Jun 2026 (Q2 FY26) — Jul 31, 2026
MasTec Q2 FY26 — Record Backlog and Strong Performance Offset Communications Headwinds
Read the full callMasTec (MTZ) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
MasTec earnings: last reported Fri, 31 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,374 | +23.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 5.2 | +0.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 130 | +51.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 13 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year adjusted EPS | $8.40 | Dec 2025 | earnings per share of $9.30, representing year-over-year growth of 27%, 39% and 42%, respectively | Revised Up |
| Full-year cash flow from operations | exceed $1 billion (70% EBITDA conversion) | Dec 2025 | Overall, we expect over $1 billion of cash flow from operations for 2026, with the majority anticipated to come in Q4 | On Track |
2 of MASTEC INC's 24 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 22 more targets are in the full ledger.
Claimed
- Revenue for the quarter was $4.374 billion, up 23% year-over-year.
- Adjusted EBITDA was $384 million, a 40% year-over-year increase.
- Adjusted earnings per share was $2.22, a 49% year-over-year increase.
- Backlog at quarter end was $21.4 billion, a nearly $5 billion year-over-year increase and a $1 billion sequential organic increase, setting a new record level.
- Total company book-to-bill was over 1.2x.
Qualified
- Communications segment revenue and earnings expectations for the balance of 2026 were reduced, with full year revenue now expected at $3.25 billion.
- Full year Communications EBITDA margins are expected to be approximately 100 basis points lower year-over-year.
- Communications segment experienced execution challenges on certain projects, coupled with higher indirect fuel and equipment expenses, leading to lower profit flow-through.
Price
$190.91 −0.06% · −$0.11
Performance −5.4% 1Y
1Y: $201.86 on 17 Oct 2025 → $190.91. High $437.51 (5 May 2026), low $190.08 (13 Nov 2025).
- Previous close
- $191.02
- 52-week range
- $190.08 – $437.51
- One year
- −6.97%
Overview
- Symbol
- MTZ
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 13 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year adjusted EPS | $8.40 | Dec 2025 | earnings per share of $9.30, representing year-over-year growth of 27%, 39% and 42%, respectively | Revised Up |
| Full-year cash flow from operations | exceed $1 billion (70% EBITDA conversion) | Dec 2025 | Overall, we expect over $1 billion of cash flow from operations for 2026, with the majority anticipated to come in Q4 | On Track |
Claimed
- Revenue for the quarter was $4.374 billion, up 23% year-over-year.
- Adjusted EBITDA was $384 million, a 40% year-over-year increase.
- Adjusted earnings per share was $2.22, a 49% year-over-year increase.
- Backlog at quarter end was $21.4 billion, a nearly $5 billion year-over-year increase and a $1 billion sequential organic increase, setting a new record level.
- Total company book-to-bill was over 1.2x.
Qualified
- Communications segment revenue and earnings expectations for the balance of 2026 were reduced, with full year revenue now expected at $3.25 billion.
- Full year Communications EBITDA margins are expected to be approximately 100 basis points lower year-over-year.
- Communications segment experienced execution challenges on certain projects, coupled with higher indirect fuel and equipment expenses, leading to lower profit flow-through.
The full ledger
Open MASTEC INC’s full ledger
A free account opens 5 company ledgers a month. All 24 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 1, 2026
MasTec, Inc. Q1 FY26 — Record Performance Across Revenue, Profitability, and Backlog
Read the full callDec 2025 (Q4 FY25) — Feb 27, 2026
MasTec, Inc. Q4 FY25 — Record Revenue and Strong Backlog Growth
Read the full callEvery analysed call
MasTec earnings calls (MTZ)
Financials
What the filings say
Net profit, year on year: +52% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,252 | 3,403 | 2,848 | 3,545 | 3,967 | 3,940 | 3,829 | 4,374 |
| Operating profit | — | — | 36 | 158 | — | — | 142 | 226 |
| Operating margin | — | — | 1.3% | 4.5% | — | — | 3.7% | 5.2% |
| Other income | -3 | -6 | 1 | -0 | -2 | 2 | -3 | 4 |
| Interest | — | — | 39 | 44 | — | — | 43 | 47 |
| Profit before tax | 137 | 96 | 9 | 121 | 212 | 174 | 91 | 194 |
| Tax rate | 23.0% | 12.2% | −37.8% | 25.4% | 21.3% | 12.1% | 23.8% | 24.8% |
| Net profit | 95 | 75 | 10 | 86 | 161 | 143 | 61 | 130 |
| EPS ($ per share) | 1.22 | — | 0.13 | 1.10 | 2.07 | — | 0.78 | 1.67 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 9 | 9 | 9 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 1,118 | 1,511 | 1,834 | 2,162 | 2,196 | 2,146 | 2,309 | 2,708 |
| Total liabilities | 3,048 | 3,205 | 3,222 | 4,578 | 6,552 | 6,652 | 5,988 | 6,589 |
| Fixed assets | 748 | 906 | 982 | 1,436 | 1,754 | 1,651 | 1,549 | 1,728 |
| Total assets | 4,440 | 4,997 | 5,228 | 7,121 | 9,293 | 9,374 | 8,975 | 9,924 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 530 | 550 | 937 | 793 | 352 | 687 | 1,122 | 546 |
| Cash from investing | -182 | -262 | -217 | -1,357 | -821 | -178 | -157 | -267 |
| Cash from financing | -361 | -245 | -370 | 502 | 481 | -351 | -1,090 | -283 |
| Net cash flow | -13 | 44 | 352 | -62 | 10 | 159 | -130 | -4 |
| Capital expenditure | -180 | -126 | -214 | -170 | -263 | -193 | -149 | -260 |
| Free cash flow | 350 | 424 | 724 | 623 | 89 | 494 | 973 | 286 |
MTZ revenue by segment
Communications shrank from 29% to 20% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Clean Energy and Infrastructure | 35% | 37% | 32% | 32% | 34% | 33% | 35% | 37% | +43.4% |
| Power Delivery | 22% | 22% | 32% | 30% | 28% | 28% | 27% | 28% | +19.1% |
| Communications | 29% | 29% | 24% | 24% | 23% | 23% | 21% | 20% | +6.2% |
| Pipeline Infrastructure | — | — | 13% | 15% | 15% | 16% | 18% | 15% | +19.1% |
| All Other Segments | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
MTZ operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Book-to-bill ratio Clean Energy and Infrastructure | <1.2 ratioBacklog 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 ratioBacklog 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 ratioOverall, 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 ratioClean 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 ratioEBITDA 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 | $15.9B18-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 | $16.45B18-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 | $16.8BAnd 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 | — | $20.3BAdjusted 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 | $21.4BAnd 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 | $4.4BBacklog 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 | $4.9BBacklog was up 11% to a new record level of $4.9 billion and book-to-bill was 1.4x.Source: earnings call transcript | $5BOverall, 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 | $6.5BTotal 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 | — | ~$7.8BBacklog 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 ratioBacklog increased over 10% sequentially and book-to-bill for the quarter was 1.55x.Source: earnings call transcript | 1.2 ratioTotal 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 ratioThird 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 ratioSequentially, backlog was up over $2 billion, representing a 1.6x book-to-bill.Source: earnings call transcript | 1.4 ratioEBITDA 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 | — | $5BBacklog increased sequentially to a record $5 billion and increased 13% from the prior year.Source: earnings call transcript | $5.1BThe 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 | $5.5BFourth 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 | — | — | — | $5.6BFourth 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 | — | ~$6.3BPower 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 | $1.5BBookings 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 | — | $1.6BTotal Pipeline backlog increased 8% sequentially to $1.6 billion and more than doubled from the same period a year ago.Source: earnings call transcript | — | — | ~$1.8BBacklog 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 ratioWe 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 ratioBacklog 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 ratioPower 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 ratioPower 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.
Revenue by region
Q2 FY2026 · share of revenue
- Non Us 1% ↑ 1 pt
As MTZ cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
57 filings between Nov 3, 2025 and Aug 14, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$6.32M
5 sales by 4 insiders
Compensation
not trading decisions- 32
- Award — granted as compensation
- 20
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Csiszar Ernst N | — | $4.37M | Jun 3, 2026 |
| Campbell C Robert | — | $1.25M | May 4, 2026 |
| Love Timothy Michael | — | $397.7K | Nov 3, 2025 |
| Palomarez Javier Alberto | — | $309.2K | Mar 25, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 14, 2026 | Csiszar Ernst N Director | Award | 152 | $0 |
| Aug 14, 2026 | Campbell C Robert Director | Award | 139 | $0 |
| Aug 14, 2026 | Dwyer Robert J Director | Award | 139 | $0 |
| Aug 14, 2026 | Csiszar Ernst N Director | Tax withheld | 34 | $10.1K |
| Aug 14, 2026 | Parker Ava L Director | Tax withheld | 20 | $6.0K |
| Aug 14, 2026 | Parker Ava L Director | Award | 177 | $0 |
| Aug 14, 2026 | Miranda Manuel Benito Director | Award | 152 | $0 |
| Aug 14, 2026 | Dwyer Robert J Director | Tax withheld | 31 | $9.2K |
| Aug 14, 2026 | Palomarez Javier Alberto Director | Tax withheld | 31 | $9.2K |
| Aug 14, 2026 | Palomarez Javier Alberto Director | Award | 139 | $0 |
| Aug 14, 2026 | Spiro Alex Director | Award | 139 | $0 |
| Aug 14, 2026 | JOHNSON JULIA L Director | Award | 139 | $0 |
| Jun 3, 2026 | Csiszar Ernst N Director | Sale | 6,500 | $2.41M |
| May 15, 2026 | JOHNSON JULIA L Director | Award | 95 | $0 |
| May 15, 2026 | Palomarez Javier Alberto Director | Award | 95 | $0 |
| May 15, 2026 | Dwyer Robert J Director | Tax withheld | 21 | $9.1K |
| May 15, 2026 | Dwyer Robert J Director | Award | 95 | $0 |
| May 15, 2026 | Parker Ava L Director | Award | 121 | $0 |
| May 15, 2026 | Csiszar Ernst N Director | Tax withheld | 23 | $10.0K |
| May 15, 2026 | Csiszar Ernst N Director | Award | 104 | $0 |
| May 15, 2026 | Parker Ava L Director | Tax withheld | 14 | $6.1K |
| May 15, 2026 | Campbell C Robert Director | Award | 95 | $0 |
| May 15, 2026 | Palomarez Javier Alberto Director | Tax withheld | 21 | $9.1K |
| May 4, 2026 | Campbell C Robert Director | Sale | 3,000 | $1.25M |
| Mar 25, 2026 | Palomarez Javier Alberto Director | Sale | 950 | $309.2K |
| Mar 18, 2026 | Apple Robert E COO | Award | 11,548 | $0 |
| Mar 18, 2026 | de Cardenas Alberto EVP, General Counsel | Award | 6,269 | $0 |
| Mar 18, 2026 | MAS JORGE Director | Award | 15,838 | $0 |
| Mar 18, 2026 | MAS JOSE RAMON CEO | Award | 26,397 | $0 |
| Mar 18, 2026 | DiMarco Paul CFO | Award | 9,074 | $0 |
| Mar 17, 2026 | Love Timothy Michael CAO | Award | 492 | $0 |
| Mar 10, 2026 | Apple Robert E COO | Tax withheld | 12,206 | $3.64M |
| Mar 10, 2026 | de Cardenas Alberto EVP, General Counsel | Tax withheld | 4,838 | $1.44M |
| Mar 10, 2026 | MAS JOSE RAMON CEO | Tax withheld | 28,184 | $8.39M |
| Mar 10, 2026 | MAS JORGE Director | Tax withheld | 15,958 | $4.75M |
| Mar 3, 2026 | Csiszar Ernst N Director | Sale | 6,500 | $1.95M |
| Feb 13, 2026 | JOHNSON JULIA L Director | Award | 154 | $0 |
| Feb 13, 2026 | Palomarez Javier Alberto Director | Award | 154 | $0 |
| Feb 13, 2026 | Csiszar Ernst N Director | Award | 168 | $0 |
| Feb 13, 2026 | Dwyer Robert J Director | Tax withheld | 34 | $9.2K |
| Feb 13, 2026 | Dwyer Robert J Director | Award | 154 | $0 |
| Feb 13, 2026 | Csiszar Ernst N Director | Tax withheld | 37 | $10.0K |
| Feb 13, 2026 | Parker Ava L Director | Tax withheld | 22 | $5.9K |
| Feb 13, 2026 | Campbell C Robert Director | Award | 154 | $0 |
| Feb 13, 2026 | Parker Ava L Director | Award | 195 | $0 |
| Feb 13, 2026 | Palomarez Javier Alberto Director | Tax withheld | 34 | $9.2K |
| Nov 14, 2025 | Parker Ava L Director | Tax withheld | 31 | $6.0K |
| Nov 14, 2025 | Parker Ava L Director | Award | 274 | $0 |
| Nov 14, 2025 | Csiszar Ernst N Director | Tax withheld | 52 | $10.0K |
| Nov 14, 2025 | Csiszar Ernst N Director | Award | 235 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for MASTEC INC
Free account. Everything above stays public.
Write why you follow MASTEC INC and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading