MASTEC INCMTZ
MASTEC INC Segments Disclosure
Segments and Related Information
Segment Discussion
The Company manages its operations under five operating segments, which represent its five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other. The reportable segments comprise the structure used by the Company’s Chief Executive Officer who is determined to be the Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance. This structure is generally focused on broad end-user markets for the Company’s labor-based construction services. All five reportable segments derive their revenue primarily from the engineering, installation and maintenance of infrastructure, primarily in North America.
The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications and digital infrastructure, primarily for wireless and wireline/fiber networks, data center buildout and interconnection, wireless integration and optimization and install-to-the-home services, as well as select utility infrastructure, among others. The Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets through the installation and construction of power generation facilities, primarily from clean energy and renewable sources, such as wind, solar, biomass, natural gas and hydrogen, as well as battery storage systems for renewable energy; various types of heavy civil and industrial infrastructure services, including roads, bridges and rail; and environmental remediation services. The Power Delivery segment primarily serves the energy, utility and data center infrastructure industries through the engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas lines, power reserve and battery infrastructure, and distribution network systems, substations and grid modernization; emergency restoration services following natural disasters and accidents; and environmental planning and compliance services. The Pipeline Infrastructure segment performs engineering, construction, maintenance and other services for pipeline infrastructure, including natural gas, water and carbon capture sequestration pipelines, as well as pipeline integrity, including the repair of pipeline infrastructure and facilitating their safe use throughout their lifecycle, and other services for the energy and utilities industries. The Other segment includes certain equity investees, the services of which may vary from those provided by the Company’s primary segments, as well as other small business units with activities in certain international end-markets.
In the first quarter of 2025, the Company made changes to its Communications and Power Delivery segment structures to more closely align with the segments’ end markets and to better correspond with the operational management reporting structure of both segments. These changes included moving a component with utility operations previously reported in the Communications segment to the Power Delivery segment. These changes did not impact the Company’s consolidated financial statements, but did impact its reportable segments, including historical financial information. The segment data presented below have been recast for the historical periods to reflect these segment changes.
The accounting policies of the reportable segments are the same as those described in Note 1 - Business, Basis of Presentation and Significant Accounting Policies. Intercompany revenue and costs among the reportable segments are accounted for as if the sales were to third parties because these items are based on negotiated fees between the segments involved. All intercompany transactions and balances are eliminated in consolidation. Intercompany revenue and costs between entities within a reportable segment are eliminated to arrive at segment totals.
Eliminations between segments are separately presented. Corporate results include amounts related to corporate and administrative functions, such as treasury, legal and other professional activities, including certain settlements; changes in the fair value of Earn-outs, other liabilities and certain investments; acquisition-related transaction costs; and other discrete items, including certain integration activities and debt transaction costs. Segment results include certain allocations of centralized costs such as general liability, medical and workers’ compensation, and auto liability insurance and certain information technology and interest costs, as well as certain discrete items, including certain acquisition and business integration and/or streamlining costs. Income tax expense, which is recorded within Corporate results, is managed on a consolidated basis and is not allocated to the reportable segments.
EBITDA is the measure of profitability used by the Company’s CODM to manage its segments and for segment reporting purposes. As appropriate, the Company supplements the reporting of its consolidated financial information determined in accordance with U.S. GAAP with certain non-U.S. GAAP financial measures, including EBITDA. The Company believes these non-U.S. GAAP measures provide meaningful information and help investors understand the Company’s financial results and assess its prospects for future performance. The Company uses EBITDA to evaluate its performance, both internally and as compared with its peers, because it excludes certain items that may not be indicative of the Company’s core operating results for its reportable segments, as well as items that can vary widely across different industries or among companies within the same industry. Segment EBITDA is used to allocate resources, such as employees, financial and capital resources, for each segment and management monitors segment results compared to prior period, forecasted results and the annual plan. Segment EBITDA is calculated in a manner consistent with consolidated EBITDA.
Summarized financial information for MasTec’s reportable segments is presented and reconciled to consolidated financial information for total MasTec in the following tables, including a reconciliation of segment EBITDA to consolidated income (loss) before income taxes, all of which are presented in millions. The tables below, which may contain slight summation differences due to rounding, reflect certain financial data for each reportable segment and have been recast as described above.
| Year Ended December 31, | Communications | Clean Energy and Infrastructure | Power Delivery | Pipeline Infrastructure | Other | Eliminations | Total Reportable Segments | ||||||||||||||||||||||||||||||||||
2025: | |||||||||||||||||||||||||||||||||||||||||
Revenue (a) | $ | 3,339.1 | $ | 4,699.6 | $ | 4,176.1 | $ | 2,137.8 | $ | — | $ | (53.4) | $ | 14,299.2 | |||||||||||||||||||||||||||
| Costs of revenue, excluding depreciation and amortization | 2,953.4 | 4,156.0 | 3,686.2 | 1,762.3 | — | (53.2) | 12,504.7 | ||||||||||||||||||||||||||||||||||
Other segment items (b) | 76.2 | 195.0 | 151.1 | 57.6 | (30.8) | (0.2) | 448.9 | ||||||||||||||||||||||||||||||||||
| EBITDA | $ | 309.5 | $ | 348.6 | $ | 338.8 | $ | 317.9 | $ | 30.8 | $ | — | $ | 1,345.6 | |||||||||||||||||||||||||||
2024: (c) | |||||||||||||||||||||||||||||||||||||||||
Revenue (a) | $ | 2,524.2 | $ | 4,092.1 | $ | 3,612.7 | $ | 2,133.6 | $ | — | $ | (59.1) | $ | 12,303.5 | |||||||||||||||||||||||||||
| Costs of revenue, excluding depreciation and amortization | 2,222.5 | 3,639.8 | 3,162.7 | 1,689.7 | — | (59.0) | 10,655.7 | ||||||||||||||||||||||||||||||||||
Other segment items (b) | 81.6 | 195.3 | 148.7 | 54.5 | (26.2) | (0.1) | 453.7 | ||||||||||||||||||||||||||||||||||
| EBITDA | $ | 220.1 | $ | 257.0 | $ | 301.3 | $ | 389.4 | $ | 26.2 | $ | — | $ | 1,194.1 | |||||||||||||||||||||||||||
2023: (c) | |||||||||||||||||||||||||||||||||||||||||
Revenue (a) | $ | 2,366.4 | $ | 3,962.0 | $ | 3,625.1 | $ | 2,072.8 | $ | — | $ | (30.4) | $ | 11,995.9 | |||||||||||||||||||||||||||
| Costs of revenue, excluding depreciation and amortization | 2,085.7 | 3,616.9 | 3,186.5 | 1,731.5 | 1.1 | (29.9) | 10,591.8 | ||||||||||||||||||||||||||||||||||
Other segment items (b) | 101.7 | 212.7 | 140.6 | 56.9 | (26.1) | (0.5) | 485.3 | ||||||||||||||||||||||||||||||||||
| EBITDA | $ | 179.0 | $ | 132.4 | $ | 298.0 | $ | 284.4 | $ | 25.0 | $ | — | $ | 918.8 | |||||||||||||||||||||||||||
(a) Total consolidated revenue equals total reportable segment revenue of $14,299.2 million, $12,303.5 million and $11,995.9 million for the years ended December 31, 2025, 2024 and 2023, respectively, as there is no revenue recorded within Corporate results.
(b) For each of the years ended December 31, 2025, 2024 and 2023, other segment items for each reportable segment includes general and administrative expenses, equity in earnings or losses of unconsolidated affiliates, net, and other income or expense, net.
(c) Recast to reflect 2025 segment changes.
| Year Ended December 31, | |||||||||||||||||
| Reconciliation of Segment EBITDA to Income (Loss) Before Income Taxes: | 2025 | 2024 | 2023 | ||||||||||||||
| Segment EBITDA | $ | 1,345.6 | $ | 1,194.1 | $ | 918.8 | |||||||||||
| Less: | |||||||||||||||||
| Interest expense, net | 173.0 | 193.3 | 234.4 | ||||||||||||||
| Depreciation | 295.9 | 366.8 | 433.9 | ||||||||||||||
| Amortization | 131.2 | 139.9 | 169.2 | ||||||||||||||
| Corporate | 230.2 | 243.3 | 163.9 | ||||||||||||||
| Income (loss) before income taxes | $ | 515.4 | $ | 251.0 | $ | (82.7) | |||||||||||
For the years ended December 31, 2025 and 2024, Corporate results included approximately $0.7 million and $10.7 million, respectively, of expenses related to changes in fair value of acquisition-related contingent items, and for the year ended December 31, 2023, such activity included income of approximately $13.9 million. In addition, for the year ended December 31, 2024, Corporate results included a loss on debt extinguishment of $11.3 million, and for the year ended December 31, 2023, Corporate results included fair value losses related to an investment of $0.2 million. For the year ended December 31, 2023, Communications, Clean Energy and Infrastructure, and Power Delivery EBITDA included $22.5 million, $37.1 million, and $8.5 million, respectively, of acquisition and integration costs related to certain transformative acquisitions, and Corporate results included $3.8 million of such costs. These acquisition and integration activities were completed in the fourth quarter of 2023.
| Year Ended December 31, | |||||||||||||||||
| Depreciation and Amortization: | 2025 | 2024 | 2023 | ||||||||||||||
| Communications | $ | 60.3 | $ | 74.4 | $ | 84.0 | |||||||||||
| Clean Energy and Infrastructure | 108.1 | 123.0 | 144.2 | ||||||||||||||
| Power Delivery | 142.3 | 170.2 | 211.7 | ||||||||||||||
| Pipeline Infrastructure | 107.4 | 128.8 | 152.9 | ||||||||||||||
| Other | — | — | — | ||||||||||||||
| Corporate | 9.0 | 10.2 | 10.4 | ||||||||||||||
| Consolidated depreciation and amortization | $ | 427.1 | $ | 506.6 | $ | 603.2 | |||||||||||
| As of December 31, | |||||||||||||||||
| Assets: | 2025 | 2024 | 2023 | ||||||||||||||
| Communications | $ | 1,962.3 | $ | 1,673.8 | $ | 1,729.1 | |||||||||||
| Clean Energy and Infrastructure | 2,816.6 | 2,706.4 | 2,978.8 | ||||||||||||||
| Power Delivery | 2,621.6 | 2,489.9 | 2,440.2 | ||||||||||||||
| Pipeline Infrastructure | 1,928.7 | 1,599.7 | 1,758.0 | ||||||||||||||
| Other | 364.0 | 318.2 | 305.0 | ||||||||||||||
| Corporate | 230.3 | 187.3 | 162.4 | ||||||||||||||
| Consolidated assets | $ | 9,923.5 | $ | 8,975.3 | $ | 9,373.5 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| Capital Expenditures: | 2025 | 2024 | 2023 | ||||||||||||||
| Communications | $ | 22.0 | $ | 16.8 | $ | 23.6 | |||||||||||
| Clean Energy and Infrastructure | 34.8 | 27.0 | 30.9 | ||||||||||||||
| Power Delivery | 78.7 | 72.7 | 56.7 | ||||||||||||||
| Pipeline Infrastructure | 100.2 | 27.5 | 76.0 | ||||||||||||||
| Other | — | — | — | ||||||||||||||
| Corporate | 24.3 | 4.9 | 5.7 | ||||||||||||||
| Consolidated capital expenditures | $ | 260.0 | $ | 148.9 | $ | 192.9 | |||||||||||
Foreign Operations. MasTec operates primarily within the United States and Canada. Revenue derived from foreign operations totaled $177.2 million, $93.3 million and $95.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. Revenue from foreign operations was derived primarily from the Company’s Canadian operations in its Pipeline Infrastructure segment. Long-lived assets held by the Company’s businesses in foreign countries included property and equipment, net, of $23.0 million, $25.3 million and $17.5 million, as of December 31, 2025, 2024 and 2023, respectively, and intangible assets and goodwill, net, of $108.8 million as of both December 31, 2025 and 2024, and $32.6 million as
of December 31, 2023. Substantially all of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations. As of each of December 31, 2025, 2024 and 2023, amounts due from customers from which foreign revenue was derived accounted for approximately 1% of the Company’s consolidated net accounts receivable position, which is calculated as accounts receivable, net, less deferred revenue.
Significant Customers. For the year ended December 31, 2025, AT&T represented approximately 10% of the Company’s total consolidated revenue. The Company’s relationship with AT&T is based upon multiple separate master service and other service agreements, including for maintenance services and construction/installation contracts for wireless and wireline, and for which the related revenue is included primarily within the Communications segment. No customer represented greater than 10% of the Company’s total consolidated revenue in either of the years ended December 31, 2024 and 2023. Revenue from governmental entities totaled approximately 13% of total revenue for both the years ended December 31, 2025 and 2024, and 11% for the year ended December 31, 2023, substantially all of which was derived from its U.S. operations.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Mar 1, 2024 | |
| 2022 | Mar 16, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.