Infrastructure construction company MasTec (NYSE: MTZ) announced better-than-expected revenue in Q2 CY2026, with sales up 23.4% year on year to $4.37 billion. Its non-GAAP profit of $2.22 per share was 0.6% below analysts’ consensus estimates.
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MasTec (MTZ) Q2 CY2026 Highlights:
- Revenue: $4.37 billion vs analyst estimates of $4.31 billion (23.4% year-on-year growth, 1.4% beat)
- Adjusted EPS: $2.22 vs analyst expectations of $2.23 (0.6% miss)
- Adjusted EBITDA: $384.2 million vs analyst estimates of $384.3 million (8.8% margin, in line)
- Management raised its full-year Adjusted EPS guidance to $9.30 at the midpoint, a 5.8% increase
- Operating Margin: 5.2%, in line with the same quarter last year
- Free Cash Flow was $21,000, up from -$58.17 million in the same quarter last year
- Backlog: $21.39 billion at quarter end, up 29.6% year on year
- Market Capitalization: $22.42 billion
Company Overview
Involved in the 1996 Olympic Games MasTec (NYSE: MTZ) is an infrastructure construction company that specializes in the telecommunications, energy, and utility industries.
Revenue Growth
Examining a company’s long-term performance can provide clues about its quality. Any business can put up a good quarter or two, but many enduring ones grow for years. Luckily, MasTec’s sales grew at an incredible 17.9% compounded annual growth rate over the last five years. Its growth beat the average industrials company and shows its offerings resonate with customers, a helpful starting point for our analysis.
Long-term growth is the most important, but within industrials, a half-decade historical view may miss new industry trends or demand cycles. MasTec’s annualized revenue growth of 15% over the last two years is below its five-year trend, but we still think the results suggest healthy demand. 
MasTec also reports its backlog, or the value of its outstanding orders that have not yet been executed or delivered. MasTec’s backlog reached $21.39 billion in the latest quarter and averaged 24.9% year-on-year growth over the last two years. Because this number is better than its revenue growth, we can see the company accumulated more orders than it could fulfill and deferred revenue to the future. This could imply elevated demand for MasTec’s products and services but raises concerns about capacity constraints. 
This quarter, MasTec reported robust year-on-year revenue growth of 23.4%, and its $4.37 billion of revenue topped Wall Street estimates by 1.4%.
Looking ahead, sell-side analysts expect revenue to grow 22.1% over the next 12 months, an improvement versus the last two years. This projection is eye-popping for a company of its scale and implies its newer products and services will spur better top-line performance.
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Operating Margin
MasTec was profitable over the last five years but held back by its large cost base. Its average operating margin of 3.1% was weak for an industrials business. This result isn’t too surprising given its low gross margin as a starting point.
On the plus side, MasTec’s operating margin rose by 2.7 percentage points over the last five years, as its sales growth gave it operating leverage.
In Q2, MasTec generated an operating margin profit margin of 5.2%, in line with the same quarter last year. This indicates the company’s cost structure has recently been stable.
Earnings Per Share
We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.
MasTec’s EPS grew at an unimpressive 7% compounded annual growth rate over the last five years, lower than its 17.9% annualized revenue growth. However, its operating margin actually improved during this time, telling us that non-fundamental factors such as interest expenses and taxes affected its ultimate earnings.
Diving into the nuances of MasTec’s earnings can give us a better understanding of its performance. A five-year view shows MasTec has diluted its shareholders, growing its share count by 6.6%. This dilution overshadowed its increased operational efficiency and has led to lower per share earnings. Taxes and interest expenses can also affect EPS but don’t tell us as much about a company’s fundamentals. 
Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business.
For MasTec, its two-year annual EPS growth of 82.9% was higher than its five-year trend. This acceleration made it one of the faster-growing industrials companies in recent history.
In Q2, MasTec reported adjusted EPS of $2.22, up from $1.49 in the same quarter last year. This print was close to analysts’ estimates. Over the next 12 months, Wall Street expects MasTec’s full-year EPS to grow 38.1% from $8.16 to $11.27.
Key Takeaways from MasTec’s Q2 Results
It was good to see MasTec narrowly top analysts’ revenue expectations this quarter. On the other hand, its full-year EPS guidance missed and its EPS fell a bit short of Wall Street’s estimates. Overall, this was a weaker quarter. The stock traded down 10.9% to $289.03 immediately after reporting.
MasTec didn’t show its best hand this quarter, but does that create an opportunity to buy the stock right now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).
