One of the world's largest builders of electric-grid and utility infrastructure, Quanta designs and repairs power lines, substations, renewable-energy projects, and the electrical systems that keep data centers and semiconductor plants running. It traces back to 1997, when veteran John Colson merged four regional electrical contractors—including PAR, where he'd started as a survey stakes carrier—into one national company. The name borrows from physics' "quantum," the smallest unit of energy, nodding to the essential building blocks of modern power.
Quanta's Q2 revenue rose 41% to $9.56B and operating income nearly doubled, driven by the Electric segment and acquisitions.
Quanta's crossed $53 billion as data-center and grid-modernization demand accelerated. rose 41.1% to $9.56 billion and nearly doubled to $695 million, with widening 1.3 points to 16.2% as the Electric 's scale and project mix improved. The company is growing faster than at any point in the last five years, but has climbed to $5.4 billion to fund the acquisitions behind that growth.
Key takeaways
rose 41.1% to $9.56 billion, the largest increase in at least five years, driven by a $2.38 billion increase in the Electric Infrastructure Solutions .
rose 87.6% to $695 million and widened 1.8 points to 7.3%, as the Electric 's operating income grew 62.5% on higher demand for grid modernization, data centers, and renewable generation, plus $575 million from acquired businesses.
widened 1.3 points to 16.2%, the highest quarterly level since Q4 2024, as improved project execution and a favorable work mix in the Electric offset the mix shift toward that lower-margin business.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue surged 41% to $9.6B on broad demand and acquisitions, with operating income nearly doubling to $695M.
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Consolidated Q2 revenues rose 41.1% to $9.56B, driven by a $2.38B increase in the Electric and a $404M increase in Underground and Infrastructure.
expanded to 16.2% from 14.9%, and jumped 87.6% to $695M, reflecting higher demand and improved execution, particularly in Electric.
The Underground Utility and Infrastructure Solutions rose 71.7%, aided by $355 million in acquisition and better fixed-cost absorption from civil and mechanical businesses.
for the first half of 2026 rose 176% to $1.49 billion, supporting $957 million in acquisition spending and $34 million in dividends.
Total reached a record $53.44 billion, up 21.5% from year-end 2025, and rose 41.2% to $33.55 billion.
What changed
The Q1 2026 watch item on Electric Infrastructure Solutions is resolved: the 's margin rose to 10.1% in Q2 from 8.7% in Q1, as the seasonally stronger quarter and improved project mix lifted profitability.
The Q1 2026 watch item on consolidated is partially resolved: gross margin widened to 16.2% from 14.1% in Q1, suggesting the Q1 trough was seasonal rather than a new baseline, though the mix shift toward the Electric remains a structural factor.
The Q1 2026 watch item on conversion is resolved: free cash flow rose to $865 million in Q2 from $172 million in Q1, confirming Q1 was a seasonal working-capital trough, and the first-half total of $1.04 billion puts the company on pace to exceed the $1.62 billion generated in full-year 2025.
The FY 2025 watch item on unapproved change orders and claims remains unresolved: the filing does not report a material release of the $983.6 million in unapproved change orders and claims, which management previously cited as a material credit risk and a drag on .
What to watch
Electric Infrastructure Solutions in Q3 2026, to see whether the 10.1% Q2 level holds or improves as the seasonally strong third quarter arrives and the record $53.44 billion converts to .
conversion in the second half of 2026, to see whether the $1.04 billion generated in the first half represents a sustainable run rate that would push full-year free cash flow well above the $1.62 billion generated in 2025.
and trajectory, given that debt rose to $5.42 billion and the company continues to deploy cash on acquisitions, with $957 million spent in the first half alone.
Resolution of unapproved change orders and claims, which management previously cited as a material credit risk and a continued drag on , and whether their approval releases a material amount of cash.
Electric grew 62.5% on strong utility grid modernization, data center, and renewable generation demand, plus $575M from acquisitions.
Underground and Infrastructure rose 71.7%, aided by $355M in acquisition and better from civil and mechanical businesses.
Total reached $53.44B, up 21.5% from year-end 2025, while hit $33.55B, a 41.2% increase.
surged 176% to $1.49B for the first half, supporting $957M in acquisition spending and $34M in dividends, with $2.77B in available liquidity.
Quantitative and Qualitative Disclosures About Market Risk
There were no material changes to our quantitative and qualitative disclosures about market risk during the six months ended June 30, 2026. Our primary exposure to market risk relates to unfavorable changes in interest rates and currency exchange rates. Refer to the information…
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There were no material changes to our quantitative and qualitative disclosures about market risk during the six months ended June 30, 2026. Our primary exposure to market risk relates to unfavorable changes in interest rates and currency exchange rates. Refer to the information on financial market risk related to changes in interest rates and foreign currency exchange rates in Item 7A. Quantitative and Qualitative Disclosures About Market Risk of Part II of our 2025 Annual Report.
We are from time to time party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, property damage, breach of contract, negligence or gr…
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We are from time to time party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, property damage, breach of contract, negligence or gross negligence, environmental liabilities, wage and hour claims and other employment-related damages, punitive damages, consequential damages, civil penalties or other losses, or injunctive or declaratory relief, as well as interest and attorneys’ fees associated with such claims. With respect to all such lawsuits, claims and proceedings, we record a reserve when we believe it is probable that a loss has been incurred and the amount of loss can be reasonably estimated. In addition, we disclose matters for which management believes a material loss is at least reasonably possible. See Note 12 of the Notes to Condensed Consolidated Financial Statements in Item 1. Financial Statements of Part I of this Quarterly Report, which is incorporated by reference in this Item 1, for additional information regarding litigation, claims and other legal proceedings.
Environmental Matters
Our business is subject to a variety of risks and uncertainties that are difficult to predict and many of which are outside of our control. For a detailed discussion of the risks that affect our business, refer to Item 1A. Risk Factors of Part I of our 2025 Annual Report. As of…
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Our business is subject to a variety of risks and uncertainties that are difficult to predict and many of which are outside of our control. For a detailed discussion of the risks that affect our business, refer to Item 1A. Risk Factors of Part I of our 2025 Annual Report. As of the date of this filing, there have been no material changes to the risk factors previously described in our 2025 Annual Report. The matters specifically identified are not the only risks and uncertainties facing our company, and risks and uncertainties not known to us or not specifically identified also may impair our business operations. If any of these risks and uncertainties occur, our business, financial condition, results of operations and cash flows could be negatively affected, which could negatively impact the value of an investment in our company.
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