U.S. Dollar Strength and the Rise of Multinational Infrastructure Firms in 2026

The U.S. dollar's sustained strength in 2026 has reshaped global capital flows, creating both challenges and opportunities for multinational corporations. For firms like MasTec (MTZ), a leading infrastructure contractor with a robust backlog and expanding EBITDA margins, the dollar's dominance has proven to be a tailwind. By leveraging its geographic diversification, long-term contracts, and strategic focus on energy transition, MasTec is uniquely positioned to capitalize on the dollar's strength while maintaining growth momentum.

A Strong Dollar and MasTec's Financial Resilience

MasTec's Q3 2025 results underscore its resilience in a high-interest-rate environment. The company reported adjusted earnings per share of $2.48, surpassing the $2.30 consensus estimate, while revenue surged 22% year-over-year to $3.97 billion. These figures reflect not only operational efficiency but also the company's ability to secure long-term contracts in sectors insulated from currency volatility.

The dollar's strength has amplified MasTec's competitive edge in international markets. As the second-largest utility infrastructure contractor in the U.S., the firm's projects in power delivery, clean energy, and pipeline infrastructure are often denominated in dollars, reducing foreign exchange risk. For example, its clean energy segment-responsible for 32% of first-half 2025 revenues-benefits from utility-scale renewables and transmission upgrades, which are increasingly funded by U.S. dollar-based federal incentives. This alignment with dollar-denominated capital flows ensures stable cash flows even as emerging markets grapple with currency depreciation.

Backlog Growth and EBITDA Momentum

MasTec's record backlog of $16.8 billion as of Q3 2025 provides a critical buffer against macroeconomic uncertainty. This backlog, driven by multi-year contracts in infrastructure modernization and data center construction, ensures consistent revenue visibility. Analysts project FY 2025 revenue of $14.07 billion and adjusted EPS of $6.40, reflecting a 62% year-over-year increase in earnings guidance.

The company's EBITDA margins have also shown resilience. For FY 2025, MasTec targets an Adjusted EBITDA of $1.135 billion with a margin of 8.1%. While 2026 EBITDA projections remain unannounced, the trajectory of its backlog and sector-specific demand-particularly in AI-driven infrastructure and renewable energy-suggests continued margin expansion. For instance, the firm's pipeline for transmission projects, expected to commence in 2026, could add billions in revenue, further bolstering EBITDA.

Strategic Diversification and Dollar-Driven Opportunities

MasTec's geographic and sectoral diversification amplifies its ability to harness dollar strength. The company's investments in fiber and wireless infrastructure, supported by programs like the BEAD initiative, are poised to benefit from U.S. dollar-based federal funding. Similarly, its pipeline infrastructure segment, which includes oil and gas projects, remains shielded from currency swings due to the dollar's role as the global energy benchmark according to market analysis.

Moreover, the firm's focus on AI infrastructure-such as data center interconnectivity-aligns with global trends where U.S. dollar-based capital is increasingly directed toward tech-driven infrastructure. As noted in a report by Bloomberg, MasTec's 2026 revenue forecast of $15.512 billion hinges on its ability to execute these high-margin projects. The dollar's strength ensures that foreign clients, particularly in Europe and Asia, find U.S. contractors more competitive, further solidifying MasTec's market position.

Risks and Mitigation

While the dollar's strength offers advantages, MasTec's exposure to labor costs and material inflation remains a risk. However, the company has mitigated these through strategic workforce training and equipment investments. For example, its training centers for skilled labor ensure efficient execution of its $16.8 billion backlog, reducing delays that could erode margins. Additionally, long-term contracts with fixed pricing provide insulation from short-term inflationary pressures.

Conclusion

The U.S. dollar's dominance in 2026 has created a favorable environment for infrastructure firms like MasTec. By leveraging its backlog, EBITDA growth, and strategic diversification, the company is well-positioned to outperform peers in a high-dollar world. As global capital flows continue to favor U.S. dollar assets, MasTec's focus on energy transition and digital infrastructure ensures it remains a key beneficiary of this macroeconomic shift.