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Dec 31, 2025
MasTec Q4 2025 Earnings Report
MasTec reported record fourth quarter 2025 revenue with strong year-over-year earnings growth and expanding backlog.
Key Takeaways
MasTec delivered record Q4 revenue of 3939800000 with strong profitability improvement, as net income rose significantly year-over-year and backlog reached record levels.
Revenue increased 15.8% year-over-year to 3939800000.
GAAP net income rose to 153057000 from 84702000 year-over-year.
Diluted EPS increased to 1.81 from 0.95 year-over-year.
18-month backlog reached 18963000000, up 32.6% year-over-year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For full year 2026, MasTec expects strong revenue and EBITDA growth with continued margin expansion.
Positive Outlook
- Full year 2026 revenue guidance of 17000000000.
- Adjusted EBITDA guidance of 1450000000.
- Adjusted EBITDA margin expected at 8.5%.
- GAAP net income guidance of 566000000.
- Adjusted diluted EPS guidance of 8.40.
Challenges Ahead
- Interest expense expected at 170000000.
- Provision for income taxes expected at 179000000.
- Depreciation projected at 350000000.
- Amortization of intangible assets projected at 147000000.
- First quarter seasonality implied by lower 1Q26 earnings guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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