MasTec, Inc. MTZ entered 2026 with exceptional momentum, delivering its strongest first quarter on record and reinforcing its position as a key beneficiary of America’s infrastructure investment cycle. The company reported first-quarter 2026 adjusted EPS of $1.39, surging 174% year over year, while revenues climbed 34% to a record $3.83 billion. Adjusted EBITDA increased 73% to $284 million, supported by strong project execution and broad-based demand across nearly every business segment.
The biggest driver of MTZ’s optimism is its record 18-month backlog of $20.33 billion, which increased 28% year over year and 7% sequentially. Clean Energy and Infrastructure led the way with 65% backlog growth, fueled by rising renewable energy, civil construction and mission-critical data center projects. Pipeline Infrastructure also posted standout results, with revenues soaring 92% year over year and EBITDA more than tripling as demand for natural gas and LNG infrastructure strengthened.
Meanwhile, MasTec continues to benefit from long-term industry tailwinds tied to AI-driven data center expansion, grid modernization, broadband deployment and rising power demand. Management highlighted growing opportunities in fiber interconnectivity, transmission infrastructure and turnkey data center construction, positioning the company at the center of several multiyear infrastructure trends.
Reflecting this strength, MasTec raised its full-year 2026 guidance and now expects adjusted EPS of $8.79 (from $8.40 per share), representing 34% year-over-year growth. While sustaining triple-digit EPS growth throughout 2026 may prove difficult due to tougher comparisons in the coming quarters, MTZ’s expanding backlog, improving margins and exposure to high-growth infrastructure markets suggest that strong earnings momentum is likely to continue well beyond 2026.
MasTec, EMCOR & Dycom: Fiber, Power and Growth Collide
MasTec, alongside its market peers, including EMCOR Group, Inc. EME and Dycom Industries Inc. DY, is benefiting from rising infrastructure investments, but each company operates with a distinct strategic focus.
EMCOR remains a dominant player in electrical, mechanical and industrial construction services, benefiting from strong demand for mission-critical facilities, manufacturing projects and data center mechanical systems. EMCOR’s expertise in HVAC, electrical systems and industrial services provides steady margins and recurring opportunities in non-residential construction markets.
Meanwhile, Dycom is more narrowly focused on broadband, fiber and telecom infrastructure deployment, making it a major beneficiary of BEAD funding and expanding fiber-to-the-home investments by telecom carriers. While Dycom offers concentrated exposure to broadband expansion, MasTec combines telecom strength with broader energy and infrastructure diversification, giving it wider exposure to multiple long-term infrastructure growth trends.
MTZ Stock’s Price Performance & Valuation Trend
Shares of this Florida-based infrastructure construction company have surged 77% year to date, outperforming the Zacks Building Products - Heavy Construction industry, the broader Zacks Construction sector and the S&P 500 index.
Image Source: Zacks Investment Research
MTZ stock is currently trading at a premium compared with its industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 38.48, as shown in the chart below.
Image Source: Zacks Investment Research
EPS Trend Favors MTZ
For 2026 and 2027, MTZ’s earnings estimates have trended upward in the past 30 days. The revised estimated figures for 2026 and 2027 imply 35.3% and 32.8% year-over-year growth, respectively.
Image Source: Zacks Investment Research
MasTec stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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EMCOR Group, Inc. (EME): Free Stock Analysis Report
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