Quanta Services (PWR) is trading higher as investors continue to reprice the stock after the company delivered record first-quarter 2026 results and raised its full-year 2026 financial expectations. The quarter featured strong double-digit growth in revenue, adjusted EBITDA, and adjusted EPS, while the company reported a record total backlog of $48.5 billion and $26.2 billion of remaining performance obligations (RPO), underscoring multi-year project visibility.

In its Q1 2026 report for the quarter ended March 31, 2026, Quanta said revenue rose to $7.87 billion from $6.23 billion a year earlier, with net income of $220.6 million ($1.45 per diluted share). Adjusted diluted EPS was $2.68 versus $1.78 in the prior-year quarter, alongside record operating cash flow of $391.7 million and free cash flow of $184.4 million, adding to investor confidence in earnings quality and cash conversion.

Beyond the quarterly beat and raised outlook, the rally is being supported by a wave of analyst price-target resets that lean on the same core driver: backlog-driven visibility into grid and large-load work. BofA recently lifted its price target to $800 from $610 while keeping a Buy rating, citing extended backlog and updated estimates, and other firms have also raised targets in recent days as expectations for power and transmission-related bookings improve.