Results
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MasTec Reports Third Quarter 2026 Results and
Updates Full Year 2026 Financial Guidance
Third Quarter 2026 Highlights
Revenue of $5.2 billion, a quarterly record, increased 30% year-over-year
Diluted EPS of $1.89 and Adjusted Diluted EPS of $2.96
GAAP Net Income of $167.7 million and Adjusted EBITDA of $486.4 million, both quarterly records
Updated Full Year Diluted EPS guidance to a range of $5.69 to $6.01 per share, a 15% year-over-year increase at the midpoint; Updated Full Year Adjusted Diluted EPS guidance to a range of $8.92 to $9.30, a 39% year-over-year increase at the midpoint
Record 18-month backlog of $24.5 billion increased $7.8 billion year-over-year and $3.2 billion from the prior quarter, led by significant 74% year-over-year growth in Power Delivery
Coral Gables, FL, October 29, 2026 — MasTec, Inc. (NYSE: MTZ) today announced third quarter 2026 financial results and updated full year 2026 financial guidance.
7MasTec reported third quarter revenue of $5.2 billion and Adjusted EBITDA of $486 million, both up ~30% year-over-year.
1Backlog of $24.5 billion was ~46% higher year-over-year.
Jose Mas, MasTec’s Chief Executive Officer, stated, “We are pleased with our third-quarter performance, as both revenue and Adjusted EBITDA were ahead of our expectations, driven by strong Power Delivery results.
Strength in Power Delivery was driven by both legacy operations and Superior, with both groups exceeding revenue and EBITDA guidance for the quarter.”
“As we noted throughout the third quarter, permitting related access delays on certain Pipeline projects impacted margins, as crews and equipment were underutilized.
Construction has now commenced, and we are ramping production.
Given the substantial number of pipelines expected to enter service over the next few years, we believe retaining our experienced crews is critical to capitalize on the significant level of industry investment ahead.
2We’re seeing this demand set play out, with Pipeline Infrastructure backlog growing ~26% sequentially in the quarter.”
3Mr. Mas continued, “In Communications, as discussed in our second quarter earnings call, we saw certain customers defer spending in the second half of 2026, impacting our full-year revenue expectations.
We are taking actions to improve this segment's margin profile and operating leverage through market cycles by streamlining our operations, procurement strategies, and support models to reduce indirect costs, including exiting underperforming markets.
4We expect these initiatives to begin contributing to improved profitability in 2027.
We see a fundamental multi-year need for sustained investment in telecommunications infrastructure upgrades and maintenance to enable a significant increase in AI driven data consumption over the next several years.”
5“With sequential backlog growth of $3 billion and another record consolidated backlog in the quarter, we have strong visibility for continued revenue and earnings growth across our diversified end-markets – with increasing geographic reach.
We continue to see sustained demand strength across our service offerings, most notably in support of utility and large-load infrastructure, where our converging operations allow us to provide more integrated solutions to our partners.”
Paul DiMarco, MasTec’s Executive Vice President and Chief Financial Officer, noted, “We are updating our full-year guidance, introducing a range that results in Adjusted EBITDA change of ~1% at the midpoint versus our previous guidance.
The range reflects the potential impact of delayed Pipeline project starts on labor and equipment utilization.
6With less time to hit run-rate production in 2026, near term margin recognition could be impacted.
Revenue and earnings not recognized this year as a result of project timing are expected to shift into 2027.”
“We expect to generate over $1 billion in operating cash flow for 2026.
Our strong financial position provides us significant flexibility to pursue accretive investments to support organic growth, execute our acquisition strategy and return capital to shareholders.”
Prominent Third Quarter Events:
Completed Two Acquisitions : In July, MasTec acquired all of the equity interests of The Superior Group, a premier full-service electrical contractor focused on critical infrastructure, which is included within the Company’s Power Delivery segment.
Superior is a recognized leader in large load electrical infrastructure while serving a diverse range of end markets, including technology, healthcare, entertainment and industrial.
Additionally, in August 2026, MasTec acquired a company that specializes in pipeline infrastructure to enhance capacity and project management expertise, which is included within the Company’s Pipeline Infrastructure segment.
8Enhanced Liquidity and Extended Debt Maturities : In July, MasTec amended its senior credit facility to increase the aggregate revolving commitments from $1.9 billion to $2.25 billion and entered into a new $700 million senior unsecured delayed draw term loan agreement which was drawn to finance a portion of the cash consideration for the acquisition of Superior.
In August, the Company issued $650 million aggregate principal amount of 5.850% senior unsecured notes due September 30, 2036.
Appointed Manny Miranda to its Board of Directors : Mr. Miranda brings more than 40 years of utility industry experience and deep expertise across electric and natural gas infrastructure, including transmission, substations, distribution, large-scale capital programs and utility operation.
Appointed Alex Spiro to its Board of Directors : Mr. Spiro brings extensive experience advising and investing across the technology, energy, and industrial sectors, along with legal, corporate governance, capital markets and strategic advisory experience.
Third Quarter 2026 Results
Third Quarter 2026 Segment Highlights
Power Delivery
Clean Energy and Infrastructure
Pipeline Infrastructure
Communications
2026 Financial Guidance Update
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, distribution and large load electrical infrastructure 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.
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