MasTec stock faces margin pressure after record third-quarter backlog

MasTec reported record third-quarter revenue on October 29, 2026, as Power Delivery and Clean Energy and Infrastructure offset weaker Communications results. According to Business Wire, revenue rose 29.9 percent year over year to USD 5.15 billion, while adjusted EBITDA increased 30.2 percent to USD 486.4 million.

Power demand offsets execution risks

Power Delivery revenue advanced 65.2 percent to USD 1.84 billion, and segment EBITDA more than doubled to USD 241.5 million. The 18-month backlog reached a record USD 24.5 billion, up 46 percent from a year earlier, with Power Delivery providing the strongest growth contribution.

Pipeline revenue also increased, but permitting and access delays reduced workforce and equipment utilization. Communications revenue fell 11.8 percent, while its EBITDA margin narrowed to 6.7 percent from 11.3 percent a year earlier. Management said delayed pipeline work should shift into 2027 and targeted margin recovery in Communications next year.

Guidance shows mixed outlook

MasTec raised its 2026 revenue outlook to USD 18.3 billion. At the same time, it set adjusted EBITDA guidance at USD 1.565 billion to USD 1.600 billion and adjusted diluted earnings per share at USD 8.92 to USD 9.30, reflecting the impact of project timing and pipeline delays.

MasTec stock traded at 150.75 euros on Lang & Schwarz at 11:00 p.m. CET on Wednesday, November 4. The real-time quote of MasTec stock is available separately.

MasTec's infrastructure operations

MasTec is an infrastructure contractor operating across Power Delivery, Clean Energy and Infrastructure, Pipeline Infrastructure and Communications. Its reported growth is currently concentrated in power and energy infrastructure, while communications and pipeline execution remain important for the earnings mix.

The S&P 500 remains the relevant broader-market reference for US-listed MasTec stock.

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