MasTec, Inc. Q3 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Key Context: Results reflect strong performance in Power Delivery and Clean Energy & Infrastructure segments, offset by delays in Pipeline and softness in Communications. All comparisons are year-over-year (Q3 2026 vs. Q3 2025) unless noted. Record levels achieved in revenue, EBITDA, EPS, and backlog.

Financial Highlights

  • Revenue: $5,152 million, +30% YoY.
  • Adjusted EBITDA: $486 million, +30% YoY.
  • Adjusted EPS: $2.96, +19% YoY.
  • Backlog (18-month): Record $24.5 billion (+$7 billion YoY, +$3 billion sequentially from Q2 2026); book-to-bill 1.6x (organic 1.3x). Expect further record growth in Q4 2026.
  • Workforce: Over 42,000 (including 3,500 from Superior acquisition).
  • Cash Flow: Q3 operating cash flow $267 million (YTD $388 million); expect >$1 billion for full-year 2026. Net leverage 2.5x (target <2x by year-end).

Segment Performance

  • Power Delivery (Primary Driver): Revenue +65% YoY, EBITDA +132% YoY. Legacy operations achieved double-digit EBITDA margins and >20% revenue growth. Superior performed ahead of expectations. Backlog $8.9 billion (organic book-to-bill 1.5x; 12th consecutive quarter of growth). Strong demand in transmission, distribution, grid modernization, and data center infrastructure.
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Operator: Good day, and thank you for standing by. Welcome to the Q3 2026 MasTec Inc. Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Ati Modak, VP of Investor Relations. Please go ahead. Ati Modak: Good morning, and thank you for joining us for MasTec's Third Quarter 2026 Earnings Conference Call. Joining me today are Jose Mas, Chief Executive Officer; and Paul Dimarco, Chief Financial Officer. We have prepared slides to supplement our remarks, which are posted on MasTec's website under the Investors tab and through the webcast link. There is also a companion document with information and analytics on the quarter and a guidance summary to assist in future financial modeling. Please read the forward-looking statement disclaimer contained in our press release and the slides accompanying this call. During this call, we will make forward-looking statements regarding our plans and expectations about the future as of the date of this call. Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward-looking statements. Our Form 10-K, as updated by our current and periodic reports and filings includes a detailed discussion of risks and uncertainties that may cause such differences. In today's remarks, we will be discussing adjus
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