MasTec, Inc. (NYSE: MTZ) reported fourth‑quarter 2025 results that beat analyst expectations, with revenue of $3.94 billion, up 15.8% year‑over‑year, and GAAP net income of $153 million. Adjusted net income rose to $173 million and adjusted EBITDA reached $338 million, an 8.6% margin that improved 60 basis points from the prior quarter. The company’s adjusted earnings per share of $2.07 surpassed the consensus estimate of $1.94, a beat of $0.13 or 6.7%. The revenue and earnings gains were driven by robust demand in the communications, clean‑energy, and data‑center segments, as well as the integration of newly acquired construction‑management and water‑infrastructure businesses.
The 8.6% adjusted EBITDA margin reflects a combination of pricing power in high‑margin projects and disciplined cost control, offsetting the modest mix shift toward lower‑margin utility‑delivery work. The 60‑basis‑point improvement from the prior quarter indicates that the company has successfully leveraged its scale and operational efficiencies, while maintaining a favorable book‑to‑bill ratio that supports continued margin expansion.
Full‑year 2025 guidance remains unchanged: revenue of $14.30 billion, GAAP net income of $422 million, and adjusted EBITDA of $1.15 billion. Backlog reached a record $18.96 billion, up 32.6% year‑over‑year, giving the company a 1.6‑times book‑to‑bill ratio and a strong pipeline of projects across its diversified segments. CEO Jose Mas said, "We exceeded guidance again in revenue, EBITDA and EPS, highlighting another strong execution quarter and year for MasTec, Inc."
For 2026, MasTec now projects full‑year revenue of $17 billion, GAAP net income of $55 million, and adjusted EBITDA of $1.45 billion, with an adjusted margin of 8.5%. The guidance signals confidence in continued demand for infrastructure services and the successful integration of recent acquisitions. CFO Paul DiMarco noted, "Our Communications segment continued its trajectory of strong revenue growth in the fourth quarter, exceeding guidance by $139 million, with 23% year‑over‑year growth for Q4 and 32% for the full year."
The company’s strategic acquisitions of NV2A and McKee Utility Contractors in Q4 2025 are expected to broaden its service capabilities in construction management and water‑infrastructure projects, respectively. These moves, combined with the company’s focus on high‑growth areas such as 5G build‑outs and clean‑energy transitions, position MasTec to capture additional market share and sustain its growth trajectory into 2026.
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