revenue in Q2 2026 grew 41.1% to a record $9.56 billion, with quarterly momentum accelerating from 26.3% in Q1

In Q2 2026, QUANTA SERVICES, INC. reported consolidated revenue of $9.56 billion, up 41.1% from the same quarter a year earlier. This is a record quarterly result and a marked acceleration from 26.3% growth in Q1 2026. The Electric segment contributed the bulk, with revenue rising to $7.84 billion (82% of total), while Underground and Infrastructure added $1.72 billion.

The acceleration reflects execution on large electric grid and data center projects, as well as acquisitions completed in Q2 and July 2026. The company highlights sustained demand for grid modernization and power generation, evidenced by record backlog of $53.4 billion at quarter end.

EBITDA margin in Q2 reached 11.5% versus 8.6% a year earlier – up 290 bps on operating leverage and acquisition contributions

EBITDA in Q2 2026 grew 88.9% to $1.1 billion, with EBITDA margin expanding to 11.5% from 8.6% a year earlier. This is a substantial margin improvement: operating profit rose even faster, from $370.3 million to $694.8 million, indicating strong operating leverage.

Margin expansion reflects both scale and project mix: the company performs more work with its own crews, increasing value added. Acquisitions such as Phalcon and Enerfab add specialized capabilities and are expected to contribute $120–140 million of adjusted EBITDA in 2026.

Net profit rose 96.9% to $451.4 million, but includes one-off items: a $6.5 million increase in fair value of contingent consideration and $157.0 million of intangible amortization

Net income attributable to common stock in Q2 2026 was $451.4 million, up 96.9% from a year earlier. Diluted EPS rose from $1.52 to $2.96. However, the results include items not related to operations: a $6.5 million expense from the increase in fair value of contingent consideration and $157.0 million of intangible amortization from prior acquisitions.

Adjusted EPS was $4.24 versus $2.48 a year earlier, up 71%. The gap between GAAP and adjusted figures is largely due to amortization and non-cash items, typical for a company growing through M&A.

Operating cash flow in Q2 was $1.1 billion, covering capex of $231.0 million and generating free cash flow of about $0.9 billion

In Q2 2026, operating cash flow reached $1.1 billion – a record level, nearly four times higher than a year earlier ($295.7 million). Capital expenditures were $231.0 million, resulting in free cash flow of about $0.9 billion for the quarter.

Strong cash generation allowed the company to fund acquisitions (about $1.07 billion in cash) while increasing dividends: the quarterly dividend was raised to $0.11 per share, or $0.44 annualized. At the current price, the yield is only 0.07% – more symbolic than a real return.

Net debt increased by $0.1 billion in the quarter and by $1.5 billion over 12 months to $6.1 billion, or 1.87x EBITDA for the last twelve months

At the end of Q2 2026, net debt stood at $6.1 billion, up $0.1 billion in the quarter and $1.5 billion over the last 12 months. The increase is related to acquisition financing: the company used debt to fund the purchases of Phalcon, Enerfab, Percheron and PSD for about $1.24 billion (including stock).

Net debt to EBITDA for the last twelve months is 1.87x – a moderate level for a capital-intensive business. Moody's upgraded the company to Baa2, reflecting confidence in cash flows. Interest expense in Q2 was $73.5 million, well covered by operating profit.

Backlog reached a record $53.4 billion, providing revenue visibility beyond a year

At the end of June 2026, total backlog reached $53.4 billion, up 49% from a year earlier ($35.8 billion). Remaining performance obligations (RPO) grew to $33.6 billion. The backlog growth confirms sustained demand for the company's services in electric power and data center infrastructure.

Backlog is equivalent to about 1.6x annual revenue at the current run rate, giving management high confidence in meeting the raised 2026 guidance. The company expects full-year revenue of $39.3–39.7 billion, implying roughly 30% growth over 2025.

The company raised its 2026 guidance: revenue of $39.3–39.7 billion and adjusted EBITDA of $4.09–4.21 billion

Along with the Q2 report, management significantly raised its full-year 2026 guidance. The company now expects revenue of $39.3–39.7 billion (previously lower), adjusted EBITDA of $4.09–4.21 billion, and adjusted EPS of $16.45–16.95. Operating cash flow guidance was raised to $2.9–3.4 billion.

The guidance raise reflects both strong H1 results and the expected contribution from acquisitions completed in Q2 and July. The company also cites improved project visibility for H2. This signals management confidence in sustained demand despite potential macroeconomic risks.

Valuation on the latest reported figures

Bottom line

The Q2 2026 report shows a rare combination: revenue growth accelerating to 41.1%, EBITDA margin expanding to 11.5%, and record operating cash flow of $1.1 billion. The company raised its full-year guidance, and backlog of $53.4 billion provides multi-year visibility. However, the market has already priced in these successes: shares rose 17.3% on the release day, and EV/EBITDA now stands at 32.3x versus the 3-year average of 24.3x. At this multiple, investors need the company to keep growing at double-digit rates and improving margins – any execution slip or demand cooling could trigger a significant correction. Verdict: rather attractive – the business is strong, but the price already reflects much of the optimism.