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Visual21 Nov 2025
Data center suppliers
MasTec (MTZ) investor relations material
MasTec Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Achieved record Q3 2025 revenue of $4.0B, up 22% year-over-year, with double-digit growth in all segments and adjusted EBITDA of $373.5M (+20%).
Net income reached $166.5M, up 58% year-over-year, and adjusted diluted EPS was $2.48, up 48%, exceeding guidance by $0.20.
Backlog reached a record $16.8B, up 21% year-over-year, led by 124% growth in Pipeline Infrastructure.
Exceeded guidance across revenue, EBITDA, and EPS, reflecting strong execution and positive market conditions.
Growth was driven by strong performance in Communications, Clean Energy and Infrastructure, and Power Delivery segments.
Financial highlights
Adjusted EBITDA margin for Q3 2025 was 9.4%, with adjusted net income of $195.1M and adjusted diluted EPS of $2.48.
Q3 2025 cash flow from operations was $89M; free cash flow for the quarter was $36M, down from $252M a year ago.
Q3 2025 gross margin was 13.6%, net margin 4.2%, and days sales outstanding was 65–69 days.
Capital expenditures for the nine months were $180M, with $188M in equipment purchases under finance leases.
Share repurchases totaled $77M, completing a $150M program; a new $250M program was authorized.
Outlook and guidance
FY 2025 revenue guidance is $14.1B, adjusted EBITDA $1.135B, and adjusted EPS $6.40, up 62% year-over-year.
2025 cash flow from operations projected at $700–$750M; leverage expected to remain below 2x.
Double-digit revenue and EBITDA growth expected in power delivery, pipeline, communications, and clean energy segments into 2026.
Backlog expected to reach another record by year-end, with strong visibility into 2026 and beyond.
Management expects to realize about 23% of backlog in 2025, with the remainder over the following year.
What caused the Q3 cash flow decline?
Explain Pipeline Infrastructure margin decline
Greenlink project permit impacts on Power Delivery?
Pipeline revenue beyond 2026: historical highs?
Greenlink delay impact on project profitability?
MasTec's strategy for data center total solutions?
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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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