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Mastec (MTZ) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Mastec (MTZ) Q3 2026 earnings results →

Q3 2026 Revenue up 30% year over year to $5.2B · 3¢ of every $1 of revenue kept as net profit · operating margin 5.3%

Mastec made $5.2B in Q3 2026 (+30% Y/Y). Operating margin 5.3%, net earnings $151M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$5.2B
Year over year+30%
Operating margin5.3%
Net earnings$151M
Operating cash flow$267M

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Mastec Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
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What changed this quarter

Revenue was $5.2B in Q3 2026, up 30% year over year and up 18% from the previous quarter.

Operating profit was $0.28B, a 5.3% margin (down 0.9 points year over year). Of the extra revenue versus Q3 2025, 2% reached operating profit, below the 6% margin then. Total costs grew 31% against revenue growth of 30%. The fastest-growing cost line was Other operating costs (+50%). Net earnings were $0.15B, down 6% year over year. The effective tax rate was 23.8%.

Operating cash flow was $0.27B (up 201% year over year), 159% of net income including minority interests. Non-cash charges added back $0.17B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.08B. Capital expenditures of $0.09B left free cash flow of $0.18B.

Quarterly history

Mastec revenue by quarterMastec revenue by quarter$2.8BQ1 2025$3.5BQ2 2025$4.0BQ3 2025$3.9BQ4 2025$3.8BQ1 2026$4.4BQ2 2026$5.2BQ3 2026
Mastec net earnings by quarterMastec net earnings by quarter$9.9MQ1 2025$85.8MQ2 2025$161MQ3 2025$143MQ4 2025$60.8MQ1 2026$130MQ2 2026$151MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$5.2B+30%5.3%$151M$267M
Q2 202610-QJul 30, 2026$4.4B+23%5.2%$130M$21.5M
Q1 202610-QApr 30, 2026$3.8B+34%3.7%$60.8M$98.9M
Q4 202510-KFeb 26, 2026$3.9B+16%4.4%$143M$373M
Q3 202510-QOct 30, 2025$4.0B+22%6.3%$161M$89.0M
Q2 202510-QJul 31, 2025$3.5B+20%4.5%$85.8M$5.6M
Q1 202510-QMay 1, 2025$2.8B+6%1.3%$9.9M$78.4M

Charts

Mastec: revenue growth, year over year and quarter over quarterMastec: revenue growth, year over year and quarter over quarterY/YQ/Q+6%Q1 2025+20%+24%Q2 2025+22%+12%Q3 2025+16%-1%Q4 2025+34%-3%Q1 2026+23%+14%Q2 2026+30%+18%Q3 2026
Latest (Q3 2026): Y/Y +30%, Q/Q +18%.
Mastec: where the cash came from (+) and went (−), TTM to Q3 2026Mastec: where the cash came from (+) and went (−), TTM to Q3 2026Acquisitions−$1.7BNet borrowing (+) / repaid (−)$1.0BOperating cash flow$761MOther financing$510MCapital spending−$356MCash drawn (+) / kept (−)−$250MAsset & business sales$60.3MPartners−$37.4MTaxes on employees’ shares−$19.1MOther investing$8.6MExchange rates−$152K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Mastec: profit against cash, quarter by quarterMastec: profit against cash, quarter by quarterNet incomeOperating cash flow$84.7M$472MQ4 2024$12.3M$78.4MQ1 2025$90.1M$5.6MQ2 2025$166M$89.0MQ3 2025$153M$373MQ4 2025$69.7M$98.9MQ1 2026$146M$21.5MQ2 2026$168M$267MQ3 2026
Latest (Q3 2026): Net income $168M, Operating cash flow $267M.
Mastec: diluted shares by fiscal yearMastec: diluted shares by fiscal year74MFY202074MFY202176MFY202278MFY202379MFY202479MFY2025
+6.8% since FY2020: more shares outstanding (issuance, stock pay).
Mastec: long-term debt falling due (FY2025)Mastec: long-term debt falling due (FY2025)$154M2026$108M2027$1.3B2028$668M2029$130M2030$500KLater
Cash $396M, short-term investments —, long-term debt $2.3B at 2025-12-31.
Mastec in its industry: growth against margin (7 companies, SIC 1623)Mastec in its industry: growth against margin (7 companies, SIC 1623)revenue growth, year over year →↑ operating marginmedian +30%median 6%DYPRIMMYRGITGPLPCESOAMTZ (+30%, 5%)
Water, Sewer, Pipeline, Comm & Power Line Construction; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Power grid & electrification money flowPower grid & electrification · Grid contractors

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About Mastec

We are a leading North American infrastructure engineering and construction company focused primarily on engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber; power delivery infrastructure, including transmission, distribution, grid hardening and modernization, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. Our customers are primarily in these industries. Including our predecessor companies, we have been in business for over 95 years.

In its own words, from its 10-K, filed Feb 26, 2026.

Mastec against its Water, Sewer, Pipeline, Comm & Power Line Construction peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +30% against the peers' median +30%. Operating margin: 5.3% against the peers' median 5.6%.

CompanyQuarterRevenueY/YOp. margin
MTZ MastecQ3 2026$5.2B+30%5.3%
DY Dycom IndustriesQ2 FY27$2.0B+46%9.6%
PRIM Primoris ServicesQ3 2026$2.0B-10%4.9%
MYRG MYR GroupQ3 2026$1.3B+32%6.8%
ITG ITGQ2 2026$405M+38%5.6%
PLPC Preformed Line ProductsQ3 2026$210M+18%11.9%
ESOA Energy Services of AmericaQ3 FY26$130M+26%3.6%

Source: Mastec 10-Q on SEC EDGAR · CIK 15615 · Water, Sewer, Pipeline, Comm & Power Line Construction

Guidance and outlook

Mastec Revenue: guidance against what was reportedMastec Revenue: guidance against what was reportedguided rangereported (above / within / below)Q1 2024Q2 2024Q3 2024Q4 2024FY2024$12.3BQ1 2025$2.8B
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Mastec GAAP net income: guidance against what was reportedMastec GAAP net income: guidance against what was reportedguided rangereported (above / within / below)Q1 2024Q2 2024Q3 2024Q4 2024FY2024$163MFY2025$399MFY2026
Met or beat 1 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Mastec: what its forward-looking statements are about (10-Q filed 2026-10-29)Mastec: what its forward-looking statements are about (10-Q filed 2026-10-29)Demand13Other3Backlog2Costs2The economy1Margins1People1Capital spending1Legal & regulation1
25 statements; tone -0.04 (−1 all cautious, +1 all confident); 7 hedged.
Mastec: outlook statements against the filing beforeMastec: outlook statements against the filing beforeNew2Updated4Dropped3Confident3Cautious4

13F: who owns MTZ and who is buying

Largest holders of MTZ (13F)Largest holders of MTZ (13F)BlackRock$3.2BPeconic Partners LLC$1.5BVanguard Group$1.3BVanguard Capital Management LLC$1.2BVanguard Portfolio Management LLC$1.2BState Street$934MLone Pine Capital LLC$560MBank of America$556MFirst Trust Advisors LP$553MGeode Capital Management, LLC$530M
Funds' net buying of MTZ by quarter (13F)Funds' net buying of MTZ by quarter (13F)−$84.9M2024-09−$135M2024-12−$209M2025-03−$46.9M2025-06$404M2025-09$158M2025-12−$227M2026-03$207M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MTZ

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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