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MasTec
MasTec (MTZ) investor relations material
MasTec Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Achieved record full-year revenue of $14.3B in 2025, up 16% year-over-year and exceeding guidance, with strong growth across Communications, Power Delivery, Clean Energy & Infrastructure, and a rebound in Pipeline segment performance.
Adjusted EBITDA for 2025 was $1.15B, up 14% year-over-year and above guidance, with double-digit growth in key segments.
Adjusted diluted EPS reached $6.55, up from $3.95 in the prior year and exceeding guidance by $0.15.
Backlog reached a record $19.0B, up 33% year-over-year, with significant growth in Pipeline (90%) and Clean Energy & Infrastructure (53%).
Acquisitions of NV2A and McKee Utility Contractors expanded construction management and water infrastructure capabilities.
Financial highlights
Q4 adjusted EBITDA was $338M (up 25% YoY); full-year adjusted EBITDA $1.15B (up 14% YoY); Q4 adjusted EBITDA margin 8.6%.
Adjusted EPS for Q4 was $2.07 (up 44% YoY); full-year adjusted EPS $6.55.
Cash flow from operations for the year was $546M; free cash flow $342M.
Year-end liquidity stood at $2.1B, with net leverage of 1.7x and net debt at $1.93B.
Book-to-bill ratio in Q4 was 1.6x, reflecting strong backlog growth.
Outlook and guidance
2026 revenue guidance is $17B (up 19% YoY), with adjusted EBITDA forecast at $1.45B (8.5% margin) and adjusted EPS at $8.40.
Q1 2026 guidance: revenue of $3.475B, adjusted EBITDA of $245M, and adjusted diluted EPS of $1.00.
Cash flow from operations expected to exceed $1B in 2026; capex planned at $200M.
Leverage anticipated in the low 1x range by year-end 2026.
What drove Pipeline's Q4 margin gain vs. FY25 decline?
How will 2025 FCF decline impact capital allocation?
Which segments drive 2026 EBITDA margin expansion?
Data center work: self-perform vs outsource?
Pipeline segment: long-term revenue potential?
Margin optimization strategy for 2026 and beyond?
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Next MasTec earnings date
Q1 20261 May, 2026
MasTec
Next MasTec earnings date
Q1 20261 May, 2026
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Frequently asked questions
MasTec, Inc's Communication Infrastructure segment provides various services on a contract basis to construct and maintain wireline or wireless networks for various communications carriers. This segment offers deployment, maintenance, and upgrade services; right of way clearing, acquisition, and maintenance; and site construction services for the wireless industry.
It also provides installation, construction, restoration, deployment, testing and maintenance services to electric utilities; and performs fiber to the home deployments for electric utilities. The company's Energy Infrastructure segment constructs oil and natural gas pipeline systems for oil and natural gas companies. As of December 31, 2017, it had approximately 1,200 active contracts with approximately 90 customers. MasTec, Inc. was founded in 1929 and is headquartered in Coral Gables, Florida
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