MasTec, Inc. (MTZ) reported its fourth-quarter 2025 results on December 31, 2025, with adjusted earnings per share (EPS) of $2.07, exceeding the Zacks Consensus Estimate of $1.94 by 6.7% and showing a 44% increase year-over-year. Revenues reached $3.94 billion, surpassing expectations and marking a 16% growth from the previous year.
The company’s backlog stood at $18.96 billion, up 33% year-over-year, driven mainly by a 90% increase in the Pipeline Infrastructure segment and a 53% increase in the Clean Energy and Infrastructure segment. However, free cash flow fell sharply to $306 million, down 30.4% year-over-year, as larger projects required more working capital.
Looking ahead, MasTec anticipates Q1 2026 revenues of around $3.475 billion and an adjusted EPS of $1.00, significantly higher than the 51 cents reported in Q1 2025. For the full year, 2026 projections include revenues of approximately $17 billion, a 19% increase year-over-year, and an adjusted EBITDA margin anticipated at 8.5%.
