Quanta Services, Inc.

Q2 results beat expectations; broad organic strength + record backlog - Revenue $9.6B, net income $451M ($2.96 diluted EPS), adjusted EPS $4.24, adjusted EBITDA $1.1B. - Includes about $11M of adjusted EBITDA from acquisitions closed in the quarter. - Record backlog: $53B (management attributes it to broad-based organic strength across segments/end markets and strong execution). - Cash flow strength highlighted as a key positive (free cash flow discussion comes later—see bullet on sustainability).

2026 guidance raised meaningfully across the board (investors’ key “what changes now”) - Updated full-year outlook: - Revenue: $39.3B – $39.7B - Adjusted EBITDA: $4.1B – $4.2B - Adjusted EPS: $16.45 – $16.95 - Free cash flow: $2.0B – $2.5B - Guidance explicitly includes acquisition contributions: about $1.2B–$1.4B of revenue and $120M–$140M of adjusted EBITDA from recent deals. - Management framed this as driven by better visibility for the second half plus expected acquisition contributions.

Capital/credit profile strengthened despite acquisition spend - Acquired 4 companies after Q1 (closed in July): Phalcon, Enerfab, Percheron, PSD. - Total upfront consideration about $1.24B (net of cash acquired) plus ~$242M contingent consideration tied to future performance. - Moody’s upgrade cited; debt-to-EBITDA improved to 1.7 (from 1.95 at end of 2025) and total liquidity ~ $2.8B. - Net message: Quanta is deploying capital while still improving leverage metrics.