MasTec, Inc. (MTZ)

MasTec reported second quarter 2026 revenue of $4.4 billion, a quarterly record that rose 23 percent from a year earlier 3.

Its 18-month backlog, the work it expects to perform over the next year and a half, reached a record $21.4 billion 3. Diluted earnings per share were $1.65 3.

Growth was broad, as Clean Energy and Infrastructure revenue rose 43.4 percent to $1,622.1 million, and Power Delivery rose 19.2 percent 3. Communications grew only 6.2 percent, and its EBITDA margin, profit before interest, tax and depreciation as a share of revenue, fell to 8.2 percent from 9.9 percent 3.

In July 2026 MasTec completed the purchase of The Superior Group, an electrical contractor that builds data center infrastructure, for about $1.6 billion in cash and shares 2.

The open question is how smoothly Superior, which has about 3,000 employees, folds into the Power Delivery segment 2.

MasTec says it has been in business for over 95 years, counting its predecessor companies 1.

In 2021 it began a large shift toward the nation's move to low-carbon energy, buying companies in renewable power, power delivery, heavy civil work and telecommunications 1. It bought HMG and INTREN that year and earned an investment grade credit rating 9.

The largest step came in the fourth quarter of 2022, when it completed the purchase of Infrastructure and Energy Alternatives, one of the largest builders of utility-scale renewable energy projects in North America 9.

Revenue reached $12.0 billion in 2023, up 23 percent, and acquisitions supplied $1,546 million of the increase 9.

Profit did not follow, and in 2023 MasTec recorded a net loss of $49.9 million attributable to the company, after interest expense of $234.4 million and $71.9 million of acquisition and integration costs 8.

The company said the integration of its transformation-related acquisitions was completed in the fourth quarter of 2023 1.

In 2024 revenue rose only $308 million, but costs of revenue fell to 86.8 percent of revenue from 88.5 percent on better project efficiencies and mix 8. Net income attributable to MasTec was $162.8 million 8.

Revenue then grew 16.2 percent in 2025 to $14,299.2 million 1. Communications led, up about $815 million or 32 percent, on more wireless and wireline project work 1.

Net income attributable to MasTec rose to $399.0 million 1. Pipeline Infrastructure was flat, and its EBITDA margin fell to 14.9 percent from 18.3 percent, which the company tied to reduced project efficiencies and project mix 1.

A federal law signed on 4 July 2025 sped up the end of some clean energy tax credits, which the company says may reduce longer term demand for solar and wind projects 1.

What it does

MasTec is an infrastructure engineering and construction company that builds and maintains communications, energy and utility networks 1. It had about 36,000 employees and 810 locations at the end of 2025 1.

Much of its work runs under multi-year master service agreements, and the rest comes from contracts for specific projects 1.

Communications

This segment builds and maintains wireless and fiber networks, data center connections and install-to-the-home work, the cable and fiber hookups at customers' homes 1. Its 2025 revenue was $3,339.1 million, and its backlog was $5,461 million at 30 June 2026 13.

Clean Energy and Infrastructure

It builds wind, solar and battery storage sites, plus roads, bridges, rail and environmental cleanup 1. Its 2025 revenue was $4,699.6 million, and its backlog of $7,791 million at 30 June 2026 was the largest of the four segments 13.

Power Delivery

It builds and maintains electric transmission and distribution lines, substations and grid upgrades, and restores service after disasters 1. Its 2025 revenue was $4,176.1 million, and its backlog was $6,347 million at 30 June 2026 13.

Pipeline Infrastructure

It builds and repairs pipelines for natural gas, water and carbon capture, and keeps them safe in use 1. Its 2025 revenue was $2,137.8 million, and its backlog rose to $1,792 million at 30 June 2026 from $1,460 million a year earlier 13.

Customers and rivals

MasTec had about 1,800 customers in 2025, and its ten largest supplied 34 percent of revenue 1. One customer made up about 10 percent of net accounts receivable at the end of 2025 1.

The industry is highly fragmented, with large national firms and small local ones, and customers award most work by bid, where price is often a principal factor 1.

People

José R Mas is chief executive and Jorge Mas is chairman of the board 1. Paul DiMarco is chief financial officer 3.

In July 2026 the board added Alexander Spiro as a director, raising its size from nine to ten 4.

Problems and risks

About 47 percent of the year-end 2025 backlog sat under master service agreements that do not commit customers to a minimum, and most can be canceled on short notice 1.

On 20 February 2026 the U.S. Supreme Court ruled certain tariffs unconstitutional, and the company says tariff uncertainty could affect its ability to execute projects 1. Free cash flow was negative $59 million in the second quarter 3.

The umbrella, in words

MasTec sells its services under the MasTec name and other service marks, and works through subsidiaries such as MasTec North America, Inc. 15.

It owns 33 percent of the Trans-Pecos Pipeline and Comanche Trail Pipeline ventures, 15 percent of Cross Country Infrastructure Services and 50 percent of each of three FM Tech companies 1. In late 2025 it took a 15 percent stake in a battery recycling company by converting about $49 million of receivables 1.

A relative of the chief executive and chairman, Juan Carlos Mas, is chairman of Cross Country, and MasTec paid it $6.4 million in 2025 for equipment rental, supplies and servicing 1.

Substantially all of its properties, including the Coral Gables headquarters, are leased 1. Jorge Mas and José R Mas together beneficially owned about 23 percent of the shares at the end of 2025 and can influence most shareholder votes 1.

MasTec's July guidance is for third quarter 2026 revenue of $4,930 million and full year revenue of $18,200 million 3. It also guided to full year diluted earnings per share of $6.20 and adjusted EBITDA of $1,600 million 3.

The chief financial officer said the Superior addition raises the company's confidence in its ability to significantly exceed the three-year financial objectives given at its recent Investor Day 3.

Superior carries an earn-out, so more may be paid if its financial targets are met over three years 2.

MasTec completed a sale of $650 million of 5.850 percent senior notes due 2036 on 17 August 2026 7. The company said it intends to use the proceeds to repay some or all of its $600 million term loan 6.

The company says it anticipates realizing about 74 percent of its year-end 2025 backlog during 2026 1.

The company also says federal tax credits for solar and wind end for projects placed in service after 2027 unless construction begins on or before 4 July 2026 1.

The new director Alexander Spiro serves an initial term ending at the 2027 annual meeting of shareholders 4.