MasTec, Inc. (MTZ) reported third-quarter revenue of $5.2 billion, a quarterly record that rose 30% from a year earlier and accelerated from 23% growth in the second quarter.

Adjusted EBITDA reached a quarterly record $486.4 million, up 30.2% year-over-year. The adjusted EBITDA margin held at 9.4%. GAAP net income was $167.7 million, up 0.7% from a year earlier; diluted EPS was $1.89, down 7.7%. Adjusted diluted earnings were $2.96 a share, up 19.3%.

Chief Executive Officer Jose Mas said both revenue and Adjusted EBITDA were ahead of the company’s expectations, driven by strong Power Delivery results, with both legacy operations and the Superior Group exceeding revenue and EBITDA guidance for the quarter.

Power Delivery revenue rose 65.2% year-over-year to $1.835 billion, accelerating from 19.2% growth in the second quarter. Segment EBITDA was $241.5 million, and the EBITDA margin was 13.2%. In July the company acquired The Superior Group, a full-service electrical contractor included in Power Delivery.

Clean Energy and Infrastructure revenue rose 33.9% year-over-year to $1.826 billion, slowing from 43.4% growth in the second quarter. Segment EBITDA was $149.3 million and the EBITDA margin was 8.2%.

Pipeline Infrastructure revenue rose 21.1% year-over-year to $724.1 million. Segment EBITDA fell 18.4% to $75.1 million and the EBITDA margin compressed 500 basis points to 10.4%, after a 690 basis-point year-over-year expansion in the second quarter. Mas said permitting-related access delays on certain Pipeline projects impacted margins as crews and equipment were underutilized, and that construction has now commenced.

Communications revenue declined 11.8% year-over-year to $806.9 million, reversing 6.2% growth in the second quarter. Segment EBITDA fell 47.6% to $54.0 million and the EBITDA margin was 6.7%. The company recorded $7.1 million of Communications restructuring charges in the quarter. Mas said certain customers deferred spending in the second half of 2026, impacting full-year revenue expectations, and that the company is streamlining operations, procurement and support models, including exiting underperforming markets, with initiatives expected to begin contributing to improved profitability in 2027.

Eighteen-month backlog reached a record $24.5 billion, up $3.2 billion from the prior quarter after a $1.1 billion sequential rise in the second quarter. Power Delivery backlog was $8.913 billion, Clean Energy and Infrastructure $8.315 billion, Communications $5.053 billion and Pipeline Infrastructure $2.265 billion. Mas said Pipeline Infrastructure backlog grew about 26% sequentially.

The company updated full-year 2026 guidance. Revenue is now $18.30 billion, up from a prior $18.20 billion. GAAP diluted EPS guidance was cut to a range of $5.69 to $6.01 from a prior $6.20 point. Adjusted diluted EPS guidance was cut to $8.92 to $9.30 from a prior $9.30 point. Adjusted EBITDA guidance is $1.565 billion to $1.600 billion.

Chief Financial Officer Paul DiMarco said the new ranges reflect the potential impact of delayed Pipeline project starts on labor and equipment utilization, with an Adjusted EBITDA change of about 1% at the midpoint versus previous guidance. He said revenue and earnings not recognized this year as a result of project timing are expected to shift into 2027. The company said it expects to generate over $1 billion in operating cash flow for 2026.

Cash provided by operating activities in the third quarter was $267 million. Free cash flow was $206 million. In July MasTec increased revolving commitments to $2.25 billion and drew a $700 million delayed draw term loan to finance part of the Superior cash consideration. In August it issued $650 million of 5.850% senior unsecured notes due 2036.