Highlights: Q2 2026 Delivers Record Revenue and Profitability
MasTec, Inc. (NYSE: MTZ) posted its strongest second quarter ever, reporting revenue of $4.37 billion—a 23% increase year-over-year—attributable to broad-based sector growth and execution improvements. The company’s GAAP net income surged 62% to $145.7 million, while adjusted EBITDA rose 40% to $384.2 million, setting a new high-water mark for quarterly performance.
Backlog and Clean Energy Growth Lead the Story
MasTec’s 18-month backlog reached a record $21.4 billion, up 30% compared to last year and $1.1 billion sequentially. Notably, clean energy and infrastructure backlog grew an impressive 58% year-over-year, outpacing legacy segments and reinforcing the company’s focus on renewables and data center infrastructure solutions.
| Q2 2026 | Q2 2025 | Change (%) | |
|---|---|---|---|
| Revenue ($ million) | 4,374 | 3,545 | 23.4 |
| GAAP Net Income ($ million) | 146 | 90 | 61.7 |
| Adjusted EBITDA ($ million) | 384 | 275 | 39.8 |
| Adjusted EBITDA Margin (%) | 8.8 | 7.8 | +100 bps |
| 18-Month Backlog ($ million) | 21,391 | 16,452 | 30.0 |
Profitability and Execution Improve, Adjusted EPS Up Nearly 50%
Profitability metrics showed significant strengthening: diluted EPS and adjusted diluted EPS climbed 51% and 49% respectively, reaching $1.65 and $2.22. Operating income rose 43% to $226 million, and net income margin improved by 80 basis points to 3.3%. These improvements reflect not only revenue growth but ongoing cost discipline and successful project execution across MasTec’s diversified operating model.
Segment Analysis: Pipeline Infrastructure and Clean Energy Stand Out
| Segment | Revenue (Q2 2026, $M) |
EBITDA Margin (Q2 2026, %) |
Backlog (June 30, 2026, $M) |
|---|---|---|---|
| Communications | 888.9 | 8.2 | 5,461 |
| Clean Energy & Infrastructure | 1,622.1 | 7.9 | 7,791 |
| Power Delivery | 1,245.8 | 9.1 | 6,347 |
| Pipeline Infrastructure | 642.8 | 18.4 | 1,792 |
Clean Energy and Infrastructure saw revenue rise 43% and EBITDA margin improve to 7.9%. The Pipeline Infrastructure segment delivered the highest margin at 18.4%, with EBITDA nearly doubling year-over-year. Power Delivery’s margin also expanded, while Communications revenue grew more modestly but remains stable in backlog.
Guidance Raised on Income and Margins
Following another strong quarter, MasTec updated its full-year 2026 guidance, projecting revenue of $18.2 billion, GAAP EPS of $6.20, and adjusted EPS of $9.30—a substantial 42% year-over-year increase. Adjusted EBITDA for the year is targeted at $1.6 billion (8.8% margin), further supporting the company’s outlook for sustained profitability improvement.
Strategic Acquisition Expands Data Center & Electrical Services
The company also closed its acquisition of The Superior Group, a well-known electrical contractor with expertise in data center and industrial end-markets. The addition strengthens MasTec’s offering and reinforces its position in fast-growing segments of infrastructure buildouts, such as digital and renewable energy capacity expansion.
Key Takeaways for Investors
- Multi-year Growth Foundation: Record backlog and strong margin expansion point to sustainable growth potential.
- Segment Diversification: Power Delivery and Clean Energy now represent the bulk of new growth and backlog momentum.
- Guidance Momentum: Management’s outlook and raised guidance signal confidence in both organic and acquisition-driven upside.
Investors may want to follow upcoming earnings calls and project updates, as MasTec’s shifting portfolio toward clean energy and digital markets could continue to unlock value. With multiple financial records in the rear-view mirror, the company appears poised to exceed its three-year objectives set at the latest Investor Day.
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