Strong Q1 lifts MasTec (NYSE: MTZ) revenue, margins and 2026 EPS outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
MasTec, Inc. reported very strong first quarter 2026 results and raised its full-year outlook. Revenue reached $3.8 billion, up 34% year-over-year, with double-digit growth in every segment and especially strong 91% growth in Pipeline Infrastructure and 45% in Clean Energy and Infrastructure.
GAAP net income was $69.7 million and Adjusted EBITDA was $283.6 million, both first-quarter records, with diluted EPS of $0.77 and adjusted diluted EPS of $1.39, far above the prior year. The 18‑month backlog grew to $20.3 billion, up 28% year-over-year. On this momentum, MasTec increased 2026 guidance, now targeting $17.5 billion in revenue, GAAP EPS of $6.77 and adjusted diluted EPS of $8.79.
Positive
- Exceptional Q1 growth and profitability: Revenue rose 34.5% year-over-year to $3.83 billion, Adjusted EBITDA increased 73.3% to $283.6 million, and adjusted diluted EPS climbed 174.1% to $1.39, all significantly above prior-year levels.
- Record backlog supporting visibility: The 18‑month backlog reached $20.3 billion, up 28% year-over-year, driven by a 65% increase in Clean Energy and Infrastructure backlog, enhancing line-of-sight on future revenue.
- Raised full-year 2026 guidance: MasTec now targets $17.5 billion in 2026 revenue and adjusted diluted EPS of $8.79, implying about 22% revenue growth and 30% Adjusted EBITDA growth versus 2025.
Negative
- None.
Insights
MasTec delivered broad-based Q1 outperformance and raised full-year 2026 guidance on strong demand and backlog.
MasTec posted Q1 2026 revenue of $3.83 billion, up 34.5% year-over-year, with all four segments growing double digits. Profitability scaled faster: GAAP net income rose to $69.7 million and Adjusted EBITDA to $283.6 million, expanding margin to 7.4%.
Growth was especially strong in Pipeline Infrastructure, where revenue increased 91.5% and EBITDA margin improved to 21.2%, and in Clean Energy and Infrastructure with 45.2% revenue growth. An 18‑month backlog of $20.3 billion, up 28% year-over-year, reinforces visibility.
Management lifted full‑year 2026 guidance to revenue of $17.5 billion, Adjusted EBITDA of $1.5 billion and adjusted diluted EPS of $8.79, implying roughly 22% revenue and 30% Adjusted EBITDA growth versus 2025. Future quarterly reports will show how execution tracks against these higher targets.
8-K Event Classification
9 items: 0.01, 0.1, 0.14, 0.3, 0.7, 2.02, 7.01, 9.01, 10.7
9 items
Item 0.01
Item 0.01
Item 0.1
Item 0.1
Item 0.14
Item 0.14
Item 0.3
Item 0.3
Item 0.7
Item 0.7
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Item 10.7
Item 10.7
Key Figures
Q1 2026 revenue: $3.83B
Q1 2026 GAAP net income: $69.7M
Q1 2026 Adjusted EBITDA: $283.6M
+5 more
8 metrics
Q1 2026 revenue
$3.83B
Three months ended March 31, 2026; up 34.5% year-over-year
Q1 2026 GAAP net income
$69.7M
Three months ended March 31, 2026; margin 1.8%
Q1 2026 Adjusted EBITDA
$283.6M
Three months ended March 31, 2026; 7.4% margin, 73.3% YoY growth
Q1 2026 diluted EPS
$0.77
GAAP diluted earnings per share vs $0.13 in Q1 2025
Q1 2026 adjusted diluted EPS
$1.39
Adjusted diluted EPS vs $0.51 in Q1 2025
18‑month backlog
$20.33B
Backlog as of March 31, 2026; 28.0% year-over-year increase
2026 revenue guidance
$17.5B
Full-year 2026 estimated revenue outlook
2026 adjusted diluted EPS guidance
$8.79
Full-year 2026 estimated adjusted diluted EPS
Key Terms
Adjusted EBITDA, 18-month backlog, free cash flow, non-controlling interests, +2 more
6 terms
Adjusted EBITDA financial
"GAAP Net Income of $69.7 million and Adjusted EBITDA of $283.6 million, both first quarter records"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
18-month backlog financial
"Record 18-month backlog as of March 31, 2026 of $20.3 billion increased $4.4 billion year-over-year"
The 18-month backlog is the total value of confirmed orders or contracted work that a company expects to deliver over the next eighteen months. Think of it as a to‑do list stretching a year and a half ahead: it shows revenue that is already lined up and gives investors a sense of future sales, production load and cash flow visibility. A large backlog can indicate strong demand but also raises questions about execution risk and capacity to fulfill orders on time.
free cash flow financial
"Free cash flow | $ | 11.9 | | | $ | 45.0 | | |"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
non-controlling interests financial
"Net income attributable to non-controlling interests | 8,823 | | | 2,424 |"
An ownership stake in a subsidiary held by outside shareholders rather than the parent company, representing the portion of that subsidiary’s assets and profits the parent does not control. For investors, it shows what part of consolidated earnings and equity belongs to others — like a roommate who owns part of a house — which affects how much value and profit per share are truly attributable to the parent company’s shareholders.
Infrastructure Investment and Jobs Act regulatory
"changes to the amounts provided for under the Infrastructure Investment and Jobs Act and/or Inflation Reduction Act"
A major federal law that authorizes large-scale public spending on roads, bridges, public transit, water systems, broadband, electric grid upgrades and other core physical systems. For investors it matters because the law directs predictable government money into specific industries, creating new contracts, steady demand and potential long-term revenue for companies involved—like a government checkbook funding repairs and upgrades to the infrastructure businesses and communities rely on.
Earnings Snapshot
Revenue: $3.83B · Guidance included
Q1 2026
Revenue
$3.83B
+34.5% YoY
GAAP diluted EPS
$0.77
+516.5% YoY
Adjusted diluted EPS
$1.39
+174.1% YoY
Adjusted EBITDA
$283.6M
+73.3% YoY
Guidance
For full-year 2026, MasTec guides to $17.5B revenue, $1.5B Adjusted EBITDA, GAAP diluted EPS of $6.77 and adjusted diluted EPS of $8.79, implying approximately 22% revenue and 30% Adjusted EBITDA growth versus 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 2026
___________________________________
(Exact Name of Registrant as Specified in Its Charter)
___________________________________
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Office)
Registrant's telephone number, including area code (305 ) 599-1800
(Former Name or Former Address, if Changed Since Last Report)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02 Results of Operations and Financial Condition.
The information contained in Item 7.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.02.
ITEM 7.01 Regulation FD Disclosure.
On April 30, 2026, MasTec, Inc., a Florida corporation (the “Company”), announced its financial results for the quarter ended March 31, 2026. In addition, the Company issued guidance for the quarter ending June 30, 2026 and year ending December 31, 2026, in each case as set forth in the earnings press release. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference in this Item 7.01. The information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.
ITEM 9.01 Financial Statements and Exhibits.
| (d) Exhibits | |||||||||||
| Exhibit Number | Description | ||||||||||
| 99.1 | Press Release, April 30, 2026 | ||||||||||
| 104 | The cover page of MasTec, Inc.’s Current Report on Form 8-K, formatted in Inline XBRL (included with the Exhibit 101 attachments). | ||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MASTEC, INC. | |||||||||||||||||||||||||||||
| Date: | April 30, 2026 | By: | /s/ Alberto de Cardenas | ||||||||||||||||||||||||||
Name: | Alberto de Cardenas | ||||||||||||||||||||||||||||
Title: | Executive Vice President, General Counsel and Secretary | ||||||||||||||||||||||||||||
Exhibit 99.1
 | |||||
| Contact: | 800 S. Douglas Road, 12th Floor | ||||
| J. Marc Lewis, Investor Relations | Coral Gables, Florida 33134 | ||||
| 305-406-1815 | Tel: 305-599-1800 | ||||
| marc.lewis@mastec.com | www.mastec.com | ||||
MasTec Reports First Quarter 2026 Results and
Increases Full Year 2026 Financial Guidance
First Quarter 2026 Highlights
•Revenue of $3.8 billion, a first quarter record, increased 34% year-over-year
•Record 18-month backlog as of March 31, 2026 of $20.3 billion increased $4.4 billion year-over-year and $1.4 billion from the prior quarter, led by significant 65% year-over-year growth in Clean Energy and Infrastructure
•Diluted EPS of $0.77 and Adjusted Diluted EPS of $1.39, increased 516% and 174% year-over-year, respectively, and exceeded guidance expectations
•GAAP Net Income of $69.7 million and Adjusted EBITDA of $283.6 million, both first quarter records, increased by 465% and 73% year-over-year, respectively, and exceeded guidance expectations
•Increased Full Year Diluted EPS guidance to $6.77, a 33% year-over-year increase; Increased Full Year Adjusted Diluted EPS guidance to $8.79, a 34% year-over-year increase
Coral Gables, FL, April 30, 2026 — MasTec, Inc. (NYSE: MTZ) today announced first quarter 2026 financial results and increased full year 2026 financial guidance.
"We are pleased to report that first quarter financial performance posted strong double-digit year-over-year growth in both revenue and profitability, while also exceeding guidance in all respects as MasTec continues to execute on very strong customer demand across all of our end-markets," said Jose Mas, MasTec's Chief Executive Officer. "Our reported 34% revenue growth, including double-digit increases from all operating segments, was led by a 91% increase in Pipeline Infrastructure and a 45% increase in Clean Energy and Infrastructure. The strong demand and our operational discipline allowed us to significantly exceed first quarter guidance expectations. Our 18-month backlog included solid new bookings, up $4.4 billion compared to the prior year’s first quarter and up $1.4 billion sequentially from year-end." Mr. Mas added, "Our strong first quarter performance is due in large part to the efforts of the thousands of MasTec operating team members and their focus on delivering customer value, safety and improving performance on every job site each and every day. They are the real heroes here, and I appreciate their tireless efforts and professionalism!"
"MasTec continued its trajectory of improved financial performance across all operating segments during the first quarter. Our first quarter performance, well ahead of guidance expectations, enabled us to further increase our expectations for the year. For the full year 2026, our updated guidance assumes strong 22% growth in revenue and 30% growth in Adjusted EBITDA versus the prior year," said Paul DiMarco, MasTec's Chief Financial Officer. "In addition to strong operating execution, our strong balance sheet offers ample flexibility to pursue our disciplined, returns focused capital allocation strategy to enhance shareholder value.”
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First Quarter 2026 Results
| Dollars in millions, except per share amounts | 1Q'26 | 1Q'25 | Change | |||||||||||||||||
| Revenue | $ | 3,829 | $ | 2,848 | 34.5 | % | ||||||||||||||
| Operating income | $ | 142 | $ | 36 | 291.8 | % | ||||||||||||||
| GAAP net income | $ | 70 | $ | 12 | 465.1 | % | ||||||||||||||
| GAAP net income margin | 1.8 | % | 0.4 | % | 140 bps | |||||||||||||||
| Adjusted net income | $ | 118 | $ | 42 | 178.4 | % | ||||||||||||||
| Adjusted EBITDA | $ | 284 | $ | 164 | 73.3% | |||||||||||||||
| Adjusted EBITDA margin | 7.4 | % | 5.7 | % | 170 bps | |||||||||||||||
| GAAP diluted earnings per share | $ | 0.77 | $ | 0.13 | 516.5% | |||||||||||||||
| Adjusted diluted earnings per share | $ | 1.39 | $ | 0.51 | 174.1% | |||||||||||||||
| Cash provided by operating activities | $ | 99 | $ | 78 | 26.1 | % | ||||||||||||||
| Free cash flow | $ | 12 | $ | 45 | (73.6) | % | ||||||||||||||
| 18-month backlog | $ | 20,328 | $ | 15,880 | 28.0 | % | ||||||||||||||
Revenue: Revenue increased by 34% in the period including double-digit growth contribution from all segments.
GAAP Net Income/GAAP Net Income Margin/GAAP Diluted EPS: The increase was primarily driven by increased year-over-year project volumes.
Adjusted EBITDA Margin: The increase was primarily driven by improved efficiencies within the Pipeline Infrastructure and Power Delivery segments, as well as a combination of project mix and improved productivity and efficiencies within the Clean Energy and Infrastructure segment, partially offset by costs to exit certain markets in our install-to-the-home business within the Communications segment.
Backlog: Strong 28% year-over-year growth driven most notably by the Clean Energy and Infrastructure segment, which increased 65%, including strong backlog additions in both renewables and infrastructure.
First Quarter 2026 Segment Highlights
Communications
| Dollars in millions, unless noted | 1Q'26 | 1Q'25 | Change | |||||||||||||||||
| Revenue | $ | 802.1 | $ | 680.9 | 17.8 | % | ||||||||||||||
| EBITDA | $ | 46.8 | $ | 46.8 | 0.1 | % | ||||||||||||||
| EBITDA margin % | 5.8 | % | 6.9 | % | (100) bps | |||||||||||||||
Clean Energy and Infrastructure
| Dollars in millions, unless noted | 1Q'26 | 1Q'25 | Change | |||||||||||||||||
| Revenue | $ | 1,329.4 | $ | 915.8 | 45.2 | % | ||||||||||||||
| EBITDA | $ | 89.0 | $ | 57.1 | 55.9 | % | ||||||||||||||
| EBITDA margin % | 6.7 | % | 6.2 | % | 50 bps | |||||||||||||||
Power Delivery
| Dollars in millions, unless noted | 1Q'26 | 1Q'25 | Change | |||||||||||||||||
| Revenue | $ | 1,046.1 | $ | 899.7 | 16.3 | % | ||||||||||||||
| EBITDA | $ | 72.0 | $ | 51.3 | 40.3 | % | ||||||||||||||
| EBITDA margin % | 6.9 | % | 5.7 | % | 120 bps | |||||||||||||||
| |||||
Pipeline Infrastructure
| Dollars in millions, unless noted | 1Q'26 | 1Q'25 | Change | |||||||||||||||||
| Revenue | $ | 682.5 | $ | 356.5 | 91.5 | % | ||||||||||||||
| EBITDA | $ | 144.9 | $ | 44.5 | 225.3 | % | ||||||||||||||
| EBITDA margin % | 21.2 | % | 12.5 | % | 870 bps | |||||||||||||||
2026 Financial Guidance Update
| Dollars in millions, except per share amounts | 2Q'26E | Full Year 2026E | ||||||||||||||||||
| Revenue | $ | 4,300 | $ | 17,500 | ||||||||||||||||
| GAAP net income | $ | 150 | $ | 575 | ||||||||||||||||
| Adjusted net income | $ | 187 | $ | 734 | ||||||||||||||||
| Adjusted EBITDA | $ | 380 | $ | 1,500 | ||||||||||||||||
| Adjusted EBITDA margin | 8.8% | 8.6% | ||||||||||||||||||
| GAAP diluted earnings per share | $ | 1.72 | $ | 6.77 | ||||||||||||||||
| Adjusted diluted earnings per share | $ | 2.20 | $ | 8.79 | ||||||||||||||||
Conference Call
MasTec will host a webcast of its quarterly earnings call to discuss these results on Friday, May 1, 2026 at 9:00 a.m. ET, which can be accessed through the Investors section of MasTec's website at www.mastec.com. A replay of the webcast also will be available following the live event. The slide presentation that accompanies the conference call will also be posted on the MasTec Investors page.
About MasTec
MasTec, Inc. is a leading North American infrastructure engineering and construction company focused primarily on engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure. MasTec primarily operates under four business segments including Communications, serving both wireless and wireline/fiber infrastructure; Power Delivery, serving primarily utility customers in transmission and distribution markets; Pipeline Infrastructure serving energy and other customers with installation and maintenance services primarily for natural gas pipeline and distribution infrastructure; and Clean Energy and Infrastructure, providing renewable energy engineering and construction services, as well as for heavy civil and other industrial infrastructure markets. Learn more at www.mastec.com.
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Consolidated Statements of Operations
(unaudited - in thousands, except per share information)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenue | $ | 3,828,801 | $ | 2,847,718 | |||||||
| Costs of revenue, excluding depreciation and amortization | 3,350,897 | 2,536,618 | |||||||||
| Depreciation | 83,281 | 76,225 | |||||||||
| Amortization of intangible assets | 38,613 | 32,636 | |||||||||
| General and administrative expenses | 214,208 | 166,050 | |||||||||
| Operating income | $ | 141,802 | $ | 36,189 | |||||||
| Interest expense, net | 43,461 | 39,041 | |||||||||
| Equity in losses (earnings) of unconsolidated affiliates, net | 3,585 | (10,313) | |||||||||
| Other expense (income), net | 3,303 | (1,483) | |||||||||
| Income before income taxes | $ | 91,453 | $ | 8,944 | |||||||
| (Provision for) benefit from income taxes | (21,790) | 3,383 | |||||||||
| Net income | $ | 69,663 | $ | 12,327 | |||||||
| Net income attributable to non-controlling interests | 8,823 | 2,424 | |||||||||
| Net income attributable to MasTec, Inc. | $ | 60,840 | $ | 9,903 | |||||||
| Earnings per share: | |||||||||||
| Basic earnings per share | $ | 0.78 | $ | 0.13 | |||||||
| Basic weighted average common shares outstanding | 77,950 | 78,192 | |||||||||
| Diluted earnings per share | $ | 0.77 | $ | 0.13 | |||||||
| Diluted weighted average common shares outstanding | 78,784 | 79,052 | |||||||||
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Consolidated Balance Sheets
(unaudited - in thousands)
| March 31, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets | $ | 4,517,005 | $ | 4,329,079 | |||||||
| Property and equipment, net | 1,862,593 | 1,728,470 | |||||||||
| Operating lease right-of-use assets | 475,931 | 457,270 | |||||||||
| Goodwill, net | 2,351,567 | 2,248,992 | |||||||||
| Other intangible assets, net | 761,163 | 656,248 | |||||||||
| Other long-term assets | 473,256 | 503,483 | |||||||||
| Total assets | $ | 10,441,515 | $ | 9,923,542 | |||||||
| Liabilities and equity | |||||||||||
| Current liabilities | $ | 3,427,370 | $ | 3,271,045 | |||||||
| Long-term debt, including finance leases | 2,376,307 | 2,176,372 | |||||||||
| Long-term operating lease liabilities | 309,517 | 292,839 | |||||||||
| Deferred income taxes | 519,962 | 478,156 | |||||||||
| Other long-term liabilities | 378,425 | 370,609 | |||||||||
| Total liabilities | $ | 7,011,581 | $ | 6,589,021 | |||||||
| Total equity | $ | 3,429,934 | $ | 3,334,521 | |||||||
| Total liabilities and equity | $ | 10,441,515 | $ | 9,923,542 | |||||||
Consolidated Statements of Cash Flows
(unaudited - in thousands)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net cash provided by operating activities | $ | 98,854 | $ | 78,365 | |||||||
| Net cash used in investing activities | (336,001) | (34,905) | |||||||||
| Net cash provided by (used in) financing activities | 114,850 | (97,694) | |||||||||
| Effect of currency translation on cash | (61) | 80 | |||||||||
| Net decrease in cash and cash equivalents | $ | (122,358) | $ | (54,154) | |||||||
| Cash and cash equivalents - beginning of period | $ | 396,030 | $ | 399,903 | |||||||
| Cash and cash equivalents - end of period | $ | 273,672 | $ | 345,749 | |||||||
Backlog by Reportable Segment (unaudited - in millions) | March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||
Communications | $ | 5,501 | $ | 5,483 | $ | 4,906 | |||||||||||
Clean Energy and Infrastructure | 7,279 | 6,506 | 4,416 | ||||||||||||||
Power Delivery | 6,222 | 5,579 | 5,024 | ||||||||||||||
Pipeline Infrastructure | 1,326 | 1,395 | 1,534 | ||||||||||||||
Other | — | — | — | ||||||||||||||
| Estimated 18-month backlog | $ | 20,328 | $ | 18,963 | $ | 15,880 | |||||||||||
Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers.
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Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited - in millions, except for percentages and per share information)
| Three Months Ended March 31, | |||||||||||
| Segment Information | 2026 | 2025 | |||||||||
| Revenue by Reportable Segment | |||||||||||
| Communications | $ | 802.1 | $ | 680.9 | |||||||
| Clean Energy and Infrastructure | 1,329.4 | 915.8 | |||||||||
| Power Delivery | 1,046.1 | 899.7 | |||||||||
| Pipeline Infrastructure | 682.5 | 356.5 | |||||||||
| Other | — | — | |||||||||
Eliminations (b) | (31.3) | (5.2) | |||||||||
| Consolidated revenue | $ | 3,828.8 | $ | 2,847.7 | |||||||
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| Adjusted EBITDA and EBITDA Margin by Segment | |||||||||||||||||||||||
| EBITDA | $ | 256.8 | 6.7 | % | $ | 156.8 | 5.5 | % | |||||||||||||||
Non-cash stock-based compensation expense (a) | 8.3 | 0.2 | % | 6.9 | 0.2 | % | |||||||||||||||||
Changes in fair value of acquisition-related contingent items (a) | 10.7 | 0.3 | % | (0.1) | (0.0) | % | |||||||||||||||||
Impairments of equity method investments (a) | 7.9 | 0.2 | % | — | — | % | |||||||||||||||||
| Adjusted EBITDA | $ | 283.6 | 7.4 | % | $ | 163.7 | 5.7 | % | |||||||||||||||
| Segment: | |||||||||||||||||||||||
| Communications | $ | 46.8 | 5.8 | % | $ | 46.8 | 6.9 | % | |||||||||||||||
| Clean Energy and Infrastructure | 89.0 | 6.7 | % | 57.1 | 6.2 | % | |||||||||||||||||
| Power Delivery | 72.0 | 6.9 | % | 51.3 | 5.7 | % | |||||||||||||||||
| Pipeline Infrastructure | 144.9 | 21.2 | % | 44.5 | 12.5 | % | |||||||||||||||||
| Other | (2.5) | NM | 8.0 | NM | |||||||||||||||||||
Eliminations (b) | (5.2) | NM | — | NM | |||||||||||||||||||
| Segment Total | $ | 344.9 | 9.0 | % | $ | 207.7 | 7.3 | % | |||||||||||||||
| Corporate | (61.3) | — | % | (44.1) | — | % | |||||||||||||||||
| Adjusted EBITDA | $ | 283.6 | 7.4 | % | $ | 163.7 | 5.7 | % | |||||||||||||||
NM - Percentage is not meaningful
(a)Non-cash stock-based compensation expense and changes in fair value of acquisition-related contingent items are included within Corporate, while the impairments of equity method investments are included within the Other segment EBITDA.
(b)Represents intersegment eliminations and adjustments related to transactions entered into in the normal course of business.
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Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited - in millions, except for percentages and per share information)
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| EBITDA and Adjusted EBITDA Reconciliation | |||||||||||||||||||||||
| Net income | $ | 69.7 | 1.8 | % | $ | 12.3 | 0.4 | % | |||||||||||||||
| Interest expense, net | 43.5 | 1.1 | % | 39.0 | 1.4 | % | |||||||||||||||||
| Provision for (benefit from) income taxes | 21.8 | 0.6 | % | (3.4) | (0.1) | % | |||||||||||||||||
| Depreciation | 83.3 | 2.2 | % | 76.2 | 2.7 | % | |||||||||||||||||
| Amortization of intangible assets | 38.6 | 1.0 | % | 32.6 | 1.1 | % | |||||||||||||||||
| EBITDA | $ | 256.8 | 6.7 | % | $ | 156.8 | 5.5 | % | |||||||||||||||
| Non-cash stock-based compensation expense | 8.3 | 0.2 | % | 6.9 | 0.2 | % | |||||||||||||||||
| Changes in fair value of acquisition-related contingent items | 10.7 | 0.3 | % | (0.1) | (0.0) | % | |||||||||||||||||
| Impairments of equity method investments | 7.9 | 0.2 | % | — | — | % | |||||||||||||||||
| Adjusted EBITDA | $ | 283.6 | 7.4 | % | $ | 163.7 | 5.7 | % | |||||||||||||||
| Three Months Ended March 31, | |||||||||||
| Adjusted Net Income Reconciliation | 2026 | 2025 | |||||||||
| Net income | $ | 69.7 | $ | 12.3 | |||||||
| Adjustments: | |||||||||||
| Non-cash stock-based compensation expense | 8.3 | 6.9 | |||||||||
| Amortization of intangible assets | 38.6 | 32.6 | |||||||||
| Changes in fair value of acquisition-related contingent items | 10.7 | (0.1) | |||||||||
| Impairments of equity method investments | 7.9 | — | |||||||||
| Total adjustments, pre-tax | $ | 65.4 | $ | 39.5 | |||||||
Income tax effect of adjustments (a) | (17.1) | (9.4) | |||||||||
| Adjusted net income | $ | 118.0 | $ | 42.4 | |||||||
| Net income attributable to non-controlling interests | 8.8 | 2.4 | |||||||||
| Adjusted net income attributable to MasTec, Inc. | $ | 109.2 | $ | 40.0 | |||||||
| Three Months Ended March 31, | |||||||||||
| Adjusted Diluted Earnings per Share Reconciliation | 2026 | 2025 | |||||||||
| Diluted earnings per share | $ | 0.77 | $ | 0.13 | |||||||
| Adjustments: | |||||||||||
| Non-cash stock-based compensation expense | 0.10 | 0.09 | |||||||||
| Amortization of intangible assets | 0.49 | 0.41 | |||||||||
| Changes in fair value of acquisition-related contingent items | 0.14 | (0.00) | |||||||||
| Impairments of equity method investments | 0.10 | — | |||||||||
| Total adjustments, pre-tax | $ | 0.83 | $ | 0.50 | |||||||
Income tax effect of adjustments (a) | (0.22) | (0.12) | |||||||||
| Adjusted diluted earnings per share | $ | 1.39 | $ | 0.51 | |||||||
(a)Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.
| |||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited - in millions, except for percentages and per share information)
| Calculation of Net Debt | March 31, 2026 | December 31, 2025 | |||||||||
Current portion of long-term debt, including finance leases | $ | 156.0 | $ | 154.3 | |||||||
Long-term debt, including finance leases | 2,376.3 | 2,176.4 | |||||||||
Total debt | $ | 2,532.3 | $ | 2,330.7 | |||||||
Less: cash and cash equivalents | (273.7) | (396.0) | |||||||||
Net debt | $ | 2,258.6 | $ | 1,934.7 | |||||||
| Three Months Ended March 31, | |||||||||||
| Free Cash Flow Reconciliation | 2026 | 2025 | |||||||||
| Net cash provided by operating activities | $ | 98.9 | $ | 78.4 | |||||||
| Capital expenditures | (96.8) | (47.3) | |||||||||
| Proceeds from sales of property and equipment | 9.8 | 13.9 | |||||||||
| Free cash flow | $ | 11.9 | $ | 45.0 | |||||||
| EBITDA and Adjusted EBITDA Reconciliation | Guidance for the Year Ended December 31, 2026 Est. | For the Year Ended December 31, 2025 | For the Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Net income | $ | 575 | 3.3% | $ | 422.0 | 3.0 | % | $ | 199.4 | 1.6 | % | |||||||||||||||||||||||||||
| Interest expense, net | 172 | 1.0% | 173.0 | 1.2 | % | 193.3 | 1.6 | % | ||||||||||||||||||||||||||||||
| Provision for income taxes | 181 | 1.0% | 93.4 | 0.7 | % | 51.5 | 0.4 | % | ||||||||||||||||||||||||||||||
| Depreciation | 360 | 2.1% | 295.9 | 2.1 | % | 366.8 | 3.0 | % | ||||||||||||||||||||||||||||||
| Amortization of intangible assets | 151 | 0.9% | 131.2 | 0.9 | % | 139.9 | 1.1 | % | ||||||||||||||||||||||||||||||
| EBITDA | $ | 1,439 | 8.2% | $ | 1,115.5 | 7.8 | % | $ | 950.8 | 7.7 | % | |||||||||||||||||||||||||||
| Non-cash stock-based compensation expense | 42 | 0.2% | 34.0 | 0.2 | % | 32.7 | 0.3 | % | ||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | — | — | % | — | — | % | 11.3 | 0.1 | % | |||||||||||||||||||||||||||||
| Changes in fair value of acquisition-related contingent items | 11 | 0.1% | 0.7 | 0.0 | % | 10.7 | 0.1 | % | ||||||||||||||||||||||||||||||
| Impairments of equity method investments | 8 | 0.0 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 1,500 | 8.6% | $ | 1,150.1 | 8.0 | % | $ | 1,005.6 | 8.2 | % | |||||||||||||||||||||||||||
| |||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited - in millions, except for percentages and per share information)
| Adjusted Net Income Reconciliation | Guidance for the Year Ended December 31, 2026 Est. | For the Year Ended December 31, 2025 | For the Year Ended December 31, 2024 | |||||||||||||||||
| Net income | $ | 575 | $ | 422.0 | $ | 199.4 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Non-cash stock-based compensation expense | 42 | 34.0 | 32.7 | |||||||||||||||||
| Amortization of intangible assets | 151 | 131.2 | 139.9 | |||||||||||||||||
| Loss on extinguishment of debt | — | — | 11.3 | |||||||||||||||||
| Changes in fair value of acquisition-related contingent items | 11 | 0.7 | 10.7 | |||||||||||||||||
| Impairments of equity method investments | 8 | — | — | |||||||||||||||||
| Total adjustments, pre-tax | $ | 211 | $ | 165.9 | $ | 194.6 | ||||||||||||||
Income tax effect of adjustments (a) | (52) | (44.7) | (44.8) | |||||||||||||||||
Statutory and other tax rate effects (b) | — | (5.0) | (0.9) | |||||||||||||||||
| Adjusted net income | $ | 734 | $ | 538.2 | $ | 348.3 | ||||||||||||||
| Net income attributable to non-controlling interests | 42 | 23.0 | 36.6 | |||||||||||||||||
| Adjusted net income attributable to MasTec, Inc. | $ | 693 | $ | 515.2 | $ | 311.7 | ||||||||||||||
| Adjusted Diluted Earnings per Share Reconciliation | Guidance for the Year Ended December 31, 2026 Est. | For the Year Ended December 31, 2025 | For the Year Ended December 31, 2024 | |||||||||||||||||
| Diluted earnings per share | $ | 6.77 | $ | 5.07 | $ | 2.06 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Non-cash stock-based compensation expense | 0.53 | 0.43 | 0.41 | |||||||||||||||||
| Amortization of intangible assets | 1.91 | 1.67 | 1.77 | |||||||||||||||||
| Loss on extinguishment of debt | — | — | 0.14 | |||||||||||||||||
| Changes in fair value of acquisition-related contingent items | 0.14 | 0.01 | 0.14 | |||||||||||||||||
| Impairments of equity method investments | 0.10 | — | — | |||||||||||||||||
| Total adjustments, pre-tax | $ | 2.68 | $ | 2.11 | $ | 2.47 | ||||||||||||||
Income tax effect of adjustments (a) | (0.66) | (0.57) | (0.57) | |||||||||||||||||
Statutory and other tax rate effects (b) | — | (0.06) | (0.01) | |||||||||||||||||
| Adjusted diluted earnings per share | $ | 8.79 | $ | 6.55 | $ | 3.95 | ||||||||||||||
(a)Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.
(b)Represents the effects of statutory and other tax rate changes for the years ended December 31, 2025 and 2024.
| |||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited - in millions, except for percentages and per share information)
| EBITDA and Adjusted EBITDA Reconciliation | Guidance for the Three Months Ended June 30, 2026 Est. | For the Three Months Ended June 30, 2025 | ||||||||||||||||||||||||
| Net income | $ | 150 | 3.5% | $ | 90.1 | 2.5 | % | |||||||||||||||||||
| Interest expense, net | 44 | 1.0% | 43.9 | 1.2 | % | |||||||||||||||||||||
| Provision for income taxes | 47 | 1.1% | 30.7 | 0.9 | % | |||||||||||||||||||||
| Depreciation | 91 | 2.1% | 69.9 | 2.0 | % | |||||||||||||||||||||
| Amortization of intangible assets | 38 | 0.9% | 32.7 | 0.9 | % | |||||||||||||||||||||
| EBITDA | $ | 369 | 8.6% | $ | 267.3 | 7.5 | % | |||||||||||||||||||
| Non-cash stock-based compensation expense | 11 | 0.3% | 9.4 | 0.3 | % | |||||||||||||||||||||
| Changes in fair value of acquisition-related contingent items | — | — | % | (1.8) | (0.1) | % | ||||||||||||||||||||
| Adjusted EBITDA | $ | 380 | 8.8% | $ | 274.8 | 7.8 | % | |||||||||||||||||||
| Adjusted Net Income Reconciliation | Guidance for the Three Months Ended June 30, 2026 Est. | For the Three Months Ended June 30, 2025 | ||||||||||||
| Net income | $ | 150 | $ | 90.1 | ||||||||||
| Adjustments: | ||||||||||||||
| Non-cash stock-based compensation expense | 11 | 9.4 | ||||||||||||
| Amortization of intangible assets | 38 | 32.7 | ||||||||||||
| Changes in fair value of acquisition-related contingent items | — | (1.8) | ||||||||||||
| Total adjustments, pre-tax | $ | 49 | $ | 40.2 | ||||||||||
Income tax effect of adjustments (a) | (12) | (8.9) | ||||||||||||
| Adjusted net income | $ | 187 | $ | 121.5 | ||||||||||
| Net income attributable to non-controlling interests | 14 | 4.4 | ||||||||||||
| Adjusted net income attributable to MasTec, Inc. | $ | 173 | $ | 117.1 | ||||||||||
| Adjusted Diluted Earnings per Share Reconciliation | Guidance for the Three Months Ended June 30, 2026 Est. | For the Three Months Ended June 30, 2025 | ||||||||||||
| Diluted earnings per share | $ | 1.72 | $ | 1.09 | ||||||||||
| Adjustments: | ||||||||||||||
| Non-cash stock-based compensation expense | 0.14 | 0.12 | ||||||||||||
| Amortization of intangible assets | 0.48 | 0.42 | ||||||||||||
| Changes in fair value of acquisition-related contingent items | — | (0.02) | ||||||||||||
| Total adjustments, pre-tax | $ | 0.62 | $ | 0.51 | ||||||||||
Income tax effect of adjustments (a) | (0.15) | (0.11) | ||||||||||||
| Adjusted diluted earnings per share | $ | 2.20 | $ | 1.49 | ||||||||||
(a)Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.
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The tables may contain slight summation differences due to rounding.
MasTec uses EBITDA, Adjusted EBITDA, EBITDA Margin and Adjusted EBITDA Margin, as well as Adjusted Net Income, Adjusted Net Income attributable to MasTec, Inc., Adjusted Diluted Earnings Per Share, Net Debt and Free Cash Flow, to evaluate our performance, both internally and as compared with its peers, because these measures exclude certain items that may not be indicative of its core operating results, as well as items that can vary widely across different industries or among companies within the same industry. MasTec believes that these measures provide a baseline for analyzing trends in its underlying business. MasTec believes that these non-U.S. GAAP financial measures provide meaningful information and help investors understand its financial results and assess its prospects for future performance. Because non-U.S. GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-U.S. GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported net income or diluted earnings per share, net income as a percentage of revenue or total debt or net cash provided by operating activities, and should be viewed in conjunction with the most comparable U.S. GAAP financial measures and the provided reconciliations thereto. MasTec believes these non-U.S. GAAP financial measures, when viewed together with its U.S. GAAP results and related reconciliations, provide a more complete understanding of its business. Investors are strongly encouraged to review MasTec's consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of MasTec; expectations regarding MasTec's business or financial outlook; expectations regarding MasTec's plans, strategies and opportunities; expectations regarding opportunities, technological developments, competitive positioning, future economic conditions and other trends in particular markets or industries; the impact of inflation on MasTec's costs and the ability to recover increased costs, as well as other statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors in addition to those mentioned above, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Other factors that might cause such a difference include, but are not limited to: our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; market conditions, including rising or elevated levels of inflation or interest rates, regulatory or policy changes, including permitting processes, tax incentives and government funding programs that affect us or our customers' industries, access to capital, material and labor costs, supply chain issues and technological developments, all of which may affect demand for our services; changes to governmental programs and spending policies, changes to the amounts provided for under the Infrastructure Investment and Jobs Act and/or Inflation Reduction Act, including the potential for reduced support for renewable energy projects, such as a result of the One Big Beautiful Bill Act, or changes in U.S or foreign tax laws, statutes, rules, regulations or ordinances; tariff and trade actions, including retaliatory trade actions, by the United States (U.S.) and/or other countries on U.S. exports or bans by foreign countries on certain of their exports; project delays due to permitting processes, compliance with environmental and other regulatory requirements and challenges to the granting of project permits, which could cause increased costs and delayed or reduced revenue; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential economic downturns, inflationary issues, tariff effects, the availability and cost of financing, supply chain disruptions, climate-related matters, customer consolidation in the industries we serve and/or the effects of public health matters; activity in the industries we serve and the impact on the expenditure levels of our customers of, among other items, fluctuations in commodity prices, including for fuel and energy sources, fluctuations in the cost of materials, labor, supplies or equipment, and/or supply-related issues that affect availability or cause delays for such items; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; risks related to completed or potential acquisitions, including our ability to integrate acquired businesses within expected timeframes, including their business operations, internal controls and/or systems, which may be found to have material weaknesses, and our ability to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, as well as the risk of potential asset impairment charges and write-downs of goodwill; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, our ability to enforce any noncompetition agreements, and our ability to maintain a workforce based upon current and anticipated workloads; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the adequacy of our insurance, legal and other reserves; adverse climate and weather events, such as the risk of wildfires, that increase operational and legal risks in certain locations where we perform services, could increase the potential liability and related costs associated with such operations; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; the effect of regulatory initiatives, including risks related to and the costs of compliance with existing and potential future sustainability requirements, including with respect to climate-related matters; the timing and extent of fluctuations in operational, geographic and weather factors, including from climate-related events, that affect our customers, projects and the industries in which we operate; requirements of and restrictions imposed by our credit facility, term loans, senior notes and any future loans or securities; systems and information technology interruptions and/or data security breaches that could adversely affect our ability to operate, our operating results, our data security or our reputation, or other cybersecurity-related matters; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience, including as a result of shares we may issue as purchase consideration in connection with acquisitions, or as a result of other stock issuances; our ability to obtain performance and surety bonds; risks associated with operating in or expanding into additional international markets, including risks from increased tariffs, fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with our internal controls over financial reporting; risks related to a small number of our existing shareholders having the ability to influence major corporate decisions, as well as other risks detailed in our filings with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. These and other risks are detailed in our filings with the Securities and Exchange Commission. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.
FAQ
How did MasTec (MTZ) perform financially in Q1 2026?
MasTec delivered very strong Q1 2026 results with revenue of $3.83 billion, up 34.5% year-over-year. GAAP net income was $69.7 million and Adjusted EBITDA reached $283.6 million, with adjusted diluted EPS increasing to $1.39 from $0.51 a year earlier.
Which MasTec business segments drove Q1 2026 growth?
All four segments grew double digits, with standout gains in Pipeline Infrastructure and Clean Energy and Infrastructure. Pipeline Infrastructure revenue rose 91.5% to $682.5 million, while Clean Energy and Infrastructure revenue increased 45.2% to $1.33 billion, both with higher EBITDA margins.
What is MasTec’s backlog as of March 31, 2026?
MasTec reported a record 18‑month backlog of $20.33 billion as of March 31, 2026. This backlog rose 28% year-over-year and $1.37 billion sequentially, supported by strong bookings in Clean Energy and Infrastructure, Power Delivery and Communications projects.
How did MasTec’s profitability metrics change in Q1 2026?
Profitability improved sharply. GAAP net income increased to $69.7 million from $12.3 million, and Adjusted EBITDA rose to $283.6 million from $163.7 million. Adjusted EBITDA margin expanded to 7.4% from 5.7%, reflecting higher volumes and efficiency gains across key segments.
What full-year 2026 financial guidance did MasTec provide?
For full-year 2026, MasTec guided to $17.5 billion of revenue, GAAP net income of $575 million and Adjusted EBITDA of $1.5 billion. Guidance implies GAAP diluted EPS of $6.77 and adjusted diluted EPS of $8.79, both above 2025 levels.
What is MasTec’s Q2 2026 earnings outlook?
For Q2 2026, MasTec expects revenue of $4.3 billion, GAAP net income of $150 million and Adjusted EBITDA of $380 million. This corresponds to projected GAAP diluted EPS of $1.72 and adjusted diluted EPS of $2.20 for the quarter.
How did MasTec’s cash flow and net debt trend in Q1 2026?
In Q1 2026, MasTec generated $98.9 million of operating cash flow and $11.9 million of free cash flow. Net debt increased to $2.26 billion from $1.93 billion at year-end 2025, reflecting higher capital spending and investing activity alongside growth.