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Quanta Services’ $12 Billion Quarter Sparks a Bigger Question: What’s Driving the Boom?

Quanta Services, Inc. reported third-quarter 2026 revenues of $12.0 billion, a significant increase from $7.6 billion in the same period a year earlier. Net income attributable to common stock nearly doubled to $695 million, or $4.55 per diluted share, compared to $339 million, or $2.24 per share, in the third quarter of 2025. Adjusted diluted earnings per share were $6.06, up from $3.33, reflecting strong operational performance. For the first nine months of 2026, revenues rose to $29.45 billion from $20.64 billion year-over-year, with net income at $1.37 billion, or $8.97 per diluted share, versus $713 million, or $4.72 per share, in the prior year period. The company’s reported growth was supported by its Electric segment, which accounted for approximately 82% of quarterly revenues and saw an operating margin increase to 12.6% from 11.4% a year ago.