Key Highlights

  • Revenue rose 29.9% to $5,152.3 million from $3,966.9 million in the third quarter of 2025.
  • Diluted EPS was $1.89, compared with $2.04 a year earlier.
  • Adjusted EBITDA was $486.4 million, with a 9.4% margin, unchanged from the prior year.
  • Estimated 18-month Backlog reached $24,546 million, against $16,780 million a year ago.
  • Power Delivery Revenue increased 65.2% to $1,835.2 million.

Revenue climbs nearly 30% as acquisitions add scale

MasTec (NYSE:MTZ) is a North American infrastructure engineering and construction company serving communications, energy and utility, and other infrastructure customers, with about 42,000 employees at September 30, 2026. In its Quarterly Report for the period ended September 30, 2026, it reported revenue of $5,152.3 million, up $1,185.4 million from $3,966.9 million.

Organic revenue grew about 12%, or roughly $469 million, while acquisitions contributed $716 million. Net Income was $167.7 million, compared with $166.5 million, but net income attributable to MasTec fell to $150.6 million from $160.7 million, partly because non-controlling interests took $17.2 million versus $5.8 million. Diluted EPS was $1.89 against $2.04.

Segment mix: Power Delivery surges while Communications retreats

Power Delivery revenue rose 65.2% to $1,835.2 million, with EBITDA of $241.5 million, a 13.2% Margin versus 9.4%. The company cited transmission and distribution work and data-center electrical projects. Clean Energy and Infrastructure revenue rose 33.9% to $1,825.9 million, supported by data-center related building and water infrastructure projects.

Pipeline Infrastructure revenue rose 21.1% to $724.1 million, though its EBITDA margin fell to 10.4% from 15.4%. Communications revenue declined 11.8% to $806.9 million on lower wireless activity, and EBITDA dropped to $54.0 million from $103.0 million.

The Superior deal and thinner operating margin

On July 20, 2026, MasTec completed its Acquisition of Electrical Specialists, Inc., known as The Superior Group, an electrical contractor with about 3,000 employees focused on large load electrical infrastructure. The price included $1.2 billion in cash, shares valued at $410.5 million and an earn-out Liability of about $179.4 million.

Operating income was $275.4 million, up 10.4%, but the margin slipped to 5.3% from 6.3%. Amortization of Intangibles more than doubled to $75.3 million, and cost of revenue rose to 87.2% of revenue from 86.4%. Adjusted EBITDA was $486.4 million against $373.5 million, a rise of about 30% on a calculated basis.

Backlog, Cash Flow and debt

Estimated 18-month backlog was $24,546 million at September 30, 2026, up from $21,391 million at June 30 and $16,780 million a year earlier, a gain of roughly 46% year over year on a calculated basis. Power Delivery backlog was $8,913 million and Clean Energy and Infrastructure was $8,315 million. About 34% of backlog sits under master service agreements that carry no minimum purchase commitment.

For nine months, Operating Cash Flow was $387.8 million versus $173.0 million, while acquisitions used $1.6 billion. Total Debt obligations were $4,191.1 million versus $2,345.6 million at year end, and cash was about $482 million. The company redeemed its 6.625% Senior Notes and issued $650.0 million of 5.850% Senior Notes due 2036.

What to watch next

Net interest expense rose to $61.8 million from $45.4 million, reflecting borrowings tied to the Superior purchase. Readers following the name will likely watch whether Power Delivery margins hold, how Communications recovers from project timing, and how backlog converts to revenue, with about 23% of it expected to be realized in 2026.