MasTec (MTZ) Q1 2026 earnings summary

Executive summary

• Achieved record first quarter revenue of $3.83 billion, up 34% year-over-year, with double-digit growth in all segments and net income attributable to shareholders up 515% to $60.8 million.

• Adjusted EBITDA reached $284 million, up 73% year-over-year, with margin expanding to 7.4% from 5.7% in Q1 2025.

• Adjusted diluted EPS was $1.39, up 174% year-over-year, and diluted EPS rose to $0.77, up 516%, both exceeding guidance.

• Backlog hit a record $20.3 billion, up 28% year-over-year and $1.4 billion sequentially, with strong visibility into 2027.

• All key metrics—revenue, EBITDA, EPS—exceeded guidance, driven by strong execution and diversified platform.

Financial highlights

• Revenue: $3.83 billion (+34% YoY); Adjusted EBITDA: $284 million (+73% YoY); Adjusted EPS: $1.39 (+174% YoY).

• Operating income surged to $141.8 million from $36.2 million year-over-year.

• Cash flow from operations: $99 million, up from $78 million in Q1 2025; liquidity at $2.1 billion; net leverage at 1.8x.

• Free cash flow was $12 million, down from $45 million in the prior year.

• Return on invested capital expanded nearly 100 basis points to over 10%.

Outlook and guidance

• Full-year 2026 guidance raised: revenue of $17.5 billion (+22% YoY), adjusted EBITDA of $1.5 billion (+30% YoY), and adjusted EPS of $8.79 (+34% YoY).

• Q2 2026 outlook: revenue $4.3 billion, adjusted EBITDA $380 million, EPS up 47% YoY; EBITDA margins to expand by over 100 basis points.

• Cash flow from operations expected to exceed $1 billion for 2026; capex forecast increased to $290 million.

• Management expects to realize approximately 58% of the $20.3 billion backlog in 2026.