MasTec, Inc.

How MasTec earns revenue

MasTec, Inc. trades on the New York Stock Exchange under MTZ. It engineers, builds and maintains infrastructure, including power networks, large-load electrical installations, pipelines, telecommunications networks and clean-energy projects. Results depend on project timing, labor and equipment utilization as well as the amount of work won.

Quarterly results and expectations

The following figures cover the quarters ended September 30. Dollar amounts are millions except earnings per share.

Metric	Q3 2025	Q3 2026
Revenue	$3,966.9	$5,152.3
Net income attributable to MasTec	$160.7	$150.6
Reported diluted earnings per share	$2.04	$1.89
Adjusted diluted earnings per share	$2.48	$2.96

July's original Q3 targets were $4.93 billion in revenue, $482 million of adjusted EBITDA and adjusted earnings of $2.98 a share. Revenue and adjusted EBITDA exceeded those targets; adjusted earnings of $2.96 were slightly below their separate target. Adjusted earnings remove specified acquired-asset, employee share-pay, acquisition and restructuring items, with their tax effects.

What the backlog contains

Estimated revenue over the next 18 months, in billions of dollars. Backlog includes acquired operations and estimates under service agreements, not only firm minimum-purchase commitments.

Backlog	Sep. 2025	June 2026	Sep. 2026
Group	$16.78	$21.39	$24.55
Pipeline Infrastructure	$1.57	$1.79	$2.27
Power Delivery	$5.13	$6.35	$8.91

At September 30, 34% of total backlog came from master service or other service agreements without a committed minimum service purchase. Project starts and expected revenue can change. Pipeline construction affected by recent permit delays had begun by the October results announcement, but utilization was still ramping up.

Completed acquisitions and financing

MasTec acquired The Superior Group, a private electrical contractor, on July 20, 2026. Its initial acquisition-accounting value was about $1.83 billion after acquired cash, including cash, MasTec shares and estimated future payments. The three-year earn-out, meaning future payments tied to performance, has no maximum payment amount; its initial recorded value is not a cap.

The cash portion was funded with cash on hand, the expanded revolving facility and a new $700 million term loan. MasTec also issued $650 million of notes in August. A pipeline infrastructure business joined the group in August; its purchase details were grouped with a June telecommunications acquisition.

At September 30, total debt including finance leases was $4.17 billion after issuance costs and discounts, compared with $2.33 billion at December 31, 2025. Operating lease liabilities are separate. Cash was $481.8 million.

What to check next

The annual 2026 forecasts changed as follows. Revenue and adjusted EBITDA are billions of dollars; earnings per share are dollars.

Forecast	July	October
Revenue	$18.2 billion	$18.3 billion
Adjusted EBITDA	$1.600 billion	$1.565 to $1.600 billion
Reported earnings per share	$6.20	$5.69 to $6.01
Adjusted earnings per share	$9.30	$8.92 to $9.30

Adjusted EBITDA means earnings before interest, taxes and accounting charges for assets used over time, with selected other costs removed. The entire reported earnings-per-share range is below July's target, while the earlier adjusted target remains at the top of the new adjusted range.

The next tests are pipeline utilization as projects ramp, delivery against those annual ranges and whether deferred Communications spending returns. Cost changes in Communications are expected to begin helping in 2027. Quarter cash from operations was about $267 million; the first nine months generated $387.8 million, compared with $173 million a year earlier. These periods should be compared separately.