The flat adjusted EBITDA guidance revision despite record revenue and backlog signals near-term margin headwinds from Pipeline permitting delays and Communications restructuring. Watch Q4 for progress on Pipeline production ramp and Communications cost actions; the $24.5B backlog supports a strong 2027 outlook if execution improves.
Price Chart
Executive Summary
MasTec reported Q3 2026 revenue of $5.152B (up 30% YoY) and adjusted diluted EPS of $2.96, matching consensus. The company updated full-year 2026 guidance to a range that implies adjusted EBITDA roughly flat at the midpoint versus prior guidance, citing delayed Pipeline project starts and Communications customer deferrals. Record backlog of $24.5B (+46% YoY) provides strong forward visibility, but margin compression in Pipeline and Communications segments and a guidance revision that is effectively flat on adjusted EBITDA temper the positive headline.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $5.152B, a quarterly record, up 30% YoY from $3.967B
- GAAP diluted EPS of $1.89 (down 7.7% YoY from $2.04); adjusted diluted EPS of $2.96 (up 19.3% YoY from $2.48)
- Adjusted EBITDA of $486.4M, up 30.2% YoY, with margin flat at 9.4%
- Record 18-month backlog of $24.5B, up 46% YoY and up $3.2B sequentially
- Full-year 2026 guidance updated: revenue $18.3B, adjusted EBITDA $1.565B-$1.600B (midpoint ~1% above prior guidance of ~$1.565B), adjusted diluted EPS $8.92-$9.30
- Power Delivery segment revenue surged 65% YoY to $1.835B, EBITDA margin expanded 380bps to 13.2%
- Pipeline Infrastructure revenue up 21% YoY but EBITDA fell 18.4% and margin contracted 500bps to 10.4% due to permitting delays
- Communications revenue declined 11.8% YoY and EBITDA fell 47.6% with margin down 460bps to 6.7%; restructuring charges of $7.1M taken
- Completed two acquisitions in Q3: The Superior Group (electrical contractor) and a pipeline infrastructure company
- Issued $650M of 5.850% senior notes due 2036 and increased revolving credit facility to $2.25B
- Net debt rose to $3.687B from $1.935B at year-end 2025, largely due to acquisition financing
Financial Impact
Revenue beat consensus by ~$212M (4.3%); adjusted EPS matched consensus at $2.96; full-year adjusted EBITDA guidance midpoint essentially flat vs prior guidance, implying a modest reduction in expectations for H2
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Power Delivery | $1.8B | +65.2% |
| Clean Energy and Infrastructure | $1.8B | +33.9% |
| Pipeline Infrastructure | $724.1M | +21.1% |
| Communications | $806.9M | -11.8% |
Risk Factors
- Pipeline Infrastructure margin compression from permitting delays may persist into Q4 and shift revenue to 2027
- Communications segment revenue decline and restructuring may take several quarters to show margin improvement
- Net debt increased significantly to $3.687B from $1.935B, raising leverage post-acquisitions
- GAAP EPS declined 7.7% YoY due to higher amortization from acquisitions and restructuring charges
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000015615-26-000127 |
| Document: mtz-20261029.htm | 0000015615-26-000127 |
| Document: 0000015615-26-000127-index-headers.html | 0000015615-26-000127 |
| Document: 0000015615-26-000127-index.html | 0000015615-26-000127 |
| Document: 0000015615-26-000127.txt | 0000015615-26-000127 |
| 8-K Data (Synthetic) | 0000015615-26-000127 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $171.00 | awaiting T+1 | awaiting T+1 | $186.06 (+8.81%) |
Oct 20, 2026 12d ago | Institutional Cluster | $180.96 $171.55 | ▲ +5.20% | ▲ +4.02% | $186.06 (−2.82%) |
Aug 10, 2026 11w ago | 8-K | $272.65 $281.11 | ▲ +3.10% | ▲ +2.85% | $186.06 (−31.76%) |
Aug 10, 2026 11w ago | 424B5 | $272.65 $281.11 | ▼ −3.10% | ▼ −2.85% | $186.06 (+31.76%) |
Jul 20, 2026 14w ago | 8-K | $351.40 $357.35 | ▲ +1.69% | ▲ +1.81% | $186.06 (−47.05%) |
Jul 7, 2026 16w ago | 8-K | $382.90 $384.72 | ▲ +0.48% | ▼ −0.37% | $186.06 (−51.41%) |
May 28, 2026 22w ago | Court Ruling | $378.37 $362.09 | ▼ −4.30% | ▼ −4.58% | $186.06 (−50.83%) |
May 28, 2026 22w ago | Court Ruling | $378.37 $362.09 | ▼ −4.30% | ▼ −4.58% | $186.06 (−50.83%) |
Apr 30, 2026 26w ago | 8-K | $417.41 $425.39 | ▲ +1.91% | ▲ +2.25% | $186.06 (−55.43%) |
US Market Status
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