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# Quanta Services, Inc. (PWR) - Recent Events ## Filings that contain financial statements Quanta is a domestic filer, so interim results are furnished in Form 8-K earnings releases (Exhibit 99.1) in addition to the 10-K and 10-Q. Each release below holds a condensed consolidated statement of operations and balance sheet, plus segment data and non-GAAP reconciliations (including free cash flow). None of the releases holds a full cash flow statement. - Form 8-K filed July 30, 2026, accession 0001193125-26-324855: three and six months ended June 30, 2026 (statement of operations; balance sheet at June 30, 2026 against December 31, 2025). - Form 8-K filed April 30, 2026, accession 0001193125-26-193918: three months ended March 31, 2026 (statement of operations; balance sheet). - Form 8-K filed February 19, 2026, accession 0001193125-26-058069: three and twelve months ended December 31, 2025 (statement of operations; balance sheet). - Form 8-K filed October 30, 2025, accession 0001193125-25-257378: three and nine months ended September 30, 2025 (statement of operations; balance sheet). ## Earnings and guidance **July 30, 2026 - second quarter 2026 results (accession 0001193125-26-324855).** Revenues were $9.56 billion against $6.77 billion in the second quarter of 2025. Net income attributable to common stock was $451.4 million, or $2.96 per diluted share, against $229.3 million, or $1.52. Adjusted diluted EPS was $4.24 against $2.48. Remaining performance obligations were $33.6 billion and total backlog $53.4 billion, both described as records. For the six months, revenues were $17.43 billion and GAAP diluted EPS $4.41 (adjusted $6.92). Full-year 2026 guidance was raised across all metrics, compared with the range given on April 30, 2026 (accession 0001193125-26-193918): | Metric | April 30, 2026 | July 30, 2026 | |---|---|---| | Revenues | $34.7 - $35.2 billion | $39.3 - $39.7 billion | | Net income attributable to common stock | $1.40 - $1.50 billion | $1.74 - $1.82 billion | | Diluted EPS (GAAP) | $9.17 - $9.87 | $11.41 - $11.92 | | Adjusted diluted EPS | $13.55 - $14.25 | $16.45 - $16.95 | | Adjusted EBITDA | $3.49 - $3.65 billion | $4.09 - $4.21 billion | | Free cash flow | $1.55 - $2.05 billion | $2.00 - $2.50 billion | The July guidance also gives net cash provided by operating activities of $2.90 - $3.40 billion. Management said the increase reflects second-quarter outperformance, improved second-half visibility and the expected contribution of recently completed acquisitions. **April 30, 2026 - first quarter 2026 results (accession 0001193125-26-193918).** Revenues were $7.87 billion against $6.23 billion; GAAP diluted EPS $1.45 against $0.96; adjusted diluted EPS $2.68 against $1.78. Backlog was a record $48.5 billion. Guidance was raised from the February range (revenues of $33.25 - $33.75 billion and adjusted diluted EPS of $12.65 - $13.35, accession 0001193125-26-058069) to revenues of $34.7 - $35.2 billion and adjusted diluted EPS of $13.55 - $14.25. The release refers to an Investor Day held in March 2026 at which management outlined a path to more than doubling adjusted EPS by 2030. **February 19, 2026 - fourth quarter and full-year 2025 results (accession 0001193125-26-058069).** Full-year 2025 revenues were $28.48 billion, GAAP diluted EPS $6.80 and adjusted diluted EPS $10.75. Year-end backlog was a record $43.98 billion. Initial 2026 guidance was issued in this release. ## Acquisitions (all reported as completed) - **Second quarter and July 2026 (accession 0001193125-26-324855).** The July 30 release states that Quanta "completed the acquisitions" of Phalcon, Ltd. (electrical services, Connecticut), Enerfab Holdings, Inc. (fabrication, electrical and mechanical services, Ohio), Percheron Holdings (front-end land, survey and engineering services) and PSD Global Holdings Pty Ltd (Australian engineering, fabrication and substation manufacturing). Phalcon, Percheron and PSD closed in the second quarter and did not contribute materially to the quarter; Enerfab closed in July 2026. Aggregate upfront consideration, net of cash acquired, was about $1.24 billion (about $1.07 billion in cash and $173.3 million in Quanta common stock), with up to about $242.3 million of contingent consideration. The cash portion was funded with drawings under existing debt arrangements and cash on hand. Quanta expects the four businesses to add about $1.2 - $1.4 billion of 2026 revenue and $120 - $140 million of adjusted EBITDA. - **Dynamic Systems (DSI), LLC - closed July 25, 2025 (Form 8-K filed July 31, 2025, accession 0001193125-25-169944, Exhibit 99.2).** The release states that Quanta "completed the acquisition" of Dynamic Systems, a turnkey mechanical, plumbing and process infrastructure solutions provider headquartered in Austin, Texas, with about 2,400 employees; results are expected to be reported in the Underground Utility and Infrastructure Solutions segment. Upfront consideration was about $1.35 billion: about $1.15 billion in cash, subject to closing and post-closing adjustments, and about $200 million of Quanta common stock. A potential earnout of up to $216 million is payable if certain financial performance targets are met. The cash portion was funded with commercial paper and senior credit facility drawings. The Form 10-K (accession 0001050915-26-000006) states that the August 7, 2025 notes repaid the borrowings used to acquire Dynamic Systems. - **Fourth quarter 2025 (accession 0001193125-26-058069).** Quanta completed the acquisitions of Tri-City Group, Inc. and Wilson Construction Company and also acquired Billings Flying Service, LLC. Aggregate upfront consideration was about $1.73 billion (about $1.54 billion in cash and $187 million in stock), funded through the commercial paper program, with a potential contingent payment of up to $100 million for one business. One transaction closed in late November and two in early December 2025. ## Capital actions and financing - **May 22, 2026 (Form 8-K filed May 27, 2026, accession 0001193125-26-241989).** The Board authorized a new stock repurchase program of up to $1.0 billion, effective May 21, 2026. Under the prior program, which expired June 30, 2026, Quanta had repurchased 540,788 shares for about $135 million. The Board also declared a quarterly dividend of $0.11 per share ($0.44 annualized), payable July 13, 2026 to holders of record July 1, 2026. - **August 3-6, 2026 (accessions 0001193125-26-331400 and 0001193125-26-337945).** Quanta priced and, on August 6, 2026, issued $2.0 billion of senior unsecured notes: $500 million of 4.850% notes due 2029, $750 million of 5.300% notes due 2033 and $750 million of 5.550% notes due 2036, each paying interest semi-annually from February 9, 2027. Gross proceeds were about $1.996 billion and net proceeds before expenses about $1.984 billion. The notes are not guaranteed by subsidiaries. The pricing release (Exhibit 99.1 to the Form 8-K, accession 0001193125-26-331400, dated August 3, 2026) states that Quanta intends to use the net proceeds for general corporate purposes, including repayment of outstanding borrowings under its commercial paper program and its senior credit facility. - **June 2026 (accession 0001193125-26-324855).** Moody's upgraded Quanta's senior unsecured notes to Baa2 from Baa3 and its commercial paper to Prime-2 from Prime-3. - **August 7, 2025 (accession 0001193125-25-175423).** Quanta issued $1.5 billion of senior notes: $500 million each of 4.300% notes due 2028, 4.500% notes due 2031 and 5.100% notes due 2035. ## Board and management - **September 9, 2026 (Form 8-K filed September 15, 2026, accession 0001193125-26-391989).** The Board increased its size from ten to eleven directors and elected Ellen Rubin, an operating partner at Glasswing Ventures, to fill the new seat. She was appointed to the Audit Committee and the Safety, Operations and Risk Committee. - **May 21-22, 2026 (accession 0001193125-26-241989).** At the 2026 annual meeting, ten directors were elected, including new director Joseph Kim (President and CEO of Sunoco GP LLC); the advisory pay vote and the PricewaterhouseCoopers LLP ratification passed. - **April 10, 2026 (Form 8-K filed April 16, 2026, accession 0001193125-26-159117).** The Compensation Committee approved five-year performance stock units for named executive officers, with a performance period ending December 31, 2030 tied to adjusted EPS and a total shareholder return modifier. Earnable units range from 0% to 600% of target; targets are 17,759 (Mr. Austin), 8,879 (Ms. Desai), 12,431 (Mr. Studer) and 7,103 (Mr. Ducey). - **March 4, 2026 (accession 0001193125-26-091646).** The 2026 annual and long-term incentive plans were adopted; 2026 annual metrics are EBITDA, EBITDA margin and safety. ## Other - **October 30, 2025 (Form 8-K, accession 0001193125-25-257378, Exhibit 99.2).** Quanta announced the expansion of its total solutions power generation platform and that NiSource, Inc. engaged Quanta to design, procure and construct generation and infrastructure resources capable of producing approximately 3 gigawatts of power for a large load customer. The combined cycle gas turbine work runs through a joint venture with Zachry Group in which Quanta has a 50% ownership interest; Quanta expects to recognize its financial contribution through proportionate consolidation. Execution is expected to begin in 2026 after certain regulatory approvals, with full power availability and project completion expected by 2032. Remaining performance obligations and backlog are expected to be primarily in the Electric Infrastructure Solutions segment. - A joint venture with Hyosung HICO to make high-voltage circuit breakers in Canonsburg, Pennsylvania was announced in June 2026 (described in the July 30, 2026 release, accession 0001193125-26-324855). ## Not covered by these filings No 8-K in this period reports an impairment, restructuring, going-concern or covenant matter, or a change in the chief executive or chief financial officer.