A reconciliation of any non-GAAP financial measures not reconciled in these comments to the most comparable GAAP financial measures can be found in our earnings press release, slides, or companion document. Revenue for the quarter was just shy of $4 billion, a 16% year-over-year increase, bringing the full year to $14.3 billion, also a 16% increase for 2025 and a new record high. Adjusted EBITDA was $338 million in the fourth quarter, a 25% year-over-year increase, which was an acceleration from the 20% growth in the third quarter. Full year EBITDA of $1.15 billion was an increase of 14% from the prior year.

Adjusted earnings per share was $2.07, a 44% increase versus $1.44 in the prior year quarter. In summary, we exceeded guidance again in revenue, EBITDA, and EPS, highlighting another strong execution quarter and year for MasTec. On a full-year basis, backlog was up over four and a half billion dollars, a 33% annual increase. As impressive as the total number is to me, I'm more excited about the backlog mix.

While every segment was up considerably year-over-year, our pipeline segment saw backlog slightly drop sequentially. I would argue that our visibility in that segment is as good as it's ever been. That potential, coupled with the continued backlog growth across all of our non-pipeline segments, position MasTec for considerable long-term, multi-year growth. Our long-term visibility is better than it's ever been, coupled with the margin opportunities we have, MasTec is in a great position to deliver consistent long-term earnings growth.

More on Mastec Inc

Reported 2026-02-27 · figures from the Mastec Inc Q4 2025 earnings call.

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