MasTec, Inc.

Q3 2026 revenue was $5,152 million, up 30% year over year. Adjusted EBITDA was $486 million, up 30% year over year. Adjusted EPS was $2.96, up 19% year over year. Backlog ended the quarter at $24.5 billion, up more than $7 billion year over year and $3 billion sequentially; total book-to-bill was 1.6x and organic book-to-bill was 1.3x. Power Delivery revenue rose 65% year over year and EBITDA grew 132%; CE&I revenue rose 34% year over year and EBITDA grew about 30%; Pipeline backlog increased 26% sequentially to approximately $2.3 billion; Power Delivery backlog was $8.9 billion and Superior backlog was $1.8 billion. Cash flow from operations was $267 million in Q3 and $388 million year to date. Net leverage was 2.5x, and management expects it to be below 2x by year-end. Management expects over $1 billion of operating cash flow in 2026. For CE&I, management said full-year segment revenue and EBITDA growth should be north of 40%, and for Communications it expects a flattish 2027 with better margins if guided today.

Jose Mas struck a highly optimistic tone about the company’s shift toward mission-critical infrastructure, saying MasTec is only in the early stages of benefiting from Superior, data centers, power generation and transmission. He emphasized that strength in Power Delivery, CE&I and Pipeline should more than offset Communications weakness, and repeatedly framed 2027 and beyond as the start of a multi-year infrastructure cycle. At the same time, he was candid that Communications is disappointing in the near term and that 2027 guidance there would be conservative.

Paul Dimarco highlighted record quarterly revenue and EBITDA, strong backlog conversion and broad demand across end markets. He noted Q3 cash from operations of $267 million, year-to-date cash from operations of $388 million, expected full-year 2026 operating cash flow above $1 billion, and expected year-end net leverage below 2x versus 2.5x in Q3. He also said liquidity of $1.6 billion supports capital allocation, including both strategic acquisitions and disciplined share repurchases, and pointed to improving mix, Superior synergies, self-perform growth and Communications initiatives as supports for 2027 margins.

Analysts focused on Communications, Pipeline timing, data center and gas generation upside, and whether MasTec has enough resources to execute. Management said Communications is being reshaped through cost actions, office closures and consultant-led efficiency work, with a goal of a couple hundred basis points of margin improvement in 2027, while acknowledging the segment may be flattish next year. On Pipeline, management said roughly 60-day permitting delays pushed work into 2027 but did not change project economics, and that visibility is strong because pipe has already been ordered on many projects. On data centers and fiber, Jose Mas said the company has already won about 2,100 miles of fiber work tied to hyperscaler activity and expects more awards, while also saying the business is being helped by Superior and integrated service offerings.