MasTec, Inc. Earnings Recaps
Q2 2026
Aug 2, 2026
MasTec shares dropped 18.9% following the quarter as investors reacted negatively to cautious near-term outlook in the Communications segment, driven by expected revenue pressures from wireless slowdown and deferred wireline projects despite solid overall growth.
Key takeaways
- Total revenue rose 23% year over year to $4.37 billion, supported by strong performance across Power Delivery and Clean Energy segments.
- Adjusted EBITDA increased 40% to $384 million, with margins improving 100 basis points compared to prior year.
- Backlog reached a record $21.4 billion, including nearly $5 billion growth year over year and a $1 billion sequential organic increase.
- Communications segment experienced near-term headwinds due to lower second-half wireless revenues and delays in wireline project starts, dampening segment momentum.
- Power Delivery revenue grew nearly 20% YoY with a 22-basis-point sequential margin improvement and strong backlog growth of $1.3 billion.
Q1 2026
May 4, 2026
MasTec shares rose 8.0% following a first quarter that largely beat expectations across revenues, profitability, and backlog, supported by strong execution and expanding opportunities in AI-driven data centers, grid modernization, and energy infrastructure.
Key takeaways
- Revenue increased 34% year-over-year to $3.829 billion, with all major segments contributing to growth.
- Adjusted EBITDA rose 73% to $284 million, with margin expansion of 170 basis points compared to the prior year.
- Adjusted EPS surged 174% year-over-year to $1.39.
- Backlog set a new record at $20.3 billion, increasing $1.4 billion sequentially, reflecting strong book-to-bill ratios (1.4x company-wide).
- Segment highlights: Telecom driven by AI and data center demand; Power Delivery up 16% revenue and 40% EBITDA growth; Clean Energy and Infrastructure revenues up 45%, EBITDA +56%, and Pipeline revenue nearly doubled with EBITDA more than tripling.