MasTec Reports Record Q3 2026 Revenue of $5.2B and Updates Full-Year Guidance

MasTec, Inc. (NYSE: MTZ) Q3 2026 Earnings & Operational Review

Executive Summary

MasTec, Inc. filed a Form 8-K announcing record financial results for the third quarter ended September 30, 2026, alongside an update to its full-year 2026 financial guidance. Revenue expanded 29.9% year-over-year to $5.15 billion, and Adjusted EBITDA rose 30.2% to $486.4 million. Consolidated 18-month backlog reached a new all-time high of $24.55 billion, up 46.3% compared to the prior-year period.

Key Financial Metrics

• Revenue: $5,152 million vs. $3,967 million in Q3 2025 (+29.9% YoY).
• Operating Income: $275 million vs. $250 million in Q3 2025 (+10.4% YoY).
• GAAP Net Income: $168 million ($167.7 million) vs. $166 million in Q3 2025 (+0.7% YoY).
• Adjusted Net Income: $253 million vs. $201 million in Q3 2025 (+26.0% YoY).
• Diluted EPS: GAAP EPS was $1.89 (down 7.7% YoY), while Adjusted Diluted EPS grew 19.3% YoY to $2.96.
• Adjusted EBITDA: $486 million ($486.4 million), delivering a 9.4% Adjusted EBITDA margin.
• Cash Flow: Cash provided by operating activities totaled $267 million (up 200.6% YoY); Free Cash Flow surged 473.2% to $206 million.
• Backlog: 18-month backlog stood at $24.55 billion, up $7.8 billion (+46.3%) YoY and $3.2 billion sequentially.

Segment Performance

• Power Delivery:
  • Revenue increased 65.2% to $1,835.2 million, driven by organic growth and the acquisition of The Superior Group.
  • EBITDA rose 131.6% to $241.5 million, with margins expanding 380 basis points to 13.2%.
• Clean Energy and Infrastructure:
  • Revenue grew 33.9% to $1,825.9 million.
  • EBITDA grew 29.3% to $149.3 million, with margins remaining solid at 8.2%.
• Pipeline Infrastructure:
  • Revenue increased 21.1% to $724.1 million.
  • EBITDA contracted 18.4% to $75.1 million (10.4% margin) due to permitting delays affecting crew and equipment utilization.

Full-Year 2026 Guidance

• GAAP Diluted EPS: Updated to a range of $5.69 to $6.01 per share (+15% YoY at midpoint).
• Adjusted Diluted EPS: Updated to a range of $8.92 to $9.30 per share (+39% YoY at midpoint).
• Operating Cash Flow: Expected to exceed $1.0 billion for FY 2026.

Strategic Capital & Balance Sheet Moves

• Completed the acquisition of The Superior Group (large load electrical infrastructure) and an additional pipeline infrastructure specialist.
• Expanded senior credit facility revolver commitments to $2.25 billion, drew a new $700 million delayed draw term loan, and issued $650 million in 5.850% senior notes due 2036.
• Appointed Manny Miranda and Alex Spiro to the Board of Directors.