Record Quarter — Revenue, EBITDA, EPS
Revenue of $3.83B, up 34% year over year; adjusted EBITDA of $284M, up 73% YoY; adjusted EPS of $1.39, up 174% YoY — management characterized this as the strongest first quarter in company history.
MasTec
· MTZ
April 30th, 2026
Summary
- Earnings Call Date:
- 2026-04-30
- Change Since:
- +2.42%
- Next Earnings Date:
- 2026-07-30
Earnings Call Sentiment
PositiveThe call conveyed strong, broad-based operating momentum: record first-quarter revenue, EBITDA, EPS and backlog; multiple segments (Power Delivery, Clean Energy & Infrastructure, Pipeline) delivered double-digit revenue growth and material margin expansion; management raised full‑year guidance and highlighted lower seasonality and improved capital efficiency. Near-term headwinds are limited and largely manageable: one-time Communications exit costs affecting margins, elevated DSOs/working capital, and financing/timing uncertainty in renewables and pipeline conversion from verbal awards to signed backlog. Overall the positives substantially outweigh the contained risks.
Company Guidance
MasTec raised 2026 guidance after a strong Q1 beat, now targeting full‑year revenue of $17.5 billion (≈22% YoY), adjusted EBITDA of $1.5 billion (8.6% margin) and adjusted EPS of $8.79 (up roughly mid‑30s% YoY), with the EBITDA outlook up about $50 million (≈10% margin flow‑through); management still expects cash flow from operations to exceed $1.0 billion, net cash CapEx of ~ $220 million, liquidity of ~$1.8 billion and net leverage of ~1.8x. Q1 results that drove the guide included revenue $3.83 billion (+34% YoY), adjusted EBITDA $284 million (+73% YoY), adjusted EPS $1.39 (+174% YoY), record backlog $20.3 billion (+28% YoY, +$1.4 billion sequential) and a total company book‑to‑bill of 1.4x; segment calls included Power Delivery backlog $6.2 billion (1.6x book‑to‑bill) and a ~ $4.8 billion revenue target, Pipeline Q1 revenue $682 million with 21% margins and Q2 revenue expect ~ $600 million, and Clean Energy & Infrastructure Q1 revenue >$1.3 billion with a full‑year revenue guide of ~$6.7 billion and segment backlog $7.3 billion (Q2 revenue ~ $1.7 billion). Management also noted DSOs of 72 days (vs. 65 at year end), Q1 operating cash flow of $99 million, ROIC above 10% (≈100 bps improvement) and that they now expect to generate almost 45% of full‑year EBITDA in 2026, implying markedly lower seasonality.
Backlog Reached New Record
Total backlog at quarter end of $20.3B, a sequential increase of $1.4B and up ~28% year over year; company-wide book-to-bill of 1.4x.
Raised 2026 Full-Year Guidance
Management increased full‑year 2026 guidance to revenue of $17.5B (≈22% YoY growth), adjusted EBITDA of $1.5B (8.6% margin), and adjusted EPS of $8.79 (≈35% YoY increase), and maintained expectation of >$1B cash flow from operations.
Power Delivery Strength
Power Delivery revenue up 16% YoY and EBITDA up 40% YoY; segment book-to-bill of 1.6x and backlog rose to a record ~$6.2B; Q1 exceeded guidance by ~10% on revenue and 21% on EBITDA and delivered ~120 bps of EBITDA margin expansion YoY.
Clean Energy & Infrastructure Momentum
Segment revenue up 45% YoY and EBITDA up 56% YoY; segment backlog reached ~$7.3B (book-to-bill ~1.6x inclusive of 1.3x organic). Renewables revenue up >60% YoY with ~70 bps of margin improvement; 11 consecutive quarters of renewables backlog growth noted.
Pipeline Segment Outperformance
Pipeline revenue surged ~92% YoY, Q1 revenue $682M, EBITDA margins ~21% and EBITDA more than tripled; margins exceeded guidance by ~165 bps and sequential margins improved ~270 bps.
Communications Growth and Opportunity
Communications revenue grew ~18% YoY and was ~7% ahead of expectations; management highlighted improving wireline demand, BEAD funding potential and expanding data-center interconnectivity as durable long-term drivers.
Improving Capital Efficiency and Balance Sheet
Liquidity of approximately $1.8B, net leverage ~1.8x (within policy), Q1 operating cash flow $99M, and ROIC increased nearly 100 bps from year-end to over 10%; company raised net cash CapEx guidance modestly to ~$220M to support growth.
Lower Seasonality Evidence
Management now expects to generate almost 45% of full-year EBITDA in the first half of 2026, indicating markedly lower historical seasonality and improved execution/project timing.
Operator
Thank you for standing by, and welcome to MasTec, Inc.'s First Quarter 2026 Financial Results Conference Call. I want to remind participants that today's call is being recorded. I will now turn the call over to Marc Lewis for some opening comments.
Marc Lewis
Thank you, Lisa, and good morning, everyone. Thanks for joining us for MasTec, Inc.'s first quarter conference call. Joining me today are Jose Mas, Chief Executive Officer, and Paul DiMarco, our CFO. We prepared slides to supplement our remarks today; they are posted on MasTec, Inc.'s website on the investors tab and through the webcast link this morning. There is also a companion document with information analytics on the quarter and a guide summary to assist in financial modeling. Please read the forward-looking statement disclaimer contained in the slides accompanying this call. During this call, we will make certain forward-looking statements regarding our plans and expectations about the future as of the date of this call. Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward-looking statements.
Our Form 10-K, as updated by our current and periodic reports and filings, includes a detailed discussion of risks and uncertainties that may cause such differences. Additionally, in today's remarks, we will be discussing adjusted financial metrics reconciling yesterday's press release and supporting schedules. We may also use certain non-GAAP financial measures on this call. A reconciliation of any non-GAAP...
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