Oct 30, 2026 earnings call — Power Delivery strength and record backlog
Revenue for the quarter was $5,152 million, up 30% year-over-year.
Revenue $5.2B (est $4.9B) · EPS $2.96 (est $2.95)
Key quotes
"The strength of the quarter was led by our Power Delivery segment, which delivered outstanding results."
"And backlog at quarter end reached $24.5 billion, an increase of more than $7 billion year-over-year and $3 billion sequentially, establishing another all-time record."
"Specifically, we had a number of projects that were delayed by an average of approximately 60 days, primarily due to permitting issues."
Analyst Q&A 11
Communications margins and offsetting growth
Q (Jamie Cook · Truist): Analyst asked what caused the 200 basis point margin opportunity in Communications and whether it is cost cutting or selective work. He also asked which businesses will most meaningfully drive 2027 growth and whether they can offset weaker Communications.
A: Management said strength in other businesses will more than offset any Communications weakness. They expect more revenue and better margins from data centers, power delivery, pipeline and power generation, and plan to be conservative on Communications in 2027.
"That could be a meaningful differentiator in our Comms business. But if we were guiding today, what I would tell you is we're going to be very conservative as to how we look at '27." — Jose Mas (CEO)
Adding resources and CapEx for Power Delivery
Q (Sangita Jain): Analyst asked how the company will add people and equipment for Power Delivery growth and what to expect for CapEx. She also asked about the CEI backlog mix and pace of burn by subsegment.
A: Management said they will continue investing deliberately in people and capital assets for Power Delivery. They noted Power Delivery (organic, excluding Superior) grew well over 20% in '26 and earnings grew faster; renewables and general buildings burn faster while infrastructure awards burn over longer periods.
"I think our Power Delivery business on an organic basis without Superior grew well over 20% or will grow well over 20% in '26." — Jose Mas (CEO)
Need for acquisitions to execute growth
Q (Liam Burke · B. Riley): Analyst asked if they have the assets and talent to execute 2027 growth or need acquisitions. He also asked if recent large carrier fiber purchases match how they see fiber rollout, especially long haul.
A: Management said they have the talent to execute organically but see M&A opportunities and expect to allocate capital between acquisitions and buybacks. On fiber, they said the market is strong and awards pace will dictate their 2027 size; they expect to update on further awards soon.
"I think the pace of those awards is really what's going to dictate where we end up in '27 from a total business perspective." — Jose Mas (CEO)
Top upside catalysts and MSA strategy
Q (Alexander Rygiel · Texas Capital): Analyst asked which catalysts could drive upside and about the strategy to replicate MSAs with new customers and markets.
A: Management said the top upside drivers are Pipeline, mission-critical (data centers), and Power Delivery. They stressed MSAs remain important for market and customer presence, and expect mission-critical turnkey work to create recurring service opportunities.
"So I think it's Pipeline, right, just because of the nature of the burn in the build." — Jose Mas (CEO)
Timing, risks, and performance in Clean Energy & Infrastructure
Q (Steven Fisher · UBS): Analyst asked timing for high-voltage transmission bookings and how they prepare resources. He also asked about risk and reduced productivity seen in CE&I projects and how to think about risks ahead.
A: Management said transmission made big progress, they have strong backlog and are using current projects to grow resources and are ready for more. They said CE&I had dramatic growth, called it a fantastic year, and noted Q-to-Q nuances relate to project starts and revenue run rates rather than a single issue.
"It's been a fantastic year for our Clean Energy and Infrastructure group." — Jose Mas (CEO)
Data center margins and capturing more scope
Q (Dimple Gosai · Piper Sandler): Analyst asked about margin uplift from bundled data center work and plans to capture more scope, including via M&A.
A: Management said turnkey contracts often have lower margins but allow self-perform work that yields better margins and execution assurance. They emphasized labor scarcity as the main constraint for data centers and said their integrated capabilities give them an attractive return profile; they may pursue M&A for remaining scopes.
"I am 1,000% convinced that if data centers don't get built in the future, it's not going to have anything to do with politics or financing, it's going to be about availability of people to build them." — Jose Mas (CEO)
Keeping 2027 pipeline projects on schedule
Q (Manish Somaiya · Cantor Fitzgerald): Analyst asked how much Pipeline revenue and EBITDA moved from '26 into '27, and how they will keep 2027 projects on schedule, including whether customers pay for holding crews.
A: Management said whatever they don't complete in '26 will push into '27 and that guided range reflects that. They said many large projects starting in Q4 give visibility for early '27, they will be conservative in guidance, and customers did help on costs when crews were idle which affected Q3 margins.
"I think the message is whatever we don't complete in '26 is going to push into '27, and that was really the purpose of the range of the guidance." — Jose Mas (CEO)
Pipeline timeline and visibility
Q (Julien Dumoulin-Smith · Jefferies): Analyst asked how soon pipeline awards translate into revenue and how far out visibility goes, and about Clean Energy cadence for 2027-28.
A: Management said very large projects announced now typically start in '28 or '29 and build through '29–'31, with some extending into '32, so those announcements extend long-term visibility. They said pipe orders and permitting give them relatively good timelines and they expect excellent full-year visibility for 2027 and 2028.
"So projects like that end up being build cycles of '29, '30, '31." — Jose Mas (CEO)
Communications outlook and Superior integration
Q (Andrew Kaplowitz · Citi): Analyst asked if hyperscaler work can offset wireline weakness and for color on Superior backlog and integration into MasTec for 2027.
A: Management said hyperscaler awards they already won have known start dates and should help offset other Communications weakness, and SpaceX would be transformative if it proceeds. They said Superior is integrating well, backlog should grow in Q4, and they are more confident about Superior's 2027 performance.
"We are feeling slightly better about what they'll perform in '27." — Jose Mas (CEO)
Cash flow conversion and working capital lumpiness
Q (Justin Hauke · Baird): Analyst asked about Q4 cash flow lumpiness given larger projects, changes in MSA mix, rising unbilled and unapproved change orders, and visibility on conversion going forward. He also asked for more detail on wireline execution issues driving Communications margins.
A: Management said the business mix is moving to segments with better working capital, so they expect a more predictable cadence and improved DSO. They explained wireline margin weakness came from opening offices for expected growth that they will close or refocus, contributing to restructuring and lower margins in the short term.
"I actually think we're moving into a more predictable cadence, Justin." — Paul Dimarco (CFO)
Size and margin impact of buildings business in CE&I
Q (Marc Bianchi · TD Cowen): Analyst asked the approximate size of the buildings business in CE&I for '26 and how much it will contribute to 2027 growth and margins; whether lower-margin buildings could hold back CE&I margin progression.
A: Management said the buildings business grew roughly from about $300 million last year to just north of $1.2 billion this year. They acknowledged buildings have a lower margin profile but said the overall returns and mix will be accretive to MasTec margins going forward.
"So last year it was about a $300 million business this year." — Jose Mas (CEO)