MTZ · MasTec, Inc.

MasTec reported a record first quarter for 2026, with revenue of $3.8 billion, up 34% year-over-year, driven by double-digit growth across all segments. The standout was Pipeline Infrastructure, which saw revenue surge 91% and EBITDA margin expand 870 basis points to 21.2%, reflecting improved efficiencies and project volumes. Clean Energy and Infrastructure revenue grew 45%, with EBITDA margin up 50 bps to 6.7%, supported by strong demand in renewables and infrastructure. Communications revenue increased 18%, but EBITDA margin contracted 100 bps to 5.8% due to costs to exit certain markets in the install-to-the-home business. Power Delivery revenue rose 16% with EBITDA margin up 120 bps to 6.9%. GAAP net income was $69.7 million, up 465% year-over-year, while adjusted diluted EPS of $1.39 exceeded guidance and was up 174%. The company also reported record 18-month backlog of $20.3 billion, up 28% year-over-year, led by a 65% increase in Clean Energy and Infrastructure. Management highlighted strong customer demand and operational discipline. For the full year 2026, MasTec raised guidance, expecting revenue of $17.5 billion (22% growth) and adjusted diluted EPS of $8.79 (34% growth). The strong balance sheet provides flexibility for capital allocation. The earnings release was furnished under Item 7.01 and incorporated by reference into Item 2.02.