MasTec (MTZ) Q2 FY26 earnings call

Earnings call· Jun 2026 (Q2 FY26)· Industrials· Jul 31, 2026

Source: earnings call transcript

MasTec delivered a strong second quarter with record revenue, EBITDA, EPS, and backlog, driven by robust demand in Power Delivery, Clean Energy & Infrastructure, and Pipeline segments. The recent acquisition of The Superior Group further enhances its position in mission-critical infrastructure. While the Communications segment faces short-term pressures from project deferrals, the company's diversified platform and increased exposure to high-growth markets are expected to drive continued profitable growth.

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MTZ operating KPIs by quarter

MTZ operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	This call Jun 2026 Q2 FY26	Change vs prior quarter
Book-to-bill ratio Clean Energy and Infrastructure	~1.1 ratio Backlog was up sequentially by over $100 million, and book-to-bill was about 1.1 Considering this was the highest revenue quarter in segment history, we're both proud of this backlog growth, but also bullish about what it means for 2025. Source: earnings call transcript	<1.2 ratio Backlog for this segment was up sequentially to a record level of $4.4 billion and book-to-bill was nearly 1.2x. Source: earnings call transcript	1.4 ratio Backlog was up 11% to a new record level of $4.9 billion and book-to-bill was 1.4x. Source: earnings call transcript	1.1 ratio Overall, backlog for Clean Energy and Infrastructure of $5 billion increased 21% from the prior year and 2% sequentially with a book-to-bill of 1.1x. Source: earnings call transcript	—	1.6 ratio Clean Energy & Infrastructure segment revenues increased 45% year-over-year EBITDA was up 56% and segment backlog increased sequentially by over $770 million, representing a book-to-bill of 1.6x. Source: earnings call transcript	1.3 ratio EBITDA was up 54% and segment backlog increased sequentially by $500 million, representing a book-to-bill of 1.3x. Source: earnings call transcript	-18.8%
Backlog	$14.3B 18-month backlog at year-end totaled $14.3 billion, an increase of over $400 million sequentially and almost $2 billion year-over-year. Source: earnings call transcript	$15.9B 18-month backlog at quarter end totaled $15.9 billion, up $1.6 billion from year-end and $3 billion year-over-year. Source: earnings call transcript	$16.45B 18-month backlog at quarter end totaled $16.45 billion, an increase of 4% from the first quarter and 23% year-over-year. Source: earnings call transcript	$16.8B And despite a revenue record quarter, backlog at quarter end was $16.8 billion, a roughly $325 million sequential increase with every segment delivering backlog growth. Source: earnings call transcript	—	$20.3B Adjusted earnings per share was $1.39, a 174% year-over-year increase and backlog at quarter end was $20.3 billion a $1.4 billion sequential increase and a new record level. Source: earnings call transcript	$21.4B And backlog at quarter end was $21.4 billion, a nearly $5 billion year-over-year increase and a $1 billion sequential organic increase, a new record level. Source: earnings call transcript	+5.4%
Backlog Clean Energy and Infrastructure	$4.2B Backlog for the segment now stands at $4.2 billion, up 36% year-over-year. Source: earnings call transcript	$4.4B Backlog for this segment was up sequentially to a record level of $4.4 billion and book-to-bill was nearly 1.2x. Source: earnings call transcript	$4.9B Backlog was up 11% to a new record level of $4.9 billion and book-to-bill was 1.4x. Source: earnings call transcript	$5B Overall, backlog for Clean Energy and Infrastructure of $5 billion increased 21% from the prior year and 2% sequentially with a book-to-bill of 1.1x. Source: earnings call transcript	$6.5B Total Clean Energy and Infrastructure backlog at year-end increased 30% sequentially to $6.5 billion, which is also a step change of 53% higher than the prior year and book-to-bill was 2.1x. Source: earnings call transcript	—	~$7.8B Backlog increased to approximately $7.8 billion, growing roughly $500 million sequentially, with a book-to-bill of 1.3x despite another record quarterly revenue. Source: earnings call transcript	—
Book-to-bill ratio	—	1.55 ratio Backlog increased over 10% sequentially and book-to-bill for the quarter was 1.55x. Source: earnings call transcript	1.2 ratio Total company backlog in the quarter also remained healthy, posting a 23% year-over-year growth, including a 4% sequential increase, resulting in a book-to-bill ratio in the second quarter of 1.2x. Source: earnings call transcript	1.1 ratio Third quarter backlog increased 21% year-over-year and was up slightly sequentially with a book-to-bill ratio of 1.1x. Source: earnings call transcript	1.6 ratio Sequentially, backlog was up over $2 billion, representing a 1.6x book-to-bill. Source: earnings call transcript	1.4 ratio EBITDA margins improved 170 basis points versus last year first quarter and total company book-to-bill was 1.4x, setting yet another backlog record. Source: earnings call transcript	1.2 ratio+ EBITDA margins improved 100 basis points versus last year's second quarter, and total company book-to-bill was over 1.2x, setting yet another backlog record. Source: earnings call transcript	—
Backlog Communications	—	—	$5B Backlog increased sequentially to a record $5 billion and increased 13% from the prior year. Source: earnings call transcript	$5.1B The overall telecommunications end market and our visibility remains strong with third quarter backlog totaling $5.1 billion, a small increase sequentially despite the record quarterly revenue in the period. Source: earnings call transcript	$5.5B Fourth quarter Communications backlog totaled $5.5 billion, which is an 8% sequential increase and a notable 20% year-over-year increase. Source: earnings call transcript	—	—	+7.8%
Backlog Power Delivery	—	—	—	—	$5.6B Fourth quarter backlog for Power Delivery increased an impressive 17% versus the prior year and 9% from the third quarter, ending the year at $5.6 billion, which is a new MasTec record and continues a positive trend of unbroken backlog increases in Power Delivery since the third quarter of 2023. Source: earnings call transcript	—	~$6.3B Power Delivery backlog increased to another record level of approximately $6.3 billion, with book-to-bill of 1.1x despite record quarterly revenue. Source: earnings call transcript	—
Orders Pipeline Infrastructure	—	$1.1B+ Bookings in the first quarter included over 1.1 billion of new contracts, more than doubling our 18-month backlog to 1.5 billion the highest level we've had in 6 quarters. Source: earnings call transcript	$450M+ Pipeline backlog development was more muted versus the large increase reported in the first quarter, but we continue to see solid new awards totaling over $450 million in the period, and the backlog did not include certain project verbal awards, as Jose mentioned. Source: earnings call transcript	$600M+ We added more than $600 million of new bookings in the period and saw a book-to-bill ratio of 1.2x despite the higher level of burn. Source: earnings call transcript	—	—	—	—
Backlog Pipeline Infrastructure	—	$1.5B Bookings in the first quarter included over 1.1 billion of new contracts, more than doubling our 18-month backlog to 1.5 billion the highest level we've had in 6 quarters. Source: earnings call transcript	—	$1.6B Total Pipeline backlog increased 8% sequentially to $1.6 billion and more than doubled from the same period a year ago. Source: earnings call transcript	—	—	~$1.8B Backlog increased to approximately $1.8 billion, up 35% sequentially, a book-to-bill of 1.7x, representing the strongest growth rate of any of our segments this quarter. Source: earnings call transcript	—
Book-to-bill ratio Pipeline Infrastructure	—	—	—	1.2 ratio We added more than $600 million of new bookings in the period and saw a book-to-bill ratio of 1.2x despite the higher level of burn. Source: earnings call transcript	—	—	1.7 ratio Backlog increased to approximately $1.8 billion, up 35% sequentially, a book-to-bill of 1.7x, representing the strongest growth rate of any of our segments this quarter. Source: earnings call transcript	—
Book-to-bill ratio Power Delivery	—	—	—	—	—	1.6 ratio Power delivery revenue for the quarter was up 16% and EBITDA was up 40% and book-to-bill was 1.6x, and with backlog increasing over $600 million sequentially. Source: earnings call transcript	1.1 ratio Power Delivery backlog increased to another record level of approximately $6.3 billion, with book-to-bill of 1.1x despite record quarterly revenue. Source: earnings call transcript	-31.2%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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