Adjusted EBITDA for Q2 2025 was $275 million, in line with company forecast, driven by Clean Energy and Infrastructure performance. EPS guidance midpoint raised to $6.34 per share for 2025, up 60% year-over-year. Full-year revenue guidance increased to $13.9-$14 billion for 2025. Backlog closed at $16.45 billion, up 23% year-over-year. Non-Pipeline Business Revenue increased 26% year-over-year, with EBITDA up 42%. Power Delivery Revenue up 20% year-over-year, expecting mid-teens growth for 2025. Communications Segment Revenue rose by 42% year-over-year. Clean Energy and Infrastructure Segment revenue grew by 20%.
Pipeline Infrastructure Segment revenue decreased by 6% year-over-year, with a 52% sequential increase from Q1. Workforce expanded by nearly 4,000 employees in Q2, attributed to anticipated demand. Share repurchases totaled $40 million in Q2 ($77 million year-to-date), with a new $250 million repurchase authorization announced. Operating cash flow guidance raised to $700-$750 million for 2025. Capital expenditures outlook raised to $140 million for 2025 to support growth investments.
Management indicated operational investments may impact near-term margins but are intended to support demand into 2026 and beyond. Strong customer demand emphasized across segments. Recent US legislation preserved renewable tax credits through 2027, providing project pipeline visibility through 2030. MasTec increased revenue guidance for 2025 to $13.9-$14 billion. Communications and Power Delivery segments expected to improve sequentially in Q3. Book-to-bill ratio for Q2 was 1.2x.
CEO Mas affirmed growth expectations for 2026, with continued momentum across segments. Communications segment improved 300 basis points sequentially, with further improvements expected. CFO DiMarco highlighted expected EBITDA performance driven by non-pipeline segments’ 30% growth year-over-year. Executive comments confirmed completion of $40 million share repurchases in Q2, with an additional $250 million authorization announced. Further expectations for margin improvement, revenue growth, and project pipeline visibility were discussed.
Read more at Nasdaq: MasTec (MTZ) Q2 2025 Earnings Call Transcript