MasTec (MTZ) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached nearly $4B, up 16% year-over-year, with full-year revenue at $14.3B, up 16%, both exceeding guidance and setting a new record.

• Adjusted EBITDA for Q4 was $338M (up 25% YoY); full-year EBITDA was $1.15B (up 14% YoY), both above guidance.

• Adjusted EPS for Q4 was $2.07 (up 44% YoY); full-year adjusted EPS was $6.55 (up 66% YoY), exceeding guidance.

• Backlog reached a record $19.0B, up $4.5B (33%) year-over-year and $2.2B (13%) sequentially, with strong growth in Pipeline and Clean Energy & Infrastructure.

• Strong performance attributed to scale, diversification, robust demand, and improved productivity across all end markets.

Financial highlights

• Q4 adjusted EBITDA margin was 8.6%, up 60 bps YoY; full-year adjusted EBITDA margin was 8.0%.

• Cash flow from operations was $472M in Q4 and $546M for the year; free cash flow was $306M in Q4 and $342M for the year.

• Ended 2025 with $2.1B in liquidity and net leverage of 1.7x; net debt at year-end was $1.93B.

• Book-to-bill ratio in Q4 was 1.6x, reflecting strong backlog growth.

• Days sales outstanding improved to 60 days by Q4 2025.

Outlook and guidance

• 2026 revenue guidance is $17B (up 19%), with adjusted EBITDA forecasted at $1.45B (up 26%) and adjusted EPS expected at $8.40 (up nearly 30%).

• Q1 2026 guidance: revenue of $3.475B, adjusted EBITDA of $245M, and adjusted EPS of $1.00.

• Cash flow from operations projected to exceed $1B in 2026, with leverage anticipated in the low 1x range.

• 2026 guidance includes $500M revenue from acquisitions at high single-digit EBITDA margins.

• Capex for 2026 expected to be lower due to growth in less capital-intensive segments.