MasTec reported record third quarter 2026 results, with revenue and Adjusted EBITDA exceeding analyst expectations. Growth was primarily driven by the Power Delivery segment, which offset permitting-related delays in Pipeline projects and customer spending deferrals in the Communications segment.
Key Highlights
- Record quarterly revenue of $5.2 billion represented a 30% increase year-over-year.
- 18-month backlog reached a record $24.5 billion, a 46% year-over-year increase, led by 74% growth in Power Delivery.
- Power Delivery segment revenue surged 65% to $1.84 billion, bolstered by the acquisition of The Superior Group.
- Communications revenue stabilized at $806.9 million, slightly ahead of the $800 million target despite year-over-year spending deferrals.
- Free cash flow improved significantly to $206 million for the quarter, with management projecting over $1 billion in operating cash flow for the full year.