MasTec (MTZ) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and MasTec published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. MasTec reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• MasTec bought The Superior Group on July 20, 2026; its results are in the Power Delivery segment from that date.
• Net income here is net income attributable to MasTec, Inc. ($150.6 million). The release's headline GAAP net income of $167.7 million also includes $17.2 million attributable to non-controlling interests.
• Segment revenue is shown before $39.8 million of intersegment eliminations, which the Eliminations row subtracts.

Source: MasTec Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How MasTec splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• MasTec's Power Delivery revenue was $1.8 billion in Q3 2026, up 65% from $1.1 billion in Q3 2025, 36% of total revenue.
• MasTec's Clean Energy and Infrastructure revenue was $1.8 billion in Q3 2026, up 34% from $1.4 billion in Q3 2025, 35% of total revenue.
• MasTec's Communications revenue was $807 million in Q3 2026, down 12% from $915 million in Q3 2025, 16% of total revenue.
• MasTec's Pipeline Infrastructure revenue was $724 million in Q3 2026, up 21% from $598 million in Q3 2025, 14% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, MasTec said:

“Updated Full Year Diluted EPS guidance to a range of $5.69 to $6.01 per share, a 15% year-over-year increase at the midpoint”

“Updated Full Year Adjusted Diluted EPS guidance to a range of $8.92 to $9.30, a 39% year-over-year increase at the midpoint”

“The range reflects the potential impact of delayed Pipeline project starts on labor and equipment utilization. With less time to hit run-rate production in 2026, near term margin recognition could be impacted. Revenue and earnings not recognized this year as a result of project timing are expected to shift into 2027.”

“We expect to generate over $1 billion in operating cash flow for 2026.”

Source: MasTec Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the MTZ forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Revenue and GAAP diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for MasTec's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

MasTec's revenue was $5,152.3 million in Q3 2026, a quarterly record and up 29.9% from $3,966.9 million a year earlier. Across its four segments, Power Delivery brought in $1,835.2 million, Clean Energy and Infrastructure $1,825.9 million, Communications $806.9 million and Pipeline Infrastructure $724.1 million, less $39.8 million of intersegment eliminations. (MasTec Q3 2026 release, Oct 29, 2026)

Power Delivery revenue rose 65.2%. Organic growth contributed about $244 million, a 22% increase, and acquisitions $480 million, mainly The Superior Group, an electrical contractor in large load and critical infrastructure with about 3,000 employees. MasTec bought it on July 20, 2026 for $1.2 billion in cash, net of cash acquired, plus 1,219,498 shares. The segment's EBITDA margin rose to 13.2% from 9.4%. (MasTec Form 10-Q, Q3 2026, Oct 29, 2026; MasTec Q3 2026 release, Oct 29, 2026)

Clean Energy and Infrastructure revenue rose 33.9%, with about $321 million of organic growth from general building, including data-center related projects, and water infrastructure, plus $141 million from acquisitions. Pipeline Infrastructure revenue rose 21.1%, but its EBITDA margin fell to 10.4% from 15.4%; MasTec's CEO tied that to permitting related access delays on certain projects that left crews and equipment underutilized. (MasTec Form 10-Q, Q3 2026, Oct 29, 2026; MasTec Q3 2026 release, Oct 29, 2026)

Communications revenue fell 11.8% to $806.9 million on lower wireless project activity, partly from customer project timing. Its EBITDA margin dropped to 6.7% from 11.3%, including $7.1 million of restructuring charges as MasTec exits underperforming markets. (MasTec Form 10-Q, Q3 2026, Oct 29, 2026; MasTec Q3 2026 release, Oct 29, 2026)

No customer was more than 10% of MasTec's revenue in Q3 2026, while AT&T was about 10% a year earlier, and the top ten customers were about 30% of revenue, against 35%. Master service and other service agreements made up about 35% of revenue, against 43%. Foreign operations, mainly in Canada, contributed $89.6 million. (MasTec Form 10-Q, Q3 2026, Oct 29, 2026)

MasTec's GAAP diluted EPS fell 7.7% to $1.89 in Q3 2026, while adjusted diluted EPS rose 19.3% to $2.96 from $2.48. The largest adjustment was amortization of intangible assets, $0.94 a share against $0.42, as the expense rose to $75.3 million from $32.7 million. The other add-backs were stock-based compensation ($0.14), changes in fair value of acquisition-related contingent items ($0.09), restructuring charges ($0.09), acquisition and integration costs ($0.08) and a loss on extinguishment of debt ($0.04), less a $0.32 tax effect. (MasTec Q3 2026 release, Oct 29, 2026)

Net income attributable to MasTec was $150.6 million, against $160.7 million. Interest expense, net rose to $61.8 million from $45.4 million after MasTec drew a new $700 million delayed draw term loan to help pay for Superior and issued $650 million of 5.850% senior notes due 2036. The effective tax rate was 23.8%, against 21.3%. (MasTec Form 10-Q, Q3 2026, Oct 29, 2026; MasTec Q3 2026 release, Oct 29, 2026)

Diluted weighted average shares were 79,820 thousand, against 78,648 thousand, partly reflecting the shares issued for Superior. MasTec made no share repurchases in the first nine months of 2026, and its $250 million May 2025 repurchase program remains fully available. (MasTec Q3 2026 release, Oct 29, 2026; MasTec Form 10-Q, Q3 2026, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

MasTec gives full-year guidance in its release. With Q3 2026 it set 2026 revenue at $18,300 million, adjusted EBITDA at $1,565 million to $1,600 million (an 8.6% to 8.7% margin), GAAP diluted EPS at $5.69 to $6.01 and adjusted diluted EPS at $8.92 to $9.30. (MasTec Q3 2026 release, Oct 29, 2026)

MasTec's CFO said the range reflects the potential impact of delayed Pipeline project starts, that revenue and earnings not recognized in 2026 because of project timing are expected to shift into 2027, and that MasTec expects over $1 billion of operating cash flow for 2026. (MasTec Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover MasTec, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones MasTec's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning MTZ is on is MTZ a buy or a sell?, what analysts expect next is on the MTZ forecast, and what the company does is on the MasTec (MTZ) stock page.

Every number on this page can be traced to a document MasTec published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.