Mastec Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.54%.
Did MTZ Beat Earnings? Q2 2025 Results
MasTec posted a record-breaking second quarter, with revenue of $3.54 billion climbing 19.7% year-over-year and adjusted diluted EPS of $1.49 beating the $1.40 consensus estimate by 6.41%, as broad-based infrastructure demand drove the company well ahead of expectations. The headline result was powered most visibly by the Communications segment, which surged 41.6% to $836.90 million on accelerating wireless and wireline project activity, while Clean Energy and Infrastructure and Power Delivery each grew more than 20%. The 18-month backlog reached a record $16.45 billion, up 23% year-over-year, underscoring the durability of that demand. Management responded by raising full-year 2025 guidance, now targeting revenue of $13.90 to $14.00 billion and adjusted diluted EPS of $6.23 to $6.44, with Q3 revenue guided to $3.90 billion and adjusted EPS of $2.28. Pipeline Infrastructure was the one soft spot, declining 5.7% to $539.70 million with margins compressing sharply, but the company's diversified platform and record backlog leave MasTec well-positioned heading into the second half.
- 20% year-over-year revenue growth driven by strong 25% combined contribution from non-pipeline segments
- Communications segment surged 41.6% on higher wireless and wireline project activity
- Clean Energy and Infrastructure EBITDA margin expanded 230 basis points from renewable project close-outs and improved productivity
- Record 18-month backlog of $16.5 billion, up 23% year-over-year
- Lower depreciation expense, lower interest expense, and lower tax rate boosted GAAP earnings
- Pipeline Infrastructure revenue declined 5.7% due to Mountain Valley Pipeline close-out in prior year
“We are pleased that second quarter financial performance exceeded guidance with respect to both revenue and earnings growth as MasTec continues to take advantage of an exceptionally strong demand climate and execute cleanly against this opportunity.”
MasTec CEO, on the earnings call
Forward Guidance & Outlook
MasTec raised its full year 2025 guidance. Revenue is now expected at $13.9–$14.0 billion. GAAP net income is guided at $388–$408 million, with GAAP diluted EPS of $4.61–$4.82 (midpoint $4.71, up ~6% from prior guidance and 129% year-over-year). Adjusted diluted EPS is guided at $6.23–$6.44 (midpoint $6.33, up ~4% from prior guidance and 60% year-over-year). Adjusted EBITDA is expected at $1,130–$1,160 million with margins of 8.1–8.3%. For Q3 2025, the company guides revenue of $3.9 billion, GAAP net income of $156 million, adjusted EBITDA of $370 million (9.5% margin), GAAP diluted EPS of $1.87, and adjusted diluted EPS of $2.28.
MTZ YoY Financials
MTZ Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.