MasTec Q4 Backlog Soars $4.5B with $1B Data Center Awards, EPS Up 44%
MasTec added nearly $1 billion of data center-related awards to its Q4 backlog, driving backlog up $4.5 billion (33% year-over-year) and a 1.6x book-to-bill ratio. Q4 adjusted EPS rose 44% to $2.07 on revenue just under $4 billion, while full-year revenue climbed 16% to $14.3 billion.
1. Q4 and Full-Year 2025 Results
MasTec reported Q4 adjusted EPS of $2.07, a 44% increase from $1.44, on revenue just shy of $4 billion, up 16% year-over-year. Full-year revenue hit a record $14.3 billion, up 16%, with adjusted EBITDA of $338 million in Q4 (up 25%) and $1.15 billion for the year (up 14%).
2. Backlog Growth and Data Center Awards
Full-year backlog expanded by over $4.5 billion, a 33% increase year-over-year, with sequential Q4 backlog growth of more than $2 billion (1.6x book-to-bill). This includes nearly $1 billion of data center-related awards and the company’s first turnkey data center construction management agreement, expected to conclude in 2027.
3. 2026 Guidance Outlook
Management guided to approximately $17 billion in 2026 revenue (19% growth), $1.45 billion in adjusted EBITDA (8.5% margin) and $8.40 in adjusted EPS, with operating cash flow above $1 billion and about $500 million of revenue from acquisitions. Growth in CE&I and pipeline segments is expected to contribute significantly.
4. Segment Performance Highlights
In Q4, communications revenue rose 23% with an 8.5% EBITDA margin, power delivery revenue increased 13% at an 8.2% margin, CE&I backlog jumped 53% to $6.5 billion with a 7.2% margin, and pipeline revenue reached $644 million (up 50%) with an 18.5% margin. Full-year segment growth also outpaced prior guidance across all divisions.