Key points
- Quanta Services (PWR) reported Q2 revenue of $9.56B against $6.77B a year ago, and adjusted EPS of $4.24.
- Total backlog reached a record $53.4B. The company raised full-year 2026 guidance across every metric.
- PWR rose 17.3% on July 30. Sterling Infrastructure (STRL) rose 17.4% and has not reported.
- Both had fallen hard into the print, PWR down 14.2% and STRL down 31.3% over the prior week.
Sterling Infrastructure (STRL) didn't report earnings on Thursday. It rose 17.4% anyway. That's more than Quanta Services (PWR) managed on the morning it posted the largest quarter in its history.
Quanta did $9.56 billion in revenue. A year ago the same quarter did $6.77 billion.
Duke Austin, President and Chief Executive Officer of Quanta Services, said the results "meaningfully exceeded expectations and reflect the compounding strength and momentum of our operating model." He said the company can "compound profitable growth as our customers accelerate investment in the electric grid, power generation and mission-critical infrastructure that underpin the economy."
The quarter
| Quanta Services | Q2 2026 | Q2 2025 |
|---|---|---|
| Revenue | $9.56B | $6.77B |
| Net income to common stock | $451.4M | $229.3M |
| Diluted EPS | $2.96 | $1.52 |
| Adjusted diluted EPS | $4.24 | $2.48 |
Adjusted EBITDA came to $1.1 billion. So did cash flow from operations. Total backlog finished the quarter at $53.4 billion, which the company called a record, with remaining performance obligations of $33.6 billion. Backlog is a non-GAAP figure. Quanta reconciles it to remaining performance obligations in the release, and the difference is mostly estimated work under master service agreements.
The raised outlook
Austin put the reasoning in one sentence. "Given this outperformance, our improved visibility into the back half of the year, and the expected contribution from recently completed acquisitions that strengthen our platform, we are significantly increasing our full-year 2026 financial expectations across all metrics."
| Full-year 2026 outlook | New range |
|---|---|
| Revenue | $39.3B to $39.7B |
| Net income to common stock | $1.74B to $1.82B |
| Diluted EPS | $11.41 to $11.92 |
| Adjusted diluted EPS | $16.45 to $16.95 |
| Adjusted EBITDA | $4.09B to $4.21B |
| Free cash flow | $2.00B to $2.50B |
Quanta closed four acquisitions during the second quarter and in July: Phalcon, Enerfab, Percheron and PSD. Phalcon has been operating out of Farmington, Connecticut since 1983 and employs about 4,100 people. The release says it expands Quanta's electrical capabilities across the Northeast and Mid-Atlantic "in the growing data center and mission-critical facility markets."
Austin said the four businesses "further diversify our end-market exposure across the utility, technology and load center, industrial and energy sectors in the United States and Australia."
Sterling rose without reporting
Sterling closed at $580.21. Its most recent filing with the SEC is an 8-K dated July 10.
What it sells is close enough to explain the move. Sterling's E-Infrastructure Solutions segment "provides advanced, large-scale site development services and mission-critical electrical services for data centers, semiconductor fabrication, manufacturing, distribution centers, warehousing, power generation and more," according to the company's most recent annual report. The same filing says Sterling sees "significant growth opportunities tied to the implementation of multi-year capital deployment plans by data center customers, including hyperscalers, colocation providers and others."
Sterling filed its first quarter 10-Q on May 5. Last year it filed the second quarter version on Aug. 5.
Both had been falling
The setup mattered as much as the print. Quanta closed at $653.80 on July 23 and at $561.14 on July 29. Sterling went from $719.34 on July 22 to $494.24 on July 29, a decline of 31.3% in six sessions.
Volume tells the same story. Sterling traded 2.77 million shares on July 28, more than four times its average for the rest of the month. Quanta's heaviest day of July was July 29, the session before it reported.
Microsoft reported after Wednesday's close, with Azure growth of 43% and a commercial backlog of $678 billion. We covered what that print meant for the chipmakers the same night, and the wider move on Thursday.
Sterling hasn't announced a date for its second quarter results.
Sources
- Quanta Services Q2 2026 results, Form 8-K and Exhibit 99.1 filed July 30, 2026, SEC EDGAR
- Sterling Infrastructure 2025 Form 10-K and filing history, SEC EDGAR
- Prices and volumes are July 30, 2026 closes and daily totals
