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In the last reported quarter, MasTec delivered adjusted earnings per share of $2.07, surpassing the Zacks Consensus Estimate by 6.7% and rising 44% year over year. Revenues of $3.94 billion exceeded estimates by 6.1% and increased nearly 16% from the prior year. The performance was supported by strong activity across communications, clean energy and pipeline infrastructure markets, with higher wireless and fiber deployments, continued momentum in renewable projects and improving pipeline volumes driving growth.
This Florida-based infrastructure construction company’s earnings have an impressive record of surpassing expectations, exceeding the consensus mark in the last four quarters. The average surprise over this period is 17.4%, as shown in the chart below.
Image Source: Zacks Investment Research
How Are Estimates Placed for MTZ?
The Zacks Consensus Estimate for the first-quarter EPS has increased to 98 cents from 97 cents over the past 30 days. The estimated figure implies 92.2% growth from the year-ago reported figure. The consensus mark for revenues is $3.47 billion, indicating 21.9% year-over-year growth.
For 2026, MasTec is expected to register a 19.1% increase from a year ago in revenues. Its bottom line is expected to grow 30.7% from a year ago. Below is what to expect from MTZ stock.
Image Source: Zacks Investment Research
What the Zacks Model Unveils for MasTec
Our proven model predicts an earnings beat for MasTec for the quarter to be reported. That is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) for this to happen. This is exactly the case here.
Earnings ESP: MTZ has an Earnings ESP of +2.22%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Strong Backlog Supports Growth Visibility: MasTec’s growing order book continues to strengthen revenue visibility. As of Dec. 31, 2025, the company reported an 18-month backlog of about $18.96 billion, up 33% year over year and 13% sequentially. The increase was broad-based across all four operating segments, with the largest gains coming from the Pipeline Infrastructure business and the Clean Energy and Infrastructure segment. Strong project visibility and a growing pipeline of opportunities tied to grid upgrades, renewables and digital infrastructure are likely to have supported growth.
Telecom Spending Remains Supportive: Strong spending on telecommunications infrastructure is likely to have supported performance. The Communications segment (which accounted for 23.4% of total 2025 revenues) is likely to have seen growth driven by wireless and wireline construction activity as telecom providers accelerated broadband deployment. Investments in fiber networks and mobility infrastructure are likely to have supported rising data usage and connectivity needs. The Zacks Consensus Estimate for the Communications segment revenues is currently pegged at $739 million, up from $680.9 million reported a year ago.
Renewable Investments Continue to Aid Growth: Ongoing renewable energy investments are likely to have supported performance. The Clean Energy and Infrastructure segment (accounted for 32.9% of total 2025 revenues) is expected to have benefited from activity in solar, wind and infrastructure projects, along with higher contract wins. Industry tailwinds such as electrification and grid modernization are likely to have aided growth. Clean Energy and Infrastructure segment, where the estimate for first-quarter revenues is pegged at $1.21 billion, up from $915.8 million reported in the prior quarter.
Energy Infrastructure Activity Picks Up: Improving project activity is likely to have supported momentum. The Pipeline Infrastructure business (accounted for 15% of total 2025 revenues) is likely to have benefited from better execution and a favorable project mix. Rising demand and improving visibility around project awards are expected to have supported growth. Additionally, the Pipeline Infrastructure unit's revenues are currently pegged at $559 million, up from $356.5 million reported a year ago.
Grid Modernization and Utility Spending Likely Support Growth: MasTec is likely to have benefited from continued investments in grid modernization and expansion. Rising utility spending on transmission, substation and distribution networks is expected to have supported activity. The Power Delivery segment (which accounted for 29.3% of total 2025 revenues) is likely to have seen steady momentum, aided by sustained demand and project wins. The Zacks Consensus Estimate for the Power Delivery segment revenues is currently pegged at $950 million compared with $899.7 million reported a year ago.
Challenges Likely to Weigh on Performance
Project delays and start-up costs related to new programs are likely to have weighed on margins. Ongoing investments to support growth are also expected to have added to cost pressures, partially offsetting operational gains.
MasTec’s Position in a Competitive Infrastructure Market
MasTec operates in highly competitive energy, power and infrastructure markets, where it competes with established industry players such as EMCOR Group, Inc. (EME - Free Report) , Quanta Services, Inc. (PWR - Free Report) and Primoris Services Corporation (PRIM - Free Report) . Each of these companies holds strong capabilities in different areas of infrastructure construction and engineering services.
EMCOR leverages a broad mechanical and electrical services network, allowing it to maintain strong regional coverage across industrial, commercial and utility markets. This footprint helps generate steady work from maintenance contracts, facility upgrades and distributed energy projects.
Quanta Services remains a leading player in the electric power space, supported by deep expertise in transmission and distribution infrastructure and long-standing relationships with utility customers, positioning it to secure major grid modernization and high-voltage transmission projects.
Primoris Services continues to expand its presence across solar, gas infrastructure and civil construction, supported by flexible project execution and long-term master service agreements.
MTZ Stock’s Price Performance & Valuation
Shares of MasTec have gained 57.4% in the past three months, significantly outperforming the Zacks Building Products - Heavy Construction industry’s 25.9% growth. The stock has further outperformed the broader Construction sector and the S&P 500, which have gained 6.1% and 2.8%, respectively, in the same period.
Image Source: Zacks Investment Research
MTZ stock is currently trading at a premium compared with its industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 41.38, as shown in the chart below.
MTZ’s P/E Ratio (Forward 12 Months) vs. Industry
Image Source: Zacks Investment Research
Conclusion: Hold MTZ Stock for Now
MasTec is likely to have delivered a solid quarter, supported by strong backlog, steady infrastructure demand and broad-based activity across key markets. Growth in telecom, renewable and energy infrastructure is expected to have supported performance.
However, project delays and higher costs tied to new programs and investments are likely to have weighed on margins. While the overall outlook remains positive, these pressures suggest a balanced near-term view. Investors may consider holding the stock while monitoring execution and margin trends in the coming quarters.
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Should Investors Hold or Fold MasTec Stock Ahead of Q1 Earnings?
Key Takeaways
MasTec, Inc. (MTZ - Free Report) is scheduled to report first-quarter 2026 results on April 30, after the closing bell.
In the last reported quarter, MasTec delivered adjusted earnings per share of $2.07, surpassing the Zacks Consensus Estimate by 6.7% and rising 44% year over year. Revenues of $3.94 billion exceeded estimates by 6.1% and increased nearly 16% from the prior year. The performance was supported by strong activity across communications, clean energy and pipeline infrastructure markets, with higher wireless and fiber deployments, continued momentum in renewable projects and improving pipeline volumes driving growth.
This Florida-based infrastructure construction company’s earnings have an impressive record of surpassing expectations, exceeding the consensus mark in the last four quarters. The average surprise over this period is 17.4%, as shown in the chart below.
Image Source: Zacks Investment Research
How Are Estimates Placed for MTZ?
The Zacks Consensus Estimate for the first-quarter EPS has increased to 98 cents from 97 cents over the past 30 days. The estimated figure implies 92.2% growth from the year-ago reported figure. The consensus mark for revenues is $3.47 billion, indicating 21.9% year-over-year growth.
For 2026, MasTec is expected to register a 19.1% increase from a year ago in revenues. Its bottom line is expected to grow 30.7% from a year ago. Below is what to expect from MTZ stock.
Image Source: Zacks Investment Research
What the Zacks Model Unveils for MasTec
Our proven model predicts an earnings beat for MasTec for the quarter to be reported. That is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) for this to happen. This is exactly the case here.
Earnings ESP: MTZ has an Earnings ESP of +2.22%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Shape MasTec’s Q1 Results
Strong Backlog Supports Growth Visibility: MasTec’s growing order book continues to strengthen revenue visibility. As of Dec. 31, 2025, the company reported an 18-month backlog of about $18.96 billion, up 33% year over year and 13% sequentially. The increase was broad-based across all four operating segments, with the largest gains coming from the Pipeline Infrastructure business and the Clean Energy and Infrastructure segment. Strong project visibility and a growing pipeline of opportunities tied to grid upgrades, renewables and digital infrastructure are likely to have supported growth.
Telecom Spending Remains Supportive: Strong spending on telecommunications infrastructure is likely to have supported performance. The Communications segment (which accounted for 23.4% of total 2025 revenues) is likely to have seen growth driven by wireless and wireline construction activity as telecom providers accelerated broadband deployment. Investments in fiber networks and mobility infrastructure are likely to have supported rising data usage and connectivity needs. The Zacks Consensus Estimate for the Communications segment revenues is currently pegged at $739 million, up from $680.9 million reported a year ago.
Renewable Investments Continue to Aid Growth: Ongoing renewable energy investments are likely to have supported performance. The Clean Energy and Infrastructure segment (accounted for 32.9% of total 2025 revenues) is expected to have benefited from activity in solar, wind and infrastructure projects, along with higher contract wins. Industry tailwinds such as electrification and grid modernization are likely to have aided growth. Clean Energy and Infrastructure segment, where the estimate for first-quarter revenues is pegged at $1.21 billion, up from $915.8 million reported in the prior quarter.
Energy Infrastructure Activity Picks Up: Improving project activity is likely to have supported momentum. The Pipeline Infrastructure business (accounted for 15% of total 2025 revenues) is likely to have benefited from better execution and a favorable project mix. Rising demand and improving visibility around project awards are expected to have supported growth. Additionally, the Pipeline Infrastructure unit's revenues are currently pegged at $559 million, up from $356.5 million reported a year ago.
Grid Modernization and Utility Spending Likely Support Growth: MasTec is likely to have benefited from continued investments in grid modernization and expansion. Rising utility spending on transmission, substation and distribution networks is expected to have supported activity. The Power Delivery segment (which accounted for 29.3% of total 2025 revenues) is likely to have seen steady momentum, aided by sustained demand and project wins. The Zacks Consensus Estimate for the Power Delivery segment revenues is currently pegged at $950 million compared with $899.7 million reported a year ago.
Challenges Likely to Weigh on Performance
Project delays and start-up costs related to new programs are likely to have weighed on margins. Ongoing investments to support growth are also expected to have added to cost pressures, partially offsetting operational gains.
MasTec’s Position in a Competitive Infrastructure Market
MasTec operates in highly competitive energy, power and infrastructure markets, where it competes with established industry players such as EMCOR Group, Inc. (EME - Free Report) , Quanta Services, Inc. (PWR - Free Report) and Primoris Services Corporation (PRIM - Free Report) . Each of these companies holds strong capabilities in different areas of infrastructure construction and engineering services.
EMCOR leverages a broad mechanical and electrical services network, allowing it to maintain strong regional coverage across industrial, commercial and utility markets. This footprint helps generate steady work from maintenance contracts, facility upgrades and distributed energy projects.
Quanta Services remains a leading player in the electric power space, supported by deep expertise in transmission and distribution infrastructure and long-standing relationships with utility customers, positioning it to secure major grid modernization and high-voltage transmission projects.
Primoris Services continues to expand its presence across solar, gas infrastructure and civil construction, supported by flexible project execution and long-term master service agreements.
MTZ Stock’s Price Performance & Valuation
Shares of MasTec have gained 57.4% in the past three months, significantly outperforming the Zacks Building Products - Heavy Construction industry’s 25.9% growth. The stock has further outperformed the broader Construction sector and the S&P 500, which have gained 6.1% and 2.8%, respectively, in the same period.
Image Source: Zacks Investment Research
MTZ stock is currently trading at a premium compared with its industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 41.38, as shown in the chart below.
MTZ’s P/E Ratio (Forward 12 Months) vs. Industry
Image Source: Zacks Investment Research
Conclusion: Hold MTZ Stock for Now
MasTec is likely to have delivered a solid quarter, supported by strong backlog, steady infrastructure demand and broad-based activity across key markets. Growth in telecom, renewable and energy infrastructure is expected to have supported performance.
However, project delays and higher costs tied to new programs and investments are likely to have weighed on margins. While the overall outlook remains positive, these pressures suggest a balanced near-term view. Investors may consider holding the stock while monitoring execution and margin trends in the coming quarters.