Quanta Services has real data-center exposure, but that alone does not establish that its shares are worth buying. The company builds and maintains electrical and other infrastructure for data centers and the wider power system they depend on. Its latest reported growth and backlog support the business case; they do not reveal whether the stock price already reflects that growth. The October 2, 2026, CNBC News feed listing attributes “worth buying” to the headline of Jim Cramer’s Lightning Round segment, but does not provide the segment’s full transcript or reasoning.
What does Quanta do for data centers?
Quanta Services, Inc. (NYSE: PWR) is an infrastructure-services contractor, not a data-center owner or a company focused solely on data centers. Its work spans utility, power generation, manufacturing, communications, pipeline, and energy markets.
Quanta’s 2025 Form 10-K says its services for large load centers such as data centers can include low-voltage electrical, mechanical, plumbing, and process infrastructure. Its Electric segment also designs and installs electrical systems for large load centers. That puts Quanta in the construction and infrastructure supply chain: its work can serve the facility itself and the electricity systems needed to connect and power it.
That distinction matters to investors. Quanta may benefit when data-center construction and electricity demand lead customers to commission infrastructure projects, but its results also depend on a wider mix of end markets and projects. The filings do not provide a data-center-only revenue figure.
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What do Quanta’s latest reported results show?
Second-quarter 2026 operating trends
In its Form 10-Q filed July 30, 2026, Quanta reported that consolidated revenue and operating income increased year over year in the second quarter of 2026. Management said utility demand was being driven in part by electricity needs associated with data centers and other technology-related dynamics, as well as domestic manufacturing reshoring and broader electrification. The company also linked demand from technology and data-center customers for critical-path electrical design and installation partly to acquisitions.
This is evidence of company-wide growth and management’s view of some demand drivers—not a measure of how much revenue or earnings data centers contributed. The acquisition reference is also important: demand attributed to these customers does not, by itself, show how much of the growth came from organic activity.
Backlog and remaining performance obligations
As of June 30, 2026, Quanta reported $53.44 billion in total backlog and $33.55 billion in remaining performance obligations. Relative to December 31, 2025, those figures were up 21.5% and 41.2%, respectively. Both are company-wide measures, not a disclosed tally of data-center work.
Backlog can help indicate the scale of work Quanta expects to perform, but it is not guaranteed future revenue. The company’s definition includes estimates under master service agreements and certain non-fixed-price contracts, and some customers are not committed to specific work volumes. Project timing, scope, or customer plans can change.
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Historical full-year results
For 2025, Quanta reported revenue of $28.48 billion, GAAP diluted earnings per share of $6.80, and adjusted diluted earnings per share of $10.75. Adjusted EPS is a non-GAAP measure and should not be treated as interchangeable with GAAP EPS. These figures describe past performance; they do not establish what PWR shares are worth today.
Does the evidence make PWR worth buying?
The evidence supports a narrower conclusion than the headline: Quanta has exposure to data-center infrastructure, and its latest filing describes growth in overall revenue, operating income, and backlog alongside management’s account of demand from technology and data-center customers. That may make the company relevant to investors looking at the data-center buildout and electricity infrastructure.
Whether the stock is worth buying is a separate question. A growing business can still be an unattractive investment if its share price already assumes more growth than the company delivers. The figures above do not provide a current share price, valuation multiple, analyst estimates, or expected return, so they cannot establish that PWR is cheap, fairly valued, or likely to outperform. Backlog growth alone is not a buy signal.
The available CNBC News feed listing establishes that the October 2, 2026, Lightning Round headline described Quanta as “a data center play worth buying.” It is not the full segment transcript, so it does not establish Cramer’s supporting arguments or the caller’s question.
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What could weaken the investment case?
Quanta’s filings identify risks that matter when assessing whether demand turns into profitable work:
- Project execution and fixed-price exposure: Quanta says a significant portion of its revenue comes from fixed-price contracts, including large projects and data-center facility projects. Delays or cost overruns can reduce margins or create liabilities.
- Timing and operating conditions: Weather, seasonality, project delays, supply-chain challenges, and changing operating conditions can affect work schedules and results.
- Customer and contract uncertainty: Customer spending may change, some arrangements can be terminated on short notice, and estimated work under master service agreements may not become a firm commitment to a specific volume.
- Policy and regulatory uncertainty: Changes in policy or regulation can affect projects and operating conditions.
- Subcontractor and labor reliance: Quanta relies on subcontractors for a portion of its work, adding another execution dependency.
These risks do not negate the demand opportunity, but they help explain why a large backlog should not be read as a promise of smooth, high-margin growth.
How to assess Quanta as a data-center investment
Before deciding whether to buy PWR, separate the business thesis from the stock valuation. A practical review should consider:
- Exposure: How much of revenue and earnings comes directly from data centers, and how clearly does the company disclose it? Quanta’s cited filings describe relevant services and demand drivers but do not disclose a data-center-only revenue breakdown.
- Backlog quality: What portion represents firm, executable work versus estimates or contracts without committed volumes?
- Profitability and delivery: Can Quanta complete fixed-price projects on time and within budget as labor, materials, and schedules change?
- Diversification: How does activity across utilities, manufacturing, and other markets affect results if data-center investment slows?
- Valuation: Does the share price leave room for the company to meet or exceed the growth expectations embedded in it?
A comparison with other data-center-related investments also needs care: infrastructure contractors, data-center operators, electrical-equipment manufacturers, utilities, and power-generation firms have different revenue models, capital needs, and risks. The operating evidence here does not establish a peer ranking.
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