- Revenue & EBITDA Growth: Q4 revenue hit $4B (+16% YoY), full-year $14.3B (+16%); adjusted EBITDA reached $338M (+25% YoY), full-year $1.15B (+14%).
- Segment Performance: Pipeline Infrastructure revenue surged 50% YoY; Communications grew 23% YoY with 16% EBITDA increase; Clean Energy & Infrastructure outperformed expectations.
- 2026 Guidance: Targets $17B revenue (+19%) and $1.45B adjusted EBITDA (8.5% margin), 26% profit growth, with double-digit margins in Communications and 100bps+ margin expansion in Power Delivery/Pipeline.
- Liquidity & Cash Flow: Full-year free cash flow $342M, total liquidity $2.1B, net leverage 1.7x; 2026 forecasts >$1B cash flow from operations and $8.40 adjusted EPS (+30% YoY).
- Acquisitions & Backlog: Added $4.5B backlog (+33% YoY), acquired NV2A and McKee; 2026 acquisition pipeline aims for $500M revenue, with water/wastewater business driving non-interest expenses growth.
Segment-wise Performance
The Communications segment saw Q4 revenue increase 23% year-over-year and EBITDA increase 16%. Power Delivery segment revenues increased 13% year-over-year and EBITDA grew 9%. Clean Energy and Infrastructure segment revenue and EBITDA were slightly ahead of expectations. Pipeline Infrastructure segment revenue increased 50% year-over-year for the quarter.
Growth Prospects and Guidance
MasTec expects double-digit growth in 2026, with margin optimization across its existing business base, and significant long-term growth opportunities. The company guides for double-digit margins in Communications, around 100 basis point improvement in Power Delivery and Pipeline, and stable margins in Clean Energy and Infrastructure. For 2026, the company expects revenue of $17 billion, representing about 19% growth, with organic growth expected in the mid-teens.
Valuation Metrics
With a P/E Ratio of 58.17 and an EV/EBITDA of 17.97, MasTec's valuation suggests that the market has high expectations for the company's future growth. The ROE of 13.0% and ROIC of 51.1% indicate that the company is generating strong returns on its equity and invested capital.
Cash Flow and Liquidity
The company generated $373 million in cash flow from operations and $306 million in free cash flow in the fourth quarter, bringing the full-year total to $546 million and $342 million, respectively. MasTec's total liquidity stands at approximately $2.1 billion, with a net leverage of 1.7 times, well within the terms of its financial policy.
Outlook and Strategic Priorities
MasTec plans to support organic growth opportunities, execute opportunistic acquisitions, and deploy capital to share repurchases. The company expects to be more acquisitive than in the last couple of years, with a focus on daily operations and widget-level productivity to drive profitability. With a strong backlog and a good plan for 2026, MasTec is well-positioned for further margin performance and long-term growth.