MasTec, Inc. Q2 2026 Earnings Recap

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.