MasTec reported Q4 FY2025 revenue of USD 3.9 billion (+15.8%), with GAAP net income of USD 153 million (+80.7%) and adjusted EBITDA of USD 338 million (+24.9%), for an adjusted EBITDA margin of 8.6% (up 60 bps). GAAP diluted EPS was USD 1.81 (+91.7%) and adjusted diluted EPS was USD 2.07 (+43.6%). Operating cash flow was USD 373 million (-21%) and free cash flow was USD 306 million (-30.4%). Q4 segment revenue included Communications USD 907 million (+22.6%), Clean Energy and Infrastructure USD 1.3 billion (+2.4%), Power Delivery USD 1.1 billion (+12.5%), and Pipeline Infrastructure USD 644 million (+49.9%). For FY2025, MasTec posted revenue of USD 14.3 billion (+16.2%), GAAP net income of USD 422 million (+111.6%), and adjusted EBITDA of USD 1.2 billion (+14.4%), with an adjusted EBITDA margin of 8.0% (down 10 bps). FY2025 operating cash flow was USD 546 million (-51.3%) and free cash flow was USD 342 million (-67.1%). Year-end 18-month backlog was USD 19.0 billion (+32.6%), including Communications USD 5.5 billion, Clean Energy and Infrastructure USD 6.5 billion, Power Delivery USD 5.6 billion, and Pipeline Infrastructure USD 1.4 billion; the company cited a 13% sequential increase in backlog and a Q4 book-to-bill of 1.6x. Management said FY2025 performance exceeded guidance in most respects and highlighted “unprecedented demand” across energy, communications, power and infrastructure markets. For FY2026, MasTec issued initial guidance for revenue of USD 17.0 billion, GAAP net income of USD 566 million, adjusted EBITDA of USD 1.5 billion (8.5% margin), GAAP diluted EPS of USD 6.62, and adjusted diluted EPS of USD 8.40.

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