MasTec, Inc. Q3 2026 Earnings Recap

MasTec’s shares rose 4.6% after Q3, as record revenue, EBITDA and EPS, a record $24.5 billion backlog, and upside in legacy Power Delivery performance highlighted broad demand. Management also pointed to new growth opportunities in gas generation, though more than $1 billion of projects with limited notice to proceed have yet to convert to backlog.

Key Takeaways

• Revenue was $5.152 billion, up 30% year over year; adjusted EBITDA rose 30% to $486 million, and adjusted EPS increased 19% to $2.96.
• Backlog reached a record $24.5 billion, up more than $7 billion year over year and $3 billion sequentially. Total-company book-to-bill was 1.6x, including 1.3x organically.
• Power Delivery revenue grew 65% and EBITDA 132%. Management said legacy Power Delivery revenue, EBITDA and margins were significantly ahead of its expectations; segment backlog rose more than $2.5 billion sequentially.
• Clean Energy and Infrastructure revenue increased 34% and EBITDA approximately 30%; backlog rose $500 million sequentially, for a 1.3x book-to-bill.
• Gas-generation demand has accelerated, but the more than $1 billion in projects with limited notice to proceed did not contribute to Q3 backlog and is expected to convert over the next few quarters.