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- **Record Financials**: Q4 2025 revenue $3.98B (+16% YoY), EBITDA $338M (+25% YoY), EPS $2.07 (+44% YoY). Full-year revenue $14.3B, EBITDA $1.15B. 
- **Backlog Explosion**: +33% YoY to $4.5B, 1.6x Q4 book-to-bill. Data center backlog adds $1B, pipeline revenue up 50% YoY. 
- **Strategic Expansion**: Acquired NV2A and McKee, targeting $500M+ 2026 M&A contribution. 
- **2026 Growth**: $17B revenue (+19%), $1.45B EBITDA (8.5% margin), $8.40 EPS (+30% YoY). 
- **Margin Ambition**: Double-digit Communications, mid-teens Pipeline, 100bps+ Power Delivery expansion. 
- **Data Center Leap**: $1B+ 2026 from turnkey projects, with self-performance potential. 
- **BEADs Catalyst**: 2027+ growth, 2026 middle-mile connectivity upside. 
- **Leverage Health**: 1.7x net debt, $2.1B liquidity. 


**【CEO Summary Section】**
- **Revenue and EBITDA Growth**: Q4 2025 revenue of $3.98 billion (+16% YoY), full-year $14.3 billion (+16% YoY). Adjusted EBITDA of $338 million (+25% YoY), full-year $1.15 billion (+14% YoY). EPS of $2.07 (+44% YoY). 
- **Backlog Acceleration**: Full-year backlog growth of $4.5 billion (+33%), Q4 sequential increase of $2 billion (1.6x book-to-bill). Data center-related backlog adds $1 billion, pipeline segment revenue up 50% YoY. 
- **Strategic Acquisitions**: Acquired NV2A (construction management) and McKee Utility Contractors (water infrastructure), adding $500 million+ in 2026 revenue. 
- **Segment Highlights**: 
  - **Communications**: 32% YoY revenue growth, 23% Q4 growth, 8.5% EBITDA margin. 
  - **Power Delivery**: 13% YoY revenue growth, 9% EBITDA growth, $5.6 billion backlog. 
  - **Clean Energy & Infrastructure**: 15% YoY revenue growth, 30% sequential backlog increase. 
  - **Pipeline**: 50% YoY revenue growth, 18.5% margin, targeting 2027 revenue to exceed historical highs. 

**【CFO Financial Commentary】**
- **2026 Guidance**: 
  - Revenue: $17 billion (+19%), including $500 million from acquisitions. 
  - EBITDA: $1.45 billion (8.5% margin, +26% YoY). 
  - EPS: $8.40 (+30% YoY). 
- **Cash Flow**: Q4 free cash flow $306 million, full-year $342 million. 2026 operating cash flow target: $1 billion (70% EBITDA conversion). 
- **Financial Health**: Liquidity $2.1 billion, net leverage 1.7x. 
- **Margin Targets**: 
  - Communications: double-digit margins. 
  - Pipeline: mid-teens margins. 
  - Power Delivery: +100bps YoY. 

**【Q&A Key Highlights】**
- **Power Delivery Margins**: 2026 target for double-digit margins, driven by base utility business and transmission projects. 
- **Data Center Growth**: $1 billion+ in 2026 from turnkey projects, with potential for self-performance expansion. 
- **BEADs Outlook**: 2027+ growth, with 2026 contributions from middle-mile and connectivity projects. 
- **M&A Strategy**: Acquisitive in water infrastructure, construction management, and Renewables, targeting $500 million+ annual contributions. 
- **Greenlink Project**: Permitting resolved, 2026 restart with 4-year timeline. 
- **Margins and Leverage**: 2026 EBITDA margin 8.5%, targeting double-digit long-term. 


MasTec, Inc. (MTZ) Q4 2025 Earnings Call Transcript

- **Record Q3 Results**: $3.98 billion revenue (+22% YoY), $374 million EBITDA (+20% YoY), and $2.48 EPS (vs. $2.28 consensus).
- **Segment Strength**: Communications (+33% YoY), Clean Energy (+20% YoY), and Pipeline (+20% YoY) drive growth; Power Delivery resilient despite Greenlink delays.
- **Backlog Expansion**: $16.8 billion total backlog (+21% YoY), with 1.1x book-to-bill ratio.
- **Greenlink Update**: Q4 EBITDA impact of $30 million, but 2026 activity expected to recover.
- **Pipeline Recovery**: 2026 revenue to exceed historical highs, with $1.6 billion backlog and new projects awarded.
- **Margin Progression**: Consolidated margin 9.4% (Q3), targeting double-digit by year-end; Communications margin improving despite growth investments.
- **Future Growth**: 2026 EPS guidance implies 25%+ YoY growth, with double-digit revenue and EBITDA expansion across segments.

**【CEO Summary Section】**
- **Revenue and EBITDA Growth**: Q3 revenue of $3.98 billion (+22% YoY), adjusted EBITDA of $374 million (+20% YoY), and EPS of $2.48 (vs. consensus $2.28). Backlog increased 21% YoY to $16.8 billion.
- **Segment Highlights**: 
  - **Communications**: 33% YoY revenue growth, 40bp margin improvement to 11.3%, driven by wireless and wireline expansion.
  - **Clean Energy & Infrastructure**: 20% YoY revenue growth, 36% EBITDA growth, and 100bp margin expansion to 8.5%.
  - **Power Delivery**: 17% YoY revenue growth, 21% EBITDA growth, despite Greenlink delays.
  - **Pipeline**: 20% YoY revenue growth, 15.4% margin, with $1.6 billion backlog (+8% QoQ).
- **Future Outlook**: Confident in 2026 revenue exceeding historical highs, with double-digit growth across segments and margin expansion opportunities.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP net income $420 million, Non-GAAP EPS $2.48. Free cash flow $36 million, with $2 billion liquidity and 1.95x net leverage.
- **Segment Insights**: 
  - **Communications**: 33% YoY growth, margin guidance slightly reduced due to investments.
  - **Power Delivery**: Q4 Greenlink activity lower than expected, but 2025 EBITDA growth of 13% expected.
  - **Pipeline**: Q4 margin expected to be highest of the year, with $600 million new bookings.
- **Capital Allocation**: $350 million+ annualized CapEx for Pipeline, disciplined M&A focus on transmission and renewable infrastructure.

**【Q&A Highlights】**
- **Greenlink Impact**: Q4 EBITDA reduced by ~$30 million due to delays, but 2026 activity expected to improve.
- **Pipeline Growth**: 2026 revenue to exceed historical highs, with $1.6 billion backlog and verbal awards for 2027+ projects.
- **Margins**: Consolidated margin 9.4% (Q3), targeting double-digit by year-end; Communications margin expansion despite investments.
- **Data Center Opportunities**: Total solutions for hyperscalers, with potential $1 billion+ annual revenue by 2026.


MasTec, Inc. (MTZ) Q3 2025 Earnings Call Transcript

- **Record Q2 Growth**: Revenue $3.54B (+20% YoY), EBITDA $275M, EPS $1.85. Full-year guidance raised to $13.9B-$14B revenue, $1.13B-$1.16B EBITDA, and $6.34 EPS (60% YoY growth).
- **Segment Strength**: Communications (+42%), Power Delivery (+20%), Clean Energy (+20%) lead growth. Margins improved 90-240bps YoY across segments.
- **Pipeline Recovery**: 2026 pipeline revenue to match 2024 levels ($2.1B), with Q3/Q4 margin improvement. 4,000 new hires position for 2026+ demand.
- **Policy Resilience**: Clean energy bookings unaffected by legislative changes; renewables cost-competitive without subsidies.
- **Cash & Capital**: $700M-$750M 2025 cash flow, $250M share buybacks. Capex raised to $140M for equipment expansion.

**【CEO Summary Section】**
- Exceeded Q2 guidance with revenue of $3.54B (20% YoY growth), EBITDA of $275M, and EPS of $1.85. Non-pipeline segments drove 26% revenue growth, with Communications (+42%), Power Delivery (+20%), and Clean Energy (+20%) outperforming expectations.
- Margins improved across segments: Communications EBITDA margin up 90bps, Power Delivery up 100bps, and Clean Energy up 240bps. Sequential margin gains of 300bps in Communications and Power Delivery.
- Backlog reached $16.45B (23% YoY), with 1.2x book-to-bill ratio. Full-year revenue guidance raised to $13.9B-$14B, EBITDA to $1.13B-$1.16B, and EPS midpoint at $6.34 (60% YoY growth).
- Added 4,000 team members (10% workforce increase) to support 2026+ demand, despite short-term margin pressure in Pipeline segment. Pipeline revenue expected to grow sequentially in Q3 and Q4, with 2026 outlook aligning with 2024 levels.

**【CFO Financial Commentary】**
- Q2 cash flow from operations: $6M (vs. $253M YoY decline due to higher working capital). Free cash flow use of $45M (vs. source of $253M YoY). DSOs stable at 65 days.
- Share buybacks: $77M YTD at $110 avg price; $250M new repurchase authorization. 2025 cash flow guidance: $700M-$750M, with net leverage at 2.0x.
- Segment performance: Communications EBITDA margin 9.9%, Power Delivery up 20%, Clean Energy EBITDA nearly doubled to $83.3M. Pipeline revenue beat by $65M, but margins constrained by investments.
- 2025 capex guidance raised to $140M for equipment expansion. No material impact expected from recent policy changes.

**【Q&A Key Highlights】**
- **Clean Energy Policy Impact**: CEO confident top-tier developers will secure safe harbor projects through 2030. 2026 bookings unaffected by legislative uncertainty; renewables remain cost-competitive without subsidies.
- **Pipeline Growth**: 2026 pipeline revenue expected to match 2024 levels ($2.1B), driven by gas-fired generation and LNG export demand. Q3 pipeline EBITDA margin to improve sequentially, with Q4 peak performance.
- **Margins & Investments**: Short-term margin dilution in 2025 due to headcount and equipment investments, but 2026+ margin expansion expected. Communications and Power Delivery segments targeting double-digit margins.
- **M&A Strategy**: No need for transformative acquisitions; focus on tuck-in deals to enhance execution. 2026 revenue target of $15B achievable organically, with EPS >$8.
- **Power Delivery Challenges**: Project inefficiencies in Q1 resolved; Q2 margins up 10% YoY. 2025 guidance for mid-teens revenue growth and high single-digit margins maintained.


MasTec, Inc. (MTZ) Q2 2025 Earnings Call Transcript

- **Revenue and EBITDA Beats**: Q1 revenue of $2.85 billion (+21% non-pipeline YoY), EBITDA of $164 million (+5% vs. guidance). 2025 guidance raised to $13.65 billion revenue and $1.12–$1.16 billion EBITDA.
- **Backlog Surge**: 10% sequential increase to $15.9 billion, with Communications and Pipeline bookings up 7% and 120% YoY, respectively.
- **Segment Momentum**: Communications EBITDA margin +180bps; Clean Energy EBITDA doubles; Pipeline 2026 outlook exceeds 2024 levels.
- **Strategic Moves**: $250 million buyback program; focus on data center, renewables, and pipeline infrastructure growth.
- **Resilience to Tariffs**: Limited direct impact, with framework agreements mitigating policy risks.

**【CEO Summary Section】**
- **Q1 2025 Results**: Exceeded guidance with revenue of $2.85 billion, adjusted EBITDA of $164 million, and EPS of $1.08. Non-pipeline segments grew 21% YoY, driven by Communications (35% growth), Clean Energy (22%), and Power Delivery (13%).
- **Backlog Growth**: 10% sequential increase to $15.9 billion, with book-to-bill of 1.55x. Every segment saw backlog expansion.
- **Guidance Update**: Raised 2025 revenue to $13.65 billion, EBITDA to $1.12–$1.16 billion, and EPS midpoint to $6.08 (54% YoY increase).
- **Segment Highlights**: Communications EBITDA margin improved 180bps to 6.9%; Clean Energy EBITDA doubled to $57 million; Pipeline bookings surged 120% YoY despite 44% revenue decline.

**【CFO Financial Commentary】**
- **Cash Flow**: Generated $78 million in operating cash flow, with DSOs at 66 days. Free cash flow of $45 million due to accelerated CapEx.
- **Share Repurchases**: Completed $37 million in Q1, bringing YTD total to $77 million. Authorized $250 million buyback program.
- **Tariff Impact**: Limited direct exposure, with $115 million in inventory and contractual protections mitigating risks.

**【Q&A Key Highlights】**
- **Pipeline Outlook**: 2026 revenue expected to match 2024 levels, driven by 120% YoY backlog growth and $1.1 billion in Q1 bookings.
- **Communications Strength**: Wireless and wireline growth, with 82% EBITDA increase and 7% sequential backlog rise. Data center demand resilient despite macro concerns.
- **Capital Allocation**: Focus on organic growth and tuck-in acquisitions, with $250 million buyback program to capitalize on undervalued shares.
- **Tariff Resilience**: Minimal impact on 2025 forecast, with framework agreements providing visibility into long-term projects.

MasTec (MTZ)-2 May 25-2025 Q1 Earnings call transcript

- **Record Q4 Performance**: $3.4B revenue, $271M EBITDA, $1.44 EPS (118% YoY growth). Full year 2024 cash flow $1.1B.
- **2025 Growth Guidance**: 9% revenue growth, 14% non-pipeline revenue growth, 25%+ non-pipeline EBITDA growth.
- **Pipeline Recovery**: 2026+ revenue to exceed 2024 levels; 2025 pipeline revenue $1.8B vs. $2.1B in 2024.
- **Segment Strength**:
  - **Communications**: 28% YoY growth, 2025 EBITDA margin expansion to low-double-digits.
  - **Clean Energy**: 18% YoY growth, 2025 EBITDA margin target 7%.
  - **Power Delivery**: 16% YoY growth, 2025 EBITDA margin expansion.
- **Cash Flow & Leverage**: 2025 cash flow $700M, net debt $1.8B (1.8x leverage).
- **Backlog Growth**: 18-month backlog $14.3B (+$400M QoQ), all segments growing sequentially.
- **Key Drivers**: Execution efficiency, scale, and multi-year customer demand across all segments.


**【CEO Opening Remarks】**
- Q4 2024 revenue: $3.4B (up 21% YoY in non-pipeline), adj. EBITDA: $271M (+20% YoY), adj. EPS: $1.44 (+118% YoY). Full year 2024 revenue: $12.3B, adj. EBITDA: $1.6B, cash flow: $1.1B.
- 2025 guidance: 9% revenue growth, 14% non-pipeline revenue growth, 25%+ non-pipeline EBITDA growth. Pipeline revenue expected to decline to $1.8B in 2025 but rebound in 2026+.
- Key segments:
  - **Communications**: Q4 revenue $975M (+28% YoY), EBITDA margin 9.9%. 2025 outlook: $2.8B revenue, low-double-digit EBITDA margin.
  - **Clean Energy**: Q4 revenue $1.26B (+18% YoY), EBITDA margin 8.3%. 2025 outlook: $4.75B revenue, 7% EBITDA margin.
  - **Power Delivery**: Q4 revenue $762M (+16% YoY), EBITDA margin 7.1%. 2025 outlook: $4.15B revenue, high-single-digit EBITDA margin.
- Margins improving across non-pipeline segments; 2025 EBITDA growth driven by execution and scale.

**【CFO Financial Review】**
- 2024 full year cash flow: $1.1B (record), DSO: 60 days (down from 74 YoY), net debt: $1.8B (-$700M YoY). 2025 cash flow guidance: $700M.
- Segment performance:
  - **Communications**: 2024 EBITDA margin 9.6% (vs. 8.7% prior), 2025 margin expansion to low-double-digits.
  - **Clean Energy**: 2024 EBITDA margin 6.3% (vs. 4.3% prior), 2025 margin target 7%.
  - **Pipeline**: 2024 EBITDA margin 18.3%, 2025 margin mid-teens despite revenue decline.
- 18-month backlog: $14.3B (+$400M QoQ, +$2B YoY), with all segments growing sequentially.

**【Q&A Highlights】**
- **Pipeline Recovery**: CEO confident 2026+ revenue will exceed 2024 levels due to gas renaissance and project pipeline.
- **M&A Strategy**: Focus on organic growth first, with potential tuck-in acquisitions.
- **Communications Growth**: Wireless contracts (e.g., AT&T) driving 2025+ expansion; wireline demand from hyperscalers and federal funding.
- **Clean Energy Execution**: Q4 EBITDA margin 8.3% vs. guidance 6.9%, driven by project execution efficiency.
- **Data Center Opportunity**: 2025 data center revenue target $300M, with potential for multi-year growth.
- **Margins Outlook**: Non-pipeline EBITDA growth 25%+ in 2025, with further upside in 2026+.


Actual											0.6	0.95	1.83	1.75	1.1	1.3	1.81	1.35	-0.03	0.73	1.34	1.03	-0.54	0.89	0.95	0.66	-0.13	0.96	1.63	1.44	0.51	1.49	2.48	2.07
Forecast											0.4505	0.8221	1.7025	1.6734	0.7707	1.2351	1.6945	1.293	-0.1285	0.717	1.2787	0.9839	-0.5677	0.854	1.8433	0.4524	-0.4146	0.866	1.2301	1.249	0.3351	1.4002	2.322	1.9458
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+33.19%	+15.56%	+7.49%	+4.58%	+42.73%	+5.25%	+6.82%	+4.41%	+76.65%	+1.81%	+4.79%	+4.69%	+4.88%	+4.22%	-48.46%	+45.89%	+68.64%	+10.85%	+32.51%	+15.29%	+52.19%	+6.41%	+6.80%	+6.38%

MTZ

MTZ fundamentals

MTZ Q4 2025 Earnings

Earnings Call

You can ask Aime

MTZ

MTZ fundamentals

MTZ Q4 2025 Earnings

Earnings Call

MTZ Earnings Call Summary for Q4/20259:00 AM on Feb 27, 2026

MTZ Earnings Call Summary for Q3/20259:00 AM on Oct 31, 2025

MTZ Earnings Call Summary for Q2/20259:00 AM on Aug 1, 2025

MTZ Earnings Call Summary for Q1/20259:00 AM on May 2, 2025

MTZ Earnings Call Summary for Q4/20249:00 AM on Feb 28, 2025

You can ask Aime