MTZ NYSE Russell 1000 Earnings call
MasTec (MTZ) · Q2 2026 results and valuation
Share price: $189.18 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 31 Jul 2026 and 1 May 2026
Net income up 113.9% on the previous quarter, guidance raised. Management sounded upbeat, though noticeably less so answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+113.9%
Net income vs Q1 2026
Guidance raised
Net income 130.1M vs 60.8M
Revenue +14.2%
Against the same quarter last year (Q2 2025) it is +51.7% — part of the move on last quarter is seasonal.
2 · How management spoke
Upbeat
More upbeat than 87% of company calls
Answers to analysts: restrained, but clearly less so than the script.
Last call it was different: the answers were more upbeat than the script.
3 · What stood out
MasTec raised its full-year revenue guidance to $18.2 billion and adjusted EBITDA to $1.6 billion due to performance, momentum, and the addition of Superior.
Valuation
Is MasTec undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 13.5% growth a year (3-year revenue growth), the model's fair value is $78.81 a share — the stock trades 140% above it. Today's price assumes 23.1% growth a year.
Current price
$189.18
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+23.1% for 10 yrs
Fair value / share
$78.81
Buy below
$59.11
Price vs fair value
Overvalued 140%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Key theme
Management stated they are feeling really good about the business, its prospects, and its ability to outperform due to the integration progress.
Source quote
“And more importantly, we are feeling really good about the business, their prospects and their ability to outperform. So feeling really good about the integration the remaining integration required.”
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Guidance ↑
MTZ raised its full-year revenue guidance to $18.2 billion and adjusted EBITDA to $1.6 billion due to performance, momentum, and the addition of Superior.
Source quote
“Given our performance, momentum and the addition of Superior, are increasing our full year guidance, We now expect revenues of $18.2 billion adjusted EBITDA of $1.6 billion and earnings...”
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Guidance
MTZ updated its 2026 guidance to reflect pressure in the communications segment despite expected growth in pipeline, power delivery, and the Clean Energy and Infrastructure segment.
Source quote
“For the balance of 2026, while we expect continued strength across pipeline, power delivery and our Clean Energy and Infrastructure segment, we are experiencing some pressure in our communications...”
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Figure
Revenue for the quarter was $4.37 thousand million, which is up 23% year over year.
Source quote
“Revenue for the quarter was $4.37 thousand million up 23% year over year.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 95% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“We entered the second half of the year with record backlog, strong visibility and increased momentum.”
“With record performance across revenue, profitability, and backlog these results reflect strong execution across the business and the strength of our diversified platform.”
“Backlog increased to another record level of approximately $21.4 billion at quarter end, growing roughly 5% sequentially and 30% year over year.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 4.37B | 3.83B | +14.2% | 3.54B | +23.4% |
| Operating income | 226.2M | 141.8M | +59.5% | 158.1M | +43.1% |
| Net income | 130.1M | 60.8M | +113.9% | 85.8M | +51.7% |
| EPS | 1.65 | 0.77 | +114.3% | 1.09 | +51.4% |
| P/E today 34.9 | 66.3 | 56.3 | +10.0 | 50.7 | +15.6 |
Topics
Most discussed now
- For the quarter, revenue was $4.38 thousand million adjusted EBITDA was approximately $384 million and adjusted EPS was approximately…
- Adjusted EBITDA margins expanded approximately 100 basis points year over year, reflected solid operating performance the consolidated…
- The truth is that the kind of geographies that you kind of listed are not really strong geographies for MasTec.
- Long term fundamentals of that business
- For multiple years out, MasTec feels really good about 2027.
Faded since Q1 2026
- Dropped MasTec's scale, expertise, and focus on mutually beneficial outcomes are key components driving this confidence.
- Dropped MasTec can stand up groups relatively quickly to meet its customers' needs.
- Dropped It is a machine—MasTec is constantly adding people and resources, constantly manning to the opportunities in front of it.
- Dropped The internet took off, streaming video took off, the business changed.
Latest announcements
Official filings, newest first.
- Material agreement; New financial obligation · SEC 8-K
- Material agreement; Other events · SEC 8-K
- Current report · SEC 8-K
- Results of operations; Director or officer change; Regulation FD disclosure · SEC 8-K
- New financial obligation · SEC 8-K
- Material agreement; New financial obligation; Unregistered share sale; Director or officer change · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K