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Quanta Services (PWR) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Quanta Services (PWR) Q3 2026 earnings results →

Q3 2026 Revenue up 57% year over year to $12.0B · 6¢ of every $1 of revenue kept as net profit · operating margin 8.5%

Quanta Services made $12.0B in Q3 2026 (+57% Y/Y): Electric $9.8B, Underground and Infrastructure $2.2B. Operating margin 8.5%, net earnings $695M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$12.0B

Year over year+57%

Operating margin8.5%

Net earnings$695M

Operating cash flow$1.5B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $12.0B in Q3 2026, up 57% year over year and up 26% from the previous quarter. Electric was the largest line at 82% of revenue. Electric added $3.6B year over year (up 59%), 83% of the total change.

Gross margin was 16.7%, up 0.8 points from Q3 2025. Operating profit was $1.0B, a 8.5% margin (up 1.8 points year over year). Of the extra revenue versus Q3 2025, 12% reached operating profit, above the 7% margin then. Operating expenses grew 40% against revenue growth of 57%. The fastest-growing cost line was Other operating costs (+57%). Net earnings were $0.69B, up 105% year over year. The effective tax rate was 25.2%.

Operating cash flow was $1.5B (up 158% year over year), 206% of net earnings. Non-cash charges added back $0.31B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items added $0.37B. After capital expenditures, net ($0.25B), free cash flow as the company reports it was $1.2B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Oct 29, 2026	$12.0B	+57%	8.5%	$695M	$1.5B
Q2 2026	10-Q	Jul 30, 2026	$9.6B	+41%	7.3%	$451M	$1.1B
Q1 2026	10-Q	Apr 30, 2026	$7.9B	+26%	4.3%	$221M	$392M
Q4 2025	10-K	Feb 19, 2026	$7.8B	+20%	6.2%	$317M	$1.1B
Q3 2025	10-Q	Oct 30, 2025	$7.6B	+18%	6.8%	$343M	$563M
Q2 2025	10-Q	Jul 31, 2025	$6.8B	+21%	5.5%	$234M	$296M
Q1 2025	10-Q	May 1, 2025	$6.2B	+24%	3.8%	$144M	$243M

Charts

Latest (Q3 2026): Y/Y +57%, Q/Q +26%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $707M, Operating cash flow $1.5B.

+4.2% since FY2020: more shares outstanding (issuance, stock pay).

Cash $440M, short-term investments —, long-term debt $6.0B at 2025-12-31.

Electrical Work; dot size is quarterly revenue; dashed lines are the industry's medians.

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