MasTec Reports Third Quarter 2026 Results and Updates Full Year 2026 Financial Guidance
MASTEC INC (MTZ) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Contact: 800 S. Douglas Road, 12 th Floor Ati Modak, Investor Relations Coral Gables, Florida 33134 305-507-7304 Tel: 305-599-1800 ati.modak@mastec.com www.mastec.com MasTec Reports Third Quarter 2026 Results and Updates Full Year 2026 Financial Guidance Third Quarte
How this was made
The 30-second read
Why it matters
The company provided updated full-year guidance and explained that permitting-related access delays on certain pipeline projects impacted margins via underutilized crews and equipment, with construction now commencing and production ramping. It also noted communications customer deferrals in the second half of 2026 and expects margin improvements from operational streamlining to begin contributing in 2027.
Market read
Traders can reprice MTZ based on the updated full-year EPS ranges, record backlog, and the explicit near-term margin timing risk that shifts some revenue recognition into 2027.
What to watch
Communications segment weakness is material (revenue and EBITDA down year over year), and the filing attributes improved profitability to initiatives beginning in 2027, which could delay recovery expectations.
MasTec Reports Third Quarter 2026 Results and Updates Full Year 2026 Financial Guidance
Revenue, Adjusted EBITDA, operating cash flow and backlog posted substantial year-over-year growth, led by Power Delivery, but GAAP net income was nearly flat, GAAP diluted EPS declined, and Pipeline Infrastructure and Communications margins weakened.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30GAAP | $5.15B | – | 29.9 % |
| Operating income, three months ended September 30GAAP | $275M | – | 10.4 % |
| GAAP net income, three months ended September 30GAAP | $168M | – | 0.7 % |
| GAAP net income margin, three months ended September 30GAAP | 3.3 % | – | (90) bps |
| Net income attributable to MasTec, Inc., three months ended September 30GAAP | $150.6M | – | – |
| Adjusted net income, three months ended September 30non-GAAP | $253M | – | 26.0 % |
| Adjusted EBITDA, three months ended September 30non-GAAP | $486M | – | 30.2% |
| Adjusted EBITDA margin, three months ended September 30non-GAAP | 9.4 % | – | 0 bps |
| GAAP diluted earnings per share, three months ended September 30GAAP | $1.89 | – | (7.7)% |
| Adjusted diluted earnings per share, three months ended September 30non-GAAP | $2.96 | – | 19.3% |
| Cash provided by operating activities, three months ended September 30GAAP | $267M | – | 200.6 % |
| Free cash flow, three months ended September 30non-GAAP | $206M | – | 473.2 % |
| Estimated 18-month backlogother | $24.55B | $3.2 billion | 46.3 % |
| Revenue, nine months ended September 30GAAP | $13,354,691 | – | – |
| Operating income, nine months ended September 30GAAP | $643.5M | – | – |
| Net income, nine months ended September 30GAAP | $383.1M | – | – |
| Diluted earnings per share, nine months ended September 30GAAP | $4.32 | – | – |
| Adjusted EBITDA, nine months ended September 30non-GAAP | $1,154.3 | – | – |
| Adjusted diluted earnings per share, nine months ended September 30non-GAAP | $6.57 | – | – |
| Net cash provided by operating activities, nine months ended September 30GAAP | $387.8M | – | – |
| Free cash flow, nine months ended September 30non-GAAP | $158.5M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Power DeliveryStrong Power Delivery results were driven by both legacy operations and Superior, with both groups exceeding revenue and EBITDA guidance for the quarter. | $1,835.2 | – | 65.2 % |
| Clean Energy and Infrastructure | $1,825.9 | – | 33.9 % |
| Pipeline InfrastructurePermitting related access delays on certain Pipeline projects impacted margins as crews and equipment were underutilized. Construction has now commenced, and the Company is ramping production. | $724.1 | – | 21.1 % |
| CommunicationsCertain customers deferred spending in the second half of 2026, impacting full-year revenue expectations. | $806.9 | – | (11.8) % |
Full Year 2026E outlook
- Revenue$18,300
- NoteGAAP net income: $498 - 524
- NoteAdjusted net income: $755 - 785
- NoteAdjusted EBITDA: $1,565 - 1,600
- NoteAdjusted EBITDA margin: 8.6% - 8.7%
- NoteGAAP diluted earnings per share: $5.69 - 6.01
- NoteAdjusted diluted earnings per share: $8.92 - 9.30
- NoteInterest expense, net: 214
- NoteProvision for income taxes: 159 - 167
- NoteDepreciation: 358
- NoteAmortization of intangible assets: 236
- NoteRestructuring charges: 14 - 16
What drove it
- Power Delivery revenue was $1,835.2 and segment EBITDA was $241.5, with EBITDA margin of 13.2 %.
- Clean Energy and Infrastructure revenue was $1,825.9 and segment EBITDA was $149.3.
- Estimated 18-month backlog was $24,546 million, including Power Delivery backlog of $8,913 million and Clean Energy and Infrastructure backlog of $8,315 million.
- In July, MasTec acquired all of the equity interests of The Superior Group, which is included within the Power Delivery segment.
- MasTec expects to generate over $1 billion in operating cash flow for 2026.
Concerns
- GAAP net income margin was 3.3 % versus 4.2 % in the prior-year quarter.
- GAAP diluted earnings per share was $1.89 versus $2.04 in the prior-year quarter.
- Pipeline Infrastructure EBITDA was $75.1 versus $92.0, and EBITDA margin was 10.4 % versus 15.4 %.
- Communications revenue was $806.9 versus $914.6, EBITDA was $54.0 versus $103.0, and EBITDA margin was 6.7 % versus 11.3 %.
- The full-year guidance range reflects the potential impact of delayed Pipeline project starts on labor and equipment utilization.
What to watch
- Pipeline project production ramp and the timing of margin recognition in 2026 and 2027.
- Communications restructuring, procurement and support-model initiatives expected to begin contributing to improved profitability in 2027.
- Conversion of the $24,546 million estimated 18-month backlog into revenue.
- Integration and operating contribution of Superior.
- Leverage following the Superior acquisition and financing transactions.
Balance sheet and cash flow
- Cash and cash equivalents at September 30, 2026: $481,816
- Total debt at September 30, 2026: $4,168.5
- Net debt at September 30, 2026: $3,686.7
- Long-term debt, including finance leases, at September 30, 2026: $3,987,761
- Total assets at September 30, 2026: $14,137,089
- Total liabilities at September 30, 2026: $9,937,724
- Total equity at September 30, 2026: $4,199,365
- Capital expenditures, nine months ended September 30, 2026: $(275.7)
- Proceeds from sales of property and equipment, nine months ended September 30, 2026: $46.4
- Net cash used in investing activities, nine months ended September 30, 2026: $(1,855,836)
- Net cash provided by financing activities, nine months ended September 30, 2026: $1,554,189
- Cash and cash equivalents, end of period, nine months ended September 30, 2026: $481,816
Analysis
MasTec reported a record third quarter, with revenue of $5,152 million, up 29.9 %, and Adjusted EBITDA of $486 million, up 30.2%. Adjusted EBITDA margin held at 9.4 %. Operating income increased 10.4 % to $275 million, but GAAP net income increased only 0.7 % to $168 million and GAAP net income margin declined to 3.3 % from 4.2 %. GAAP diluted earnings per share fell 7.7 % to $1.89, while Adjusted diluted earnings per share increased 19.3 % to $2.96.
Power Delivery was the principal growth engine. Revenue increased 65.2 % to $1,835.2 and EBITDA increased 131.6 % to $241.5, while EBITDA margin expanded 380 bps to 13.2 %. Clean Energy and Infrastructure revenue rose 33.9 % to $1,825.9, although its EBITDA margin declined 30 bps to 8.2 %. The acquisition of Superior was included in Power Delivery and management attributed Power Delivery strength to both legacy operations and Superior.
Pipeline Infrastructure and Communications were the principal offsets. Pipeline Infrastructure revenue rose 21.1 % to $724.1, but EBITDA declined 18.4 % to $75.1 and margin declined 500 bps to 10.4 % because permitting-related access delays left crews and equipment underutilized. Communications revenue declined 11.8 % to $806.9, EBITDA declined 47.6 % to $54.0, and margin declined 460 bps to 6.7 % amid customer spending deferrals. MasTec is streamlining Communications operations, procurement strategies and support models and expects these actions to begin contributing to improved profitability in 2027.
Backlog strengthened materially, reaching $24,546 million of estimated 18-month backlog, up 46.3 % year over year and $3.2 billion from the prior quarter. Power Delivery backlog was $8,913 million, Clean Energy and Infrastructure backlog was $8,315 million, Pipeline Infrastructure backlog was $2,265 million, and Communications backlog was $5,053 million. Nine-month operating cash flow was $387.8 and free cash flow was $158.5. At September 30, 2026, total debt was $4,168.5 and net debt was $3,686.7 following acquisition financing and debt issuance activity.
Full-year 2026 revenue guidance is $18,300, with Adjusted EBITDA guidance of $1,565 - 1,600 and Adjusted EBITDA margin guidance of 8.6% - 8.7%. GAAP diluted earnings per share guidance is $5.69 - 6.01 and Adjusted diluted earnings per share guidance is $8.92 - 9.30. Management stated that delayed Pipeline project starts may affect labor and equipment utilization and near-term margin recognition, while revenue and earnings not recognized in 2026 as a result of timing are expected to shift into 2027.
Management, verbatim
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. Strength in Power Delivery was driven by both legacy operations and Superior, with both groups exceeding revenue and EBITDA guidance for the quarter.
Jose Mas, Chief Executive Officer
As we noted throughout the third quarter, permitting related access delays on certain Pipeline projects impacted margins, as crews and equipment were underutilized. Construction has now commenced, and we are ramping production.
Jose Mas, Chief Executive Officer
We are updating our full-year guidance, introducing a range that results in Adjusted EBITDA change of ~1% at the midpoint versus our previous guidance. The range reflects the potential impact of delayed Pipeline project starts on labor and equipment utilization.
Paul DiMarco, Executive Vice President and Chief Financial Officer
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so comparison of actual results with prior guidance is unavailable.
- Gross profit and gross margin were not reported.
- Operating-expense guidance was not reported.
- Tax-rate guidance was not reported.
- Share repurchases were not reported.
- Dividend declarations or payments were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
MasTec furnished its Q3 2026 results and provided an updated full-year 2026 financial guidance range in an SEC 8-K.
Ticker impact
MasTec updated full-year 2026 diluted EPS guidance to $5.69-$6.01 and adjusted diluted EPS to $8.92-$9.30, citing pipeline start delays and margin timing.
Likely two-sided reaction, with initial support from higher full-year EPS ranges and record backlog, offset by concerns about delayed pipeline project starts pressuring near-term margins.
The filing provides explicit updated EPS ranges and explains the key offsetting risk as delayed pipeline project starts affecting labor and equipment utilization and shifting revenue recognition into 2027.
Market effects
Signals continued strength in utility and large-load infrastructure demand, while highlighting execution and permitting-related margin volatility in pipeline projects.
No specific regional macro linkage beyond US infrastructure execution and permitting dynamics.
Limited direct global read-through; primarily US infrastructure capex and telecom upgrade demand.
Counterpoint
The guidance range explicitly reflects margin pressure from delayed pipeline starts, so the market may focus more on 2027 shift risk than on the higher full-year EPS midpoint.
Key entities
- companyMasTec, Inc.
Reported Q3 2026 results and updated full-year 2026 financial guidance, citing segment performance and pipeline permitting-related margin timing.
- executiveJose Mas
CEO statement attributing strength to Power Delivery and discussing pipeline permitting delays and communications spending deferrals.
- executivePaul DiMarco
CFO statement updating full-year guidance and describing near-term margin recognition risk from delayed pipeline project starts.
