MasTec Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Initial 2026 Guidance

Fourth Quarter 2025 Highlights

• Record fourth quarter revenue of $3.9 billion, increased 16% year-over-year
• Record 18-month backlog of $19.0 billion, increased $2.2 billion or 13% sequentially from the third quarter of 2025
• Diluted EPS of $1.81 and Adjusted Diluted EPS of $2.07, increased 92% and 44% year-over-year, respectively
• GAAP Net Income of $153.1 million and Adjusted EBITDA of $338.2 million, increased by 81% and 25% year-over-year, respectively

Full Year 2025 Highlights

• Record full year revenue of $14.3 billion, increased 16% year-over-year, and exceeded guidance expectations
• Record 18-month backlog of $19.0 billion, increased $4.7 billion or 33% year-over-year
• Diluted EPS of $5.07 and Adjusted Diluted EPS of $6.55, increased 146% and 66% year-over-year, respectively, and exceeded guidance expectations
• GAAP Net Income of $422.0 million and Adjusted EBITDA of $1.2 billion, both full year records, increased by 112% and 14% year-over-year, respectively, and exceeded guidance expectations

CORAL GABLES, Fla.--(BUSINESS WIRE)--MasTec, Inc. (NYSE: MTZ) today announced fourth quarter and full year 2025 financial results and issued its initial 2026 guidance expectations.

"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," said Jose Mas, MasTec's Chief Executive Officer. "MasTec continues to witness unprecedented demand across our energy, communications, power and infrastructure markets, and this was clearly seen in the 13% sequential growth of reported 18-month backlog at year-end to a $19 billion consolidated total." Mr. Mas added, "Our strong fourth quarter performance is a direct credit to the work of our many MasTec operating team members and their dedicated focus on delivering customer value every day. Thanks once again to all of you!"

Paul DiMarco, MasTec's Chief Financial Officer added, "MasTec reported revenue growth across all operating segments in the fourth quarter, led by the significant 50% year-over-year lift in Pipeline and by impressive 23% growth in Communications, as well as steady double-digit growth from Power Delivery and Renewables within Clean Energy and Infrastructure. Steady margin performance also enabled the solid growth in EBITDA, again an impressive result despite significant growth investments made in the business through the year." Mr. DiMarco continued, "For the full year 2026, our guidance assumes strong 19% revenue growth and 26% Adjusted EBITDA growth versus the prior year, which highlights MasTec’s overall robust growth opportunity in the coming infrastructure cycle. In addition to impressive expected organic growth, our strong balance sheet offers ample flexibility to pursue a disciplined, returns focused capital allocation strategy to further enhance growth and create shareholder value.”

Revenue: Revenue increased by 16% in the period, including double-digit growth contribution from the Pipeline Infrastructure, Communications and Power Delivery segments.

GAAP Net Income/Net Income Margin/GAAP Diluted EPS: Improved GAAP Net Income and EPS were driven by increased year-over-year project volumes.

Adjusted EBITDA Margin: The increase in Adjusted EBITDA margin was primarily driven by a combination of improved productivity and project mix in the Pipeline Infrastructure segment, partially offset by the positive effects of certain industrial project close-outs in the fourth quarter of 2024 in the Clean Energy and Infrastructure segment that were not repeated in the fourth quarter of 2025, as well as the short-term impact of ramping new business volume in the Communications segment.

Fourth Quarter 2025 Segment Highlights

Communications

Clean Energy and Infrastructure

Power Delivery

Pipeline Infrastructure

Full Year 2025 Results

Revenue: Revenue increased by 16% in the period including double-digit growth contribution from the Communications, Power Delivery and Clean Energy and Infrastructure segments.

GAAP Net Income/Net Income Margin/GAAP Diluted EPS: Improved GAAP Net Income and EPS driven by increased year-over-year project volumes, lower depreciation expense and lower interest expense and tax rate versus the prior year.

Adjusted EBITDA Margin: The decrease in Adjusted EBITDA margin was primarily driven by reduced efficiencies and project mix within the Pipeline Infrastructure segment, as well as reduced efficiencies in the Power Delivery segment, partially offset by favorable project mix and improved efficiencies within the Clean Energy and Infrastructure segment, as well as improved efficiencies within the Communications segment.

Backlog: Strong 33% year-over-year increase with $4.7 billion incremental net additions driven by double-digit growth contribution from all four segments, most notably by the Pipeline Infrastructure and Clean Energy and Infrastructure segments, which increased by 90% and 53%, respectively. Backlog increased sequentially by 13% with a book-to-bill of 1.6x in Q4.

Full Year 2025 Segment Highlights

Communications

Clean Energy and Infrastructure

Power Delivery

Pipeline Infrastructure

2026 Financial Guidance Update

Conference Call

MasTec will host a webcast of its quarterly earnings call to discuss these results on Friday, February 27, 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 and distribution 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.

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.

Chris Mecray, Vice President - Investor Relations
305-507-7304
chris.mecray@mastec.com