On October 29, 2026, MasTec, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2026, and issued updated guidance for the remainder of the year. The company reported a quarterly record revenue of $5.2 billion, which represents a 29.9% year-over-year increase. This growth was driven by strong performance in the Power Delivery segment, which saw revenue rise 65.2% to $1.84 billion.
For the quarter, MasTec reported GAAP net income of $167.7 million and Adjusted EBITDA of $486.4 million, both of which were quarterly records. Diluted earnings per share (GAAP) were $1.89, while Adjusted Diluted EPS was $2.96. The company also highlighted a record 18-month backlog of $24.5 billion, which increased $7.8 billion year-over-year and $3.2 billion from the prior quarter.
MasTec updated its full-year 2026 financial guidance. The company now expects full-year revenue of $18.3 billion. For earnings, the company projects GAAP diluted earnings per share between $5.69 and $6.01, and Adjusted Diluted EPS between $8.92 and $9.30. These ranges represent a year-over-year increase at the midpoint. The company also expects to generate over $1 billion in operating cash flow for 2026.
The company noted that certain Pipeline projects experienced permitting-related access delays, which impacted margins and labor utilization in the third quarter. Management stated that construction has now commenced on these projects and production is ramping up. Additionally, MasTec completed two acquisitions during the quarter: the acquisition of The Superior Group in July and a company specializing in pipeline infrastructure in August.
