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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MTZ

MTZ fundamentals

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