MASTEC INCMTZ

MASTEC INC Earnings Per Share Disclosure

10-KFiled Feb 26, 20262 min read
Earnings Per Share
Basic earnings or loss per share is computed by dividing net income or loss attributable to MasTec by the weighted average number of common shares outstanding for the period, which excludes non-participating unvested restricted share awards. Diluted earnings per share is computed by dividing net income attributable to MasTec by the weighted average number of fully diluted shares, as calculated primarily under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as issued but unvested restricted shares. If the Company reports a loss, rather than income, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents if their effect would be anti-dilutive.
The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands):
Year Ended December 31,
202520242023
Net income (loss) attributable to MasTec:
Net income (loss) - basic and diluted (a)
$399,042 $162,788 $(49,949)
Weighted average shares outstanding:
Weighted average shares outstanding - basic77,866 78,049 77,535 
Dilutive common stock equivalents (b)
828 831 — 
Weighted average shares outstanding - diluted78,694 78,880 77,535 
(a)    Net income or loss is calculated as total net income or loss, less amounts attributable to non-controlling interests.
(b)    For the years ended December 31, 2025, 2024 and 2023, anti-dilutive common stock equivalents totaled approximately 11,000, 16,000 and 1,100,000, respectively.
Share repurchases. For the year ended December 31, 2025, the Company repurchased 702,533 shares of its common stock, the effect of which on the Company’s weighted average shares outstanding for the related period was a reduction of approximately 539,000 shares. See Note 12 - Equity for details of the Company’s share repurchase transactions.
Shares issued for acquisitions. The Company has issued shares of its common stock in connection with certain acquisitions. In the fourth quarter of 2024, the Company issued approximately 93,000 shares in connection with the 2021 acquisition of Henkels & McCoy Holdings, Inc., formerly known as Henkels & McCoy Group, Inc. (“HMG”). See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net for additional information. In 2023, the Company issued approximately 4,000 shares of its common stock in connection with the 2022 acquisition of Infrastructure and Energy Alternatives, Inc. (“IEA”).

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 28, 2025
2023Mar 1, 2024
2022Mar 16, 2023
2021Mar 1, 2022
2020Feb 25, 2021
2019Feb 27, 2020
2018Feb 28, 2019
2017Feb 27, 2018
2016Feb 24, 2017
2015Feb 26, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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