MasTec Q4 Earnings Call Highlights

Core Insights - MasTec reported strong fourth-quarter and full-year results for 2025, exceeding guidance for revenue, adjusted EBITDA, and adjusted earnings per share, driven by organic growth and a significant increase in backlog [4] Financial Performance - Fourth-quarter revenue reached nearly $4 billion, marking a 16% year-over-year increase, while full-year revenue totaled $14.3 billion, also up 16% [3] - Adjusted EPS for the fourth quarter was $2.07, a 44% increase from $1.44 in the same quarter last year [2] - Full-year adjusted EBITDA was $1.15 billion, reflecting a 14% increase, with a fourth-quarter adjusted EBITDA of $338 million, up 25% year over year [3][2] Backlog and Growth - The backlog increased by over $4.5 billion, or 33% year over year, with a sequential book-to-bill ratio of 1.6x [2][5] - Nearly $1 billion of data center-related work was added to the backlog in the fourth quarter, including the first turnkey data center construction management agreement [1][5] Segment Performance - Communications segment revenue grew 23% in the fourth quarter, with full-year growth of 32%, while EBITDA grew 16% in the fourth quarter and 41% for the full year [7] - Power delivery segment revenue increased 13% year over year in the fourth quarter, with a full-year growth of 16% [9] - Clean Energy and Infrastructure (CE&I) segment revenue grew 15% for the full year, with a fourth-quarter revenue of $1.3 billion, up 2% year over year [12] - Pipeline infrastructure revenue surged 50% year over year in the fourth quarter, reaching $644 million, the highest quarterly level in two years [14] Future Guidance - For 2026, management guided revenue of approximately $17 billion, reflecting about 19% growth, with adjusted EBITDA of $1.45 billion and an 8.5% margin [5][16] - The company expects operating cash flow to exceed $1 billion and anticipates strong growth in CE&I and pipeline segments [5][16] Acquisitions - MasTec highlighted two acquisitions: NV2A, a construction management services firm, and McKee Utility Contractors, which expands into water infrastructure [15]