Q2 2026 MasTec Inc Earnings Call Transcript

Jul 31, 2026 / 01:00 PM GMT

Release Date Price: €336.3

Transcript 8-K10-Q

Key Points

Positve

Record Q2 2026 results with revenue up 23% YoY to $4.37B, adjusted EBITDA up 40% to $384M, and adjusted EPS up 49% to $2.22, all exceeding guidance.
Backlog reached a record $21.4B, up 30% YoY and 5% sequentially, with a strong book-to-bill of 1.2x, driven by robust demand across most segments.
Power Delivery and Pipeline segments delivered strong performance: Power Delivery revenue up ~20% YoY with record backlog of $6.3B, and Pipeline EBITDA margins near 20% with backlog up 35% sequentially.
Clean Energy and Infrastructure revenue grew 43% YoY and EBITDA up 54%, with backlog up $500M sequentially and a book-to-bill of 1.3x, driven by renewables and mission-critical demand.
Closed the Superior Group acquisition, expanding capabilities in mission-critical facilities and data centers, with strong customer reception and expected to drive significant cross-selling opportunities.
Raised full-year 2026 guidance to revenue of $18.2B, adjusted EBITDA of $1.6B, and EPS of $9.30, representing 27%, 39%, and 42% YoY growth respectively.
Management highlighted unprecedented demand across the business, with a significant increase in large project pursuits, particularly in mission-critical, power generation, and data center markets.
Pipeline segment has strong long-term visibility with customers committing to future gas deliveries, driving significant pipeline investment opportunities for 2027 and beyond.
Company is well-diversified, with strength in power, pipeline, and clean energy offsetting weakness in communications, demonstrating resilience.
Expects over $1B in cash flow from operations for 2026, with net leverage expected to be below 2x by year-end.

Negative

Communications segment underperformed in Q2 with lower profit flow-through due to execution challenges and higher indirect fuel and equipment expenses.
Reduced full-year communications revenue guidance to $3.25B and EBITDA margins to high single-digits, ~100 bps lower YoY, due to wireless revenue declines and wireline project deferrals.
Wireless revenues are expected to be lower in H2 2026 as carriers delay spectrum-related equipment builds until next year, impacting near-term revenue.
Wireline projects are facing delays due to RDOT projects rolling off and replacement projects experiencing delayed starts and permitting challenges.
Q2 cash flow from operations was essentially flat due to working capital investment, with the majority of 2026 cash flow expected in Q4.
Communications segment faces near-term project deferrals, with revenue expected to be ~$800M in Q3, reflecting continued pressure.
Management acknowledged disappointment in not catching the communications weakness earlier and communicating it to investors.
Potential risks from state-level data center bans or pauses, though management views these as overblown and not impacting current backlog.
The company is using the communications slowdown to right-size its operational support model and rationalize select markets, which may involve cost-cutting measures.
Pipeline segment revenue guidance for H2 2026 remains unchanged despite strong backlog growth, as new projects are expected to benefit 2027 rather than 2026.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MTZ.N - MasTec Inc
Q2 2026 MasTec Inc Earnings Call
Jul 31, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by, and welcome to MasTech's second quarter 2026 financial results conference call, originally broadcast on Friday, July 31, 2026. Today's call is being recorded. I'd now like to turn the call over to Mark Lewis for some opening comments.

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Unidentified_2 [2]
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Thanks, Dan, and good morning, everyone, and thank you for joining us for MySec's second quarter earnings conference call. Joining me today are Jose Maas, Chief Executive Officer and Paul DeMarco, Chief Financial Officer.

We prepared slides to supplement our remarks, which are posted on

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