MasTec Reports Strong Q4 and Full-Year 2025 Results

Diversified infrastructure company sees record revenue, backlog growth, and guidance for further gains in 2026

Published on Mar. 3, 2026

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MasTec (NYSE:MTZ) reported fourth-quarter and full-year 2025 results that exceeded the company's guidance for revenue, adjusted EBITDA, and adjusted earnings per share. The strong performance was driven by organic growth across MasTec's business segments and a sharp increase in backlog, including nearly $1 billion in new data center-related awards in Q4.

Why it matters

MasTec's results highlight the robust demand for infrastructure services across the communications, power, clean energy, and pipeline sectors. The company's diversified business model and strategic acquisitions have positioned it to capitalize on key industry trends like the buildout of 5G networks, renewable energy projects, and data center construction.

The details

In the fourth quarter, MasTec reported revenue of just shy of $4 billion, up 16% year-over-year, bringing full-year revenue to a record $14.3 billion, also up 16%. Adjusted EBITDA in Q4 was $338 million, a 25% increase, while full-year adjusted EBITDA totaled $1.15 billion, up 14%. Adjusted EPS in Q4 was $2.07, up 44% from the prior-year quarter. The company's consolidated EBITDA margin for 2025 was 8%, with non-pipeline segment margins improving to 8.2% from 7.6% in 2024.

  • MasTec reported its Q4 and full-year 2025 results on February 28, 2026.
  • The company expects the initial turnkey data center project awarded in Q4 2025 to conclude in 2027, with revenue earned across 2026 and 2027.

The players

MasTec

A diversified infrastructure construction company that provides engineering, fabrication, installation, and maintenance services across a broad range of end markets, including communications networks, oil and gas pipelines, electrical transmission and distribution, industrial installations, and renewable energy projects.

Jose Mas

Chief Executive Officer of MasTec.

Paul DiMarco

Chief Financial Officer of MasTec.

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What they’re saying

“Fourth-quarter revenue was 'just shy of $4 billion,' up 16% year over year, bringing full-year revenue to $14.3 billion, also up 16% and a company record.”

— Jose Mas, Chief Executive Officer (MarketBeat)

“Consolidated EBITDA margin for 2025 was 8%, and non-pipeline segment margins improved to 8.2% from 7.6% in 2024.”

— Paul DiMarco, Chief Financial Officer (MarketBeat)

What’s next

MasTec expects to receive additional data center-related awards in 2026 as it looks to expand its self-performed scope on future projects.

The takeaway

MasTec's strong financial performance and backlog growth across its diversified business segments demonstrate the company's ability to capitalize on robust infrastructure demand, particularly in high-growth areas like communications, renewable energy, and data centers.