MasTec, Inc.
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals.
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The following is a discussion and analysis of our business, financial condition and results of operations for the quarterly period ended March 31, 2026 and relevant prior periods. This discussion and analysis should be read in conjunction with our consolidated financial statements and notes thereto in Item 1 of this Quarterly Report on Form 10-Q (this “Form 10-Q”), and the audited consolidated financial statements, accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) contained in our 2025 Form 10-K. In this MD&A, “$” means U.S. dollars unless specified otherwise.
General Economic, Market and Regulatory Conditions
As disclosed within our “Risk Factors” in our 2025 Form 10-K, we are subject to risks related to, among other factors, tariffs and trade actions and geopolitical events that may affect macroeconomic conditions, supply chains, costs and customer demand. Recent geopolitical tensions, most notably conflicts in the Middle East, have contributed to increased volatility and uncertainty in the energy and capital markets, including higher fuel prices used to operate our fleet of vehicles, machinery and equipment, and such volatility could persist if these events are prolonged or escalate. At the same time, a heightened focus on domestic energy security and independence may incentivize oil and gas development and increase demand for renewable alternatives. During 2025 and continuing into 2026, the U.S. government announced or imposed a variety of tariff or other trade actions, prompting retaliatory measures by many countries, including tariffs on U.S. exports and restrictions on certain foreign exports. On February 20, 2026, the U.S. Supreme Court invalidated tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). Following this decision, the U.S. presidential administration announced its intention to invoke other laws to impose tariffs and announced new tariffs on all countries, in addition to existing non-IEEPA tariffs. Further, on April 2, 2026, the administration issued a Presidential Proclamation under Section 232 of the Trade Expansion Act of 1962 modifying and strengthening existing tariff regimes on aluminum, steel, and copper imports. Collectively, these trade actions have increased the cost of importing certain construction materials into the U.S., including steel, concrete, copper and solar panels, and have contributed to disruption, uncertainty, and volatility in international trade and supply chains. Significant uncertainty remains regarding the status of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended.
We continue to monitor these developments and to evaluate potential impacts and mitigating strategies that we or our customers may implement; however, although these trade actions and ongoing geopolitical events have not had a material impact on our results of operations to date, the related uncertainty and potential changes in trade policy or geopolitical conditions could affect our customers’ capital spending plans, supply chains and operating costs, which could, in turn, adversely affect demand for our services in future periods.
Additionally, on July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the United States increasing federal support for oil and gas production while reducing support for renewable energy and infrastructure. In particular, the acceleration of the phaseout of certain clean energy tax credits established under the Inflation Reduction Act may affect the timing and long-term demand for certain renewable energy projects, while other provisions incentivize oil and gas development as well as to support energy infrastructure such as carbon capture and energy storage. The OBBBA, along with other evolving trade and immigration policies, may have both positive and negative effects on our business, including, but not limited to, shifts in the timing, type and scope of customer projects, fluctuations in demand for our services, and changes in capital and labor costs, including availability.
We will continue to monitor the market and economic conditions. The extent to which general economic, market, political and regulatory conditions could affect our business, operations and financial results is uncertain as it will depend upon numerous evolving factors that we may not be able to accurately predict, and, therefore, any future impacts on our business, financial condition and/or results of operations cannot be quantified or predicted with specificity. For additional information regarding the effects of general economic, market and regulatory conditions, see Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our 2025 Form 10-K.
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Business Overview
We are a leading North American infrastructure engineering and construction company focused primarily on engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber; power delivery infrastructure, including transmission, distribution, grid hardening and modernization, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including the construction and maintenance of buildings, roads, bridges, rail, water/sewer systems and other civil infrastructure, including data center infrastructure; and environmental remediation services. Our customers are primarily in these industries. Including our predecessor companies, we have been in business for over 95 years. As of March 31, 2026, we had approximately 37,000 employees and 790 locations. We offer our services under the MasTec® and other service marks and we are ranked among the top five contractors within Engineering News-Record’s Top 400 Contractors.
We provide integrated, solutions-based services to a diversified base of customers and a significant portion of our services are provided under master service and other service agreements, which are generally multi-year agreements. The remainder of our work is generated pursuant to contracts for specific projects or jobs that require the construction or installation of an entire infrastructure system or specified units within an infrastructure system.
We manage our operations under five operating segments, which represent our five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other. This structure is generally focused on broad end-user markets for our labor-based construction services.
Backlog
Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers. Based on current expectations of our customers’ requirements, we anticipate that we will realize approximately 58% of our estimated March 31, 2026 backlog in 2026. The following table presents 18-month estimated backlog by reportable segment as of the dates indicated:
| Reportable Segment (in millions): | March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||
Communications | $ | 5,501 | $ | 5,483 | $ | 4,906 | |||||||||
Clean Energy and Infrastructure | 7,279 | 6,506 | 4,416 | ||||||||||||
Power Delivery | 6,222 | 5,579 | 5,024 | ||||||||||||
Pipeline Infrastructure | 1,326 | 1,395 | 1,534 | ||||||||||||
Other | — | — | — | ||||||||||||
| Estimated 18-month backlog | $ | 20,328 | $ | 18,963 | $ | 15,880 | |||||||||
As of March 31, 2026, 44% of our backlog is estimated to be attributable to amounts under master service or other service agreements, pursuant to which our customers are not contractually committed to purchase a minimum amount of services. Most of these agreements can be canceled on short or no advance notice. Timing of revenue for construction and installation projects included in our backlog can be subject to change as a result of customer, regulatory or other delays or cancellations, including from factors relative to “General Economic, Market and Regulatory Conditions” mentioned above. These effects, among others, could cause estimated revenue to be realized in periods later than originally expected, or not at all. We occasionally experience postponements, cancellations and reductions in expected future work due to these effects and/or other factors. There can be no assurance as to our customers’ requirements or that actual results will be consistent with the estimates included in our forecasts. As a result, our backlog as of any particular date is an uncertain indicator of future revenue and earnings.
Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Backlog differs from the amount of our remaining performance obligations, which are described in Note 1 – Business, Basis of Presentation and Significant Accounting Policies in the notes to the consolidated financial statements, which is incorporated by reference. As of March 31, 2026, total 18-month backlog differed from the amount of our remaining performance obligations due primarily to the inclusion of $8.4 billion of estimated future revenue under master service and other service agreements within our backlog estimates, as described above, and the exclusion of approximately $4.3 billion of remaining performance obligations and estimated future revenue under master service and other service agreements in excess of 18 months, which amount is not included in the backlog estimates above. Backlog expected to be realized in 2026 differs from the amount of remaining performance obligations expected to be recognized for the same period due primarily to the inclusion of approximately $3.1 billion of estimated future revenue under master service and other service agreements included within our backlog estimate, which is not included within our remaining performance obligations for the same period.
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Economic, Industry and Market Factors
We closely monitor the effects of changes in economic, industry and market conditions on our customers, including the potential effects of the factors discussed above in “General Economic, Market and Regulatory Conditions,” which can affect demand for our customers’ products and services and can increase or decrease our customers’ planned capital and maintenance budgets in certain end-markets. Any of these factors and effects, as well as mergers and acquisitions or other business transactions among the customers we serve, could affect demand for our services, or the cost to provide such services and our profitability. For additional information regarding the potential effects of economic, industry and market factors on our business, see Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our 2025 Form 10-K.
Effect of Seasonality and Cyclical Nature of Business
Our revenue and results of operations are cyclical and can be subject to seasonal and other variations. For additional information regarding the effects of seasonality and the cyclical nature of our business, see Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our 2025 Form 10-K.
Critical Accounting Policies and Estimates
This discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of our consolidated financial statements requires the use of estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. A summary of our critical accounting estimates is included in the Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our 2025 Form 10-K. We are required to make estimates and judgments in the preparation of our financial statements that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures. We continually review these estimates and their underlying assumptions to ensure they are appropriate for the circumstances. Changes in the estimates and assumptions we use could have a material impact on our financial results. During the three months ended March 31, 2026, there were no material changes in our critical accounting estimates or policies previously disclosed in our 2025 Form 10-K.
Results of Operations
Comparison of Consolidated Results
The following tables, which may contain slight summation differences due to rounding, reflect our consolidated results of operations in dollar and percentage of revenue terms for the periods indicated (dollar amounts in millions). Our consolidated results of operations are not necessarily comparable from period to period due to the effect of recent acquisitions and certain other items, as appropriate, which are described in the comparison of results section below. In our discussions, “acquisition” results are defined as results from acquired businesses for the first twelve months following the dates of the respective acquisitions, with the balance of results for a particular item attributed to “organic” activity. Unless otherwise stated, comparisons are for the quarters ended March 31, 2026 and 2025.
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
| Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | $ | 3,828.8 | 100.0 | % | $ | 2,847.7 | 100.0 | % | $ | 981.1 | 34.5 | % | ||||||||||||||||||||||||||||||||||||||
| Costs of revenue, excluding depreciation and amortization | 3,350.9 | 87.5 | % | 2,536.6 | 89.1 | % | 814.3 | 32.1 | % | |||||||||||||||||||||||||||||||||||||||||
| Depreciation | 83.3 | 2.2 | % | 76.2 | 2.7 | % | 7.1 | 9.3 | % | |||||||||||||||||||||||||||||||||||||||||
| Amortization of intangible assets | 38.6 | 1.0 | % | 32.6 | 1.1 | % | 6.0 | 18.3 | % | |||||||||||||||||||||||||||||||||||||||||
| General and administrative expenses | 214.2 | 5.6 | % | 166.1 | 5.8 | % | 48.2 | 29.0 | % | |||||||||||||||||||||||||||||||||||||||||
| Operating income | $ | 141.8 | 3.7 | % | $ | 36.2 | 1.3 | % | $ | 105.6 | 291.8 | % | ||||||||||||||||||||||||||||||||||||||
| Interest expense, net | 43.5 | 1.1 | % | 39.0 | 1.4 | % | 4.4 | 11.3 | % | |||||||||||||||||||||||||||||||||||||||||
| Equity in losses (earnings) of unconsolidated affiliates, net | 3.6 | 0.1 | % | (10.3) | (0.4) | % | 13.9 | NM | ||||||||||||||||||||||||||||||||||||||||||
| Other expense (income), net | 3.3 | 0.1 | % | (1.5) | (0.1) | % | 4.8 | NM | ||||||||||||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 91.5 | 2.4 | % | $ | 8.9 | 0.3 | % | $ | 82.5 | NM | |||||||||||||||||||||||||||||||||||||||
| (Provision for) benefit from income taxes | (21.8) | (0.6) | % | 3.4 | 0.1 | % | (25.2) | NM | ||||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 69.7 | 1.8 | % | $ | 12.3 | 0.4 | % | $ | 57.3 | 465.1 | % | ||||||||||||||||||||||||||||||||||||||
| Net income attributable to non-controlling interests | 8.8 | 0.2 | % | 2.4 | 0.1 | % | 6.4 | 264.0 | % | |||||||||||||||||||||||||||||||||||||||||
| Net income attributable to MasTec, Inc. | $ | 60.8 | 1.6 | % | $ | 9.9 | 0.3 | % | $ | 50.9 | NM | |||||||||||||||||||||||||||||||||||||||
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Revenue. On a consolidated basis, revenue increased by $981 million, or 34%, driven by our segment results as follows: revenue increased in our Clean Energy and Infrastructure segment by approximately $414 million, or 45%, in our Pipeline Infrastructure segment by approximately $326 million, or 91%, in our Power Delivery segment by approximately $146 million, or 16%, and in our Communications segment by approximately $121 million, or 18%. Acquisitions contributed $169 million of increased revenue for the three months ended March 31, 2026, whereas organic revenue increased by approximately $813 million, or 29%, as compared with the same period in 2025. See below for details of revenue by segment.
Costs of revenue, excluding depreciation and amortization. Higher levels of revenue contributed an increase of $874 million in costs of revenue, excluding depreciation and amortization, and improved productivity contributed a decrease of approximately $60 million. Costs of revenue, excluding depreciation and amortization, as a percentage of revenue, decreased by approximately 160 basis points to 87.5% of revenue for the three months ended March 31, 2026 from 89.1% of revenue for the same period in 2025. The basis point decrease was due to a combination of project mix and improved project efficiencies, primarily within our Pipeline Infrastructure segment.
Depreciation. As a percentage of revenue, depreciation decreased by approximately 50 basis points, due primarily to higher levels of revenue.
Amortization of intangible assets. Acquisitions contributed approximately $9 million of amortization for the three months ended March 31, 2026, and organic amortization decreased by approximately $3 million, or 9%, due primarily to timing of amortization of intangible assets. As a percentage of revenue, amortization of intangible assets decreased by approximately 10 basis points as compared with the same period in 2025 due, in part, to higher levels of revenue.
General and administrative expenses. Acquisitions contributed $6 million of general and administrative expenses for the three months ended March 31, 2026. Organic general and administrative expenses also increased by approximately $42 million, or 25%, as compared with the same period in 2025, primarily due to an increase in compensation expense, including stock-based compensation and insurance to support business growth, a $10 million increase from changes in the fair value of contingent consideration payable to former owners of an acquired business, approximately $1 million of an increase from changes to estimated Earn-out accruals, and a decrease in net gains on asset sales. Overall, general and administrative expenses decreased by approximately 20 basis points as a percentage of revenue for the three months ended March 31, 2026 as compared with the same period in 2025 due, in part, to higher levels of revenue.
Interest expense, net. The increase in interest expense, net, resulted primarily from higher average balances on our variable rate debt, which accounted for an increase in interest expense of approximately $4 million.
Equity in losses (earnings) of unconsolidated affiliates, net. For the three months ended March 31, 2026, losses from unconsolidated affiliates, net, totaled approximately $4 million, related primarily to an other-than-temporary impairment of $7.9 million on an equity method investment, partially offset by earnings from our investment in the Waha JVs. For the three months ended March 31, 2025, equity in earnings from unconsolidated affiliates, net, totaled approximately $10 million, and related primarily to our investment in the Waha JVs.
Other expense (income), net. For the three months ended March 31, 2026, other expense, net, consisted primarily of approximately $7 million of certain exit costs and other charges, offset, in part, by a gain on the sale of our 15% equity interest in CCI and other miscellaneous income. For the three month period ended March 31, 2025, other income, net, consisted primarily of approximately $2 million of other miscellaneous income, net.
(Provision for) benefit from income taxes. For the three months ended March 31, 2026, our effective tax rate was 23.8% as compared with (37.8)% for the same period in 2025. Our effective tax rate for the three months ended March 31, 2026 included income tax benefits primarily due to the vesting of share-based payment awards, offset, in part, by the effects of a higher state income tax rate, whereas for the three months ended March 31, 2025, our effective tax rate included an income tax benefit primarily due to the reversal of uncertain tax position liabilities related to a state audit, offset, in part, by pre-tax income.
Net income attributable to non-controlling interests. Net income attributable to non-controlling interests was $9 million for the three months ended March 31, 2026, as compared with $2 million for the same period in 2025. The increase was primarily attributable to the increase in activity of certain entities within the Pipeline Infrastructure segment with minority interest holders.
Analysis of Revenue and EBITDA by Segment
We review our operating results by reportable segment. See Note 12 – Segments and Related Information in the notes to the consolidated financial statements, which is incorporated by reference. Our reportable segments are: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other. Management’s review of segment results includes analyses of trends in revenue, EBITDA and EBITDA margin. EBITDA for segment reporting purposes is calculated consistently with our consolidated EBITDA calculation. EBITDA margin is calculated by dividing EBITDA by revenue for the same period. See the discussion of our non-U.S. GAAP financial measures, including certain adjusted non-U.S. GAAP measures, as described below, following the comparison of results discussion. The following tables, which may contain slight summation differences due to rounding, present revenue, EBITDA and EBITDA margin by segment for the periods indicated (dollar amounts in millions).
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Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
| Revenue | EBITDA and EBITDA Margin | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Change | Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment: | 2026 | 2025 | $ | % | 2026 (a) | 2025 | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Communications | $ | 802.1 | $ | 680.9 | $ | 121.2 | 17.8 | % | $ | 46.8 | 5.8 | % | $ | 46.8 | 6.9 | % | $ | 0.0 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Clean Energy and Infrastructure | 1,329.4 | 915.8 | 413.6 | 45.2 | % | 89.0 | 6.7 | % | 57.1 | 6.2 | % | 31.9 | 55.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Power Delivery | 1,046.1 | 899.7 | 146.4 | 16.3 | % | 72.0 | 6.9 | % | 51.3 | 5.7 | % | 20.7 | 40.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pipeline Infrastructure | 682.5 | 356.5 | 326.0 | 91.5 | % | 144.9 | 21.2 | % | 44.5 | 12.5 | % | 100.4 | 225.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | — | — | — | — | % | (10.4) | NM | 8.0 | NM | (18.4) | NM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eliminations (b) | (31.3) | (5.2) | (26.2) | NM | (5.2) | NM | — | — | % | (5.2) | NM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Total | $ | 3,828.8 | $ | 2,847.7 | $ | 981.1 | 34.5 | % | $ | 337.1 | 8.8 | % | $ | 207.7 | 7.3 | % | $ | 129.4 | 62.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate | — | — | — | — | % | (80.3) | — | % | (50.9) | — | % | (29.4) | 57.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Total | $ | 3,828.8 | $ | 2,847.7 | $ | 981.1 | 34.5 | % | $ | 256.8 | 6.7 | % | $ | 156.8 | 5.5 | % | $ | 100.0 | 63.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NM - Percentage is not meaningful
(a) For three months ended March 31, 2026 the Other segment EBITDA included approximately $8 million of an other-than-temporary impairment related to an equity method investment.
(b) Represents intersegment eliminations and adjustments related to transactions entered into in the normal course of business.
Communications Segment Results
Revenue. The increase in revenue was driven primarily by organic growth resulting from higher levels of wireless and wireline project activity.
EBITDA. As a percentage of revenue, EBITDA decreased by approximately 100 basis points, or $8 million, primarily due to costs to exit certain markets in our install-to-the-home business. Higher levels of revenue resulted in an increase in EBITDA of approximately $8 million.
Clean Energy and Infrastructure Segment Results
Revenue. Acquisitions contributed $125 million of revenue for the three months ended March 31, 2026, and organic revenue increased by approximately $289 million, or 32%, as compared with the same period in 2025. The increase in organic revenue was due primarily to higher levels of project activity and mix, primarily in renewable and general building projects, including data-center related project activity.
EBITDA. As a percentage of revenue, EBITDA increased by approximately 50 basis points, or $6 million, due to a combination of project mix, improved productivity and efficiencies, primarily from certain renewable and general building project work. Higher levels of revenue resulted in an increase in EBITDA of approximately $26 million.
Power Delivery Segment Results
Revenue. The increase in revenue was due primarily to higher levels of project activity, including timing-related increases in transmission and distribution-related project work, offset, in part, by a decrease in substation-related project activity.
EBITDA. As a percentage of revenue, EBITDA increased by approximately 120 basis points, or $12 million, primarily due to the non-recurrence in the current period of reduced efficiencies at certain project sites in the prior year period. Higher levels of revenue resulted in an increase in EBITDA of approximately $8 million.
Pipeline Infrastructure Segment Results
Revenue. The increase in revenue was due primarily to higher levels of midstream pipeline project activity.
EBITDA. As a percentage of revenue, EBITDA increased by approximately 870 basis points, or $60 million, due primarily to improved efficiencies, as well as the effects of project mix. Higher levels of revenue contributed an increase in EBITDA of approximately $41 million.
Other Segment Results
EBITDA. The EBITDA loss from Other businesses relates primarily to an other-than-temporary impairment related to an equity method investment and other related charges, offset, in part, by equity in earnings from our investments in the Waha JVs.
Corporate Results
EBITDA. For the three months ended March 31, 2026, Corporate EBITDA included approximately $2 million of expense, net, from changes to estimated Earn-out accruals and approximately $9 million of expense, net, from the changes in the fair value of contingent consideration payable to former owners of an acquired business. For the three months ended March 31, 2025, Corporate EBITDA included approximately $1 million of expense, net, from changes to estimated Earn-out accruals and approximately $1 million of income, net, from the changes in the fair value of contingent consideration payable to former owners of an acquired business. Corporate expenses for the three months ended March 31, 2026 not related to the above-described items increased by approximately $18 million as compared with the same period in 2025, due primarily to increases in insurance, compensation, including stock-based compensation, and the effects of timing of ordinary course legal and other settlement matters.
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Non-U.S. GAAP Financial Measures
As appropriate, we supplement our reported U.S. GAAP financial information with certain non-U.S. GAAP financial measures, including earnings before interest, income taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA (“Adjusted EBITDA”), adjusted net income (“Adjusted Net Income”), adjusted net income attributable to MasTec, Inc. (“Adjusted Net Income Attributable to MasTec, Inc.”) and adjusted diluted earnings per share (“Adjusted Diluted Earnings Per Share”). These “adjusted” non-U.S. GAAP measures exclude, as applicable to the respective periods, non-cash stock-based compensation expense, changes in fair value of acquisition-related contingent items and impairments of equity method investments, as more fully described below; and, for Adjusted Net Income, Adjusted Net Income Attributable to MasTec, Inc. and Adjusted Diluted Earnings Per Share, amortization of intangible assets and the tax effects of the adjusted items. These definitions of EBITDA and Adjusted EBITDA are not the same as in our Credit Facility or in the indenture governing our senior notes; therefore, EBITDA and Adjusted EBITDA as presented in this discussion should not be used for purposes of determining our compliance with the covenants contained in our debt instruments.
We use EBITDA and Adjusted EBITDA, as well as Adjusted Net Income, Adjusted Net Income Attributable to MasTec, Inc. and Adjusted Diluted Earnings Per Share, to evaluate our performance, both internally and as compared with our peers, because these measures exclude certain items that may not be indicative of our core, or underlying, operating results, as well as items that can vary widely across different industries or among companies within the same industry. We believe that these adjusted measures provide a baseline for analyzing trends in our underlying business.
Non-cash stock-based compensation expense can be subject to volatility from changes in the market price per share of our common stock or variations in the value and number of shares granted. We also exclude intangible asset amortization and the effects of changes in fair value of acquisition-related contingent items from our non-U.S. GAAP financial measures due to their non-operational nature and inherent volatility, as activity, including from acquisitions, varies from period to period. Note that while intangible asset amortization related to the assets of acquired entities is excluded from our non-U.S. GAAP financial measures, the revenue and all other expenses of the acquired entities are included within our non-U.S. GAAP financial measures, unless otherwise stated. Acquisition-related contingent items consist of (i) changes in fair value of acquisition-related contingent consideration, which is composed of earn-outs, that are contingent upon the achievement of reaching certain post-acquisition levels of earnings and (ii) changes in fair value of additional payments in connection with the 2021 acquisition of Henkels & McCoy Holdings, Inc. based on the fluctuation of our share price and are contingent upon the post-acquisition collections of certain receivables. Additionally, we exclude impairments of equity method investments, as these charges do not reflect the ordinary course of the Company’s business and are not incurred on a predictable basis. We believe that this presentation is common practice within our industry and improves comparability of our results with those of our peers.
We believe that these non-U.S. GAAP financial measures provide meaningful information and help investors understand our financial results and assess our prospects for future performance. Because non-U.S. GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-U.S. GAAP financial measures having the same or similar names. Each company’s definitions of these adjusted measures may vary as they are not standardized and should be used together with the provided reconciliations. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported net income or diluted earnings per share, and should be viewed in conjunction with the most comparable U.S. GAAP financial measures and the provided reconciliations thereto. We believe these non-U.S. GAAP financial measures, when viewed together with our U.S. GAAP results and related reconciliations, provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.
The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA in dollar and percentage of revenue terms for the periods indicated. The tables below (dollar amounts in millions) may contain slight summation differences due to rounding.
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||
| EBITDA Reconciliation: | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
| Net income | $ | 69.7 | 1.8 | % | $ | 12.3 | 0.4 | % | |||||||||||||||||||||||||||||||
| Interest expense, net | 43.5 | 1.1 | % | 39.0 | 1.4 | % | |||||||||||||||||||||||||||||||||
| Provision for (benefit from) income taxes | 21.8 | 0.6 | % | (3.4) | (0.1) | % | |||||||||||||||||||||||||||||||||
| Depreciation | 83.3 | 2.2 | % | 76.2 | 2.7 | % | |||||||||||||||||||||||||||||||||
| Amortization of intangible assets | 38.6 | 1.0 | % | 32.6 | 1.1 | % | |||||||||||||||||||||||||||||||||
| EBITDA | $ | 256.8 | 6.7 | % | $ | 156.8 | 5.5 | % | |||||||||||||||||||||||||||||||
| Non-cash stock-based compensation expense | 8.3 | 0.2 | % | 6.9 | 0.2 | % | |||||||||||||||||||||||||||||||||
Next expected filings
- ~2026-07-30 10-Q expected by 2026-08-07 (in 90 days)
- ~2026-10-29 10-Q expected by 2026-11-06 (in 181 days)
- ~2027-02-25 10-K expected by 2027-02-27 (in 300 days)
- ~2027-04-29 10-Q expected by 2027-05-07 (in 363 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-04-30 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-04-30 10-Q Quarterly Report
- 2026-04-09 DEF 14A Proxy Statement
- 2026-02-26 10-K Annual Report
- 2026-02-26 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-10-30 10-Q Quarterly Report
- 2025-10-30 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-08-27 8-K Trading Blackout; Financial Statements and Exhibits
- 2025-07-31 10-Q Quarterly Report
- 2025-07-31 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-06-27 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2025-05-02 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-05-01 10-Q Quarterly Report
- 2025-04-22 8-K Mine Safety Violation
- 2025-02-28 10-K Annual Report