Core Insights - Quanta Services, Inc. (PWR) has shown strong earnings momentum with a 22.4% increase in earnings per share (EPS) in Q3 2025, following year-over-year growth of 30.5% and 26.2% in Q1 and Q2 respectively, supported by a record backlog of $39.2 billion [1][10] Financial Performance - The company anticipates adjusted EPS for 2025 to be between $10.33 and $10.83, with guidance for continued double-digit EPS growth in 2026, driven by backlog momentum and favorable market trends [4] - Quanta's earnings estimate for 2026 has increased by 2% year-over-year, with projected revenue growth of 11.6% [16] Business Segments - The Electric Infrastructure Solutions segment is the main growth driver, benefiting from increased investments in grid modernization, power generation, renewable energy, and data-center infrastructure [2] - The launch of the Total Solutions power generation platform enhances market reach and customer relationships, reducing execution risk and supporting margin stability [3] Competitive Landscape - Compared to MYR Group and MasTec, Quanta's diversified model and record backlog provide stronger visibility for sustained double-digit EPS growth [6][8] - MYR Group, while benefiting from utility programs, faces earnings volatility due to its narrower scale and project timing [7] - MasTec has significant exposure to renewables and infrastructure spending but experiences more sensitivity to execution risks [8] Market Performance - Quanta's shares have increased by 14.9% over the past six months, outperforming the Zacks Engineering - R and D Services industry's growth of 2.9% [11] - Quanta trades at a forward price-to-earnings ratio of 35.56X, higher than the industry average of 23.89X [14]