MasTec (MTZ) Q4 2025 earnings summary

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.