Filing Flows › Quanta Services (PWR) › Q3 2026 › vs Q3 2025
Quanta Services (PWR) Q3 2026 vs Q3 2025 (year over year)
Quanta Services's revenue rose $4.4B (+57%) from $7.6B in Q3 2025 to $12.0B in Q3 2026. The biggest changes: Electric +$3.6B (+59%); Underground and Infrastructure +$756M (+52%). Gross margin 16.7% against 15.9% (+0.8 pts).
Quanta Services, Q3 2026: revenue $12.0B (+57% year over year), operating margin 8.5%, net earnings $695M, operating cash flow $1.5B. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 16.7% | 15.9% | +0.8 pts |
| Operating margin | 8.5% | 6.8% | +1.8 pts |
| Net margin | 5.8% | 4.4% | +1.3 pts |
| Free cash flow margin | 10.0% | 5.7% | +4.2 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Electric | $9.8B | $6.2B | $3.6B | +59% |
| Underground and Infrastructure | $2.2B | $1.5B | $756M | +52% |
| Revenue | $12.0B | $7.6B | $4.4B | +57% |
| Gross profit | $2.0B | $1.2B | $792M | +65% |
| Cost of revenue | $10.0B | $6.4B | $3.6B | +56% |
| Operating profit | $1.0B | $517M | $509M | +98% |
| Operating expenses | $982M | $699M | $283M | +40% |
| Pre-tax earnings | $945M | $462M | $482M | +104% |
| Other expense, net | $82.0M | $54.8M | $27.2M | +50% |
| SG&A | $783M | $573M | $210M | +37% |
| Other operating costs | $198M | $126M | $72.2M | +57% |
| Net earnings | $695M | $339M | $355M | +105% |
| Minority interests | $12.1M | $3.4M | $8.6M | +253% |
| Income tax | $238M | $120M | $118M | +99% |
| Depreciation & amortization | $309M | $237M | $71.9M | +30% |
| Share-based compensation | $67.9M | $46.9M | $21.0M | +45% |
| Working capital & other | $382M | −$59.9M | $442M | — |
| Operating cash flow | $1.5B | $563M | $890M | +158% |
| Free Cash Flow (company-reported) | $1.2B | $438M | $761M | +174% |
| Capital expenditures, net | $254M | $125M | $129M | +103% |
Questions
How much did Quanta Services's revenue grow year over year in Q3 2026?
Quanta Services's revenue rose $4.4B (+57%) from $7.6B in Q3 2025 to $12.0B in Q3 2026.
What drove Quanta Services's revenue change in Q3 2026?
Electric +$3.6B (+59%); Underground and Infrastructure +$756M (+52%).