PWR · 10-Q · 2026Q3 · Full report

Backlog and Book-to-Bill

QUANTA SERVICES, INC. · 2026-10-29 · Importance 81 · Surprise 64 · From source text

At September 30, 2026, remaining performance obligations were $41.753 billion, up 75.7% from December 31, 2025, and backlog was $63.732 billion, up 44.9%. Electric backlog totaled $51.885 billion, including $37.358 billion of remaining performance obligations; Underground and Infrastructure backlog totaled $11.847 billion, including $4.395 billion of remaining performance obligations. The increases reflected additional awards and increased volume with existing customers, as well as acquisitions completed during the nine-month period. Master service agreements represented 37% of total backlog at September 30, 2026, compared with 44% at year-end 2025, and their estimated volumes are not contractually committed by customers.

Key facts

As of September 30, 2026, Quanta's remaining performance obligations were $41.75 billion and backlog was $63.73 billion, increases of 75.7% and 44.9%, respectively, relative to December 31, 2025. source
Quanta's total backlog increased from $43.976408 billion at December 31, 2025 to $63.731693 billion at September 30, 2026. source
Quanta's September 30, 2026 backlog totaled $51.885113 billion for Electric and $11.846580 billion for Underground and Infrastructure. source
As of September 30, 2026, MSAs represented 31% of Quanta's estimated 12-month backlog and 37% of total backlog. source
Quanta's increases in remaining performance obligations and backlog from December 31, 2025 to September 30, 2026 were partly due to additional awards and increased volume with existing customers, and to a lesser extent acquisitions completed in the nine-month period. source
Quanta's estimated backlog under MSAs is subject to change because customers are generally not committed to specific service volumes and most contracts can be terminated on short notice, even absent default. source
Quanta's remaining performance obligations and backlog estimates can change with project accelerations, cancellations or delays, weather and emergencies, permitting and regulatory requirements, and customer acceptance of change orders. source

Impact estimates

metric	direction	stage	expected	basis
revenue	positive	committed	+139.8%	Quanta's total backlog increased from $43.976408 billion at December 31, 2025 to $63.731693 billion at September 30, 2026.