MasTec, Inc. Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance

  • Q4 2025 revenue was just under $4 billion, up 16% year over year. Full-year revenue reached a record $14.3 billion, also up 16% versus 2024.
  • Adjusted EBITDA for Q4 was $338 million, up 25% year over year and accelerating from 20% growth in Q3. Full-year EBITDA was $1.15 billion, a 14% increase.
  • Adjusted EPS for Q4 was $2.07, up 44% year over year (from $1.44 in Q4 2024).
  • MasTec exceeded guidance across revenue, EBITDA, and EPS for both Q4 and the full year.
  • Consolidated 2025 EBITDA margin was 8%, with non-pipeline segments at 8.2%, up from 7.6% in 2024.

Backlog & Market Positioning

  • Total backlog increased over $4.5 billion year over year (up 33%), including more than $2 billion sequential growth in Q4.
  • Book-to-bill for Q4 was 1.6x, reflecting strong demand across segments.
  • Nearly $1 billion of new data center–related awards were included in Q4 backlog.
  • Renewables backlog continued ten quarters of sequential growth, now supported by over $4 billion of additional limited-notice-to-proceed projects not yet in backlog.

Strategic Acquisitions

  • NV2A, a construction management firm and joint venture partner on the $600 million Miami Airport project, was acquired in Q4 to enhance MasTec’s capability in data centers and complex commercial infrastructure.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good day, and thank you for standing by. Welcome to the Q4 2025 MasTec, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Chris Mecray, Vice President of Investor Relations. Please go ahead. Chris Mecray: Good morning, and thank you for joining us for MasTec, Inc.’s fourth quarter full year 2025 financial results conference call. Joining me today are Jose Mas, Chief Executive Officer, and Paul DiMarco, Chief Financial Officer. We have prepared slides to supplement our remarks, which are posted on MasTec, Inc.’s website under the Investors tab and through the webcast link. There is also a companion document with information and analytics on the quarter and a guide summary to assist in financial modeling. Please read the forward-looking disclaimer contained in the slides accompanying this call. During this call, we will make 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, actual performance and results may differ materially from our forwar

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional