Mastec Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −5.20%.
Did MTZ Beat Earnings? Q4 2025 Results
MasTec capped a record-breaking year with a standout fourth quarter, posting adjusted EPS of $2.07 against a consensus estimate of $1.95, a 6.15% beat, while revenue of $3.94 billion topped the $3.72 billion estimate by 5.98% and climbed 15.8% year-over-year. The results were broad-based, but Pipeline Infrastructure stole the show, surging 50% to $643.80 million with EBITDA margin expanding 490 basis points to 18.5%, driven by improved productivity and project mix. The momentum extended to the company's backlog, which hit a record $18.96 billion on an 18-month basis, up 33% year-over-year, with a Q4 book-to-bill ratio of 1.6x signaling sustained demand across energy, communications and infrastructure markets. The strong results <a href="https://247wallst.com/investing/2026/01/30/why-investors-rewarded-meta-and-tesla-but-punished-microsoft-despite-revenue-beat/">rewarded investors watching</a> for execution against a complex macro backdrop. Looking ahead, management issued 2026 guidance calling for revenue of $17.00 billion, representing 19% growth, and adjusted diluted EPS of $8.40, though tariff risks on steel, aluminum, and solar panels remain potential headwinds.
- Double-digit revenue growth contribution from Pipeline Infrastructure, Communications, and Power Delivery segments
- Improved productivity and favorable project mix in Pipeline Infrastructure driving 490 bps EBITDA margin expansion
- Record 18-month backlog of $19.0 billion with 1.6x book-to-bill in Q4
- Increased year-over-year project volumes driving GAAP net income and EPS improvement
- Lower depreciation expense, lower interest expense and lower tax rate for full year results
- Favorable project mix and improved efficiencies within Clean Energy and Infrastructure and Communications for full year
“Fourth quarter and full year 2025 financial performance exceeded guidance in virtually all respects, including mid-teens growth of revenue with contribution from all segments. We were very pleased with the execution by the MasTec team across our businesses, and proud that we continue to deliver value to our customers through this period of exceptional infrastructure demand.”
MasTec CEO, on the earnings call
Forward Guidance & Outlook
MasTec issued initial 2026 guidance projecting strong growth: full-year revenue of $17.0 billion (19% growth), Adjusted EBITDA of $1.45 billion (26% growth) at 8.5% margin, GAAP diluted EPS of $6.62, and Adjusted diluted EPS of $8.40. For Q1 2026, the company expects revenue of $3.475 billion, GAAP net income of $55 million, Adjusted EBITDA of $245 million at 7.1% margin, GAAP diluted EPS of $0.57, and Adjusted diluted EPS of $1.00. The company highlighted unprecedented demand across energy, communications, power and infrastructure markets and noted its strong balance sheet offers flexibility for disciplined, returns-focused capital allocation.
MTZ YoY Financials
MTZ Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.