MasTec Reports Third Quarter 2026 Results and Updates Full Year 2026 Financial Guidance
Third Quarter 2026 Highlights
- Revenue of $5.2 billion, a quarterly record, increased 30% year-over-year
- Diluted EPS of $1.89 and Adjusted Diluted EPS of $2.96
- GAAP Net Income of $167.7 million and Adjusted EBITDA of $486.4 million, both quarterly records
- Updated Full Year Diluted EPS guidance to a range of $5.69 to $6.01 per share, a 15% year-over-year increase at the midpoint; Updated Full Year Adjusted Diluted EPS guidance to a range of $8.92 to $9.30, a 39% year-over-year increase at the midpoint
- Record 18-month backlog of $24.5 billion increased $7.8 billion year-over-year and $3.2 billion from the prior quarter, led by significant 74% year-over-year growth in Power Delivery
CORAL GABLES, Fla.--(BUSINESS WIRE)--MasTec, Inc. (NYSE: MTZ) today announced third quarter 2026 financial results and updated full year 2026 financial guidance.
MasTec reported third quarter revenue of $5.2 billion and Adjusted EBITDA of $486 million, both up ~30% year-over-year. Backlog of $24.5 billion was ~46% higher year-over-year.
Jose Mas, MasTec’s Chief Executive Officer, stated, “We are pleased with our third-quarter performance, as both revenue and Adjusted EBITDA were ahead of our expectations, driven by strong Power Delivery results. Strength in Power Delivery was driven by both legacy operations and Superior, with both groups exceeding revenue and EBITDA guidance for the quarter."
“As we noted throughout the third quarter, permitting related access delays on certain Pipeline projects impacted margins, as crews and equipment were underutilized. Construction has now commenced, and we are ramping production. Given the substantial number of pipelines expected to enter service over the next few years, we believe retaining our experienced crews is critical to capitalize on the significant level of industry investment ahead. We’re seeing this demand set play out, with Pipeline Infrastructure backlog growing ~26% sequentially in the quarter.”
Mr. Mas continued, “In Communications, as discussed in our second quarter earnings call, we saw certain customers defer spending in the second half of 2026, impacting our full-year revenue expectations. We are taking actions to improve this segment's margin profile and operating leverage through market cycles by streamlining our operations, procurement strategies, and support models to reduce indirect costs, including exiting underperforming markets. We expect these initiatives to begin contributing to improved profitability in 2027. We see a fundamental multi-year need for sustained investment in telecommunications infrastructure upgrades and maintenance to enable a significant increase in AI driven data consumption over the next several years."
“With sequential backlog growth of $3 billion and another record consolidated backlog in the quarter, we have strong visibility for continued revenue and earnings growth across our diversified end-markets – with increasing geographic reach. We continue to see sustained demand strength across our service offerings, most notably in support of utility and large-load infrastructure, where our converging operations allow us to provide more integrated solutions to our partners.”
Paul DiMarco, MasTec’s Executive Vice President and Chief Financial Officer, noted, “We are updating our full-year guidance, introducing a range that results in Adjusted EBITDA change of ~1% at the midpoint versus our previous guidance. The range reflects the potential impact of delayed Pipeline project starts on labor and equipment utilization. With less time to hit run-rate production in 2026, near term margin recognition could be impacted. Revenue and earnings not recognized this year as a result of project timing are expected to shift into 2027."
"We expect to generate over $1 billion in operating cash flow for 2026. Our strong financial position provides us significant flexibility to pursue accretive investments to support organic growth, execute our acquisition strategy and return capital to shareholders.”
Prominent Third Quarter Events:
- Completed Two Acquisitions: In July, MasTec acquired all of the equity interests of The Superior Group, a premier full-service electrical contractor focused on critical infrastructure, which is included within the Company’s Power Delivery segment. Superior is a recognized leader in large load electrical infrastructure while serving a diverse range of end markets, including technology, healthcare, entertainment and industrial. Additionally, in August 2026, MasTec acquired a company that specializes in pipeline infrastructure to enhance capacity and project management expertise, which is included within the Company’s Pipeline Infrastructure segment.
- Enhanced Liquidity and Extended Debt Maturities: In July, MasTec amended its senior credit facility to increase the aggregate revolving commitments from $1.9 billion to $2.25 billion and entered into a new $700 million senior unsecured delayed draw term loan agreement which was drawn to finance a portion of the cash consideration for the acquisition of Superior. In August, the Company issued $650 million aggregate principal amount of 5.850% senior unsecured notes due September 30, 2036.
- Appointed Manny Miranda to its Board of Directors: Mr. Miranda brings more than 40 years of utility industry experience and deep expertise across electric and natural gas infrastructure, including transmission, substations, distribution, large-scale capital programs and utility operation.
- Appointed Alex Spiro to its Board of Directors: Mr. Spiro brings extensive experience advising and investing across the technology, energy, and industrial sectors, along with legal, corporate governance, capital markets and strategic advisory experience.
Third Quarter 2026 Results
Dollars in millions, except per share amounts |
| 3Q'26 |
| 3Q'25 |
| Change | |||||
Revenue |
| $ | 5,152 |
|
| $ | 3,967 |
|
| 29.9 | % |
Operating income |
| $ | 275 |
|
| $ | 250 |
|
| 10.4 | % |
GAAP net income |
| $ | 168 |
|
| $ | 166 |
|
| 0.7 | % |
GAAP net income margin |
|
| 3.3 | % |
|
| 4.2 | % |
| (90) bps | |
Adjusted net income |
| $ | 253 |
|
| $ | 201 |
|
| 26.0 | % |
Adjusted EBITDA |
| $ | 486 |
|
| $ | 373 |
|
| 30.2 | % |
Adjusted EBITDA margin |
|
| 9.4 | % |
|
| 9.4 | % |
| 0 bps | |
GAAP diluted earnings per share |
| $ | 1.89 |
|
| $ | 2.04 |
|
| (7.7 | )% |
Adjusted diluted earnings per share |
| $ | 2.96 |
|
| $ | 2.48 |
|
| 19.3 | % |
Cash provided by operating activities |
| $ | 267 |
|
| $ | 89 |
|
| 200.6 | % |
Free cash flow |
| $ | 206 |
|
| $ | 36 |
|
| 473.2 | % |
18-month backlog |
| $ | 24,546 |
|
| $ | 16,780 |
|
| 46.3 | % |
Third Quarter 2026 Segment Highlights
Power Delivery
Dollars in millions, unless noted |
| 3Q'26 |
| 3Q'25 |
| Change | |||||
Revenue |
| $ | 1,835.2 |
|
| $ | 1,110.7 |
|
| 65.2 | % |
EBITDA |
| $ | 241.5 |
|
| $ | 104.3 |
|
| 131.6 | % |
EBITDA margin % |
|
| 13.2 | % |
|
| 9.4 | % |
| 380 bps | |
Clean Energy and Infrastructure
Dollars in millions, unless noted |
| 3Q'26 |
| 3Q'25 |
| Change | |||||
Revenue |
| $ | 1,825.9 |
|
| $ | 1,364.1 |
|
| 33.9 | % |
EBITDA |
| $ | 149.3 |
|
| $ | 115.4 |
|
| 29.3 | % |
EBITDA margin % |
|
| 8.2 | % |
|
| 8.5 | % |
| (30) bps | |
Pipeline Infrastructure
Dollars in millions, unless noted |
| 3Q'26 |
| 3Q'25 |
| Change | |||||
Revenue |
| $ | 724.1 |
|
| $ | 597.8 |
|
| 21.1 | % |
EBITDA |
| $ | 75.1 |
|
| $ | 92.0 |
|
| (18.4 | )% |
EBITDA margin % |
|
| 10.4 | % |
|
| 15.4 | % |
| (500) bps | |
Communications
Dollars in millions, unless noted |
| 3Q'26 |
| 3Q'25 |
| Change | |||||
Revenue |
| $ | 806.9 |
|
| $ | 914.6 |
|
| (11.8 | )% |
EBITDA |
| $ | 54.0 |
|
| $ | 103.0 |
|
| (47.6 | )% |
EBITDA margin % |
|
| 6.7 | % |
|
| 11.3 | % |
| (460) bps | |
2026 Financial Guidance Update
Dollars in millions, except per share amounts |
| Full Year 2026E | |
Revenue |
| $ | 18,300 |
GAAP net income |
| $ | 498 - 524 |
Adjusted net income |
| $ | 755 - 785 |
Adjusted EBITDA |
| $ | 1,565 - 1,600 |
Adjusted EBITDA margin |
|
| 8.6% - 8.7% |
GAAP diluted earnings per share |
| $ | 5.69 - 6.01 |
Adjusted diluted earnings per share |
| $ | 8.92 - 9.30 |
Conference Call
MasTec will host a webcast of its quarterly earnings call to discuss these results on Friday, October 30, 2026 at 9:00 a.m. ET, which can be accessed through the Investors section of MasTec's website at www.mastec.com. A replay of the webcast also will be available following the live event. The slide presentation that accompanies the conference call will also be posted on the MasTec Investors page.
About MasTec
MasTec, Inc. is a leading North American infrastructure engineering and construction company focused primarily on engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure. MasTec primarily operates under four business segments including Communications, serving both wireless and wireline/fiber infrastructure; Power Delivery, serving primarily utility customers in transmission, distribution and large load electrical infrastructure markets; Pipeline Infrastructure serving energy and other customers with installation and maintenance services primarily for natural gas pipeline and distribution infrastructure; and Clean Energy and Infrastructure, providing renewable energy engineering and construction services, as well as for heavy civil and other industrial infrastructure markets. Learn more at www.mastec.com.
Consolidated Statements of Operations (unaudited - in thousands, except per share information) | |||||||||||||||
| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||||||||||
|
| 2026 |
|
|
| 2025 |
|
|
| 2026 |
|
|
| 2025 |
|
Revenue | $ | 5,152,336 |
|
| $ | 3,966,948 |
|
| $ | 13,354,691 |
|
| $ | 10,359,371 |
|
Costs of revenue, excluding depreciation and amortization |
| 4,491,474 |
|
|
| 3,429,199 |
|
|
| 11,659,641 |
|
|
| 9,074,981 |
|
Depreciation |
| 93,773 |
|
|
| 71,837 |
|
|
| 263,150 |
|
|
| 217,996 |
|
Amortization of intangible assets |
| 75,282 |
|
|
| 32,719 |
|
|
| 151,411 |
|
|
| 98,042 |
|
General and administrative expenses |
| 228,545 |
|
|
| 183,580 |
|
|
| 649,222 |
|
|
| 524,448 |
|
Equity in earnings of integral unconsolidated affiliates, net |
| (12,186 | ) |
|
| — |
|
|
| (12,186 | ) |
|
| — |
|
Operating income | $ | 275,448 |
|
| $ | 249,613 |
|
| $ | 643,453 |
|
| $ | 443,904 |
|
Interest expense, net |
| 61,798 |
|
|
| 45,444 |
|
|
| 152,425 |
|
|
| 128,337 |
|
Equity in earnings of unconsolidated affiliates, net |
| (8,040 | ) |
|
| (6,555 | ) |
|
| (14,740 | ) |
|
| (23,911 | ) |
Loss on extinguishment of debt |
| 3,219 |
|
|
| — |
|
|
| 3,219 |
|
|
| — |
|
Other income, net |
| (1,687 | ) |
|
| (898 | ) |
|
| (2,794 | ) |
|
| (1,881 | ) |
Income before income taxes | $ | 220,158 |
|
| $ | 211,622 |
|
| $ | 505,343 |
|
| $ | 341,359 |
|
Provision for income taxes |
| (52,439 | ) |
|
| (45,125 | ) |
|
| (122,222 | ) |
|
| (72,401 | ) |
Net income | $ | 167,719 |
|
| $ | 166,497 |
|
| $ | 383,121 |
|
| $ | 268,958 |
|
Net income attributable to non-controlling interests |
| 17,153 |
|
|
| 5,837 |
|
|
| 41,598 |
|
|
| 12,629 |
|
Net income attributable to MasTec, Inc. | $ | 150,566 |
|
| $ | 160,660 |
|
| $ | 341,523 |
|
| $ | 256,329 |
|
|
|
|
|
|
|
|
| ||||||||
Earnings per share: |
|
|
|
|
|
|
| ||||||||
Basic earnings per share | $ | 1.90 |
|
| $ | 2.07 |
|
| $ | 4.36 |
|
| $ | 3.29 |
|
Basic weighted average common shares outstanding |
| 79,077 |
|
|
| 77,702 |
|
|
| 78,372 |
|
|
| 77,857 |
|
|
|
|
|
|
|
|
| ||||||||
Diluted earnings per share | $ | 1.89 |
|
| $ | 2.04 |
|
| $ | 4.32 |
|
| $ | 3.26 |
|
Diluted weighted average common shares outstanding |
| 79,820 |
|
|
| 78,648 |
|
|
| 79,143 |
|
|
| 78,672 |
|
Consolidated Balance Sheets (unaudited - in thousands) | |||||
|
September 30, |
|
December 31, | ||
Assets |
|
|
| ||
Current assets | $ | 6,201,326 |
| $ | 4,329,079 |
Property and equipment, net |
| 2,058,714 |
|
| 1,728,470 |
Operating lease right-of-use assets |
| 522,649 |
|
| 457,270 |
Goodwill, net |
| 3,037,312 |
|
| 2,248,992 |
Other intangible assets, net |
| 1,732,989 |
|
| 656,248 |
Other long-term assets |
| 584,099 |
|
| 503,483 |
Total assets | $ | 14,137,089 |
| $ | 9,923,542 |
Liabilities and equity |
|
|
| ||
Current liabilities | $ | 4,474,127 |
| $ | 3,271,045 |
Long-term debt, including finance leases |
| 3,987,761 |
|
| 2,176,372 |
Long-term operating lease liabilities |
| 335,583 |
|
| 292,839 |
Deferred income taxes |
| 518,731 |
|
| 478,156 |
Other long-term liabilities |
| 621,522 |
|
| 370,609 |
Total liabilities | $ | 9,937,724 |
| $ | 6,589,021 |
Total equity | $ | 4,199,365 |
| $ | 3,334,521 |
Total liabilities and equity | $ | 14,137,089 |
| $ | 9,923,542 |
Consolidated Statements of Cash Flows (unaudited - in thousands) | |||||||
| Nine Months Ended September 30, | ||||||
|
| 2026 |
|
|
| 2025 |
|
Net cash provided by operating activities | $ | 387,774 |
|
| $ | 172,976 |
|
Net cash used in investing activities |
| (1,855,836 | ) |
|
| (155,327 | ) |
Net cash provided by (used in) financing activities |
| 1,554,189 |
|
|
| (187,041 | ) |
Effect of currency translation on cash |
| (341 | ) |
|
| 907 |
|
Net increase (decrease) in cash and cash equivalents | $ | 85,786 |
|
| $ | (168,485 | ) |
Cash and cash equivalents - beginning of period | $ | 396,030 |
|
| $ | 399,903 |
|
Cash and cash equivalents - end of period | $ | 481,816 |
|
| $ | 231,418 |
|
Backlog by Reportable Segment (unaudited - in millions) |
September 30,
|
|
June 30,
|
|
September 30,
| |||
Communications | $ | 5,053 |
| $ | 5,461 |
| $ | 5,055 |
Clean Energy and Infrastructure |
| 8,315 |
|
| 7,791 |
|
| 5,026 |
Power Delivery |
| 8,913 |
|
| 6,347 |
|
| 5,128 |
Pipeline Infrastructure |
| 2,265 |
|
| 1,792 |
|
| 1,571 |
Other |
| — |
|
| — |
|
| — |
Estimated 18-month backlog | $ | 24,546 |
| $ | 21,391 |
| $ | 16,780 |
Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers.
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) | |||||||||||||||
| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||||||||||
Segment Information |
| 2026 |
|
|
| 2025 |
|
|
| 2026 |
|
|
| 2025 |
|
Revenue by Reportable Segment |
|
|
|
|
|
|
| ||||||||
Communications | $ | 806.9 |
|
| $ | 914.6 |
|
| $ | 2,497.9 |
|
| $ | 2,432.3 |
|
Clean Energy and Infrastructure |
| 1,825.9 |
|
|
| 1,364.1 |
|
|
| 4,777.5 |
|
|
| 3,411.3 |
|
Power Delivery |
| 1,835.2 |
|
|
| 1,110.7 |
|
|
| 4,127.1 |
|
|
| 3,056.0 |
|
Pipeline Infrastructure |
| 724.1 |
|
|
| 597.8 |
|
|
| 2,049.4 |
|
|
| 1,493.9 |
|
Other |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Eliminations (b) |
| (39.8 | ) |
|
| (20.3 | ) |
|
| (97.2 | ) |
|
| (34.1 | ) |
Consolidated revenue | $ | 5,152.3 |
|
| $ | 3,966.9 |
|
| $ | 13,354.7 |
|
| $ | 10,359.4 |
|
| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||||||||||||||||||||||
| 2026 |
| 2025 |
| 2026 |
| 2025 | ||||||||||||||||||||
Adjusted EBITDA and EBITDA Margin by Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
EBITDA | $ | 451.0 |
|
| 8.8 | % |
| $ | 361.6 |
|
| 9.1 | % |
| $ | 1,072.3 |
|
| 8.0 | % |
| $ | 785.7 |
|
| 7.6 | % |
Non-cash stock-based compensation expense (a) |
| 11.3 |
|
| 0.2 | % |
|
| 9.3 |
|
| 0.2 | % |
|
| 31.0 |
|
| 0.2 | % |
|
| 25.6 |
|
| 0.2 | % |
Changes in fair value of acquisition-related contingent items (a) |
| 7.5 |
|
| 0.1 | % |
|
| 2.5 |
|
| 0.1 | % |
|
| 26.4 |
|
| 0.2 | % |
|
| 0.6 |
|
| 0.0 | % |
Acquisition and integration costs (a) |
| 6.3 |
|
| 0.1 | % |
|
| — |
|
| — | % |
|
| 6.3 |
|
| 0.0 | % |
|
| — |
|
| — | % |
Impairments of equity method investments (a) |
| — |
|
| — | % |
|
| — |
|
| — | % |
|
| 7.9 |
|
| 0.1 | % |
|
| — |
|
| — | % |
Loss on extinguishment of debt (a) |
| 3.2 |
|
| 0.1 | % |
|
| — |
|
| — | % |
|
| 3.2 |
|
| 0.0 | % |
|
| — |
|
| — | % |
Restructuring charges (a) |
| 7.1 |
|
| 0.1 | % |
|
| — |
|
| — | % |
|
| 7.1 |
|
| 0.1 | % |
|
| — |
|
| — | % |
Adjusted EBITDA | $ | 486.4 |
|
| 9.4 | % |
| $ | 373.5 |
|
| 9.4 | % |
| $ | 1,154.3 |
|
| 8.6 | % |
| $ | 811.9 |
|
| 7.8 | % |
Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Communications | $ | 61.1 |
|
| 7.6 | % |
| $ | 103.0 |
|
| 11.3 | % |
| $ | 181.0 |
|
| 7.2 | % |
| $ | 232.4 |
|
| 9.6 | % |
Clean Energy and Infrastructure |
| 149.3 |
|
| 8.2 | % |
|
| 115.4 |
|
| 8.5 | % |
|
| 366.4 |
|
| 7.7 | % |
|
| 255.8 |
|
| 7.5 | % |
Power Delivery |
| 241.5 |
|
| 13.2 | % |
|
| 104.3 |
|
| 9.4 | % |
|
| 426.5 |
|
| 10.3 | % |
|
| 246.9 |
|
| 8.1 | % |
Pipeline Infrastructure |
| 75.1 |
|
| 10.4 | % |
|
| 92.0 |
|
| 15.4 | % |
|
| 338.5 |
|
| 16.5 | % |
|
| 198.6 |
|
| 13.3 | % |
Other |
| 10.0 |
|
| NM |
|
|
| 7.1 |
|
| NM |
|
|
| 21.0 |
|
| NM |
|
|
| 22.3 |
|
| NM |
|
Eliminations (b) |
| 2.7 |
|
| NM |
|
|
| — |
|
| NM |
|
|
| (6.7 | ) |
| NM |
|
|
| — |
|
| NM |
|
Segment Total | $ | 539.6 |
|
| 10.5 | % |
| $ | 421.8 |
|
| 10.6 | % |
| $ | 1,326.7 |
|
| 9.9 | % |
| $ | 956.1 |
|
| 9.2 | % |
Corporate |
| (53.2 | ) |
| — |
|
|
| (48.4 | ) |
| — |
|
|
| (172.4 | ) |
| — |
|
|
| (144.2 | ) |
| — |
|
Adjusted EBITDA | $ | 486.4 |
|
| 9.4 | % |
| $ | 373.5 |
|
| 9.4 | % |
| $ | 1,154.3 |
|
| 8.6 | % |
| $ | 811.9 |
|
| 7.8 | % |
| NM - Percentage is not meaningful | ||
(a) | Non-cash stock-based compensation expense, changes in fair value of acquisition-related contingent items, acquisition and integration costs, and loss on extinguishment of debt are included within Corporate, while impairments of equity method investments are included within the Other segment EBITDA and restructuring charges are included within the Communications segment EBITDA. | |
(b) | Represents intersegment eliminations and adjustments related to transactions entered into in the normal course of business. | |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) | |||||||||||||||||||||||
| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||||||||||||||||||
| 2026 |
| 2025 |
| 2026 |
| 2025 | ||||||||||||||||
EBITDA and Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net income | $ | 167.7 |
| 3.3 | % |
| $ | 166.5 |
| 4.2 | % |
| $ | 383.1 |
| 2.9 | % |
| $ | 269.0 |
| 2.6 | % |
Interest expense, net |
| 61.8 |
| 1.2 | % |
|
| 45.4 |
| 1.1 | % |
|
| 152.4 |
| 1.1 | % |
|
| 128.3 |
| 1.2 | % |
Provision for income taxes |
| 52.4 |
| 1.0 | % |
|
| 45.1 |
| 1.1 | % |
|
| 122.2 |
| 0.9 | % |
|
| 72.4 |
| 0.7 | % |
Depreciation |
| 93.8 |
| 1.8 | % |
|
| 71.8 |
| 1.8 | % |
|
| 263.2 |
| 2.0 | % |
|
| 218.0 |
| 2.1 | % |
Amortization of intangible assets |
| 75.3 |
| 1.5 | % |
|
| 32.7 |
| 0.8 | % |
|
| 151.4 |
| 1.1 | % |
|
| 98.0 |
| 0.9 | % |
EBITDA | $ | 451.0 |
| 8.8 | % |
| $ | 361.6 |
| 9.1 | % |
| $ | 1,072.3 |
| 8.0 | % |
| $ | 785.7 |
| 7.6 | % |
Non-cash stock-based compensation expense |
| 11.3 |
| 0.2 | % |
|
| 9.3 |
| 0.2 | % |
|
| 31.0 |
| 0.2 | % |
|
| 25.6 |
| 0.2 | % |
Changes in fair value of acquisition-related contingent items |
| 7.5 |
| 0.1 | % |
|
| 2.5 |
| 0.1 | % |
|
| 26.4 |
| 0.2 | % |
|
| 0.6 |
| 0.0 | % |
Acquisition and integration costs |
| 6.3 |
| 0.1 | % |
|
| — |
| — | % |
|
| 6.3 |
| 0.0 | % |
|
| — |
| — | % |
Impairments of equity method investments |
| — |
| — | % |
|
| — |
| — | % |
|
| 7.9 |
| 0.1 | % |
|
| — |
| — | % |
Loss on extinguishment of debt |
| 3.2 |
| 0.1 | % |
|
| — |
| — | % |
|
| 3.2 |
| 0.0 | % |
|
| — |
| — | % |
Restructuring charges |
| 7.1 |
| 0.1 | % |
|
| — |
| — | % |
|
| 7.1 |
| 0.1 | % |
|
| — |
| — | % |
Adjusted EBITDA | $ | 486.4 |
| 9.4 | % |
| $ | 373.5 |
| 9.4 | % |
| $ | 1,154.3 |
| 8.6 | % |
| $ | 811.9 |
| 7.8 | % |
| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||||||||||
Adjusted Net Income Reconciliation |
| 2026 |
|
|
| 2025 |
|
|
| 2026 |
|
|
| 2025 |
|
Net income | $ | 167.7 |
|
| $ | 166.5 |
|
| $ | 383.1 |
|
| $ | 269.0 |
|
Adjustments: |
|
|
|
|
|
|
| ||||||||
Amortization of intangible assets |
| 75.3 |
|
|
| 32.7 |
|
|
| 151.4 |
|
|
| 98.0 |
|
Non-cash stock-based compensation expense |
| 11.3 |
|
|
| 9.3 |
|
|
| 31.0 |
|
|
| 25.6 |
|
Changes in fair value of acquisition-related contingent items |
| 7.5 |
|
|
| 2.5 |
|
|
| 26.4 |
|
|
| 0.6 |
|
Acquisition and integration costs |
| 6.3 |
|
|
| — |
|
|
| 6.3 |
|
|
| — |
|
Impairments of equity method investments |
| — |
|
|
| — |
|
|
| 7.9 |
|
|
| — |
|
Loss on extinguishment of debt |
| 3.2 |
|
|
| — |
|
|
| 3.2 |
|
|
| — |
|
Restructuring charges |
| 7.1 |
|
|
| — |
|
|
| 7.1 |
|
|
| — |
|
Total adjustments, pre-tax | $ | 110.7 |
|
| $ | 44.6 |
|
| $ | 233.4 |
|
| $ | 124.2 |
|
Income tax effect of adjustments (a) |
| (25.2 | ) |
|
| (10.2 | ) |
|
| (54.6 | ) |
|
| (28.4 | ) |
Adjusted net income | $ | 253.2 |
|
| $ | 200.9 |
|
| $ | 561.9 |
|
| $ | 364.8 |
|
Net income attributable to non-controlling interests |
| 17.2 |
|
|
| 5.8 |
|
|
| 41.6 |
|
|
| 12.6 |
|
Adjusted net income attributable to MasTec, Inc. | $ | 236.1 |
|
| $ | 195.1 |
|
| $ | 520.3 |
|
| $ | 352.1 |
|
(a) | Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) | |||||||||||||||
| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||||||||||
Adjusted Diluted Earnings per Share Reconciliation |
| 2026 |
|
|
| 2025 |
|
|
| 2026 |
|
|
| 2025 |
|
Diluted earnings per share | $ | 1.89 |
|
| $ | 2.04 |
|
| $ | 4.32 |
|
| $ | 3.26 |
|
Adjustments: |
|
|
|
|
|
|
| ||||||||
Amortization of intangible assets |
| 0.94 |
|
|
| 0.42 |
|
|
| 1.91 |
|
|
| 1.25 |
|
Non-cash stock-based compensation expense |
| 0.14 |
|
|
| 0.12 |
|
|
| 0.39 |
|
|
| 0.33 |
|
Changes in fair value of acquisition-related contingent items |
| 0.09 |
|
|
| 0.03 |
|
|
| 0.33 |
|
|
| 0.01 |
|
Acquisition and integration costs |
| 0.08 |
|
|
| — |
|
|
| 0.08 |
|
|
| — |
|
Impairments of equity method investments |
| — |
|
|
| — |
|
|
| 0.10 |
|
|
| — |
|
Loss on extinguishment of debt |
| 0.04 |
|
|
| — |
|
|
| 0.04 |
|
|
| — |
|
Restructuring charges |
| 0.09 |
|
|
| — |
|
|
| 0.09 |
|
|
| — |
|
Total adjustments, pre-tax | $ | 1.39 |
|
| $ | 0.57 |
|
| $ | 2.95 |
|
| $ | 1.58 |
|
Income tax effect of adjustments (a) |
| (0.32 | ) |
|
| (0.13 | ) |
|
| (0.69 | ) |
|
| (0.36 | ) |
Adjusted diluted earnings per share | $ | 2.96 |
|
| $ | 2.48 |
|
| $ | 6.57 |
|
| $ | 4.48 |
|
(a) | Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. |
Calculation of Net Debt |
September 30, |
|
December 31, | ||||
Current portion of long-term debt, including finance leases | $ | 180.7 |
|
| $ | 154.3 |
|
Long-term debt, including finance leases |
| 3,987.8 |
|
|
| 2,176.4 |
|
Total debt | $ | 4,168.5 |
|
| $ | 2,330.7 |
|
Less: cash and cash equivalents |
| (481.8 | ) |
|
| (396.0 | ) |
Net debt | $ | 3,686.7 |
|
| $ | 1,934.7 |
|
| Nine Months Ended September 30, | ||||||
Free Cash Flow Reconciliation |
| 2026 |
|
|
| 2025 |
|
Net cash provided by operating activities | $ | 387.8 |
|
| $ | 173.0 |
|
Capital expenditures |
| (275.7 | ) |
|
| (179.8 | ) |
Proceeds from sales of property and equipment |
| 46.4 |
|
|
| 42.3 |
|
Free cash flow | $ | 158.5 |
|
| $ | 35.6 |
|
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) | |||||||||||||||||
EBITDA and Adjusted EBITDA Reconciliation |
Guidance for the Year Ended
|
|
For the Year Ended
|
|
For the Year Ended
| ||||||||||||
Net income | $ | 498 - 524 |
| 2.7% - 2.9% |
| $ | 422.0 |
| 3.0 | % |
| $ | 199.4 |
| 1.6 | % | |
Interest expense, net |
| 214 |
| 1.2 | % |
|
| 173.0 |
| 1.2 | % |
|
| 193.3 |
| 1.6 | % |
Provision for income taxes |
| 159 - 167 |
| 0.9 | % |
|
| 93.4 |
| 0.7 | % |
|
| 51.5 |
| 0.4 | % |
Depreciation |
| 358 |
| 2.0 | % |
|
| 295.9 |
| 2.1 | % |
|
| 366.8 |
| 3.0 | % |
Amortization of intangible assets |
| 236 |
| 1.3 | % |
|
| 131.2 |
| 0.9 | % |
|
| 139.9 |
| 1.1 | % |
EBITDA | $ | 1,465 - 1,498 |
| 8.0% - 8.2% |
| $ | 1,115.5 |
| 7.8 | % |
| $ | 950.8 |
| 7.7 | % | |
Non-cash stock-based compensation expense |
| 42 |
| 0.2 | % |
|
| 34.0 |
| 0.2 | % |
|
| 32.7 |
| 0.3 | % |
Changes in fair value of acquisition-related contingent items |
| 26 |
| 0.1 | % |
|
| 0.7 |
| 0.0 | % |
|
| 10.7 |
| 0.1 | % |
Acquisition and integration costs |
| 6 |
| 0.0 | % |
|
| — |
| — | % |
|
| — |
| — | % |
Impairments of equity method investments |
| 8 |
| 0.0 | % |
|
| — |
| — | % |
|
| — |
| — | % |
Loss on extinguishment of debt |
| 3 |
| 0.0 | % |
|
| — |
| — | % |
|
| 11.3 |
| 0.1 | % |
Restructuring charges |
| 14 - 16 |
| 0.1 | % |
|
| — |
| — | % |
|
| — |
| — | % |
Adjusted EBITDA | $ | 1,565 - 1,600 |
| 8.6% - 8.7% |
| $ | 1,150.1 |
| 8.0 | % |
| $ | 1,005.6 |
| 8.2 | % | |
Adjusted Net Income Reconciliation | Guidance for the Year Ended December 31, 2026 Est. |
| For the Year Ended December 31, 2025 |
| For the Year Ended December 31, 2024 | ||||||
Net income | $ | 498 - 524 |
|
| $ | 422.0 |
|
| $ | 199.4 |
|
Adjustments: |
|
|
|
|
|
| |||||
Amortization of intangible assets |
| 236 |
|
|
| 131.2 |
|
|
| 139.9 |
|
Non-cash stock-based compensation expense |
| 42 |
|
|
| 34.0 |
|
|
| 32.7 |
|
Changes in fair value of acquisition-related contingent items |
| 26 |
|
|
| 0.7 |
|
|
| 10.7 |
|
Acquisition and integration costs |
| 6 |
|
|
| — |
|
|
| — |
|
Impairments of equity method investments |
| 8 |
|
|
| — |
|
|
| — |
|
Loss on extinguishment of debt |
| 3 |
|
|
| — |
|
|
| 11.3 |
|
Restructuring charges |
| 14 - 16 |
|
|
| — |
|
|
| — |
|
Total adjustments, pre-tax | $ | 336 - 338 |
|
| $ | 165.9 |
|
| $ | 194.6 |
|
Income tax effect of adjustments (a) |
| (79) - (76 | ) |
|
| (44.7 | ) |
|
| (44.8 | ) |
Statutory and other tax rate effects (b) |
| — |
|
|
| (5.0 | ) |
|
| (0.9 | ) |
Adjusted net income | $ | 755 - 785 |
|
| $ | 538.2 |
|
| $ | 348.3 |
|
Net income attributable to non-controlling interests |
| 47 |
|
|
| 23.0 |
|
|
| 36.6 |
|
Adjusted net income attributable to MasTec, Inc. | $ | 708 - 738 |
|
| $ | 515.2 |
|
| $ | 311.7 |
|
(a) | Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. |
(b) | Represents the effects of statutory and other tax rate changes for the years ended December 31, 2025 and 2024. |
Contacts
Ati Modak, Investor Relations
305-507-7304
ati.modak@mastec.com
Read full story here
Mentioned In This Article
Latest News
| 23 min | |
| 2 hours | |
| 2 hours | |
| 7 hours | |
| Oct-21 | |
| Oct-16 | |
| Oct-12 | |
| Oct-09 | |
| Sep-10 | |
| Aug-27 | |
| Aug-27 | |
| Aug-18 | |
| Aug-17 | |
| Aug-13 | |
| Aug-06 |
