Cash flow from operations was $6 million in Q2 and $84 million year-to-date; free cash flow was a use of $45 million versus a source of $253 million last year.
Clean Energy and Infrastructure revenue grew 20% year-over-year with adjusted EBITDA nearly doubling and margin increasing 240 basis points.
Communications segment revenue grew 42% year-over-year with adjusted EBITDA up 55% and a 90 basis point margin improvement.
Margins improved 100 basis points year-over-year and 230 basis points sequentially in non-pipeline segments.
MasTec exceeded guidance in revenue, met EBITDA expectations, and beat EPS guidance for Q2 2025.
Non-pipeline business revenue grew 26% year-over-year with EBITDA increasing 42% from $181 million to $257 million.
Pipeline Infrastructure revenue declined 6% year-over-year with EBITDA dropping from $135 million to $62 million due to MVP project wind down last year.
Power Delivery revenue increased 20% year-over-year, slightly beating forecasts with margins as expected.
Total company backlog grew 23% year-over-year and 4% sequentially, reaching record levels with a book-to-bill ratio of 1.2x.
Total revenue was $3.54 billion, a 20% year-over-year increase and a 25% sequential increase from Q1.
Free cash flow was a record $596 million, up 14% year-over-year, with net debt leverage ratio improving to 1.2x from 1.6x a year ago.
Inflation impact was approximately $37 million, including $15 million tariff impact, offset by $20 million transformation savings.
Pentair delivered a record Q2 with sales up 2% to $1.1 billion, adjusted operating income up 9% to $297 million, return on sales expanding 170 basis points to 26.4%, and adjusted EPS rising 14% to $1.39.
Pool segment sales grew 9%, Flow sales were flat, and Water Solutions sales declined 4%.
The company repurchased $75 million of shares in Q2 and $125 million year-to-date.
Dafinchi