MasTec’s second quarter of 2026 showed stronger revenue, earnings and backlog, but it did not show positive free cash flow for the quarter. The company reported $4.374 billion in revenue and $384 million in adjusted EBITDA, while free cash flow was negative $59 million. Receivables and contract assets were also higher than at year-end. Those figures make cash conversion an important question; they do not, by themselves, prove customers are late paying or that balances will go uncollected.
What improved in the second quarter
In its July 30, 2026 release, MasTec reported second-quarter revenue of $4.374 billion, 23.4% above the same quarter a year earlier. GAAP net income rose 61.7% to $146 million, and adjusted EBITDA increased 39.8% to $384 million. Adjusted EBITDA margin was 8.8%, up 100 basis points year over year. These are company-reported results, not a measure of cash collected.
Growth reached all four reportable segments, though revenue and margin trends differed:
| Segment | Q2 2026 revenue | Revenue growth year over year | EBITDA margin: Q2 2025 to Q2 2026 |
|---|---|---|---|
| Clean Energy and Infrastructure | $1,622.1 million | 43.4% | 7.4% to 7.9% |
| Power Delivery | $1,245.8 million | 19.2% | 8.7% to 9.1% |
| Pipeline Infrastructure | $642.8 million | 19.1% | 11.5% to 18.4% |
| Communications | $888.9 million | 6.2% | 9.9% to 8.2% |
These figures are from MasTec’s Q2 2026 earnings release. Segment EBITDA is not segment cash flow: the release does not provide cash conversion by segment. Communications was the exception to the margin expansion elsewhere, with its margin down 170 basis points year over year.
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Why earnings and cash flow can tell different stories
Revenue and earnings are recognized under accounting rules; cash flow records money received and paid during a period. A contractor can recognize revenue as it performs work before billing a customer, or bill work before payment arrives. Equipment, labor, subcontractors and other project costs may also be paid on a different schedule from customer receipts.
For Q2 2026, MasTec reported $21 million of cash from operating activities and negative $59 million of free cash flow. The company’s release separately reported $120.322 million of operating cash flow for the six months ended June 30, 2026. The quarterly and six-month figures cover different periods and should not be conflated. Adjusted EBITDA is also not a substitute for either cash-flow measure.
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What the receivables and contract assets show
MasTec’s Form 10-Q for the quarter ended June 30, 2026 reported the following balances. Figures are in millions of dollars:
| Balance-sheet item | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Net accounts receivable | $1,744.1 | $1,540.0 |
| Contract assets | $2,484.4 | $2,002.0 |
The filing defines contract billings as performance obligations that have been billed but not collected. At June 30, contract billings totaled $1,760.9 million before a $16.8 million allowance, producing net accounts receivable of $1,744.1 million. Contract assets are different: they consist of retainage and unbilled receivables. MasTec reported $590.2 million of retainage and $1,894.2 million of unbilled receivables at June 30.
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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteUnbilled receivables represent the estimated value of work on performance obligations recognized over time but not yet billed; retainage is an amount withheld pending contractual conditions. Neither category is automatically overdue. MasTec attributed the increase in contract assets from year-end primarily to ordinary project activity in Clean Energy and Infrastructure and Pipeline Infrastructure, including higher volume and billing timing, as well as a first-quarter acquisition in Clean Energy and Infrastructure. The disclosure explains the balance movement but does not establish whether particular customers are delinquent or when individual amounts will be collected.
Receivables sold under financing arrangements
MasTec said it sold approximately $333 million of receivables under financing arrangements in the six months ended June 30, 2026, compared with $236 million in the same period of 2025. The company continued to manage collections on transferred receivables. At June 30, $161 million of sold receivables remained outstanding and were excluded from balance-sheet accounts receivable.
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These amounts matter when interpreting receivables and cash-flow presentation. The amount sold is not the same as cash collected from customers in the ordinary course, and it should not be added to reported accounts receivable as though it were still on the balance sheet.
Backlog supports future work, not cash already collected
MasTec reported an 18-month backlog of $21.391 billion at June 30, 2026, up 30.0% from $16.452 billion a year earlier and above $20.328 billion at March 31. Backlog is an estimate of future work, not cash, recognized revenue, or a guarantee that every project will proceed on schedule or produce the expected economics.
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In the same July 30 release, management forecast full-year 2026 revenue of $18.2 billion, adjusted EBITDA of $1.6 billion and adjusted diluted EPS of $9.30. These were company guidance figures at that date, not realized results. The release also said MasTec had closed on its acquisition of The Superior Group the week before publication. Superior was described as a North American full-service electrical contractor with about 3,000 team members and exposure to data centers, healthcare, entertainment and industrial markets. Acquisitions can affect growth and comparability; the disclosed figures should not be read as wholly organic growth where acquired contribution is not separately specified.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to assess the cash-conversion question
The available numbers justify monitoring cash conversion, but they are not enough to diagnose a company-wide collection problem. A more complete assessment would track several measures together over multiple quarters:
- Operating cash flow: compare cash generated from operations with earnings across periods, not just one quarter.
- Free cash flow: consider capital investment alongside operating cash flow; a negative quarterly figure is not, on its own, proof of failed collections.
- Receivables and contract assets: examine movements, aging and collectability disclosures, and distinguish billed receivables from unbilled work and retainage.
- Acquisitions and financing arrangements: account for changes in the business and the presentation of receivables sold under financing arrangements.
- Backlog and execution: treat backlog as prospective work, then look for its conversion into billed revenue and cash over time.
MasTec’s Q2 release and 10-Q do not provide a customer-by-customer aging schedule or establish when specific balances will be collected. They support a measured conclusion: business performance improved substantially, while quarterly free cash flow was negative and working-capital balances rose. Whether stronger earnings translate into sustained cash generation requires evidence across subsequent reporting periods.
Quick Recap
Primary sources
- MasTec, second-quarter 2026 results and full-year guidance, July 30, 2026.
- MasTec Form 10-Q for the quarter ended June 30, 2026.
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