MasTec 2025-26: $14.3B Revenue, FY26 EPS $8.40, Backlog +33%
FY25 revenue $14.3B (+16%); op income $653M (+50%); NI $399M (+145%); EPS $5.07. Adj EBITDA $1.15B (+14%); adj EPS ~$6.40 (above guide $6.34). Backlog $16.8B (+33% YoY, +$4.5B in FY25). Q4 rev +16%, adj EPS $2.07 (+44%). Acquired NV2A (construction mgmt) + McKee (water). FY26 guide: revenue $17B (+19%), adj EBITDA $1.45B (8.5% margin / +50bp), adj EPS $8.40 (+30%).
Key takeaways
- FY26 guide is the headline: revenue $17B (+19%), adj EBITDA $1.45B (+26%), adj EPS $8.40 (+30%). These are big numbers — the operating leverage thesis is real. 130bp adj EBITDA margin expansion in Q1 FY26 alone.
- Backlog at $16.8B (+33% YoY, +$4.5B in FY25, +$2B sequential). Forward visibility unprecedented. Pipeline segment expected to grow double-digit in 2026 with acceleration to 2027. Communications + Power Delivery + Clean Energy all delivering backlog growth.
- Communications segment +32% revenue FY25 / +41% adj EBITDA. The structural compounder. Wireless + wireline expansion. Q4 alone +23% revenue growth.
- Power Delivery transmission backlog +17% YoY. Second-largest project ever awarded mid-2026 (added by year-end). The data center / electrification capex super-cycle is here.
- Pipeline segment recovering: revenue $2.1B FY25 (above guide), Q4 +50% YoY. Off the MVP project trough. FY26 expected double-digit growth.
Business
MasTec, Inc. is a leading specialty contractor in infrastructure construction services across five segments:
- Communications (~25% of revenue, fastest growing). Wireline + wireless + 5G + fiber. Q4 +23% rev (FY +32%); EBITDA +16% Q4 (FY +41%). Margins improving 40-180bp.
- Power Delivery (~25%). Transmission + distribution + substation. Q4 rev +13% (FY +16%); EBITDA +9% Q4 (FY +12%). Backlog +17% YoY. Greenlink project + 2nd largest transmission project ever in pipeline.
- Clean Energy & Infrastructure (~25%). Solar + wind + storage + electrical. Q4 slightly above expectations; FY rev +15%, EBITDA margin +110bp to 7.4%. Backlog +30% sequential.
- Pipeline Infrastructure (~15%). Long-haul + distribution gas. Q4 rev +50% YoY. FY $2.1B (above guide). Off MVP project trough; expected double-digit growth FY26+.
- Other. Smaller segments + Corporate.
Strategic moves FY25:
- NV2A acquired Q4 (construction management expertise)
- McKee Utility Contractors acquired Q1 2026 (water infrastructure)
- Backlog +$4.5B FY25
- Combined cycle gas projects new segment opened
- 4,000 new team members added Q2
FY25 financial performance
| Metric (FY) | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue ($B) | 9.78 | 12.00 | 12.30 | 14.30 |
| Revenue YoY | n/a | +23% | +3% | +16% |
| Op income ($M) | 125 | 152 | 436 | 653 |
| Op margin | 1.3% | 1.3% | 3.5% | 4.6% |
| Net income ($M) | 33 | -50 | 163 | 399 |
| Diluted EPS ($) | 0.42 | -0.64 | 2.06 | 5.07 |
| Adj EPS ($) | n/a | n/a | ~3.95 | ~6.40 |
| FCF ($M) | 89 | 494 | 973 | 286 |
| Capex ($M) | -263 | -193 | -149 | -260 |
| Total debt ($B) | 3.51 | 3.50 | 2.63 | 2.80 |
| Dividends ($M) | 0 | 0 | 0 | 0 |
| Buyback ($M) | -81 | 0 | 0 | -77 |
The earnings progression: revenue +23% then digestion +3% then +16%. EPS -$0.64 FY23 → $2.06 FY24 → $5.07 FY25. Op margin 1.3% → 4.6% in 2 years. The cyclical recovery + Communications scale-up + pipeline project recovery is real.
FCF $286M (-71% YoY) reflects working capital tied up in pipeline projects + 4,000 new hires + acquisition costs. FY26 should see normalization.
Capital allocation
- Capex: $-260M FY25 (1.8% of revenue, +75% YoY).
- Dividends: $0 (no dividend).
- Buybacks: $-77M FY25 (modest).
- M&A: NV2A (Q4 2025) + McKee (Q1 2026) — bolt-on capability acquisitions.
- Debt: $2.80B (+$170M YoY).
- FCF: $286M (-71%) — working capital absorption.
FY26 outlook (per Q4 2025 call, 2026-02-27)
| FY26 framework | Detail |
|---|---|
| Revenue | $17B (+19% YoY) |
| Organic growth | Mid-teens |
| Adj EBITDA | $1.45B (8.5% margin) |
| Adj EBITDA margin expansion | +50bp YoY |
| Adj EPS | $8.40 (+30% YoY) |
| Q1 FY26 revenue | +22% YoY |
| Q1 FY26 adj EBITDA margin | Just over 7% (+130bp YoY) |
The Q1 FY26 starting point (+22% revenue, +130bp margin) is exceptional. Sequential growth from Q2-Q3, seasonal decline in Q4 — typical industry pattern.
Pipeline + Communications + Power Delivery + Clean Energy all contributing to $17B. NV2A + McKee acquisitions add capability + revenue.
Key risks
- Project execution. $16.8B backlog converts only with timely engineering + permitting + labor availability. Greenlink permitting delays cost FY25 already.
- Commodity / material costs. Steel + cable + transformer pricing affects margin.
- Combined cycle gas project execution. New segment with different risk profile vs existing businesses.
- Working capital absorption. FCF $286M down 71% reflects working capital use; FY26 normalization is critical to capital return capacity.
- Acquisition integration. NV2A + McKee + others — multiple integrations in progress.
- End-market cyclicality. Specialty contractor model leveraged to utility + telco capex cycles; deceleration risk if utility budgets tighten.
Bottom line
MTZ FY25 is the cyclical inflection year: revenue +16%, op margin 3.5% → 4.6%, EPS +146%, backlog +33% to $16.8B. FY26 guide of $17B revenue (+19%) / $1.45B adj EBITDA (+26%) / $8.40 adj EPS (+30%) reflects operating leverage at scale + Communications + Power Delivery + Pipeline all contributing. Q1 FY26 +22% rev / +130bp margin is the proof. Risks are execution + working capital + acquisition integration. High-conviction infrastructure capex super-cycle play.
Citations
- MasTec, Inc. FY25 Form 10-K (filed February 2026, SEC EDGAR).
- MTZ Q4 2025 earnings call, 2026-02-27 — FY revenue $14.3B (+16%); adj EBITDA $1.15B (+14%); adj EPS $6.40 (above guide); backlog $16.8B (+33%); FY26 guide ($17B revenue, $1.45B adj EBITDA, $8.40 adj EPS); NV2A + McKee acquisitions.
- MTZ Q3 2025 earnings call, 2025-10-31 — backlog $16.8B; adj EPS guide raised to $6.40 (+62% YoY); 2nd largest transmission project added.
- MTZ Q2 2025 earnings call, 2025-08-01 — Communications +40% / EBITDA +55%; backlog +23% YoY; 4,000 new hires; FY EPS guide raised to $6.34.
- MTZ Q1 2025 earnings call, 2025-05-02 — Non-pipeline EBITDA +60% YoY; Communications +35% / +82% EBITDA; FY guide raised to $13.65B revenue / $6.08 EPS.
- Internal financial_statements view (consolidated annual + cash flow + capital structure).