Filing Flows › Quanta Services (PWR) › Q2 2026 › vs Q2 2025
Quanta Services (PWR) Q2 2026 vs Q2 2025 (year over year)
Quanta Services's revenue rose $2.8B (+41%) from $6.8B in Q2 2025 to $9.6B in Q2 2026. The biggest changes: Electric +$2.4B (+44%); Underground and Infrastructure +$404M (+31%). Gross margin 16.2% against 14.9% (+1.3 pts).
Quanta Services, Q2 2026: revenue $9.6B (+41% year over year), operating margin 7.3%, net earnings $451M, operating cash flow $1.1B. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 16.2% | 14.9% | +1.3 pts |
| Operating margin | 7.3% | 5.5% | +1.8 pts |
| Net margin | 4.7% | 3.4% | +1.3 pts |
| Free cash flow margin | 9.3% | 2.5% | +6.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Electric | $7.8B | $5.5B | $2.4B | +44% |
| Underground and Infrastructure | $1.7B | $1.3B | $404M | +31% |
| Revenue | $9.6B | $6.8B | $2.8B | +41% |
| Gross profit | $1.5B | $1.0B | $538M | +53% |
| Cost of revenue | $8.0B | $5.8B | $2.2B | +39% |
| Operating profit | $695M | $370M | $325M | +88% |
| Operating expenses | $850M | $637M | $213M | +33% |
| Pre-tax earnings | $617M | $319M | $299M | +94% |
| Other expense, net | $77.7M | $51.7M | $26.0M | +50% |
| SG&A | $698M | $528M | $170M | +32% |
| Other operating costs | $152M | $109M | $42.9M | +39% |
| Net earnings | $451M | $229M | $222M | +97% |
| Minority interests | $8.2M | $4.3M | $3.9M | +92% |
| Income tax | $158M | $85.1M | $72.5M | +85% |
| Depreciation & amortization | $274M | $212M | $62.2M | +29% |
| Share-based compensation | $63.4M | $44.1M | $19.3M | +44% |
| Working capital & other | $307M | −$190M | $496M | — |
| Operating cash flow | $1.1B | $296M | $800M | +270% |
| Free Cash Flow (company-reported) | $886M | $170M | $716M | +420% |
| Capital expenditures, net | $209M | $125M | $84.2M | +67% |
Questions
How much did Quanta Services's revenue grow year over year in Q2 2026?
Quanta Services's revenue rose $2.8B (+41%) from $6.8B in Q2 2025 to $9.6B in Q2 2026.
What drove Quanta Services's revenue change in Q2 2026?
Electric +$2.4B (+44%); Underground and Infrastructure +$404M (+31%).