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Jun 30, 2025
MasTec Q2 2025 Earnings Report
MasTec reported record Q2 2025 revenue and a strong increase in net income, driven by growth across its non-pipeline segments.
Key Takeaways
MasTec delivered strong financial results in Q2 2025, posting record revenue of $3.5 billion and a significant increase in earnings. The performance was led by double-digit growth across Communications, Power Delivery, and Clean Energy & Infrastructure. The company also reported a record backlog of $16.5 billion.
Q2 2025 revenue reached $3.5 billion, up 20% YoY
Net income rose to $90.1 million, with EPS of $1.09
Record 18-month backlog of $16.5 billion, up 23% YoY
Adjusted EBITDA margin was 7.8%, driven by segment-level productivity
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
MasTec raised its FY 2025 guidance, reflecting confidence in continued demand and execution across its diversified segments.
Positive Outlook
- FY25 revenue guidance raised to $13.9B–$14.0B
- FY25 adjusted EPS guidance raised to $6.23–$6.44
- Strong new contract awards drove record backlog
- Clean Energy and Communications segments showed improved EBITDA margins
- Power Delivery segment continued solid revenue and EBITDA growth
Challenges Ahead
- Pipeline Infrastructure segment declined due to contract close-outs
- Free cash flow turned negative at -$0.4 million
- Overall adjusted EBITDA margin declined YoY from 9.2% to 7.8%
- Slight reduction in efficiencies in Power Delivery segment
Historical Earnings Impact
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Avg. Return Before/After Earnings
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