Fact Summary
MasTec reported second-quarter 2026 (announced 2026-07-30) revenue of $4.37 billion (+23% year-over-year) and adjusted EBITDA of $384.2 million (+40%), both quarterly records, while its 18-month backlog also reached a record $21.4 billion (+30% year-over-year). The company closed its acquisition of The Superior Group, a data-center-focused electrical contractor, for approximately $1.65 billion on 2026-07-20, and on 2026-08-06 priced $650 million of senior notes due 2036 at a 5.850% coupon. Second-quarter 2026 adjusted EPS of $2.22 came in slightly below the average analyst estimate, and Communications segment revenue grew just 6.2% year-over-year, a relatively lower growth rate than the other segments.
Price-Change Context
Immediately after the Q2 earnings release on 2026-07-30, the stock fell sharply as the slight adjusted EPS miss and slowing Communications segment growth drew attention. However, renewed attention to the 2026-08-06 senior notes pricing and the record backlog disclosed in the earnings materials lifted the stock, and it closed on 2026-08-07 at $272.46, up 5.35% from the previous trading day.
Business Overview
MasTec was founded on 1994-03-11 and is headquartered in Coral Gables, Florida, an infrastructure construction company that listed on the New York Stock Exchange in 1998. It performs engineering, construction, installation, and maintenance for communications, power, and energy infrastructure across five operating segments (Communications, Clean Energy and Infrastructure, Power Delivery, Pipeline Infrastructure, and Other), and José R. Mas, a second-generation member of the founding family, has served as CEO since April 2007 (Wikipedia, Zippia cited).
The most recently available headcount figure is approximately 32,000 employees as of 2024; a current 2026 figure has not been obtained.
5-Year Financial Trend
| Year | Revenue | Net Income | Equity Ratio |
|---|---|---|---|
| 2021 | $7,951.8M | $328.8M | 35.67% |
| 2022 | $9,778.0M | $33.4M | 29.45% |
| 2023 | $11,995.9M | -$49.9M | 28.87% |
| 2024 | $12,303.5M | $162.8M | 32.44% |
| 2025 | $14,299.2M | $399.0M | 32.84% |
First-half 2026 cumulative revenue was $8.202 billion, up 28.3% year-over-year, with operating margin improving from 3.04% to 4.49% and net margin improving from 1.50% to 2.33% (confirmed system financial data, accession number 0000015615-26-000093).
Segment Revenue Mix (Q2 2026)
Approximate Q2 2026 revenue mix (calculated by aggregating secondary-source segment revenue figures; not yet cross-checked against 10-Q segment footnotes) · Other segment excluded due to unavailable detailed figures · Source: Investing.com/Yahoo Finance as cited in business.mdPeer Comparison
| Company | Q2 2026 Revenue | Backlog |
|---|---|---|
| MasTec (MTZ) | $4.37B (+23%) | $21.4B |
| Quanta Services (PWR) | $9.6B | $53.4B |
| MYR Group (MYRG) | $1.08B (+20%) | $3.16B |
| Dycom Industries (DY) | $1.38B (+14.5%) | $7.99B |
Quanta Services, with backlog and revenue roughly 2.2-2.5x that of MasTec, is the largest player in the industry. MYR Group, which specializes in power transmission & distribution (T&D), competes directly with the Power Delivery segment, and Dycom Industries, which specializes in telecom (fiber optic), competes directly with the Communications segment (peer research, cross-checked against secondary aggregation).
Valuation Metrics
Governance and Capital Structure
As of: Jorge Mas and Jose R. Mas figures from DEF 14A (as of 2026-03-13, filed 2026-04-09); BlackRock figure from Schedule 13G/A (as of 2026-06-30, filed 2026-07-29) · Source: SEC EDGAR| Date | Event |
|---|---|
| 2026-07-07 | The Superior Group acquisition agreement signed |
| 2026-07-20 | The Superior Group acquisition closed (approx. $1.65 billion) |
| 2026-07-30 | Q2 2026 earnings release (after market close) |
| 2026-08-06 | $650 million senior notes priced (5.850% coupon) |
| 2026-08-07 | Closed at $272.46, +5.35% vs. previous trading day |
| 2026-08-17 | Senior notes settlement date (scheduled) |
Trading and Ownership Trends
Macro Environment
| Factor | Value (as of) | Impact Channel |
|---|---|---|
| Fed funds rate | 3.50-3.75% (held 2026-07-29) | Affects borrowing costs and customer project financing costs |
| WTI crude oil | $78.18/barrel (2026-08-09) | Linked to the Pipeline Infrastructure segment's order cycle |
| Copper (COMEX) | $6.57/lb (2026-08-09), +47.2% year-over-year | Raises input costs for wiring, transformers, etc. |
| Steel and copper tariffs | Steel 50% (from 2025-06), copper finished products 50% (from 2026-04) | Affects margins when cost pass-through is delayed under fixed-price contract segments |
| Data-center-driven power demand | Projected to reach approx. 12% of total U.S. electricity consumption by 2030 | Expands order intake and backlog for the Power Delivery and Clean Energy segments |
Risk Factors
- Under the contract structure, customers are not obligated to initiate projects and can terminate contracts on short notice, so even the record backlog ($21.4 billion) does not guarantee confirmed revenue (10-K Item 1A, secondary summary).
- AT&T accounted for approximately 10% of total consolidated revenue in fiscal year 2025, representing dependence on a single largest customer (10-K search summary, secondary).
- Around August-October 2025, unauthorized network access occurred through a zero-day vulnerability in a third-party solution, exposing the personal information of 25,220 individuals; official notification began on 2026-05-11 (New Hampshire Department of Justice filing, 2026-06-04).
- Copper prices reached near-record levels of $6.57/lb (2026-08-09, +47.2% year-over-year), 50% tariffs apply to steel and copper finished products respectively, and non-residential construction input prices rose at a 12.6% annualized rate in Q1 2026 (ENR 1Q2026 Cost Report).
- The construction industry's net new labor need for 2026 is estimated at 349,000 to 499,000 workers, and 92% of survey respondents report difficulty hiring skilled hourly workers (ABC estimate, WConline 2026 Construction Outlook).
- Total borrowings were $2.7529 billion as of 2026-06-30, and the company issued a new $650 million senior notes tranche (5.850% coupon) on 2026-08-06, creating a funding cost burden in a high-interest-rate environment (StockTitan 10-Q summary).
- The integration performance of the The Superior Group acquisition (approx. $1.65 billion, including earnout terms of up to 36 months), which closed on 2026-07-20, remains unverified at approximately one month post-closing (BusinessWire, 2026-07-20).
- Solar and wind tax credits are subject to accelerated phase-out for projects starting construction after 2026-07-05 (per tax law changes effective July 2025), which may slow new orders in those segments starting in 2027 (Sidley Austin commentary).
- Communications segment revenue grew just 6.2% year-over-year in Q2 2026, a lower growth rate than other segments, with margin contracting 170bp to 8.2%. Management noted on the earnings call that carriers are weighing the timing of their investments (earnings call cited in macro.md, transcript posted 2026-08-07).
Thematic Relevance
Fact Highlights
Generated by FomoLog Agent · Data sources: Korea Exchange · NASDAQ · DART · SEC EDGAR
This is not investment advice. FomoLog provides factual summaries and post-hoc price-change context only. Investment decisions and their outcomes are solely the responsibility of the investor.