MasTec, Inc. announced its second-quarter 2025 financial results, reporting revenue of $3.545 billion, a 19.7% increase year-over-year, which exceeded the company's guidance. GAAP net income was $90 million, or $1.09 per diluted share, compared to $44 million, or $0.43 per diluted share, in Q2 2024. Adjusted net income reached $122 million, or $1.49 per adjusted diluted share, also surpassing guidance.
Adjusted EBITDA for the quarter was $275 million, up 1.3% year-over-year, and also exceeded guidance. However, the adjusted EBITDA margin decreased by 141 basis points to 7.8%. Cash provided by operating activities was $6 million, a significant decrease from $264 million in Q2 2024, and free cash flow was negative $45 million, down from $253 million in the prior year period.
The company's 18-month backlog reached a new record of $16.452 billion as of June 30, 2025, representing a 23.3% increase year-over-year. This growth was driven by increases across all four segments, with notable contributions from the Pipeline Infrastructure segment.
Segment performance highlights included Communications revenue jumping 41.6% to $836.9 million, Clean Energy and Infrastructure revenue growing 20.1% to $1,131.4 million, and Power Delivery revenue increasing 20.4% to $1,045.6 million. The Pipeline Infrastructure segment's revenue decreased by 5.7% to $539.7 million, with EBITDA margin declining due to investments for future growth.
Based on its strong performance, MasTec raised its full-year 2025 financial guidance. The company now expects full-year revenue to be between $13.90 billion and $14.00 billion. Adjusted EBITDA is projected to be between $1.13 billion and $1.16 billion, and adjusted diluted earnings per share guidance was increased to a range of $6.23 to $6.44. For the third quarter of 2025, MasTec anticipates revenue of $3.90 billion and adjusted diluted earnings per share of $2.28.
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