MasTec's Record Backlog: A Springboard for Double-Digit Growth Ahead?

MasTec, Inc. MTZ has long been positioned at the crossroads of America’s most critical infrastructure build-outs—from power delivery to renewable energy, pipelines, and telecom. Its business model benefits from multi-year capital cycles tied to broadband expansion, clean energy adoption, and grid modernization. The company’s latest trajectory suggests that its expanding backlog could serve as the primary catalyst for sustaining double-digit growth in the years ahead.

Backlog Momentum Across Segments

MasTec’s backlog reached an all-time high during the second quarter of 2025, increasing 23% year over year to $16.5 billion. Importantly, this expansion is broad-based. Communications led with a record $5 billion backlog, benefiting from massive fiber and wireless investment plans by carriers. Clean Energy and Infrastructure bookings surged, supported by renewable projects and federal incentives, while Power Delivery gained from utilities upgrading transmission and distribution networks. Even the pipeline segment, historically cyclical, is seeing signs of resurgence tied to renewed natural gas demand.

Strategic Positioning for Multi-Year Growth

The depth of backlog not only provides near-term visibility but also highlights MasTec’s positioning in long-cycle markets. Telecom providers are doubling fiber passings over the next decade, utilities are committing billions to grid upgrades, and clean energy developers are accelerating safe-harbor projects under recently extended tax credits. MasTec has responded by scaling its workforce and equipment base, ensuring it has the capacity to execute on this record pipeline of work.

Financial Implications

A robust backlog supports management’s raised 2025 guidance, with revenues expected to be between $13.9 billion and $14 billion and EPS forecast to rise 60% from the prior year. More importantly, the mix of growth leans increasingly toward higher-margin non-pipeline businesses, creating room for structural profitability gains. While near-term investments in labor and equipment may modestly compress margins, they are designed to capture outsized opportunities in 2026 and beyond.

MasTec’s record backlog is more than a milestone—it represents a durable growth engine tied to secular investment trends in communications, clean energy, and grid resilience.

Backlog Comparisons with Key Rivals

MasTec’s record backlog invites comparisons with key infrastructure peers, particularly Quanta Services PWR, Dycom Industries DY, and Primoris Services PRIM. 

Quanta Services remains the industry heavyweight, reporting a total backlog of $35.8 billion in its most recent quarter, underscoring the consistency of demand across utilities, renewables and technology-driven infrastructure. Importantly, management noted that backlog growth has been sequential and sustained, supported by large-scale transmission projects and long-term programmatic agreements that extend visibility well into 2026–2029. Quanta’s diversified portfolio across power delivery, renewables and telecom overlaps significantly with MasTec, and its consistent growth trajectory often makes it the benchmark rival. Quanta’s backlog scale underscores its ability to compete for mega-projects, particularly in grid modernization and clean energy, areas where MasTec is pushing for a greater share.

Dycom, with a backlog of $8 billion (as of July 26, 2025), is a direct competitor in communications. The company’s backlog was up 16.9% year over year, with a next-12-month backlog of $4.6 billion, up 20.2%. This solid near-term visibility is particularly important given the company’s heavy exposure to multi-year fiber-to-the-home (FTTH) programs, service and maintenance contracts, and wireless upgrades. Management emphasized that backlog growth reflects not only extensions of existing contracts but also significant new awards across multiple states, with another large multiyear fiber and maintenance award secured after quarter-end that will appear in the fiscal third-quarter backlog. Like MasTec, Dycom is benefiting from accelerated FTTH rollouts by major carriers. Dycom’s specialization allows it to carve out large recurring telecom wins, intensifying head-to-head competition.

Primoris, while smaller, reported backlog of $11.5 billion (at second-quarter 2025 end), up about $100 million sequentially, largely fueled by growth in the Utilities segment—particularly power delivery. The mix of renewables, gas generation, utility MSAs, and data center-related work positions Primoris with a strong, multi-year growth runway. Management remains confident that bookings will accelerate through the second half of 2025 and into 2026, keeping backlog at healthy levels to support sustained earnings growth. Primoris’ steady growth shows that MasTec faces competitive pressure not just from giants like Quanta and Dycom but also from mid-tier players expanding aggressively.

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