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MasTec reported record third-quarter 2026 results as strong demand for power infrastructure drove growth, helping offset pipeline permitting delays and softer near-term communications spending.
Revenue reached $5.152 billion, up 30% year over year, while adjusted EBITDA increased 30% to $486 million. Adjusted earnings per share rose 19% to $2.96.
The infrastructure construction and engineering company also reported $24.5 billion in 18-month backlog, an increase of more than $7 billion from a year earlier and more than $3 billion from the previous quarter. Total company book-to-bill was 1.6x, including an organic book-to-bill of 1.3x.
Chief Executive Officer José Mas said MasTec expects another strong quarter of backlog growth in the fourth quarter and a record backlog at the end of 2026, providing visibility into 2027.
Power delivery was the biggest contributor to the quarter’s performance, with revenue increasing 65% year over year and EBITDA rising 132%, according to Mas.
The segment’s backlog reached $8.9 billion, marking its 12th consecutive quarter of expansion. Backlog grew by more than $2.5 billion from the second quarter, including about $1.8 billion from Superior, the electrical infrastructure business MasTec acquired.
Chief Financial Officer Paul DiMarco said legacy power delivery operations achieved double-digit EBITDA margins while increasing revenue more than 20% year over year.
Management described broad demand across transmission, distribution, grid modernization and electrical infrastructure serving data centers and other large-load facilities. Mas said Superior has exceeded initial acquisition expectations, and MasTec is beginning to combine its electrical capabilities with the company’s civil, power and other infrastructure operations on customer projects.
MasTec plans to keep investing in employees and equipment to support that growth. DiMarco said the company has more than 42,000 employees, including 3,500 who joined through Superior.
Clean Energy and Infrastructure also contributed to the record quarter. Segment revenue grew 34% year over year, while EBITDA increased about 30%. Backlog rose $500 million sequentially, with a 1.3x book-to-bill ratio.
Management identified renewable energy, water, civil infrastructure, natural gas generation and data-center construction as opportunities. Mas said demand for natural gas-fired generation, particularly simple-cycle generation and reciprocating-engine projects, has accelerated faster than expected at the company’s investor day in May.
MasTec has received limited notices to proceed on gas-generation projects with a total value of more than $1 billion. Those opportunities were not included in third-quarter backlog, but the company expects them to convert to backlog over the next several quarters.
The company is also pursuing several large data-center developments, including projects with early-work agreements, and expects additional awards during the remainder of 2026. Its approach combines construction management, civil, electrical, telecommunications and maintenance services.
General buildings revenue within Clean Energy and Infrastructure increased more than fourfold from the prior year, DiMarco said, and the business posted a 2.2x book-to-bill ratio. Management said that although construction-management work can have lower margins, performing related work itself should support overall returns.
Permitting-related issues delayed several awarded pipeline projects by an average of about 60 days. Those projects have now started, but later mobilizations affected third-quarter results and are expected to weigh on fourth-quarter performance.
Management said the delays have not changed project scope, customer commitments or expected economics. Work that is not completed in 2026 is expected to move into 2027, with those projects accounting for most of the company’s anticipated pipeline revenue in the first half of next year.
Pipeline backlog increased 26% sequentially to approximately $2.3 billion, with a 1.7x book-to-bill ratio.
Mas said the company expects about $3 billion in pipeline revenue in 2027 and continues to believe the segment can reach record levels by 2028. Recently announced projects provide visibility into the late 2020s and early 2030s, he said, although projects announced today generally would not begin construction until 2028 or later.
Communications customers have postponed some capital-spending decisions amid uncertainty over a potential fourth nationwide wireless carrier and reorganizations at major customers, MasTec said.
The company is reducing costs and improving operating efficiency, with assistance from a third-party consulting firm. Management expects those efforts to deliver a couple hundred basis points of margin improvement in 2027. Based on current conditions, Mas said the company would plan for roughly flat communications revenue in 2027, alongside better margins.
Data-center connectivity remains a longer-term opportunity. During the third quarter and after quarter-end, MasTec received awards for approximately 2,100 miles of fiber construction associated with hyperscaler activity. Design work is underway, and construction is expected to start around the middle of 2027.
Mas said power delivery, Clean Energy and Infrastructure, and pipeline operations are expected to be MasTec’s principal growth drivers.
The company generated $267 million in operating cash flow during the third quarter, bringing the year-to-date total to $388 million. It maintained its expectation for more than $1 billion in operating cash flow for 2026, projected year-end net leverage below 2x and reported $1.6 billion in liquidity.
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