One of North America's largest infrastructure contractors, MasTec builds and maintains the physical networks behind everyday life—telecom and cable lines, power grids, pipelines, and clean-energy projects for utilities and energy firms. It was born in 1994 from a merger of Church & Tower, a firm led by Cuban immigrant Jorge Mas Canosa, and phone-cable builder Burnup & Sims. Its name blends the Mas family surname with "technology," a nod to its founders.
Pipeline Infrastructure EBITDA margin nearly doubled to 18.4% as revenue rose 20%, driving a 52% increase in net income.
Pipeline Infrastructure turned from a drag into the quarter's biggest profit driver. rose 23% to $4.37 billion and climbed 52% to $130.1 million as the Pipeline Infrastructure widened roughly 690 to 18.4%, more than offsetting a margin decline in Communications. The company closed the $1.6 billion Superior acquisition in July, adding debt but also a new growth platform in Power Delivery.
Key takeaways
Pipeline Infrastructure widened roughly 690 to 18.4%, as rose 20% to $644.8 million and project mix and efficiencies improved after the large-diameter project wind-down that had compressed margins in prior quarters.
Communications rose 33% to $1.23 billion and remained the largest , but its fell roughly 170 to 8.2%, which management attributed to project mix and start-up costs.
Clean Energy and Infrastructure rose 20% to $1.38 billion, and Power Delivery revenue rose 17% to $838.5 million, contributing to the first half in which all four segments grew .
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 23% to $4.37B; net income attributable to MasTec rose 52% to $130.1M.
⌄
Consolidated increased 23.4% to $4,373.6 million, with up about 18% and acquisitions contributing $195 million.
was $21.5 million for the quarter, down from $264.4 million a year ago, as rose to 72 days from 65 at year-end 2025; first-half operating cash flow was $120.3 million, up from $84.0 million a year earlier.
The 18-month reached a record $21.4 billion, up from $16.5 billion a year ago, led by Clean Energy and Infrastructure and Power Delivery, though 44% remains under cancellable master service agreements.
The company completed the approximately $1.6 billion Superior acquisition in July 2026, funded with cash, borrowings, and a $700 million term loan, and expects it to be included in Power Delivery.
What changed
The Pipeline Infrastructure , which fell 530 in Q3 2025 and 340 basis points for the full year 2025 as large-diameter project activity wound down, rebounded to 18.4% in Q2 2026 — roughly 690 basis points above the prior-year quarter — as project mix and efficiencies improved.
, flagged as a persistent concern after rising to 72 days in Q1 2026, remained at 72 days as of June 30, 2026, up from 65 at year-end 2025, indicating the collection issue has not yet reversed.
The record $20.3 billion reported in Q1 2026 grew further to $21.4 billion, with the increase led by Clean Energy and Infrastructure and Power Delivery, suggesting the demand environment continues to strengthen.
The Communications , which had widened to 9.3% for the full year 2025, fell roughly 170 to 8.2% in Q2 2026, a reversal that management attributed to project mix and start-up costs.
What to watch
Whether , stuck at 72 days for two consecutive quarters, reverses in Q3 or signals a structural collection issue that continues to weigh on .
Whether the Pipeline Infrastructure of 18.4% is sustainable as the 's mix evolves, or whether it retreats toward the 14.9% reported for the full year 2025.
Whether the Communications recovers from 8.2% as start-up costs roll off and project mix normalizes, or whether the decline extends into the second half.
The integration and financial impact of the $1.6 billion Superior acquisition, including the added debt and its contribution to Power Delivery and margins.
attributable to MasTec, Inc. rose 51.7% to $130.1 million, and increased to $2.22 from $1.49.
Estimated 18-month reached $21,391 million as of June 30, 2026, up from $16,452 million a year earlier, led by Clean Energy and Infrastructure and Power Delivery.
Pipeline Infrastructure margin expanded about 690 to 18.4%, while Communications EBITDA margin fell about 170 basis points to 8.2%.
The company completed the approximately $1.6 billion Superior acquisition in July 2026, expected to be included in Power Delivery, funded with cash, borrowings, and a $700 million term loan.
was $120.3 million for the first half of 2026 versus $84.0 million a year earlier; DSO increased to 72 days from 65 days at year-end 2025.
Quantitative and Qualitative Disclosures About Market Risk
As of June 30, 2026, a 100 bps rate rise would add ~$7M interest expense on $1.076B variable-rate debt; FX exposure is minimal.
⌄
totaled about $1.076 billion: $476 million of revolving loans under the at 4.78% and $600 million under the 2025 Term Loan Facility at 4.77%.
A 100 increase in rates on the and 2025 Term Loan Facility would have increased by approximately $7 million for the six months ended June 30, 2026.
The July 2026 closing of the Superior acquisition added further borrowings and $700 million of variable-rate loans under the 2026 Term Loan Facility.
included $600 million of 4.500% Senior Notes, $550 million of 5.900% Senior Notes, $75 million of 6.625% Senior Notes, and $388 million of at a weighted average rate of about 4.90%, with no income statement interest-rate risk but potential refinancing risk.
Foreign currency was about 1% of total revenue for the six months ended June 30, 2026, primarily from Canada; net foreign currency translation losses were about $2 million, mainly from Canada and Mexico.
The company may enter into foreign currency in the future and notes certain investments are subject to market risk per Note 4.
Refer to Note 13 – Commitments and Contingencies in the notes to our consolidated financial statements included in this Quarterly Report on Form 10-Q, which is incorporated by reference in this Item 1, for a discussion of any recent material developments related to our legal pro…
⌄
Refer to Note 13 – Commitments and Contingencies in the notes to our consolidated financial statements included in this Quarterly Report on Form 10-Q, which is incorporated by reference in this Item 1, for a discussion of any recent material developments related to our legal proceedings since the filing of our 2025 Form 10-K.
MasTec has elected to use a $1 million threshold for disclosing proceedings arising under federal, state or local environmental laws, which proceedings involve potential monetary sanctions, and in which a governmental authority is a party. MasTec believes proceedings under this threshold are not material to its business and financial condition.
Our business is subject to a variety of risks and uncertainties, including risks related to our recent acquisition of Superior and the financing thereof. However, there have been no material changes to either the cautionary statement regarding forward-looking statements or to an…
⌄
Our business is subject to a variety of risks and uncertainties, including risks related to our recent acquisition of Superior and the financing thereof. However, there have been no material changes to either the cautionary statement regarding forward-looking statements or to any of the risk factors disclosed in our 2025 Form 10-K, as updated by our Quarterly Reports on Form 10-Q and other filings we make with the SEC. Such risk factors do not identify all risks that we face because our business operations could also be affected by additional factors that are not presently known to us or that we currently consider to be immaterial to our operations.