MasTec’s second-quarter 2026 results show a stronger business, but not yet a simple cash-conversion story. Revenue, net income, adjusted EBITDA and backlog all rose sharply year over year. Yet the company generated only $21 million of operating cash flow in the quarter, while free cash flow was negative $59 million. Receivables and contract assets were also higher at June 30 than at year-end. Those balances warrant attention, but MasTec’s filing attributes the contract-asset increase mainly to project volume, billing timing and an acquisition—not to proven delinquency or bad debt.
What MasTec’s latest results say
MasTec reported second-quarter results on July 30, 2026. For the three months ended June 30, revenue was $4.374 billion, up 23.4% from 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 expanded by 100 basis points to 8.8%. These are reported company results, not measures of cash collected from customers.
The distinction matters: net income and adjusted EBITDA are accrual-based performance measures, while operating cash flow reflects cash generated by operations during a stated period. Free cash flow further accounts for capital spending under the company’s reported measure. Neither backlog nor EBITDA can substitute for cash-flow evidence.
Cash flow is the test growth still has to pass
In Q2 2026, MasTec reported $21 million of cash from operating activities and negative $59 million of free cash flow. Separately, its earnings release reported operating cash flow of $120.322 million for the six months ended June 30, 2026. The quarterly and six-month figures cover different periods; they should not be combined or treated as interchangeable. MasTec’s Q2 2026 results release provides the company’s reported results and guidance.
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A negative free-cash-flow quarter does not, on its own, establish a persistent problem. Cash flow can move with project activity, billing and collection timing, capital investment, and acquisitions. The useful investor question is whether the company can sustain earnings growth while converting work performed and billed into cash over time.
What is sitting in receivables and contract assets?
MasTec’s 10-Q for the quarter ended June 30, 2026 reports net accounts receivable of $1.744 billion and contract assets of $2.484 billion at quarter-end. At December 31, 2025, the comparable balances were $1.540 billion and $2.002 billion, respectively. These are balance-sheet amounts at two dates, not measures of how much cash MasTec collected during the periods between them.
Billed receivables
Contract billings are amounts for performance obligations that have been billed but not collected. At June 30, MasTec reported $1,760.9 million of contract billings before a $16.8 million allowance, resulting in $1,744.1 million of net accounts receivable.
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Contract assets
The filing defines contract assets as retainage and unbilled receivables. Retainage is held back under contract terms; unbilled receivables represent the estimated value of work on performance obligations recognized over time but not yet billed. At June 30, the balances were $590.2 million of retainage and $1,894.2 million of unbilled receivables, totaling $2,484.4 million in contract assets.
MasTec said the increase in contract assets from year-end was driven primarily by normal project activity in Clean Energy and Infrastructure and Pipeline Infrastructure, including higher volume and the timing of billings, as well as a first-quarter acquisition in Clean Energy and Infrastructure. That explanation is not proof that the balances are overdue, uncollectible or certain to convert to cash on a particular schedule. The filing does not provide a customer-by-customer aging schedule that would establish those conclusions. The SEC-filed 10-Q contains the company’s definitions and disclosures.
Receivables sold under financing arrangements
MasTec also disclosed that it sold approximately $333 million of receivables under financing arrangements during the six months ended June 30, 2026, compared with $236 million in the same period of 2025. It continued to manage collections on transferred receivables, and $161 million of sold receivables remained outstanding at June 30, excluded from balance-sheet accounts receivable. The amount sold should not be described as customer cash collections in the ordinary course; it is relevant context for understanding receivables and cash-flow presentation.
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Segment growth is broad, but margins are mixed
All four reportable segments grew revenue year over year in Q2 2026, although Communications grew more slowly and its EBITDA margin declined. The figures below are for the quarter; margin changes compare Q2 2026 with Q2 2025.
| Segment | Q2 2026 revenue | Year-over-year revenue growth | EBITDA margin, Q2 2026 | Margin change year over year |
|---|---|---|---|---|
| Clean Energy and Infrastructure | $1,622.1 million | 43.4% | 7.9% | Up from 7.4% |
| Power Delivery | $1,245.8 million | 19.2% | 9.1% | Up from 8.7% |
| Pipeline Infrastructure | $642.8 million | 19.1% | 18.4% | Up from 11.5% |
| Communications | $888.9 million | 6.2% | 8.2% | Down from 9.9% |
The fastest-growing segment was Clean Energy and Infrastructure, while Pipeline Infrastructure showed the largest margin expansion. Communications was the exception: its revenue still increased, but its margin fell 170 basis points. Segment EBITDA does not show segment-level cash conversion; the release does not provide a segment-by-segment cash-flow statement.
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Backlog supports the outlook, but it is not cash
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 from $20.328 billion at March 31. The company called it a record and cited particularly strong year-over-year growth in Clean Energy and Infrastructure. Backlog is estimated future work, not revenue already earned, cash already collected or a guarantee that every project will produce the expected economics.
As of its July 30 release, management’s full-year 2026 guidance was revenue of $18.2 billion, adjusted EBITDA of $1.6 billion and adjusted diluted EPS of $9.30. These are forecasts, not realized results. CEO José R. Mas characterized the quarter as strong in revenue growth, margin expansion and backlog development; that is management’s assessment, not independent confirmation of future cash conversion.
How to judge whether earnings are converting into cash
A more reliable assessment uses several disclosures together rather than treating one rising balance as a verdict. For each new quarter, compare like-for-like reporting periods and track:
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- Operating cash flow and free cash flow: distinguish the quarter from year-to-date totals, and note capital spending and acquisition effects where disclosed.
- Receivables and contract assets: follow billed receivables, retainage and unbilled work separately, while reading the company’s explanation of project volume and billing timing.
- Collection evidence: look for aging, allowances, write-offs or other specific disclosures before drawing conclusions about delinquency or collectability. The cited filing does not supply a customer-by-customer aging schedule.
- Growth quality: consider segment margins and acquisitions alongside revenue growth, rather than assuming every dollar of additional sales has the same cash profile.
- Backlog conversion: treat backlog as visibility into expected work, then wait for revenue, earnings and cash-flow results to show how it is executed.
MasTec’s Q2 2026 report supports a balanced conclusion: operating performance and future-work visibility improved, while quarterly free cash flow was negative and working-capital balances rose from year-end. The disclosed evidence raises a cash-conversion question; it does not establish a company-wide collection crisis.
Sources: MasTec’s July 30, 2026 second-quarter release; MasTec’s Form 10-Q for the quarter ended June 30, 2026.
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