MasTec reported record third-quarter revenue, net income and adjusted EBITDA, alongside higher earnings guidance for 2026. Its 18-month backlog also reached a record, with growth led by power delivery work.
Key details
- Revenue rose 30% year over year to $5.2 billion, a quarterly record.
- GAAP net income was $167.7 million, also a quarterly record. Diluted earnings were $1.89 per share.
- Adjusted EBITDA reached a quarterly record of $486.4 million, up about 30% year over year. Adjusted diluted EPS was $2.96.
- Full-year 2026 diluted EPS guidance is now $5.69 to $6.01 per share. At the midpoint, that represents 15% growth from 2025.
- Full-year adjusted diluted EPS guidance is $8.92 to $9.30. The midpoint implies 39% year-over-year growth.
- The 18-month backlog reached a record $24.5 billion—up $7.8 billion from a year earlier and $3.2 billion from the prior quarter. Power delivery backlog grew 74% year over year, leading the increase.
Plain-English implications
MasTec’s results show growth in both reported revenue and earnings, while its higher full-year guidance points to stronger expected earnings for 2026. The larger backlog indicates an expanded pipeline of work, with power delivery a particularly strong source of growth.