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MasTec, Inc. MTZ reported results for the fourth quarter of 2025, with earnings and revenues beating the Zacks Consensus Estimate. Both top and bottom lines increased on a year-over-year basis.
MasTec delivered a solid fourth-quarter performance, supported by strong activity across communications, clean energy and power delivery markets. Higher wireless and fiber deployments, steady renewable and industrial project momentum and ongoing grid modernization work all boosted results. Better execution also aided margins, while a record backlog highlighted persistent demand tied to energy transition and infrastructure investment, helping MasTec beat expectations on both revenues and earnings.
However, MasTec’s solid quarterly results came with some challenges. Free cash flow dropped sharply as large project ramp-ups required more working capital.
In the fourth quarter, the company reported adjusted earnings per share (EPS) of $2.07, beating the Zacks Consensus Estimate of $1.94 by 6.7% and increasing 44% year over year.
Revenues of $3.94 billion topped the consensus mark of $3.72 billion by 6.1%. The top line jumped 16% from a year ago, driven by double-digit growth across three of the four segments.
MasTec, Inc. price-consensus-eps-surprise-chart | MasTec, Inc. Quote
As of Dec. 31, 2025, MTZ had an 18-month backlog of $18.96 billion, up 33% year over year and 13% sequentially. This upside was fueled by increases across all four segments, most significantly by the Pipeline Infrastructure and Clean Energy and Infrastructure segments, which increased 90% and 53%, respectively.
Revenues from Communications rose 22.6% to $906.7 million from a year ago, driven by higher activity in the segment. Adjusted EBITDA margin contracted 50 basis points (bps) to 8.5%, reflecting short-term impacts from ramping new business volume.
Clean Energy and Infrastructure’s revenues increased 2.4% year over year to $1.29 billion, largely driven by higher project volumes and a favorable mix. Adjusted EBITDA margin was 7.2%, down 110 bps from the year-ago quarter.
Revenues from the Power Delivery (formerly known as Electrical Transmission) segment increased to $1.12 billion from the year-ago figure of $995.9 million, driven by increased project volumes. Adjusted EBITDA margin contracted 30 bps to 8.2%.
The Pipeline Infrastructure (formerly known as Oil and Gas) segment’s revenues totaled $643.8 million, up 49.9% from the year-ago quarter. Adjusted EBITDA margin was 18.5%, up 490 bps year over year.
MasTec reported an adjusted EBITDA of $338 million, up 24.9% from the prior-year period. Adjusted EBITDA margin increased 60 bps to 8.6% from the year-ago quarter.
Revenues for the year were $14.3 billion, up 16.2% from $12.3 billion in 2024. Adjusted earnings were $6.55 per share, up from $3.95 in 2024. Adjusted EBITDA was $1.2 billion, up from $1 billion in 2024. Adjusted EBITDA margin was 8% for 2025, down from 8.2% in 2024.
As of Dec. 31, 2025, MasTec had cash and cash equivalents of $396 million, down from $399.9 million at 2024-end. Long-term debt (including finance leases) was $2.18 billion, slightly up from $2.04 billion at 2024-end.
Free cash flow was $306 million in the quarter, down 30.4% from a year ago. The metric was $324 million in 2025, down significantly from $1.04 billion a year ago.
In 2025, the company provided $546 million in cash from operating activities, down from $1.12 billion a year ago.
MasTec expects revenues of about $3.475 billion compared with $2.8 billion reported in the first quarter of 2025.
Adjusted EBITDA is estimated to be $245 million, up from $164 million a year ago. The adjusted EBITDA margin is expected to be at 8.5%, up from 5.7% a year ago.
MTZ expects to report an adjusted EPS of $1.00, up from 51 cents reported in the first quarter of 2025.
The company expects to generate revenues of approximately $17 billion, up 19% year over year. Adjusted EBITDA is expected to be $1.45 billion, with an adjusted EBITDA margin at 8.5%. Adjusted earnings are anticipated to be $8.40 per share.
MasTec currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Comfort Systems USA, Inc. FIX delivered stellar fourth-quarter 2025 results, with adjusted earnings and revenues surpassing the Zacks Consensus Estimate and increasing year over year.
The company’s quarterly performance reflects robust demand trends in the public infrastructure market, with strong growth in the technology sector, particularly in data centers. Besides, Comfort Systems’ results benefited from the Feyen Zylstra, Meisner, Right Way, Century, Summit and J&S acquisitions, alongside increased same-store activity. In 2025, Comfort Systems paid its shareholders $217.9 million through share repurchases and $68.8 million through dividends.
Quanta Services, Inc. PWR reported record fourth-quarter 2025 results, driven by robust demand in its Electric Infrastructure Solutions segment and contributions from recent acquisitions.
The company’s growth was primarily fueled by accelerating utility investments, power generation and load-center related projects, along with incremental contributions from acquired businesses, including Tri-City, Wilson and Billings. For 2026, Quanta expects revenues between $33.25 billion and $33.75 billion, indicating double-digit growth. GAAP EPS is projected to be in the range of $8.36-$9.06, while adjusted EPS is expected to be in the range of $12.65-$13.35. It is supported by record backlog, continued utility spending and anticipated contributions from recent acquisitions.
Jacobs Solutions Inc. J reported stellar first-quarter fiscal 2026 (ended Dec. 26, 2025) results, with adjusted earnings and revenues beating the Zacks Consensus Estimate and growing year over year.
The company’s quarterly results reflect strong contributions from both the reportable segments, Infrastructure & Advanced Facilities and PA Consulting. Stronger performance in the life sciences, data center, semiconductor, water and transportation sectors, alongside increased demand for digital consulting services, bolstered the quarter’s uptrend. With the announcement of acquiring the remaining stake in PA Consulting and favorable market fundamentals, Jacobs is optimistic about its performance in the remaining fiscal 2026.
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This article originally published on Zacks Investment Research (zacks.com).
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