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MasTec

MasTec (MTZ) Q2 2026 Earnings

Reported Jul 30, 2026 at 4:28 PM ET · SEC Source

Q2 26 EPS

$2.22

MISS 0.61%

Est. $2.23

Q2 26 Revenue

$4.37B

BEAT +1.50%

Est. $4.31B

vs S&P Since Q2 26

-10.3%

TRAILING MARKET

MTZ -7.0% vs S&P +3.3%

Market Reaction

Did MTZ Beat Earnings? Q2 2026 Results

MasTec posted a mixed but broadly strong second quarter for 2026, delivering record revenue of $4.37 billion, up 23.4% year over year and ahead of the $4.31 billion consensus by 1.50%, even as adjusted diluted EPS of $2.22 fell just short of the $2.2… Read more MasTec posted a mixed but broadly strong second quarter for 2026, delivering record revenue of $4.37 billion, up 23.4% year over year and ahead of the $4.31 billion consensus by 1.50%, even as adjusted diluted EPS of $2.22 fell just short of the $2.23 estimate by 0.61%, snapping a five-quarter streak of consensus beats. The headline revenue figure was powered most visibly by the Clean Energy and Infrastructure segment, where revenue surged 43.4% to $1.62 billion and adjusted EBITDA climbed 53.9%, reflecting accelerating demand for renewable energy and heavy civil construction. Pipeline Infrastructure also stood out, with EBITDA nearly doubling as margins expanded 690 basis points. Underpinning the forward outlook, MasTec's 18-month backlog reached $21.39 billion, up 30% year over year, and the company raised full-year 2026 guidance to $18.20 billion in revenue and $9.30 in adjusted diluted EPS, a 42% increase, with third-quarter revenue expected at $4.93 billion, signaling continued momentum heading into the back half of the year.

Key Takeaways

  • • Broad-based 23% year-over-year revenue growth across all segments
  • • Adjusted EBITDA margin expansion of 100 basis points to 8.8%
  • • Clean Energy and Infrastructure revenue surged 43.4% YoY with 50 bps EBITDA margin improvement
  • • Pipeline Infrastructure EBITDA nearly doubled with 690 basis point margin expansion to 18.4%
  • • Record 18-month backlog of $21.4 billion, up 30% year-over-year
  • • Power Delivery revenue grew 19.2% with EBITDA margin expanding 30 basis points

MTZ Forward Guidance & Outlook

MasTec updated its full year 2026 guidance: revenue of $18.2 billion, GAAP diluted EPS of $6.20 (22% YoY increase), adjusted diluted EPS of $9.30 (42% YoY increase), GAAP net income of $539 million, adjusted net income of $785 million, adjusted EBITDA of $1.6 billion with an 8.8% margin. For Q3 2026, the company expects revenue of $4.93 billion, GAAP diluted EPS of $2.03, adjusted diluted EPS of $2.98, and adjusted EBITDA of $482 million at a 9.8% margin. Record 18-month backlog of $21.4 billion and the acquisition of The Superior Group support management's confidence in significantly exceeding three-year financial objectives provided at the recent Investor Day.

24/7 Wall St

MTZ YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

MTZ Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“We once again reported a very strong quarter with excellent performance in revenue growth, margin expansion and backlog development. Strong year-over-year revenue growth of 23% was broad-based and solid execution drove margin expansion with our adjusted EBITDA margin improving 100 basis points. 18-month backlog was up $4.9 billion year-over-year, or 30%, and up $1.1 billion sequentially from the first quarter of this year to another record level.”

— Jose R. Mas, Q2 2026 Earnings Press Release

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