Good morning, and thank you for joining us for MasTec's fourth quarter and full year 2025 financial results conference call. Joining me today are Jose Mas, Chief Executive Officer, and Paul DiMarco, Chief Financial Officer. We have prepared slides to supplement our remarks, which are posted on MasTec's website under the Investors tab and through the webcast link. There's also a companion document with information and analytics on the quarter and a guide summary to assist in financial modeling. Please read the forward-looking disclaimer contained in the slides accompanying this call. During this call, we'll make forward-looking statements regarding our plans and expectations about the future as of the date of this call. Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward-looking statements.
Our Form 10-K includes a detailed discussion of risks and uncertainties that may cause such differences. In today's remarks, we'll be discussing adjusted financial metrics reconciled in yesterday's press release and supporting schedules. We may also use certain non-GAAP financial measures in this conference call. A reconciliation of any non-GAAP financial measures not reconciled in these comments to the most comparable GAAP financial measures can be found in our earnings press release, slides, or companion document. I'll now turn the call over to Jose.
Thanks, Chris. Good morning, welcome to MasTec's fourth quarter earnings call. First, some quarterly and full-year highlights. Revenue for the quarter was just shy of $4 billion, a 16% year-over-year increase, bringing the full year to $14.3 billion, also a 16% increase for 2025 and a new record high. Adjusted EBITDA was $338 million in the fourth quarter, a 25% year-over-year increase, which was an acceleration from the 20% growth in the third quarter. We exceeded guidance with strong operating execution across the segments. Full year EBITDA of $1.15 billion was an increase of 14% from the prior year. Adjusted earnings per share was $2.07, a 44% increase versus $1.44 in the prior year quarter.
In summary, we exceeded guidance again in revenue, EBITDA, and EPS, highlighting another strong execution quarter and year for MasTec. This strong result is in part a testament to the scale and diversification MasTec has achieved over time, and we are excited about our outlook for 2026 and beyond, given the clear long-term positive market conditions across all of the end markets we serve. While I'm proud of our financial results, I'd like to highlight a few positive developments, both in the fourth quarter and in early 2026. First, it's important to highlight our significant backlog growth. On a full-year basis, backlog was up over four and a half billion dollars, a 33% annual increase. Sequentially, backlog was up over $2 billion, representing a 1.6x book-to-bill.
More importantly, we see our business and the opportunities in front of us accelerating. As impressive as the total number is to me, I'm more excited about the backlog mix. While every segment was up considerably year-over-year, our pipeline segment saw backlog slightly drop sequentially. I would argue that our visibility in that segment is as good as it's ever been. While we expect double-digit growth in 2026 in our pipeline segment, we have been very vocal about our expected growth acceleration of that business in 2027 and beyond, reaching and hopefully surpassing historical high revenues in that segment. That potential, coupled with the continued backlog growth across all of our non-pipeline segments, position MasTec for considerable long-term, multi-year growth.
Our long-term visibility is better than it's ever been, coupled with the margin opportunities we have, MasTec is in a great position to deliver consistent long-term earnings growth. I'm also pleased to report that included in our fourth quarter backlog growth, there is nearly $1 billion of data center-related work. These awards include the type of work we've been doing over recent years and also include our first construction management agreement of a turnkey site. While most of the work on that project, which started in the fourth quarter, will be subcontracted, the opportunity for MasTec will be our ability to self-perform a greater scope of work on future jobs. Demand for both the skill set that MasTec has developed in construction management, coupled with the capabilities we have in civil, power-com and maintenance provides us the opportunity to exponentially grow this part of our business.
We believe these opportunities are a result of our customer solution approach, where we can provide a range of services, from full-scale EPC to a specific function on any project. In addition to our backlog growth, while we have focused heavily on organic growth over the last couple of years, our strong cash flow generation gives us the ability to allocate capital to further enhance our growth profile. Accordingly, I'd like to welcome the NV2A family to MasTec, which we acquired during the fourth quarter. NV2A is a construction management services firm whose principles we have known for decades. With a preeminent reputation for construction management of complex commercial projects and well known for its work on aviation and seaport projects.
Prior to the acquisition, NV2A was our joint venture partner on our $600 million Miami Airport expansion project, which is the first phase of an estimated $9 billion construction program. NV2A deepens our expertise in construction management capabilities as we grow this sector, including data centers and other mission-critical facilities. During the first quarter of 2026, MasTec also acquired McKee Utility Contractors, a third-generation family business and leading water infrastructure service provider. We believe water infrastructure is another structurally growing theme and are very excited about both McKee's near and long-term prospects. I'd like to welcome the McKee family to MasTec. These deals complement and enhance our existing infrastructure capabilities and represent exactly the type of transactions that we target over time.
Firms led by strong management teams who see the value in joining MasTec to scale their platform and enhance the solutions they can offer customers. We are excited to welcome our new partners to the MasTec family and expect them to hit the ground running and contribute to MasTec's near-term success. Turning to some segment highlights. In our communications segment, fourth quarter revenue increased 23% year-over-year, and EBITDA increased 16%, all organic, bringing our full year growth rates for revenue and EBITDA to 32% and 41%. The telecommunications infrastructure market continues to evolve, with MasTec's customers pivoting rapidly with significant investments to support broadband delivery to enable enhanced artificial applications, while still working actively to support residential and commercial customer demand for broadband access via wired, fiber optic, and wireless mobility delivery nodes.
Fourth quarter revenue was solidly above plan, including contributions from multiple top customers, with robust funding for infrastructure deployment nationally, including upside in both wireless and wireline construction. The margin rate for the quarter was moderately below our expectations, due largely to ongoing startup costs on certain programs. We are confident that the trajectory of profit rates will be positive in 2026, in part due to the maturity in new programs and initiatives during the coming year. Turning to power delivery. Fourth quarter segment revenues increased 13% year-over-year, and EBITDA grew by 9%, all organic.
EBITDA margins were moderately below prior year at 8.2% versus 8.5% in the fourth quarter of 2024, which included mixed headwinds from lack of storm-related revenue in 2025 and lower than planned Greenlink project volumes due to permitting related delays that persisted through year-end. Regardless, we are pleased with overall power delivery results for the full year of 2025, where we saw 16% top-line growth and solid 12% EBITDA growth despite those headwinds. We have strong confidence in the power delivery market outlook and for our ability to deliver strong growth in 2026.
Fourth quarter backlog for power delivery increased an impressive 17% versus the prior year and 9% from the third quarter, ending the year at $5.6 billion, which is a new MasTec record and continues a positive trend of unbroken backlog increases in power delivery since the third quarter of 2023. Additionally, and probably most importantly, during the first quarter, we received the go-ahead to restart the portion of the Greenlink project that had been stalled by permitting delays. This restart is happening earlier than we anticipated, and coupled with last quarter's announcement that our transmission and substation group was awarded its second-largest project ever, it provides us great visibility and confidence in achieving strong double-digit organic growth in this segment. Turning to our clean energy and infrastructure segment, fourth quarter revenue and EBITDA were slightly ahead of our expectations in the quarter.
For the full year, revenue growth was a strong 15%, and EBITDA margins grew by 110 basis points to 7.4% versus 6.3% in the prior year. Total clean energy and infrastructure backlog at year-end increased 30% sequentially to $6.5 billion, which is also a step change of 53% higher than the prior year, and book-to-bill was 2.1x. For the renewables group, we saw a 10 straight sequential increase in backlog, which increased by double digits in the fourth quarter. Turning to our pipeline infrastructure segment, we saw revenue increase 50% year-over-year for the quarter, as business volumes continued to ramp sequentially since the first quarter of 2025, including an uptick from third quarter's typically seasonally strong period.
As expected, fourth quarter saw continued sequential margin improvement with an 18.5% margin, representing a 310 basis point lift from the third quarter on strong operating execution and overall positive business mix. Finishing the year strong, we have confidence that 2026 will see further increases in both volume and profit dollars, and we are really excited about the market opportunity in pipeline for years to come. I said last quarter that I expect 2026 to be a solid growth year versus 2025, and our guidance includes this assumption. I remain even more excited, however, about the volume opportunities developing for 2027 based on current capacity planning discussions with our customers.
Thank you, Jose. Good morning. As Jose mentioned, we are pleased with our strong fourth quarter results, driven by continued organic revenue strength and solid execution across our operating segments. Looking ahead, our customers are increasingly relying on MasTec's broad service offerings to meet their rapidly expanding infrastructure development goals, giving us high confidence in the growth trajectory that we are outlining today in guidance for 2026. What's really compelling for us now is that our customer growth and investment plans intersect across virtually all of MasTec's businesses, and this reinforces our positive outlook. Now, a few more notes on the fourth quarter and 2025 segment performance. Our communication segment continued its trajectory of strong revenue growth in the fourth quarter, exceeding guidance by $139 million, with 23% year-over-year growth for Q4 and 32% for the full year.
This was driven by broad-based strength across both wireless and wireline, included some contribution from middle-mile work that we expect to further develop positively into 2026 and beyond. Fourth quarter Adjusted EBITDA margin was 8.5%, a slight pullback from last year's 9% result, reflecting our prior comments on the short-term impact of ramping new business volume. We are confident that these investments mature, they will translate to positive margin outcomes, as reflected in our initial 2026 guidance, with double-digit communication margins. Despite ongoing growth this year, we are beginning to mature some of these new businesses that came on stream in 2025. Fourth quarter communications backlog totals $5.5 billion, which is an 8% sequential increase and a notable 20% year-over-year increase. Clearly, growth visibility is strong and continues to improve.
Telecommunications end markets broadly has numerous demand drivers, and our focus is on being selective with the opportunities we pursue to optimize returns. Success for MasTec is no longer a function of just volume sourcing, but increasingly a focus on growth management. In that regard, as we grow our communications service offerings, we are careful to nurture our legacy customer relationships while creating the space to serve new customers and new opportunities. This includes both residential and commercial end-user markets and making sure we are allocating resources efficiently. Jose provided a good overview of our power delivery performance that I won't repeat, but I would add a couple of points. First, we see a clear path to margin expansion in 2026 and currently expect year-over-year margin expansion in each quarter.
Our base utility and distribution business continues to perform well, providing a solid foundation on which we can build operating leverage as volume grows. Second, our power delivery segment is contributing meaningfully to our support of data center infrastructure, working for utility clients, data center developers, and hyperscalers on this front. We also expect power delivery to be a key beneficiary of our new role, leading turnkey data center construction. In the Clean Energy and Infrastructure segment, total Q4 revenue of $1.3 billion represented a 2% increase from the prior year, inclusive of solid double-digit growth in the renewables business and slightly exceeded our segment guidance. Infrastructure and industrial revenue was also in line with expectations, and we saw significant new business development for this group during the quarter to provide a very notable volume pivot for 2026.
On a full-year basis, revenue for CE & I was $4.7 billion, or a 15% year-over-year growth rate, including even stronger renewables growth for the year. fourth quarter CE & I EBITDA margin was in line with our expectations at 7.2%, but somewhat lower than 8.3% in the prior year, which benefited from favorable project closeouts in our industrial business that were now repeated in 2025. Renewables margin was stable sequentially and up slightly year-over-year, as expected, at the high single-digit levels, while industrial and infrastructure also saw solid overall performance. As Jose noted, CE & I saw a step function increase in backlog during the fourth quarter, reflecting significant contract signings across the segment.
Infrastructure drove the 2.1x book-to-bill achieved in the quarter, with multiple large project wins, including the data center general contractor award discussed by Jose. These projects are expected to deliver substantial revenue contribution in 2026, also now factored into our guidance. The data center project will be executed under our general buildings vertical, still within the CE & I segment, but we may refer to this group's results more specifically in the future. Renewables also continued its impressive streak of backlog growth, which now stands at over $3 billion for the 18-month period. Our visibility for renewables project activity extends much further, with projects under contract for work beyond the next 18 months-or-under limited notice to proceed, totaling over $4 billion, incremental to our backlog.
Acquired backlogs contributed approximately $300 million to the year-end CE & I totals, organic book-to-bill was still an impressive 1.9 times. Regarding the pipeline infrastructure segment, fourth quarter revenue of $644 million represented our highest quarter in the past two years. We finished the year with $2.1 billion in total revenue for the segment, which was notably stronger than our initial guide of $1.8 billion, as the business inflected positively earlier in the year. EBITDA for the quarter of $119 million was driven by strong overall execution and project mix. Fourth quarter EBITDA margin of 18.5% is indicative of the steady-state margins this segment is able to generate in an expansion cycle.
Regarding our overall progress with margins, we are pleased to have finished at a consolidated margin of 8% for 2025, with our non-pipeline segment generating margins of 8.2% versus 7.6% in 2024. As a reminder, full year 2025 margins reflected a slower start to the year, particularly in pipeline, as well as certain headwinds we noted in the back half, particularly with power delivery. We still accomplished a strong outcome last year and met our guidance objectives, which we regard as a testament to our focus on execution and the strategic diversification and scale of MasTec. Everything doesn't have to go right in every period to deliver on our overall goals. We have highlighted a midterm goal of double-digit consolidated EBITDA margins, and we are pleased that 2025 sets us up positively for further margin performance in 2026.
As a side note, we are adding meaningful volumes from construction management contracts, including the new data center business we won in the fourth quarter. This business mix represents lower margin, but a high return on capital opportunity that we are very proud to execute. We also expect to subcontract many of the construction activities internally at margins comparable to work performed with external clients. We will work to provide some level of visibility into the margin progression of the base business from 2025 to the extent that our mix evolves materially going forward. In addition to the margin expansion efforts, over the past few years, we've highlighted our increased focus on Return on Invested Capital, and we are proud to see this metric meet our weighted average cost of capital hurdle for the first time since 2021.
We believe the growth and margin expansion opportunities presented by our portfolio of service offerings, coupled with disciplined capital allocation, will continue to drive returns higher in the years ahead. We generated cash flow from operations of $373 million in the fourth quarter and free cash flow of $306 million in the period, bringing the full year total to $546 million and $342 million, respectively. This was somewhat below guidance, due primarily to our revenue beat for the quarter and associated working capital investment, as well as higher capital expenditures, also to support accelerated growth. We ended the year with total liquidity of approximately $2.1 billion and net leverage of 1.7x, well within the terms of our financial policy and criteria to maintain our investment-grade credit ratings.
We are pleased that our strong balance sheet provides ample flexibility to pursue a disciplined, return-focused capital allocation strategy. We plan to support our best-in-class organic growth opportunities, execute opportunistic and accretive acquisitions that complement our existing service lines, and deploy capital to share repurchases opportunistically, as has been our long-standing practice. We believe the recent M&A transactions are consistent with this approach and our multi-decade track record of solid M&A execution. Moving to our 2026 guidance, our supplemental guidance document for segment and other financial details is now posted to our IR website. For 2026 full year, we expect revenue of $17 billion, or about 19% growth this year, on top of the 16% growth produced in 2025. Notably, organic growth is still expected in the mid-teens.
Our 2026 revenue profile includes strong results from all segments, with meaningful growth in CE & I of around 35%, driven in part by the expansion of our data center work. Pipeline infrastructure is expected to grow revenue by 17%, power delivery about 11%, and communications just under double digits, coming off the approximately 30% organic growth achieved in 2025. For Adjusted EBITDA, we are forecasting $1.45 billion, or an 8.5% margin, representing 26% year-over-year profit growth and 50 basis points of margin expansion on a consolidated basis. This reflects margins of low double digits for communications, mid-teens for pipeline infrastructure, approaching double digits for power delivery, and fairly steady margin in the high single digits for CE & I, with improving renewables margin performance offset by the higher percentage of construction management services.