PWR — Aug 680/560 put credit spread
Quanta reports Q2 on July 30 with backlog at a record $26.2B, up 48.7% year over year and concentrated in the electric-infrastructure work that feeds Meta, OpenAI and Google data-center builds. Management already raised FY26 to $34.7B to $35.2B revenue and $13.55 to $14.25 EPS, so selling the 680 put against the 560 collects 40% of the spread width with a 632.22 breakeven into the print.
- Ticker: PWR
- Direction: Bullish
- Risk profile: earnings
- Confidence: high
- Catalyst: Q2 2026 earnings (2026-07-30)
- Cohort: 2026-06-16
- Expires: 2026-08-21
- Max loss: $72.22
- Max gain: $47.78
Structure
- short put 680 2026-08-21
- long put 560 2026-08-21
Signals
- Q1'26 backlog: $26.2B, +48.7% YoY (DB)
- FY26 guide raised: rev $34.7-35.2B, EPS $13.55-14.25 (web_search)
- Hyperscaler build exposure: Meta 3.2GW, OpenAI 1.2GW, Google 543MW (DB)
- Aug implied move: 23% by Aug 21 expiry (DB)
What invalidates this thesis
A labor-cost or project-timing miss that pressures margins despite the backlog beat drops PWR toward the 680 short strike; the spread loses below the 632.22 breakeven.