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Jun 30
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
MasTec
MasTec
MasTec Revenue by Segment
MasTec Revenue by Geographic Location
Revenue by Segment
Communications Revenue
CapyFin.comClean Energy & Infra Revenue
CapyFin.comPower Delivery Revenue
CapyFin.comPipeline Infrastructure Revenue
CapyFin.comEliminations Revenue
CapyFin.comRevenue by Geographic Location
Total Revenue
CapyFin.com 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
- Increased G&A expenses impacted operating leverage