Second Quarter 2026
Filed Jul 30, 2026MasTec reported record second-quarter revenue, GAAP net income, adjusted EBITDA and diluted EPS, while updating full-year 2026 financial guidance.
Revenue increased 23.4%, GAAP net income increased 61.7%, adjusted EBITDA increased 39.8%, and estimated 18-month backlog increased 30.0% year-over-year. Full-year 2026 guidance calls for $18,200 million of revenue, $1,600 million of adjusted EBITDA and $9.30 of adjusted diluted earnings per share.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended June 30, 2026GAAP | $4,374 million | – | 23.4 % |
| Costs of revenue, excluding depreciation and amortization, three months ended June 30, 2026GAAP | $3,817,270 thousand | – | – |
| Depreciation, three months ended June 30, 2026GAAP | $86,096 thousand | – | – |
| Amortization of intangible assets, three months ended June 30, 2026GAAP | $37,516 thousand | – | – |
| General and administrative expenses, three months ended June 30, 2026GAAP | $206,470 thousand | – | – |
| Operating income, three months ended June 30, 2026GAAP | $226 million | – | 43.1 % |
| Interest expense, net, three months ended June 30, 2026GAAP | $47,166 thousand | – | – |
| Equity in earnings of unconsolidated affiliates, net, three months ended June 30, 2026GAAP | $(10,285) thousand | – | – |
| Other (income) expense, net, three months ended June 30, 2026GAAP | $(4,412) thousand | – | – |
| Income before income taxes, three months ended June 30, 2026GAAP | $193,733 thousand | – | – |
| Provision for income taxes, three months ended June 30, 2026GAAP | $(47,995) thousand | – | – |
| GAAP net income, three months ended June 30, 2026GAAP | $146 million | – | 61.7 % |
| Net income attributable to non-controlling interests, three months ended June 30, 2026GAAP | $15,621 thousand | – | – |
| Net income attributable to MasTec, Inc., three months ended June 30, 2026GAAP | $130,117 thousand | – | – |
| GAAP net income margin, three months ended June 30, 2026GAAP | 3.3 % | – | 80 bps |
| Adjusted net income, three months ended June 30, 2026non-GAAP | $191 million | – | 57.0 % |
| EBITDA, three months ended June 30, 2026non-GAAP | $364.5 million | – | – |
| Adjusted EBITDA, three months ended June 30, 2026non-GAAP | $384.2 million | – | 39.8% |
| Adjusted EBITDA margin, three months ended June 30, 2026non-GAAP | 8.8 % | – | 100 bps |
| GAAP basic earnings per share, three months ended June 30, 2026GAAP | $1.67 | – | – |
| Basic weighted average common shares outstanding, three months ended June 30, 2026GAAP | 78,078 thousand | – | – |
| GAAP diluted earnings per share, three months ended June 30, 2026GAAP | $1.65 | – | 51.0% |
| Diluted weighted average common shares outstanding, three months ended June 30, 2026GAAP | 78,870 thousand | – | – |
| Adjusted diluted earnings per share, three months ended June 30, 2026non-GAAP | $2.22 | – | 48.8% |
| Cash provided by operating activities, three months ended June 30, 2026GAAP | $21 million | – | 280.2 % |
| Free cash flow, three months ended June 30, 2026non-GAAP | $(59) million | – | (31.1) % |
| Estimated 18-month backlog, June 30, 2026other | $21,391 million | $1.1 billion | 30.0 % |
| Revenue, six months ended June 30, 2026GAAP | $8,202,355 thousand | – | – |
| Operating income, six months ended June 30, 2026GAAP | $368,004 thousand | – | – |
| Net income, six months ended June 30, 2026GAAP | $215,401 thousand | – | – |
| GAAP diluted earnings per share, six months ended June 30, 2026GAAP | $2.42 | – | – |
| Adjusted EBITDA, six months ended June 30, 2026non-GAAP | $667.9 million | – | – |
| Adjusted EBITDA margin, six months ended June 30, 2026non-GAAP | 8.1 % | – | – |
| Net cash provided by operating activities, six months ended June 30, 2026GAAP | $120,322 thousand | – | – |
| Net cash used in investing activities, six months ended June 30, 2026GAAP | $(425,908) thousand | – | – |
| Net cash provided by financing activities, six months ended June 30, 2026GAAP | $225,318 thousand | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| CommunicationsEBITDA was $73.1 million versus $82.6 million, and EBITDA margin was 8.2 % versus 9.9 %. | $888.9 million | – | 6.2 % |
| Clean Energy and InfrastructureEBITDA was $128.2 million versus $83.3 million, and EBITDA margin was 7.9 % versus 7.4 %. The company cited significant 58% year-over-year backlog growth in Clean Energy and Infrastructure. | $1,622.1 million | – | 43.4 % |
| Power DeliveryEBITDA was $113.0 million versus $91.3 million, and EBITDA margin was 9.1 % versus 8.7 %. | $1,245.8 million | – | 19.2 % |
| Pipeline InfrastructureEBITDA was $118.5 million versus $62.1 million, and EBITDA margin was 18.4 % versus 11.5 %. | $642.8 million | – | 19.1 % |
3Q'26E and Full Year 2026E outlook
- Revenue3Q'26E: $4,930 million; Full Year 2026E: $18,200 million
- NoteGAAP net income: 3Q'26E: $176 million; Full Year 2026E: $539 million
- NoteAdjusted net income: 3Q'26E: $252 million; Full Year 2026E: $785 million
- NoteAdjusted EBITDA: 3Q'26E: $482 million; Full Year 2026E: $1,600 million
- NoteAdjusted EBITDA margin: 3Q'26E: 9.8%; Full Year 2026E: 8.8%
- NoteGAAP diluted earnings per share: 3Q'26E: $2.03; Full Year 2026E: $6.20
- NoteAdjusted diluted earnings per share: 3Q'26E: $2.98; Full Year 2026E: $9.30
What drove it
- Revenue growth was broad-based, according to the CEO.
- Clean Energy and Infrastructure revenue increased 43.4 % year-over-year and backlog growth in that segment was cited as 58% year-over-year.
- Pipeline Infrastructure EBITDA increased 91.0 % year-over-year and EBITDA margin increased 690 bps.
- The company closed the acquisition of The Superior Group last week. Superior has approximately 3,000 team members and serves data center infrastructure, healthcare, entertainment and industrial end markets.
- Adjusted EBITDA margin increased 100 bps year-over-year to 8.8 %.
Concerns
- Communications EBITDA declined (11.6) % year-over-year and EBITDA margin declined (170) bps to 8.2 %.
- Second-quarter free cash flow was $(59) million, compared with $(45) million in the prior-year quarter.
- Long-term debt, including finance leases, was $2,573,839 thousand at June 30, 2026, compared with $2,176,372 thousand at December 31, 2025.
- Net cash used in investing activities for the six months ended June 30, 2026 was $(425,908) thousand, compared with $(86,653) thousand in the prior-year period.
What to watch
- Execution against 3Q'26E revenue guidance of $4,930 million and adjusted EBITDA margin guidance of 9.8%.
- Conversion of the $21,391 million estimated 18-month backlog into revenue.
- The contribution from The Superior Group acquisition and its integration into MasTec's service offerings.
- Whether Communications profitability recovers from the reported EBITDA and margin declines.
Balance sheet and cash flow
- Cash and cash equivalents at June 30, 2026: $315,641 thousand; cash and cash equivalents at December 31, 2025: $396,030 thousand.
- Long-term debt, including finance leases, at June 30, 2026: $2,573,839 thousand; at December 31, 2025: $2,176,372 thousand.
- Total assets at June 30, 2026: $10,925,494 thousand; at December 31, 2025: $9,923,542 thousand.
- Total liabilities at June 30, 2026: $7,325,511 thousand; at December 31, 2025: $6,589,021 thousand.
- Total equity at June 30, 2026: $3,599,983 thousand; at December 31, 2025: $3,334,521 thousand.
- Net decrease in cash and cash equivalents for the six months ended June 30, 2026: $(80,389) thousand; prior year: $(208,851) thousand.
- Estimated 18-month backlog at June 30, 2026: Communications $5,461 million; Clean Energy and Infrastructure $7,791 million; Power Delivery $6,347 million; Pipeline Infrastructure $1,792 million.
Analysis
MasTec delivered a record second quarter, with revenue of $4,374 million increasing 23.4 % year-over-year. Operating income increased 43.1 % to $226 million, while GAAP net income increased 61.7 % to $146 million. GAAP diluted earnings per share increased 51.0% to $1.65, and adjusted diluted earnings per share increased 48.8% to $2.22.
The result showed broad growth across the operating segments. Clean Energy and Infrastructure generated $1,622.1 million of revenue, up 43.4 %, while Power Delivery revenue increased 19.2 % and Pipeline Infrastructure revenue increased 19.1 %. Pipeline Infrastructure had the largest profitability improvement, with EBITDA increasing 91.0 % and margin increasing 690 bps. Communications revenue grew 6.2 %, but segment EBITDA declined (11.6) % and margin declined (170) bps.
Consolidated adjusted EBITDA increased 39.8% to $384.2 million, and the adjusted EBITDA margin increased 100 bps to 8.8 %. Backlog reached $21,391 million, up 30.0 % year-over-year and $1.1 billion from the prior quarter. Clean Energy and Infrastructure backlog was $7,791 million, the largest reported segment backlog, while Power Delivery backlog was $6,347 million.
Cash generation was mixed. Cash provided by operating activities was $21 million in the second quarter, but free cash flow was $(59) million. For the six months ended June 30, 2026, net cash used in investing activities was $(425,908) thousand and long-term debt, including finance leases, increased to $2,573,839 thousand at June 30, 2026 from $2,176,372 thousand at December 31, 2025. The company also reported closing the acquisition of The Superior Group last week.
The updated outlook calls for third-quarter revenue of $4,930 million, adjusted EBITDA of $482 million and adjusted EBITDA margin of 9.8%. Full-year 2026 guidance calls for revenue of $18,200 million, GAAP diluted earnings per share of $6.20, adjusted EBITDA of $1,600 million and adjusted diluted earnings per share of $9.30. The release states that full-year GAAP diluted earnings per share guidance represents a 22% year-over-year increase and adjusted diluted earnings per share guidance represents a 42% year-over-year increase.
Management, verbatim
We once again reported a very strong quarter with excellent performance in revenue growth, margin expansion and backlog development. Strong year-over-year revenue growth of 23% was broad-based and solid execution drove margin expansion with our adjusted EBITDA margin improving 100 basis points. 18-month backlog was up $4.9 billion year-over-year, or 30%, and up $1.1 billion sequentially from the first quarter of this year to another record level.
Jose R. Mas, CEO
Our second quarter results illustrate the strength and resiliency of MasTec’s diversified operating model. The addition of Superior further enhances our capabilities and our confidence in MasTec’s ability to significantly exceed our three-year financial objectives provided at our recent Investor Day.
Paul DiMarco, CFO
Not in the filing
stated, not guessed- Previous outlook section or prior guidance was not provided, so actual results cannot be compared with prior guidance.
- Gross profit and gross margin were not reported as line items.
- Full-year and third-quarter gross-margin guidance was not provided.
- Full-year and third-quarter operating-expense guidance was not provided.
- Full-year and third-quarter tax-rate guidance was not provided.
- Share repurchases, dividends and other capital-return activity were not reported.
- Quarterly cash and cash equivalents as of the prior-year quarter-end were not reported.
- Quarterly free cash flow reconciliation and definition were not included in the provided filing text.
AlphaAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.