Companies · MTZ
MasTec
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Oct 30, 2026
MasTec Q3 2026: Record $24.5B backlog and 30% revenue growth signal multi-year infrastructure supercycle, with Pipeline timing delays the sole near-term drag
MasTec delivered record quarterly revenue of $5.15 billion and adjusted EBITDA of $486 million in Q3 2026, both up 30% year-over-year, powered by a 65% revenue surge and 132% EBITDA growth in Power Delivery. Backlog reached an all-time high of $24.5 billion — up more than $7 billion year-over-year and $3 billion sequentially — with a total book-to-bill of 1.6x, driven by broad-based demand in transmission, grid modernization, gas generation, and turnkey data center construction. The only structural concern is Communications, which has declined to under 15% of total revenue and faces delayed customer capex decisions, partially offset by 2,100 miles of newly awarded hyperscaler fiber construction.
Tone: bullishRevenue
$14.3B
MTZ 10-K · FY 2025
Employees
36,000
Revenue FY2024
$12.3B
Headquarters
Coral Gables, FL
Profile
MTZ 10-K Item 1 · Feb 26, 2026MasTec is a leading North American infrastructure engineering and construction company serving the communications, clean energy, power delivery, and pipeline infrastructure markets. The company operates across five segments — Communications, Clean Energy and Infrastructure, Power Delivery, Pipeline Infrastructure, and Other — serving a diversified base of utility, telecom, energy, and government customers. With over 95 years in business and approximately 36,000 employees, MasTec is ranked among the top five contractors in Engineering News-Record's Top 400 Contractors.
Read filing description ↓ Collapse description ↑
We are 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, such as: wireless, wireline/fiber; power delivery infrastructure, including transmission, distribution, grid hardening and modernization, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. Our customers are primarily in these industries. Including our predecessor companies, we have been in business for over 95 years. As of December 31, 2025, we had approximately 36,000 employees and 810 locations. We offer our services under the MasTec® and other service marks and we are ranked among the top five contractors within Engineering News-Record's Top 400 Contractors. We provide integrated, solutions-based services to a diversified base of customers and a significant portion of our services are provided under master service and other service agreements, which are generally multi-year agreements. We seek to grow and diversify our business both organically and through acquisitions and/or strategic arrangements in order to deepen our market presence and customer base, broaden our geographic reach and expand our service offerings. In 2021, we initiated a significant transformation of our end-market business operations to focus on the nation's transition to low-carbon energy sources and position the Company for expected future opportunities.
Primary products
- Wireless and wireline/fiber network construction
- Data center buildout and interconnection
- Wireless integration and optimization
- Install-to-the-home services
- Wind, solar, biomass, and battery storage construction
- Heavy civil and industrial infrastructure (roads, bridges, rail)
Business segments
End markets
Geographies
Named customers
See Note 14 - Segments and Related Information and Note 15 - Commitments and Contingencies in the notes to the audited consolidated financial statements, which are incorporated by reference, for customer concentration information.
Named competitors
“We compete based upon our industry experience, technical expertise, financial and operational resources, geographic presence, industry reputation, safety record and reputation for customer service.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue grew from approximately $12.3 billion in 2024 to approximately $14.3 billion in 2025, driven by growth across Communications, Clean Energy and Infrastructure, and Power Delivery segments.
The rest of MTZ is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.