MasTec Q2 Earnings Call Highlights

MasTec Q2 Earnings Call Highlights Written by MarketBeat July 31, 2026

MasTec delivered a strong second quarter: Revenue rose 23% year over year to $4.374 billion, adjusted EBITDA increased 40% to $384 million, and adjusted EPS climbed 49% to $2.22. Record backlog reached $21.4 billion, supported by a book-to-bill ratio above 1.2x. The company raised its 2026 outlook following the acquisition of The Superior Group, forecasting $18.2 billion in revenue, $1.6 billion in adjusted EBITDA and $9.30 in adjusted EPS. Superior expands MasTec’s electrical-infrastructure capabilities for data centers and other mission-critical facilities. Growth remains concentrated outside communications: Power Delivery, Pipeline Infrastructure, and Clean Energy posted strong demand and backlog growth, while communications guidance was reduced because of wireless activity slowdowns and deferred wireline projects. Management remains optimistic about longer-term fiber, hyperscaler, data-center and grid-infrastructure opportunities.

MasTec NYSE: MTZ reported second-quarter 2026 revenue of $4.374 billion, up 23% from a year earlier, as growth in its power delivery, pipeline and clean energy businesses offset emerging pressure in communications. Adjusted EBITDA increased 40% year over year to $384 million, while adjusted earnings per share rose 49% to $2.22. Chief Executive Officer José Mas said revenue, EBITDA and earnings per share each exceeded the company’s guidance. Adjusted EBITDA margin improved by 100 basis points from the prior-year quarter, while total company book-to-bill exceeded 1.2x. Quarter-end backlog reached a record $21.4 billion, up nearly $5 billion year over year and roughly $1 billion organically from the prior quarter.

“We delivered another excellent quarter,” Mas said, adding that the company set highs across “virtually every key financial metric.” He said demand continued to strengthen across MasTec’s end markets despite what he characterized as increased market noise in recent weeks.

MasTec raised its full-year outlook following the July close of its acquisition of The Superior Group, which Mas described as the largest acquisition in the company’s history. The transaction expands MasTec’s electrical-infrastructure capabilities for mission-critical facilities and data centers, while adding a workforce of about 3,000 people, according to Chief Financial Officer Paul DiMarco. Full-year revenue is now expected to reach $18.2 billion. Adjusted EBITDA is expected to total $1.6 billion. Adjusted EPS is forecast at $9.30. Third-quarter revenue is expected to be about $4.9 billion, with adjusted EBITDA of $482 million and adjusted EPS of $2.98. The updated full-year targets represent year-over-year growth of 27% in revenue, 39% in adjusted EBITDA and 42% in adjusted EPS, Mas said. The company expects Superior’s contribution, combined with stronger-than-expected performance in several legacy operations, to offset reduced expectations for communications. DiMarco said MasTec expects more than $1 billion in cash flow from operations during 2026, with most of that amount expected in the fourth quarter. Cash flow from operations was essentially flat in the second quarter as working-capital investment offset earnings growth. Net leverage was 1.8x at quarter-end and would have been 2.2x on a pro forma basis for the Superior acquisition; MasTec expects leverage to be below 2x by year-end.

MasTec lowered its outlook for the communications segment, citing lower wireless activity in the second half and deferred wireline projects. The segment...