PWR

Quanta Services

Transmission & substation contractor.

Last

$591.82

Change

-0.43%

Market cap

$88.8B

60-day price

Near-term (0-6mo)

Earnings 4/30 — backlog (last reported ~$33B), transmission line miles contracted, and substation project count. PWR is the picks-and-shovels play on grid expansion.

Mid-term (6-24mo)

FERC Order 1920 (long-range transmission planning) and IRA incentives create multi-decade tailwind. PWR builds the physical grid — miles of transmission line, transformer stations. Labor availability is their binding constraint.

Catalysts

Q1 earnings 4/30
New transmission project awards
FERC Order 1920 implementation progress

Risks

Labor shortage in skilled line workers
Permitting delays for transmission projects
Cyclicality if utility capex slows

Options flags

earnings_soon · Apr 16, 2026

Earnings on 2026-04-30 (13d out). Expect elevated IV into print; avoid buying OTM monthlies the day before.

monthly_liquid · Apr 16, 2026

Monthly Apr 16, 2026 chain likely liquid. Prefer ATM/ITM-20 over OTM to force discipline.

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