MASTEC INC

Listed Company

MTZCIK 0000015615NYSELarge AcceleratedWater, Sewer, Pipeline, Comm & Power Line ConstructionFloridaFY ends Dec 31

Period

FY 2025

Revenue

$14.30B

Net Income

$399.04M

Total Assets

$9.92B

Equity

$3.26B

Shares Out

79.02M

Op. Cash Flow

$545.71M

Business

MASTEC INC provides engineering, construction, installation, maintenance and upgrade services for infrastructure across communications, energy, utilities and heavy civil markets. Its main offerings include wireless and wireline/fiber communications, clean energy and renewable power generation, power transmission and distribution, pipeline construction and integrity, heavy civil and environmental remediation services, plus install-to-the-home and emergency restoration. The company operates through five reportable segments: Communications; Clean Energy and Infrastructure; Power Delivery; Pipeline Infrastructure; and Other. It serves customers primarily in North America, delivering work under multi-year master service agreements and project-specific contracts.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	14,300	12,300	12,000	9,800	7,952
Costs of revenue, excluding depreciation and amortization	12,506	10,676	10,614	8,586	6,806
Depreciation	296	367	434	371	346
Amortization of intangible assets	131	140	169	136	77
General and administrative expenses	713	685	699	559	307
Interest expense, net	173	193	234	112	—
Equity in earnings of unconsolidated affiliates, net	−32	−30	−31	−29	−34
Loss on extinguishment of debt	0	11	0	0	0
Other (income) expense, net	−4	11	−41	−1	−33
Income (loss) before income taxes	515	251	−83	43	430
(Provision for) benefit from income taxes	−93	−52	35	−9	−99
Net income (loss)	422	199	−47	34	331
Net income attributable to non-controlling interests	23	37	3	534,000	2
Net income (loss) attributable to MasTec, Inc.	399	163	−50	33	329
Basic earnings (loss) per share (in dollars per share)	5.12	2.09	−0.64	0.45	4.54
Basic weighted average common shares outstanding (in shares)	78	78	78	75	72
Diluted earnings (loss) per share (in dollars per share)	5.07	2.06	−0.64	0.42	4.45
Diluted weighted average common shares outstanding (in shares)	79	79	78	76	74

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	396	400	530	371	361
Accounts receivable, net of allowance	1,540	1,382	1,370	1,400	1,019
Contract assets	2,002	1,556	1,756	1,730	1,228
Inventories, net	112	107	108	118	93
Prepaid expenses	184	119	106	122	91
Other current assets	95	89	104	119	82
Total current assets	4,329	3,653	3,974	3,859	2,874
Property and equipment, net	1,729	1,549	1,652	1,754	1,436
Operating lease right-of-use assets	457	396	419	280	260
Goodwill, net	2,249	2,203	2,126	2,045	1,521
Other intangible assets, net	656	727	784	946	670
Other long-term assets	503	447	418	409	360
Total assets	9,924	8,975	9,374	9,293	7,121
Current portion of long-term debt, including finance leases	154	186	177	172	138
Current portion of operating lease liabilities	176	146	138	97	95
Accounts payable	1,281	1,106	1,243	1,110	663
Accrued salaries and wages	248	205	199	182	203
Other accrued expenses	541	455	415	366	230
Contract liabilities	748	736	481	406	314
Other current liabilities	123	166	185	164	141
Total current liabilities	3,271	3,000	2,837	2,496	1,785
Long-term debt, including finance leases	2,176	2,038	2,888	3,052	1,876
Long-term operating lease liabilities	293	261	293	194	176
Deferred income taxes	478	363	390	571	450
Other long-term liabilities	371	326	244	238	290
Total liabilities	6,589	5,988	6,652	6,552	4,578
Commitments and contingencies (Note 15)	—	—	—	—	—
Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares none	0	0	0	0	0
Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 99,319,916 and 99,029,011 (including 1,038,778 and 1,130,020 of unvested stock awards) as of December 31, 2025 and 2024, respectively	10	10	10	10	10
Capital surplus	1,320	1,291	1,263	1,247	1,034
Retained earnings	2,708	2,309	2,146	2,196	2,162
Accumulated other comprehensive loss	−44	−41	−53	−51	−79
Treasury stock, at cost: 20,422,329 and 19,719,796 shares as of December 31, 2025 and 2024, respectively	−734	−657	−660	−664	−587
Total MasTec, Inc. shareholders equity	3,259	2,912	2,706	2,737	2,540
Non-controlling interests	75	75	15	4	4
Total equity	3,335	2,987	2,721	2,741	2,544
Total liabilities and equity	9,924	8,975	9,374	9,293	7,121

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Non-cash stock-based compensation expense	34	33	33	27	25
Provision for (benefit from) deferred income taxes	115	−34	−141	10	52
Gains on sales and impairments of assets, net	−18	−24	−21	−40	−36
Non-cash interest expense, net	5	6	6	4	3
Other non-cash items, net	3	14	9	5	−12
Accounts receivable	−141	30	45	6	149
Contract assets	−447	208	−54	−304	49
Inventories	−3	26	33	−21	10
Other assets, current and long-term portion	−65	21	75	69	−36
Accounts payable and accrued expenses	251	−162	166	192	−104
Contract liabilities	−7	248	49	−39	11
Other liabilities, current and long-term portion	3	71	−38	−69	−37
Net cash provided by operating activities	546	1,122	687	352	793
Cash paid for acquisitions, net of cash acquired	−71	−80	−69	−636	−1,245
Capital expenditures	−260	−149	−193	−263	−170
Proceeds from sales of property and equipment	56	66	84	81	65
Payments for other investments	−1	−801,000	−2	−4	−10
Proceeds from other investments	4	2	425,000	400,000	557,000
Other investing activities, net	5	5	2	43,000	2
Net cash used in investing activities	−267	−157	−178	−821	−1,357
Proceeds from credit facilities and term loans	5,597	4,099	4,378	4,065	1,503
Repayments of credit facilities and term loans	−5,542	−5,253	−4,510	−3,241	−812
Proceeds from issuance of 5.900% senior notes	0	550	0	0	0
Repayments of 6.625% senior notes	0	−224	0	0	0
Payments of finance lease obligations	−161	−154	−168	−181	−159
Repurchases of common stock	−77	0	0	−81	0
Payments of acquisition-related contingent consideration	−42	−25	−22	−35	−22
Payments for acquisition-related contingent assets	0	−12	0	−18	0
Payments to non-controlling interests, including acquisition of interests and distributions	−25	−33	−14	−728,000	−9
Payments for stock-based awards	−6	−3	−10	−4	−6
Other financing activities, net	−28	−36	−5	−23	6
Net cash used in financing activities	−283	−1,090	−351	481	502
Effect of currency translation on cash	1	−4	751,000	−2	−227,000
Net (decrease) increase in cash and cash equivalents	−4	−130	159	10	−62
Interest paid	176	195	238	106	62
Income taxes paid, net of refunds	44	44	10	9	69
Additions to property and equipment from finance leases and other financing arrangements	229	151	148	232	160

Filings

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