Second Quarter 2026 Highlights
Revenue of $4.4 billion, a quarterly record, increased 23% year-over-year
Record 18-month backlog of $21.4 billion increased $4.9 billion year-over-year and $1.1 billion from the prior quarter, led by significant 58% year-over-year growth in Clean Energy and Infrastructure
Diluted EPS of $1.65 and Adjusted Diluted EPS of $2.22, both second quarter records, increased 51% and 49% year-over-year, respectively
GAAP Net Income of $145.7 million and Adjusted EBITDA of $384.2 million, both second quarter records, increased by 62% and 40% year-over-year, respectively
Updated Full Year Diluted EPS guidance to $6.20, a 22% year-over-year increase; Increased Full Year Adjusted Diluted EPS guidance to $9.30, a 42% year-over-year increase
CORAL GABLES, Fla., July 30, 2026--(BUSINESS WIRE)--MasTec, Inc. (NYSE: MTZ) today announced second quarter 2026 financial results and updated full year 2026 financial guidance.
Jose R. Mas, MasTec's CEO stated, "We once again reported a very strong quarter with excellent performance in revenue growth, margin expansion and backlog development. Strong year-over-year revenue growth of 23% was broad-based and solid execution drove margin expansion with our adjusted EBITDA margin improving 100 basis points. 18-month backlog was up $4.9 billion year-over-year, or 30%, and up $1.1 billion sequentially from the first quarter of this year to another record level."
Mr. Mas continued, "Last week, we closed on the acquisition of The Superior Group, a premier North American full-service electrical contractor with approximately 3,000 team members. Superior is a recognized leader in building data center infrastructure and also serves a diverse set of end markets including healthcare, entertainment and industrial. Our combined service offerings allow MasTec to provide more comprehensive solutions to our customers that can enhance speed, quality and certainty of execution. I once again want to welcome The Superior Group team members to the MasTec family."
Paul DiMarco, MasTec's CFO added, "Our second quarter results illustrate the strength and resiliency of MasTec's diversified operating model. The addition of Superior further enhances our capabilities and our confidence in MasTec's ability to significantly exceed our three-year financial objectives provided at our recent Investor Day."
Second Quarter 2026 Results
Dollars in millions, except per share amounts | 2Q'26 | 2Q'25 | Change | ||||||||
Revenue | $ | 4,374 | $ | 3,545 | 23.4 | % | |||||
Operating income | $ | 226 | $ | 158 | 43.1 | % | |||||
GAAP net income | $ | 146 | $ | 90 | 61.7 | % | |||||
GAAP net income margin | 3.3 | % | 2.5 | % | 80 bps | ||||||
Adjusted net income | $ | 191 | $ | 122 | 57.0 | % | |||||
Adjusted EBITDA | $ | 384 | $ | 275 | 39.8 | % | |||||
Adjusted EBITDA margin | 8.8 | % | 7.8 | % | 100 bps | ||||||
GAAP diluted earnings per share | $ | 1.65 | $ | 1.09 | 51.0 | % | |||||
Adjusted diluted earnings per share | $ | 2.22 | $ | 1.49 | 48.8 | % | |||||
Cash provided by operating activities | $ | 21 | $ | 6 | 280.2 | % | |||||
Free cash flow | $ | (59 | ) | $ | (45 | ) | (31.1 | )% | |||
18-month backlog | $ | 21,391 | $ | 16,452 | 30.0 | % |
Second Quarter 2026 Segment Highlights
Communications
Dollars in millions, unless noted | 2Q'26 | 2Q'25 | Change | ||||||||
Revenue | $ | 888.9 | $ | 836.9 | 6.2 | % | |||||
EBITDA | $ | 73.1 | $ | 82.6 | (11.6 | )% | |||||
EBITDA margin % | 8.2 | % | 9.9 | % | (170) bps |
Clean Energy and Infrastructure
Dollars in millions, unless noted | 2Q'26 | 2Q'25 | Change | ||||||||
Revenue | $ | 1,622.1 | $ | 1,131.4 | 43.4 | % | |||||
EBITDA | $ | 128.2 | $ | 83.3 | 53.9 | % | |||||
EBITDA margin % | 7.9 | % | 7.4 | % | 50 bps |
Power Delivery
Dollars in millions, unless noted | 2Q'26 | 2Q'25 | Change | ||||||||
Revenue | $ | 1,245.8 | $ | 1,045.6 | 19.2 | % | |||||
EBITDA | $ | 113.0 | $ | 91.3 | 23.7 | % | |||||
EBITDA margin % | 9.1 | % | 8.7 | % | 30 bps |
Pipeline Infrastructure
Dollars in millions, unless noted | 2Q'26 | 2Q'25 | Change | ||||||||
Revenue | $ | 642.8 | $ | 539.7 | 19.1 | % | |||||
EBITDA | $ | 118.5 | $ | 62.1 | 91.0 | % | |||||
EBITDA margin % | 18.4 | % | 11.5 | % | 690 bps |
2026 Financial Guidance Update
Dollars in millions, except per share amounts | 3Q'26E | Full Year 2026E | ||||||
Revenue | $ | 4,930 | $ | 18,200 | ||||
GAAP net income | $ | 176 | $ | 539 | ||||
Adjusted net income | $ | 252 | $ | 785 | ||||
Adjusted EBITDA | $ | 482 | $ | 1,600 | ||||
Adjusted EBITDA margin | 9.8 | % | 8.8 | % | ||||
GAAP diluted earnings per share | $ | 2.03 | $ | 6.20 | ||||
Adjusted diluted earnings per share | $ | 2.98 | $ | 9.30 |
Conference Call
MasTec will host a webcast of its quarterly earnings call to discuss these results on Friday, July 31, 2026 at 9:00 a.m. ET, which can be accessed through the Investors section of MasTec's website at www.mastec.com. A replay of the webcast also will be available following the live event. The slide presentation that accompanies the conference call will also be posted on the MasTec Investors page.
About MasTec
MasTec, Inc. is a leading North American infrastructure engineering and construction company focused primarily on engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure. MasTec primarily operates under four business segments including Communications, serving both wireless and wireline/fiber infrastructure; Power Delivery, serving primarily utility customers in transmission and distribution markets; Pipeline Infrastructure serving energy and other customers with installation and maintenance services primarily for natural gas pipeline and distribution infrastructure; and Clean Energy and Infrastructure, providing renewable energy engineering and construction services, as well as for heavy civil and other industrial infrastructure markets. Learn more at www.mastec.com.
Consolidated Statements of Operations | |||||||||||||||
(unaudited - in thousands, except per share information) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||
Revenue | $ | 4,373,554 | $ | 3,544,705 | $ | 8,202,355 | $ | 6,392,423 | |||||||
Costs of revenue, excluding depreciation and amortization | 3,817,270 | 3,109,163 | 7,168,167 | 5,645,782 | |||||||||||
Depreciation | 86,096 | 69,934 | 169,377 | 146,159 | |||||||||||
Amortization of intangible assets | 37,516 | 32,687 | 76,130 | 65,323 | |||||||||||
General and administrative expenses | 206,470 | 174,819 | 420,677 | 340,868 | |||||||||||
Operating income | $ | 226,202 | $ | 158,102 | $ | 368,004 | $ | 194,291 | |||||||
Interest expense, net | 47,166 | 43,852 | 90,627 | 82,893 | |||||||||||
Equity in earnings of unconsolidated affiliates, net | (10,285 | ) | (7,043 | ) | (6,700 | ) | (17,356 | ) | |||||||
Other (income) expense, net | (4,412 | ) | 500 | (1,108 | ) | (983 | ) | ||||||||
Income before income taxes | $ | 193,733 | $ | 120,793 | $ | 285,185 | $ | 129,737 | |||||||
Provision for income taxes | (47,995 | ) | (30,660 | ) | (69,784 | ) | (27,276 | ) | |||||||
Net income | $ | 145,738 | $ | 90,133 | $ | 215,401 | $ | 102,461 | |||||||
Net income attributable to non-controlling interests | 15,621 | 4,367 | 24,444 | 6,792 | |||||||||||
Net income attributable to MasTec, Inc. | $ | 130,117 | $ | 85,766 | $ | 190,957 | $ | 95,669 | |||||||
Earnings per share: | |||||||||||||||
Basic earnings per share | $ | 1.67 | $ | 1.10 | $ | 2.45 | $ | 1.23 | |||||||
Basic weighted average common shares outstanding | 78,078 | 77,684 | 78,014 | 77,937 | |||||||||||
Diluted earnings per share | $ | 1.65 | $ | 1.09 | $ | 2.42 | $ | 1.21 | |||||||
Diluted weighted average common shares outstanding | 78,870 | 78,521 | 78,808 | 78,750 |
Consolidated Balance Sheets | |||||
(unaudited - in thousands) | |||||
June 30, | December 31, | ||||
Assets | |||||
Current assets | $ | 4,938,819 | $ | 4,329,079 | |
Property and equipment, net | 1,915,837 | 1,728,470 | |||
Operating lease right-of-use assets | 483,182 | 457,270 | |||
Goodwill, net | 2,359,649 | 2,248,992 | |||
Other intangible assets, net | 729,958 | 656,248 | |||
Other long-term assets | 498,049 | 503,483 | |||
Total assets | $ | 10,925,494 | $ | 9,923,542 | |
Liabilities and equity | |||||
Current liabilities | $ | 3,528,949 | $ | 3,271,045 | |
Long-term debt, including finance leases | 2,573,839 | 2,176,372 | |||
Long-term operating lease liabilities | 314,049 | 292,839 | |||
Deferred income taxes | 514,957 | 478,156 | |||
Other long-term liabilities | 393,717 | 370,609 | |||
Total liabilities | $ | 7,325,511 | $ | 6,589,021 | |
Total equity | $ | 3,599,983 | $ | 3,334,521 | |
Total liabilities and equity | $ | 10,925,494 | $ | 9,923,542 |
Consolidated Statements of Cash Flows | |||||||
(unaudited - in thousands) | |||||||
Six Months Ended June 30, | |||||||
2026 | 2025 | ||||||
Net cash provided by operating activities | $ | 120,322 | $ | 84,011 | |||
Net cash used in investing activities | (425,908 | ) | (86,653 | ) | |||
Net cash provided by (used in) financing activities | 225,318 | (207,274 | ) | ||||
Effect of currency translation on cash | (121 | ) | 1,065 | ||||
Net decrease in cash and cash equivalents | $ | (80,389 | ) | $ | (208,851 | ) | |
Cash and cash equivalents - beginning of period | $ | 396,030 | $ | 399,903 | |||
Cash and cash equivalents - end of period | $ | 315,641 | $ | 191,052 |
Backlog by Reportable Segment (unaudited - in millions) | June 30, | March 31, | June 30, | |||||
Communications | $ | 5,461 | $ | 5,501 | $ | 5,008 | ||
Clean Energy and Infrastructure | 7,791 | 7,279 | 4,922 | |||||
Power Delivery | 6,347 | 6,222 | 5,062 | |||||
Pipeline Infrastructure | 1,792 | 1,326 | 1,460 | |||||
Other | — | — | — | |||||
Estimated 18-month backlog | $ | 21,391 | $ | 20,328 | $ | 16,452 |
Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers.
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures | |||||||||||||||
(unaudited - in millions, except for percentages and per share information) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Segment Information | 2026 | 2025 | 2026 | 2025 | |||||||||||
Revenue by Reportable Segment | |||||||||||||||
Communications | $ | 888.9 | $ | 836.9 | $ | 1,691.0 | $ | 1,517.8 | |||||||
Clean Energy and Infrastructure | 1,622.1 | 1,131.4 | 2,951.6 | 2,047.2 | |||||||||||
Power Delivery | 1,245.8 | 1,045.6 | 2,292.0 | 1,945.3 | |||||||||||
Pipeline Infrastructure | 642.8 | 539.7 | 1,325.3 | 896.2 | |||||||||||
Other | — | — | — | — | |||||||||||
Eliminations (b) | (26.0 | ) | (8.9 | ) | (57.5 | ) | (14.1 | ) | |||||||
Consolidated revenue | $ | 4,373.6 | $ | 3,544.7 | $ | 8,202.4 | $ | 6,392.4 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||
Adjusted EBITDA and EBITDA Margin by Segment | |||||||||||||||||||||||||||
EBITDA | $ | 364.5 | 8.3 | % | $ | 267.3 | 7.5 | % | $ | 621.3 | 7.6 | % | $ | 424.1 | 6.6 | % | |||||||||||
Non-cash stock-based compensation expense (a) | 11.5 | 0.3 | % | 9.4 | 0.3 | % | 19.8 | 0.2 | % | 16.3 | 0.3 | % | |||||||||||||||
Changes in fair value of acquisition-related contingent items (a) | 8.2 | 0.2 | % | (1.8 | ) | (0.1 | )% | 18.9 | 0.2 | % | (2.0 | ) | (0.0 | )% | |||||||||||||
Impairments of equity method investments (a) | — | — | % | — | — | % | 7.9 | 0.1 | % | — | — | % | |||||||||||||||
Adjusted EBITDA | $ | 384.2 | 8.8 | % | $ | 274.8 | 7.8 | % | $ | 667.9 | 8.1 | % | $ | 438.5 | 6.9 | % | |||||||||||
Segment: | |||||||||||||||||||||||||||
Communications | $ | 73.1 | 8.2 | % | $ | 82.6 | 9.9 | % | $ | 119.9 | 7.1 | % | $ | 129.4 | 8.5 | % | |||||||||||
Clean Energy and Infrastructure | 128.2 | 7.9 | % | 83.3 | 7.4 | % | 217.2 | 7.4 | % | 140.4 | 6.9 | % | |||||||||||||||
Power Delivery | 113.0 | 9.1 | % | 91.3 | 8.7 | % | 185.0 | 8.1 | % | 142.7 | 7.3 | % | |||||||||||||||
Pipeline Infrastructure | 118.5 | 18.4 | % | 62.1 | 11.5 | % | 263.4 | 19.9 | % | 106.6 | 11.9 | % | |||||||||||||||
Other | 13.6 | NM | 7.2 | NM | 11.0 | NM | 15.2 | NM | |||||||||||||||||||
Eliminations (b) | (4.2 | ) | NM | — | NM | (9.4 | ) | NM | — | NM | |||||||||||||||||
Segment Total | $ | 442.2 | 10.1 | % | $ | 326.5 | 9.2 | % | $ | 787.1 | 9.6 | % | $ | 534.3 | 8.4 | % | |||||||||||
Corporate | (57.9 | ) | — | (51.7 | ) | — | (119.2 | ) | — | (95.8 | ) | — | |||||||||||||||
Adjusted EBITDA | $ | 384.2 | 8.8 | % | $ | 274.8 | 7.8 | % | $ | 667.9 | 8.1 | % | $ | 438.5 | ... |