Why Is Quanta Services Stock Up Today?

Quanta Services shares are up 18.9% since Wednesday's close, at $667.36, after second-quarter results released before Thursday's open beat estimates on every headline metric and the company raised full-year guidance. The stock rose 17.3% on the day the results crossed and added a further 1.4% Friday, so the move has held rather than faded.

What the company reported

Revenue for the quarter was $9.56 billion, up from $6.77 billion a year earlier. Adjusted diluted earnings per share were $4.24, against the Zacks consensus estimate of $3.29, and net income attributable to common stock was $451 million, or $2.96 per diluted share.

Quanta builds and maintains electric-grid, pipeline and communications infrastructure, so its backlog is a direct read on multi-year demand for that work. Total backlog reached a record $53.4 billion, including $33.6 billion of remaining performance obligations -- contracted work not yet completed. A backlog that size, growing, is what let the company raise its own forward guidance rather than just beat the last quarter.

Why guidance moved

The company raised full-year 2026 guidance across every metric: revenue to $39.3 billion-$39.7 billion, adjusted EBITDA to $4.09 billion-$4.21 billion, and adjusted diluted earnings per share to $16.45-$16.95. Chief executive Duke Austin said the business is "seeing synergies and a strong book-to-burn ratio," with room for margin improvement in the second half of the year as large load-center and data-center infrastructure projects move through the work mix.

What to watch

The backlog figures are the thing to track next quarter: whether remaining performance obligations keep growing, which would support guidance being raised again, or whether the growth rate of new awards slows as data-center and grid-buildout spending normalizes from its current pace.