Earnings Releases·Oct 29, 2026, 4:49 PM ET

MasTec — Third Quarter 2026 Earnings Summary

Q3 2026 revenue reached a record $5.2 billion (+30% YoY), while Adjusted EBITDA hit a record $486.4 million (+30.2% YoY); however, GAAP net income rose only 0.7% YoY to $167.7 million with a compressed 3.3% margin, and diluted EPS declined 7.7% YoY to $1.89.
Management raised full-year 2026 guidance to $18.3 billion in revenue, $498–$524 million in GAAP net income, and $1.565–$1.6 billion in Adjusted EBITDA, citing strong Power Delivery performance offset by project timing delays shifting revenue to 2027.
Total debt increased to $4.17 billion from $2.33 billion as of year-end 2025, driven by the July acquisition of The Superior Group and an August $650 million senior unsecured note issuance, while 18-month backlog grew 46.3% YoY to a record $24.5 billion.
Segment performance was mixed: Power Delivery revenue surged 65.2% YoY, Clean Energy rose 33.9%, Pipeline Infrastructure grew 21.1% despite margin compression from permitting delays, and Communications revenue fell 11.8% YoY due to customer spending deferrals.