MasTec reported record fourth quarter and full year 2025 results, exceeding guidance across key metrics including revenue and earnings, driven by strong demand in infrastructure markets and execution across all segments. The company provided initial 2026 guidance anticipating continued robust revenue and Adjusted EBITDA growth.
Record fourth quarter revenue of $3.9 billion, increased 16% year-over-year.
positiveRecord full year revenue of $14.3 billion, increased 16% year-over-year, exceeding guidance expectations.
positiveRecord full year GAAP Net Income of $422.0 million and Adjusted EBITDA of $1.2 billion, both full year records.
positiveRecord 18-month backlog of $19.0 billion, increased 13% sequentially and 33% year-over-year.
positiveDiluted EPS of $1.81 and Adjusted Diluted EPS of $2.07 in Q4, increased 92% and 44% year-over-year, respectively.
positiveFull year 2026 guidance assumes strong 19% revenue growth and 26% Adjusted EBITDA growth versus the prior year.
positiveCash provided by operating activities decreased 21.0% year-over-year in Q4 to $373 million.
negativeFree cash flow decreased 30.4% year-over-year in Q4 to $306 million.
negativeFull year 2025 cash provided by operating activities decreased 51.3% year-over-year to $546 million.
negativeFull year 2025 free cash flow decreased 67.1% year-over-year to $342 million.
negativeAdjusted EBITDA margin decreased 10 bps year-over-year for the full year 2025 to 8.0%.
attentionPipeline Infrastructure segment EBITDA margin decreased 340 bps year-over-year to 14.9% in full year 2025.
attentionClean Energy and Infrastructure segment EBITDA margin decreased 110 bps year-over-year in Q4 2025.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Communications | N/A | — | — | — |
Clean Energy and Infrastructure | N/A | — | — | — |
Power Delivery | N/A | — | — | — |
Pipeline Infrastructure | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Fourth quarter and full year 2025 financial performance exceeded guidance in virtually all respects, including mid-teens growth of revenue with contribution from all segments.
MasTec continues to witness unprecedented demand across our energy, communications, power and infrastructure markets, and this was clearly seen in the 13% sequential growth of reported 18-month backlog at year-end to a $19 billion consolidated total.
Steady margin performance also enabled the solid growth in EBITDA, again an impressive result despite significant growth investments made in the business through the year.
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