MasTec (MTZ) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached a record $5.152B, up 29.9% YoY; Adjusted EBITDA was a record $486.4M, up 30.2%, and adjusted diluted EPS rose 19.3% to $2.96.

• Record 18-month backlog reached $24.546B, up 46.3% YoY and $3.2B sequentially; total book-to-bill was 1.6x.

• Power Delivery and Clean Energy and Infrastructure drove growth; delayed Pipeline starts and Communications spending deferrals pressured near-term performance.

Financial highlights

• Q3 revenue was $5.152B, up 29.9% YoY; operating income increased 10.4% to $275.4M.

• Adjusted EBITDA was $486.4M versus $373.5M; adjusted EBITDA margin held at 9.4%.

• GAAP diluted EPS fell to $1.89 from $2.04, while adjusted diluted EPS increased to $2.96 from $2.48.

• Q3 operating cash flow was $267M; nine-month operating cash flow was $387.8M versus $173.0M.

Outlook and guidance

• FY 2026 guidance: revenue $18.3B; Adjusted EBITDA $1.565B–$1.600B; adjusted net income $755M–$785M; adjusted diluted EPS $8.92–$9.30.

• FY 2026 operating cash flow is expected to exceed $1B; year-end leverage is expected below 2x.

• Management expects record backlog at year-end and said backlog supports visibility entering 2027 and confidence in the medium-term outlook.

• Delayed Pipeline project starts may constrain utilization and defer earnings into 2027; Adjusted EBITDA guidance midpoint was ~1% below prior guidance.

• Communications management described a conservative 2027 view, with potentially flattish revenue and targeted actions to improve margins.