MasTec (MTZ) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 reached $4.4 billion, up 23% year-over-year, with adjusted EBITDA of $384 million (+40%) and adjusted EPS of $2.22 (+49%), all exceeding guidance.

• Net income for Q2 was $145.7 million (+62% YoY), with GAAP EPS at $1.65.

• Backlog hit a record $21.4 billion, up nearly $5 billion year-over-year and $1.1 billion sequentially.

• The Superior Group acquisition closed for $1.6 billion, expanding capabilities in power delivery, data center, and infrastructure markets.

Financial highlights

• Adjusted EBITDA margin for Q2 was 8.8%, up 100 basis points year-over-year.

• Segment Q2 revenues: Power Delivery $1.25 billion (+19% YoY), Clean Energy & Infrastructure $1.62 billion (+43% YoY), Pipeline $643 million (+19% YoY), Communications $889 million (+6% YoY).

• Q2 net income was $145.7 million (+62% YoY); operating income $226.2 million (+43% YoY).

• Cash flow from operations for the first half was $120 million; capital expenditures $188 million.

• Net leverage at Q2 was 1.8x; liquidity at $1.8 billion.

Outlook and guidance

• Full-year 2026 guidance: revenue $18.2 billion (+27% YoY), adjusted EBITDA $1.6 billion (+39%), adjusted EPS $9.30 (+42%).

• Q3 2026 guidance: revenue $4.93 billion, adjusted EBITDA $482 million, adjusted EPS $2.98.

• Over $1 billion in operating cash flow expected for 2026, with most generated in Q4.

• Management expects to realize approximately 40% of the $21.4 billion backlog in 2026.

• Communications segment guidance reduced due to project deferrals; full-year revenue now expected at $3.25 billion, with high single-digit EBITDA margins.