Description

MasTec: Can $20.3 Billion Backlog Offset Cash Conversion Pressure?

MasTec reported a first quarter 2026 performance characterized by significant year-over-year growth across revenue, earnings, and backlog, setting new records in several key metrics. Revenues rose 34% to $3.829 billion, while adjusted EBITDA grew 73% to $284 million. Adjusted earnings per share increased 174% to $1.39. The company ended the quarter with a backlog of $20.3 billion, representing a sequential increase of $1.4 billion and maintaining a book-to-bill ratio above 1.4. These figures exceeded prior guidance and reflected margin expansion, with company-wide EBITDA margins improving by 170 basis points compared to the previous year’s first quarter. The company raised its full-year 2026 guidance, now forecasting revenue of $17.5 billion, adjusted EBITDA of $1.5 billion (an 8.6% margin), and adjusted EPS of $8.79, implying growth of 22%, 30%, and 34%, respectively. Segment performance reflected favorable trends aligned with broad market demand.