MTZ earnings analysis
What we found in MTZ's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
MasTec, Inc. reported significant growth in Q1 2026 with a 34.5% increase in revenue to $3.83 billion and an impressive EPS of $1.39, beating estimates by 43.3%. The Clean Energy and Infrastructure segment led this growth, showing a 45.2% increase, while overall operational efficiency improved, reflected in a reduced cost of revenue ratio.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- MasTec's revenue increased by $981 million, or 34.5%, from $2.85 billion in Q1 2025 to $3.83 billion in Q1 2026.
- Significant EPS Beat
- The company reported an EPS of $1.39, exceeding the estimate of $0.97 by 43.3%.
- Improved Gross Margin
- Gross margin improved to 12.5%, up from 10.9% in the prior year, contributing to better overall profitability.
- Segment Growth Highlights
- The Clean Energy and Infrastructure segment grew by 45.2%, driving $1.33 billion in revenue.
- Organic Revenue Growth
- Organic revenue increased by approximately $813 million, or 29%, indicating strong underlying business performance.
- Operational Cash Flow Increase
- Operating cash flow rose to $99 million in Q1 2026 from $78 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Geopolitical Tensions Impact
- Ongoing geopolitical tensions, particularly in the Middle East, can cause supply chain disruptions and impact operational costs.
- Increased Material Costs
- Recent tariff actions could lead to higher costs for construction materials, impacting margins.
- Labor Cost Inflation
- Inflationary pressures on labor costs may affect profitability and project viability in the near future.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.39
- Gross margin
- 12.5%
- Operating margin
- 3.7%
- Segment
- Communications: $802.1M
- Segment
- Clean Energy and Infrastructure: $1,329.4M
- Segment
- Power Delivery: $1,046.1M
- Segment
- Pipeline Infrastructure: $682.5M
- Segment
- Other: $0
What they said about what is next.
Anticipates substantial backlog conversion over 2026.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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