Does MasTec's 42% EPS Outlook Highlight Its 2026 Growth Story?

MasTec (MTZ) raised full-year EPS guidance to $9.30, implying 42% growth, after a Q2 2026 beat that sent quarterly EPS up 48.8% to $2.22. Revenue grew 23.4%.

The headline number for the forward story is backlog. MasTec reported a record $21.4 billion, up 30% year-over-year, which outpaces the 23.4% revenue growth rate. Interpretation: backlog expanding faster than revenue suggests the company has contracted work lined up beyond current-quarter sales, which supports the raised guide.

MasTec also completed the Superior Group acquisition, adding 3,000 employees and strengthening its data-center capabilities.

The stock has not rewarded the print. Shares are down 35.2% over six months, and MTZ still trades at a premium forward P/E of 18.28. Interpretation: the market appears to be pricing in execution risk or demanding more than the guidance raise delivered, since a 42% EPS growth outlook sits alongside a sharply lower share price.

The setup pits accelerating fundamentals against a deeply negative six-month price trend. A forward multiple of 18.28 against 42% projected EPS growth is the tension traders need to resolve.