Research · Sep 3, 2026
[MTZ] MasTec Thesis 2026: Backlog Surge Positions Infrastructure Builder for Revenue Acceleration
MasTec 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). Communications +32% revenue / +41% EBITDA FY25. Power Delivery +16% / +12% EBITDA. Clean Energy margin +110bp to 7.4%. Pipeline $2.1B (above guide). Backlog $16.8B (+33% YoY). NV2A + McKee acquisitions. FY26 guide: revenue $17B (+19%), adj EBITDA $1.45B (+26%, 8.5% margin / +50bp), adj EPS $8.40 (+30%).