MasTec, Inc. Q1 2026 Earnings Recap

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.