MasTec, Inc.MTZ delivered another strong quarter, reinforcing management's confidence to raise its full-year 2026 outlook. The key question now is whether second-quarter execution provides enough evidence to support those higher expectations.
The results were impressive. Second-quarter revenues climbed 23% year over year to a record $4.37 billion, while adjusted EBITDA increased 40% to $384 million and adjusted earnings per share rose 49% to $2.22. Just as importantly, 18-month backlog reached a record $21.4 billion, up 30% from a year ago, providing strong revenue visibility heading into the second half of 2026.
Management responded by raising full-year guidance. MasTec now expects 2026 revenues of $18.2 billion, adjusted EBITDA of $1.6 billion and adjusted EPS of $9.30, representing year-over-year growth of 27%, 39% and 42%, respectively. The upgraded outlook reflects continued strength in Power Delivery, Clean Energy & Infrastructure and Pipeline Infrastructure, which more than offsets near-term softness in the Communications business.
The acquisition of The Superior Group further strengthens the growth case by expanding MasTec's capabilities in mission-critical electrical infrastructure and data centers. Management also highlighted accelerating demand tied to AI, grid modernization, power generation and digital infrastructure, with much of the recently added backlog expected to contribute more meaningfully in 2027 and beyond.
While Communications faces temporary wireless and wireline project delays, MasTec's diversified business mix and record backlog suggest that the raised 2026 outlook is supported by broad-based operating momentum rather than a single growth driver.
How MasTec Compares With Infrastructure Construction Leaders
Among infrastructure contractors, Quanta ServicesPWR and Sterling InfrastructureSTRL are two of the closest peers when evaluating whether MasTec's raised 2026 outlook is achievable.
Like MasTec, Quanta is benefiting from accelerating utility investment, grid modernization and data center-related power demand. However, MasTec's broader exposure to clean energy, pipeline infrastructure and communications provides additional diversification, while the Superior acquisition strengthens its position in mission-critical electrical infrastructure. Quanta remains a formidable competitor in transmission and distribution, but MasTec is expanding into similar high-growth opportunities.
Sterling is another beneficiary of AI-driven infrastructure spending, particularly through mission-critical site development for data centers and advanced manufacturing. While Sterling has delivered exceptional execution in its niche, its business remains more concentrated than MasTec's. MasTec's record backlog, diversified end markets and raised guidance suggest a broader earnings foundation. Both Quanta and Sterling are well positioned, but MasTec's multi-segment platform offers greater resilience across infrastructure investment cycles.
MTZ Stock’s Price Performance & Valuation Trend
Shares of this Florida-based infrastructure construction company have gained 19% year to date, outperforming the Zacks Building Products - Heavy Construction industry, the broader Zacks Construction sector and the S&P 500 Index.
MTZ Price Performance (YTD)
Image Source: Zacks Investment Research
MTZ stock is currently trading at a discount compared with its industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 20.59, as shown in the chart below.
Image Source: Zacks Investment Research
EPS Trend of MTZ
For 2026 and 2027, MTZ’s earnings estimates have trended upward in the past 30 days, as shown below. The revised estimated figures for 2026 and 2027 imply 42.1% and 36.1% year-over-year growth, respectively.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Keep it Clean. Please avoid obscene, vulgar, lewd,
racist or sexually-oriented language. PLEASE TURN OFF YOUR CAPS LOCK. Don't Threaten. Threats of harming another
person will not be tolerated. Be Truthful. Don't knowingly lie about anyone
or anything. Be Nice. No racism, sexism or any sort of -ism
that is degrading to another person. Be Proactive. Use the 'Report' link on
each comment to let us know of abusive posts. Share with Us. We'd love to hear eyewitness
accounts, the history behind an article.
(0) comments
Welcome to the discussion.
Log In
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.