MasTec Q4 Earnings Call Highlights

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Sat, February 28, 2026 astatine 11:35 AM CST 8 min read

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  • MasTec beat guidance with grounds 2025 results: full-year gross of $14.3 billion (+16%), Q4 gross ~$4 billion, adjusted EBITDA of $338 million (+25% YoY) and adjusted EPS of $2.07 (+44%).

  • Backlog expanded sharply, rising astir 33% YoY (over $4.5 billion) with a sequential book‑to‑bill of 1.6x and astir $1 billion of data‑center related awards, including its archetypal turnkey data‑center operation absorption win.

  • For 2026 absorption guided to astir $17 billion gross (~19% growth), $1.45 billion adjusted EBITDA (8.5% margin) and $8.40 adjusted EPS, expecting operating currency travel >$1 billion, beardown CE&I and pipeline growth, and astir $500 million of gross from acquisitions.

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MasTec (NYSE:MTZ) reported fourth-quarter and full-year 2025 results that absorption said exceeded its guidance for revenue, adjusted EBITDA and adjusted net per share, supported by integrated maturation crossed segments and a crisp summation successful backlog.

CEO Jose Mas said fourth-quarter gross was “just shy of $4 billion,” up 16% twelvemonth implicit year, bringing full-year gross to $14.3 billion, besides up 16% and a institution record. Adjusted EBITDA successful the 4th was $338 million, a 25% year-over-year increase, portion full-year adjusted EBITDA totaled $1.15 billion, up 14%.

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Adjusted EPS successful the 4th fourth was $2.07, up 44% from $1.44 successful the prior-year quarter. CFO Paul DiMarco added that consolidated EBITDA borderline for 2025 was 8%, and that non-pipeline conception margins improved to 8.2% from 7.6% successful 2024.

Mas highlighted a crisp enlargement successful backlog during 2025. Full-year backlog accrued by “over 4 and a fractional cardinal dollars,” oregon 33% twelvemonth implicit year. Sequentially, backlog accrued by much than $2 billion, which Mas described arsenic a 1.6x book-to-bill.

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Management emphasized the premix of caller awards, including “nearly $1 cardinal of information center-related work” added to backlog successful the 4th quarter. Mas said these awards included enactment MasTec has performed successful caller years arsenic good arsenic its archetypal operation absorption statement for a turnkey information halfway site. He noted that overmuch of the enactment connected that archetypal turnkey task would beryllium subcontracted, but the institution sees an accidental to self-perform much scope connected aboriginal jobs.

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