MASTEC (MTZ) Company Report

MasTec reported strong Q3 2025 results, with revenue just shy of $4 billion, a 22% year-over-year increase, and adjusted EBITDA of $374 million, a 20% year-over-year increase. Adjusted earnings per share was $2.48.
The company achieved a record backlog of $16.8 billion at quarter-end, marking a 21% year-over-year increase and a sequential increase of approximately $325 million.
Segment performance was robust, with Communications revenue growing 33% year-over-year to $915 million, Clean Energy & Infrastructure revenue increasing 20% year-over-year to $1.4 billion, and Power Delivery revenue growing 17% year-over-year.
MasTec updated its 2025 adjusted EPS forecast to $6.40, a 62% increase over 2024, and anticipates cash flow from operations between $700 million and $750 million for the year.
For 2026, the company is comfortable with consensus estimates projecting 10% revenue growth, 20% EBITDA growth, and EPS north of $8 per share.

Oct 31, 2025, 1:00 PM

Transcript

MasTec Reports Q3 2025 Results and Issues Full-Year 2025 Guidance

MTZ

Earnings

Guidance Update

For Q3 2025, MasTec reported adjusted diluted earnings per share of $2.48 and Adjusted EBITDA of $373.5 million.
The company provided full-year 2025 guidance, projecting adjusted diluted earnings per share of $6.40 and Adjusted EBITDA of $1,135 million.
As of September 30, 2025, MasTec's leverage ratio was 2.0x.

Oct 31, 2025, 1:00 PM

Presentation

MasTec Reports Record Q3 2025 Results and Updates Full Year 2025 Guidance

MTZ

Earnings

Guidance Update

Revenue Acceleration/Inflection

MasTec reported record quarterly revenue of $4.0 billion in Q3 2025, marking a 22% year-over-year increase with double-digit growth from all segments.
For Q3 2025, Diluted EPS increased by 69% to $2.04 and Adjusted Diluted EPS rose by 48% to $2.48, both exceeding guidance expectations.
The company achieved record GAAP Net Income of $166.5 million and Adjusted EBITDA of $373.5 million in Q3 2025, representing year-over-year increases of 58% and 20%, respectively.
MasTec's 18-month backlog reached a record $16.8 billion as of September 30, 2025, up 21% year-over-year.
The company updated its full-year 2025 guidance, projecting Diluted EPS of $4.80 (a 133% year-over-year increase) and Adjusted Diluted EPS of $6.40 (a 62% year-over-year increase).

Oct 30, 2025, 8:27 PM

8-K

MasTec Reports Strong Third Quarter 2025 Results and Updates Full-Year Guidance

MTZ

Earnings

Guidance Update

Revenue Acceleration/Inflection

MasTec reported record quarterly revenue of $4.0 billion for Q3 2025, marking a 22% increase year-over-year, with all segments contributing double-digit growth.
Diluted EPS for Q3 2025 was $2.04, a 69% increase year-over-year, and Adjusted Diluted EPS was $2.48, up 48% year-over-year, both exceeding guidance expectations.
The company's 18-month backlog reached a record $16.8 billion as of September 30, 2025, representing a 21% year-over-year increase.
MasTec updated its full-year 2025 guidance, projecting Diluted EPS of $4.80 (a 133% year-over-year increase) and Adjusted Diluted EPS of $6.40 (a 62% year-over-year increase). The company also anticipates 14% revenue growth and 13% Adjusted EBITDA growth for the full year 2025.

Oct 30, 2025, 8:05 PM

Press Release

MasTec Discusses Strong Demand and Margin Expansion at Morgan Stanley Conference

MTZ

New Projects/Investments

Revenue Acceleration/Inflection

Guidance Update

MasTec, an infrastructure construction firm, is experiencing strong multi-year demand drivers across its four main segments: power delivery, clean energy and infrastructure, pipeline infrastructure, and communications. This growth is significantly influenced by macro trends such as data center build-out and electrification.
The company is focused on operational efficiency and productivity to drive margin expansion. For the power delivery segment, MasTec is forecasting high single-digit EBITDA margins for this year and aims to achieve double-digit EBITDA margins in the near term.
MasTec is strategically shifting towards framework agreements for large project activities, which provide enhanced predictability and deeper collaboration with clients, complementing its existing Master Service Agreement (MSA) arrangements.
To support its growth trajectory and meet top-line expectations, MasTec is making significant investments in its workforce, including operating over 30 training centers and partnering with community colleges to upskill employees.

Sep 10, 2025, 10:20 PM

Transcript

MasTec Discusses Strong Demand and Margin Expansion Goals

MTZ

Guidance Update

New Projects/Investments

M&A

MasTec anticipates strong multi-year demand across all four of its main segments: power delivery, clean energy and infrastructure, pipeline infrastructure, and communications.
The company aims to achieve double-digit EBITDA margins in its power delivery segment in the near term, an increase from high single digits forecasted for the current year.
Future growth in the communications segment is expected primarily from wireline and the BEAD program, with the latter anticipated to impact the business starting in 2026.
MasTec is observing a potential longer upcycle in the pipeline infrastructure segment and has a healthy backlog for 2026 in clean energy, having been fully booked for 2025.
The company's strategic focus is on execution and margin expansion through operational efficiency and a shift towards framework agreements for large projects, while prioritizing selective M&A for value creation.

Sep 10, 2025, 10:20 PM

Transcript

MasTec Reports Strong Q2 2025 Results and Raises Full-Year Guidance

MTZ

Earnings

Guidance Update

New Projects/Investments

MasTec reported record second quarter 2025 revenue of $3.54 billion, marking a 20% year-over-year growth and a 25% sequential increase from the first quarter, while adjusted EBITDA of $275 million met forecasts.
The company exceeded its EPS guidance for Q2 2025 and is increasing its full-year 2025 revenue guidance to a range of $13.9 billion to $14.0 billion. Adjusted EPS guidance was also raised to a midpoint of $6.34 per share, representing a 60% year-over-year increase.
Total company backlog reached a new record level of $16.45 billion at quarter-end, an increase of 23% year-over-year and 4% sequentially. The non-pipeline business improved EBITDA by 42% year-over-year and revenue by 26%.
MasTec added nearly 4,000 new team members in Q2 2025, a 10% increase in its workforce, to scale for anticipated demand in 2026 and beyond, particularly in the pipeline segment. The company expects to end 2025 at record levels of backlog.

Aug 1, 2025, 6:05 PM

MasTec Enters New Term Loan Agreement

MTZ

Debt Issuance

Financial Covenants

MasTec, Inc. and MasTec North America, Inc. entered into a Term Loan Agreement as of June 26, 2025, with Bank of America, N.A. as Administrative Agent, which amends and restates an existing credit agreement.
The agreement includes a financial covenant limiting the Consolidated Leverage Ratio to 3.50 to 1.00 as of the end of any fiscal quarter, commencing June 30, 2025.
This leverage ratio can be temporarily increased to 4.00 to 1.00 for up to five fiscal quarters (an "Elevated Ratio Period") if a Permitted Acquisition with aggregate consideration exceeding $200,000,000 occurs.
The unaudited consolidated financial statements for the fiscal quarter ended March 31, 2025, were prepared in accordance with GAAP and fairly present the company's financial condition and results, with no event since December 31, 2024, expected to have a Material Adverse Effect.

Jun 27, 2025, 12:00 AM

8-K

MasTec CFO Discusses Strong Demand Across Renewables, Pipeline, and Power Delivery Segments

MTZ

New Projects/Investments

Guidance Update

Share Buyback

MasTec's Renewables business is experiencing steady customer activity with projects extending into 2027, driven by strong underlying demand and improved execution, with expectations for further margin expansion.
The Pipeline business anticipates a multiyear demand opportunity, with 2025 revenue expected at $1.9 billion and 2026 revenue projected to reach 2024 levels of $2.1 billion, targeting high double-digit margins.
MasTec is actively building capacity in its Power Delivery segment, tracking a consistent cadence of projects through at least 2028, expecting multiple large transmission projects annually.
The company is expanding its service offerings for data centers, providing a comprehensive suite of services from site preparation to utility interconnectivity, identifying this as a key growth driver.
MasTec's balance sheet provides full flexibility for strategic capital allocation, prioritizing organic growth, followed by complementary M&A, and opportunistic share buybacks when the stock is discounted, as executed in March and April.

Jun 24, 2025, 9:05 PM

MasTec Q1 2025 Results, Guidance Raised & Leadership Update

MTZ

Earnings

Guidance Update

Share Buyback

Revenue Acceleration/Inflection

Achieved $2.8B in Q1 2025 revenue, up 6% YoY driven by strong non-pipeline performance, despite a decline in Pipeline Infrastructure due to a major contract close-out .
Raised full-year 2025 guidance to $13.65B in revenue, with Adjusted EBITDA forecast between $1.12B and $1.16B and improved EPS expectations; executed $77M in share repurchases with an additional $250M authorization .
Reported Adjusted diluted EPS of $0.51, outperforming expectations by $0.17, alongside GAAP diluted EPS of $0.13 and GAAP net income of $12.3M .
Delivered robust operating results with Adjusted EBITDA of $163.7M (up 7% YoY) and non-pipeline EBITDA growth of 60% YoY .
Maintained an 18-month backlog of $15.9B, up 24% YoY, underscoring strong future project demand .
Announced a leadership transition, thanking outgoing leader Marc and welcoming his successor Chris .

May 1, 2025, 8:15 PM

Transcript Presentation 8-K Press Release

Earnings Transcripts

Quarterly earnings call transcripts for MASTEC.

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