MasTec, Inc.

What they do

MasTec builds, installs, maintains and upgrades communications, energy and utility infrastructure, including wireless and wireline/fiber networks, power transmission and distribution, renewable and other power generation, pipelines, heavy civil and industrial work, and environmental remediation. Work is largely performed under multi-year master service agreements, with the remainder under project-specific contracts. As of December 31, 2025, the company had approximately 36,000 employees and 810 locations, and it operates through five segments: Communications; Clean Energy and Infrastructure; Power Delivery; Pipeline Infrastructure; and Other.

Revenue drivers

• Clean Energy and Infrastructure — Second quarter 2026 revenue of $1,622.1 million, up 43.4% year over year, the largest segment, covering power generation primarily from clean and renewable sources, battery storage, heavy civil and industrial infrastructure, and environmental remediation.
• Power Delivery — Second quarter 2026 revenue of $1,245.8 million, up 19.2%, covering engineering, construction and maintenance of transmission and distribution, substations, grid modernization, emergency restoration and environmental planning.
• Communications — Second quarter 2026 revenue of $888.9 million, up 6.2%, covering wireless and wireline/fiber networks, data center buildout and interconnection, wireless integration and optimization, and install-to-the-home services.
• Pipeline Infrastructure — Second quarter 2026 revenue of $642.8 million, up 19.1%, with the highest segment EBITDA margin at 18.4%, covering natural gas, water and carbon capture sequestration pipelines and pipeline integrity services.

Recent performance

Second quarter 2026 revenue was a quarterly record $4,373.6 million, up 23.4% from $3,544.7 million a year earlier, with broad-based growth led by Clean Energy and Infrastructure. GAAP net income attributable to MasTec was $130.1 million, or $1.65 diluted EPS, versus $85.8 million and $1.09; adjusted diluted EPS was $2.22. Adjusted EBITDA was $384.2 million, up 39.8%, and adjusted EBITDA margin expanded 100 basis points to 8.8%. Operating income rose 43.1% to $226.2 million. For the first six months of 2026, revenue was $8,202.4 million and net income attributable to MasTec was $191.0 million.

Strategy

MasTec states it seeks to grow and diversify organically and through acquisitions, a transformation begun in 2021 to focus on the transition to low-carbon energy sources. In July 2026 it closed the acquisition of The Superior Group, a full-service electrical contractor with approximately 3,000 team members focused on data center infrastructure as well as healthcare, entertainment and industrial end markets. In the first quarter of 2025 the company moved a utility operations component from Communications to Power Delivery to better align segments with end markets. Management cites 18-month backlog of $21.4 billion and describes a diversified operating model intended to support its three-year financial objectives. The company operates through five reportable segments, with results restated on a comparable basis.

Risks

• Tariffs and trade policy — Tariffs and retaliatory trade actions have raised costs of imported construction materials including steel, concrete, copper and solar panels, and significant uncertainty remains about existing and newly announced tariffs.
• Clean energy tax credit phaseout — OBBBA accelerates the phaseout of certain IRA clean electricity investment and production credits, which will no longer be available for solar and wind projects placed in service after December 31, 2027 unless construction begins on or before July 4, 2026 under a grandfathering rule.
• Regulatory and permitting risk — Communications customers are regulated by the FCC, energy customers by FERC and utility customers by state public utility commissions, and changes in regulation, permitting or government funding could reduce demand or delay or cancel projects.
• Economic and cost conditions — The company cites interest rate levels, inflation in labor, materials and fuel costs, supply chain disruptions, and geopolitical events as factors that could delay projects or reduce future demand.

Outlook

Management updated full year 2026 diluted EPS guidance to $6.20, a 22% year-over-year increase, and raised adjusted diluted EPS guidance to $9.30, a 42% increase. The CEO cited 18-month backlog up $4.9 billion year over year, or 30%, and up $1.1 billion sequentially to a record $21.4 billion, with Clean Energy and Infrastructure backlog up 58%. The CFO said the Superior acquisition increases confidence in the company's ability to significantly exceed the three-year financial objectives provided at its recent Investor Day.