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Material beat-and-raise driven by record backlog, sizable backlog visibility, and accretive acquisitions. Moody's upgrade reduces funding risk, and the Hyosung JV expands domestic manufacturing, potentially accelerating project wins; all support multiple-quarter upside beyond the initial reaction.
What happened, with direct paths to the underlying reporting
Quanta Services posted a strong Q2 2026 with revenue of $9.56B and GAAP EPS of $2.96, or $4.24 on an adjusted basis. Backlog hit a record $53.4B and remaining performance obligations were $33.6B, prompting a significant lift to full-year guidance across metrics. The company completed four acquisitions (Phalcon, Enerfab, Percheron, PSD) and announced a Hyosung HICO Breaker JV to boost domestic high-voltage capabilities, underpinning higher visibility and upside into 2026.
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