MasTec Third-Quarter Revenue Jumps 30% to Record; Backlog Reaches $24.5 Billion

MasTec's third-quarter revenue jumped 30% to a record $5.15 billion and its 18-month backlog swelled 46% to $24.5 billion, as demand for power delivery work drove results ahead of the infrastructure contractor's own expectations, according to the earnings release it filed with an 8-K on Thursday.

Adjusted earnings rose 19.3% to $2.96 a share from $2.48 a year earlier, and adjusted EBITDA climbed 30.2% to $486 million, a 9.4% margin. On a reported basis, diluted earnings fell 7.7% to $1.89 a share from $2.04, and net income attributable to MasTec slipped to $150.6 million from $160.7 million.

"We are pleased with our third-quarter performance, as both revenue and Adjusted EBITDA were ahead of our expectations, driven by strong Power Delivery results," CEO Jose Mas said in the release.

Power Delivery carries the quarter

Power Delivery revenue rose 65.2% to $1.84 billion, and the segment's adjusted EBITDA more than doubled, up 131.6% to $241.5 million, for a 13.2% margin. Its backlog grew 74% from a year earlier.

Clean Energy and Infrastructure revenue rose 33.9% to $1.83 billion, with adjusted EBITDA of $149.3 million.

The other two segments were weaker. Pipeline revenue rose 21.1% to $724.1 million, but adjusted EBITDA fell 18.4% to $75.1 million and the margin narrowed to 10.4% from 15.4%, which the company attributed to permitting and access delays. Pipeline backlog rose about 26% from the second quarter.

Communications revenue fell 11.8% to $806.9 million, and adjusted EBITDA dropped 47.6% to $54.0 million. Mas said certain customers deferred spending in the second half of 2026, and that MasTec is streamlining the business, including exiting underperforming markets, with those steps expected to begin improving profitability in 2027.

Backlog and cash

The $24.5 billion backlog was up $3.2 billion from the end of the second quarter. Operating cash flow rose to $267 million from $89 million, and free cash flow increased to $206 million from $36 million.

During the quarter, MasTec acquired The Superior Group in July and a pipeline company in August. It also increased its revolving credit facility to $2.25 billion, entered into a new $700 million term loan used to help pay for Superior, and sold $650 million of 5.850% senior notes due 2036. The board added two directors, Manny Miranda and Alex Spiro.

Updated outlook

MasTec now expects 2026 revenue of about $18.3 billion, adjusted EBITDA of $1.565 billion to $1.60 billion and adjusted earnings of $8.92 to $9.30 a share, which it said would be a 39% year-over-year increase at the midpoint. It forecast GAAP earnings of $5.69 to $6.01 a share and operating cash flow of more than $1 billion.

Chief Financial Officer Paul DiMarco said the new range results in an adjusted EBITDA change of about 1% at the midpoint compared with the company's previous guidance.

The company will hold a conference call at 9 a.m. ET on Friday.

Sources

1. MasTec Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0000015615-26-000127)

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