First Quarter 2026 Highlights
- Revenue of $3.8 billion, a first quarter record, increased 34% year-over-year
- Record 18-month backlog as of March 31, 2026 of $20.3 billion increased $4.4 billion year-over-year and $1.4 billion from the prior quarter, led by significant 65% year-over-year growth in Clean Energy and Infrastructure
- Diluted EPS of $0.77 and Adjusted Diluted EPS of $1.39, increased 516% and 174% year-over-year, respectively, and exceeded guidance expectations
- GAAP Net Income of $69.7 million and Adjusted EBITDA of $283.6 million, both first quarter records, increased by 465% and 73% year-over-year, respectively, and exceeded guidance expectations
- Increased Full Year Diluted EPS guidance to $6.77, a 33% year-over-year increase; Increased Full Year Adjusted Diluted EPS guidance to $8.79, a 34% year-over-year increase
CORAL GABLES, Fla.–(BUSINESS WIRE)–MasTec, Inc. (NYSE: MTZ) today announced first quarter 2026 financial results and increased full year 2026 financial guidance.
“We are pleased to report that first quarter financial performance posted strong double-digit year-over-year growth in both revenue and profitability, while also exceeding guidance in all respects as MasTec continues to execute on very strong customer demand across all of our end-markets,” said Jose Mas, MasTec’s Chief Executive Officer. “Our reported 34% revenue growth, including double-digit increases from all operating segments, was led by a 91% increase in Pipeline Infrastructure and a 45% increase in Clean Energy and Infrastructure. The strong demand and our operational discipline allowed us to significantly exceed first quarter guidance expectations. Our 18-month backlog included solid new bookings, up $4.4 billion compared to the prior year’s first quarter and up $1.4 billion sequentially from year-end.” Mr. Mas added, “Our strong first quarter performance is due in large part to the efforts of the thousands of MasTec operating team members and their focus on delivering customer value, safety and improving performance on every job site each and every day. They are the real heroes here, and I appreciate their tireless efforts and professionalism!”
“MasTec continued its trajectory of improved financial performance across all operating segments during the first quarter. Our first quarter performance, well ahead of guidance expectations, enabled us to further increase our expectations for the year. For the full year 2026, our updated guidance assumes strong 22% growth in revenue and 30% growth in Adjusted EBITDA versus the prior year,” said Paul DiMarco, MasTec’s Chief Financial Officer. “In addition to strong operating execution, our strong balance sheet offers ample flexibility to pursue our disciplined, returns focused capital allocation strategy to enhance shareholder value.”
First Quarter 2026 Results
|
Dollars in millions, except per share amounts |
1Q’26 |
|
1Q’25 |
|
Change |
||||||
|
Revenue |
$ |
3,829 |
|
|
$ |
2,848 |
|
|
|
34.5 |
% |
|
Operating income |
$ |
142 |
|
|
$ |
36 |
|
|
|
291.8 |
% |
|
GAAP net income |
$ |
70 |
|
|
$ |
12 |
|
|
|
465.1 |
% |
|
GAAP net income margin |
|
1.8 |
% |
|
|
0.4 |
% |
|
140 bps |
||
|
Adjusted net income |
$ |
118 |
|
|
$ |
42 |
|
|
|
178.4 |
% |
|
Adjusted EBITDA |
$ |
284 |
|
|
$ |
164 |
|
|
|
73.3 |
% |
|
Adjusted EBITDA margin |
|
7.4 |
% |
|
|
5.7 |
% |
|
170 bps |
||
|
GAAP diluted earnings per share |
$ |
0.77 |
|
|
$ |
0.13 |
|
|
|
516.5 |
% |
|
Adjusted diluted earnings per share |
$ |
1.39 |
|
|
$ |
0.51 |
|
|
|
174.1 |
% |
|
Cash provided by operating activities |
$ |
99 |
|
|
$ |
78 |
|
|
|
26.1 |
% |
|
Free cash flow |
$ |
12 |
|
$ |
45 |
|
(73.6 |
)% |
|||
|
18-month backlog |
$ |
20,328 |
|
|
$ |
15,880 |
|
|
|
28.0 |
% |
Revenue: Revenue increased by 34% in the period including double-digit growth contribution from all segments.
GAAP Net Income/GAAP Net Income Margin/GAAP Diluted EPS: The increase was primarily driven by increased year-over-year project volumes.
Adjusted EBITDA Margin: The increase was primarily driven by improved efficiencies within the Pipeline Infrastructure and Power Delivery segments, as well as a combination of project mix and improved productivity and efficiencies within the Clean Energy and Infrastructure segment, partially offset by costs to exit certain markets in our install-to-the-home business within the Communications segment.
Backlog: Strong 28% year-over-year growth driven most notably by the Clean Energy and Infrastructure segment, which increased 65%, including strong backlog additions in both renewables and infrastructure.
First Quarter 2026 Segment Highlights
Communications
|
Dollars in millions, unless noted |
1Q’26 |
|
1Q’25 |
|
Change |
||||||
|
Revenue |
$ |
802.1 |
|
|
$ |
680.9 |
|
|
17.8 |
% |
|
|
EBITDA |
$ |
46.8 |
|
|
$ |
46.8 |
|
|
0.1 |
% |
|
|
EBITDA margin % |
|
5.8 |
% |
|
|
6.9 |
% |
|
(100) bps |
||
Clean Energy and Infrastructure
|
Dollars in millions, unless noted |
1Q’26 |
|
1Q’25 |
|
Change |
||||||
|
Revenue |
$ |
1,329.4 |
|
|
$ |
915.8 |
|
|
45.2 |
% |
|
|
EBITDA |
$ |
89.0 |
|
|
$ |
57.1 |
|
|
55.9 |
% |
|
|
EBITDA margin % |
|
6.7 |
% |
|
|
6.2 |
% |
|
50 bps |
||
Power Delivery
|
Dollars in millions, unless noted |
1Q’26 |
|
1Q’25 |
|
Change |
||||||
|
Revenue |
$ |
1,046.1 |
|
|
$ |
899.7 |
|
|
16.3 |
% |
|
|
EBITDA |
$ |
72.0 |
|
|
$ |
51.3 |
|
|
40.3 |
% |
|
|
EBITDA margin % |
|
6.9 |
% |
|
|
5.7 |
% |
|
120 bps |
||
Pipeline Infrastructure
|
Dollars in millions, unless noted |
1Q’26 |
|
1Q’25 |
|
Change |
||||||
|
Revenue |
$ |
682.5 |
|
|
$ |
356.5 |
|
|
91.5 |
% |
|
|
EBITDA |
$ |
144.9 |
|
|
$ |
44.5 |
|
|
225.3 |
% |
|
|
EBITDA margin % |
|
21.2 |
% |
|
|
12.5 |
% |
|
870 bps |
||
2026 Financial Guidance Update
|
Dollars in millions, except per share amounts |
2Q’26E |
|
Full Year 2026E |
||||
|
Revenue |
$ |
4,300 |
|
$ |
17,500 |
||
|
GAAP net income |
$ |
150 |
|
$ |
575 |
||
|
Adjusted net income |
$ |
187 |
|
$ |
734 |
||
|
Adjusted EBITDA |
$ |
380 |
|
$ |
1,500 |
||
|
Adjusted EBITDA margin |
|
8.8 |
% |
|
|
8.6 |
% |
|
GAAP diluted earnings per share |
$ |
1.72 |
|
$ |
6.77 |
||
|
Adjusted diluted earnings per share |
$ |
2.20 |
|
$ |
8.79 |
||
Conference Call
MasTec will host a webcast of its quarterly earnings call to discuss these results on Friday, May 1, 2026, at 9:00 a.m. ET, which can be accessed through the Investors section of MasTec’s website at www.mastec.com. A replay of the webcast also will be available following the live event. The slide presentation that accompanies the conference call will also be posted on the MasTec Investors page.
About MasTec
MasTec, Inc. is 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. MasTec primarily operates under four business segments including Communications, serving both wireless and wireline/fiber infrastructure; Power Delivery, serving primarily utility customers in transmission and distribution markets; Pipeline Infrastructure serving energy and other customers with installation and maintenance services primarily for natural gas pipeline and distribution infrastructure; and Clean Energy and Infrastructure, providing renewable energy engineering and construction services, as well as for heavy civil and other industrial infrastructure markets. Learn more at www.mastec.com.
|
Consolidated Statements of Operations (unaudited – in thousands, except per share information)
|
|||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2026 |
|
2025 |
||||
|
Revenue |
$ |
3,828,801 |
|
|
$ |
2,847,718 |
|
|
Costs of revenue, excluding depreciation and amortization |
|
3,350,897 |
|
|
|
2,536,618 |
|
|
Depreciation |
|
83,281 |
|
|
|
76,225 |
|
|
Amortization of intangible assets |
|
38,613 |
|
|
|
32,636 |
|
|
General and administrative expenses |
|
214,208 |
|
|
|
166,050 |
|
|
Operating income |
$ |
141,802 |
|
|
$ |
36,189 |
|
|
Interest expense, net |
|
43,461 |
|
|
|
39,041 |
|
|
Equity in losses (earnings) of unconsolidated affiliates, net |
|
3,585 |
|
|
|
(10,313 |
) |
|
Other expense (income), net |
|
3,303 |
|
|
|
(1,483 |
) |
|
Income before income taxes |
$ |
91,453 |
|
|
$ |
8,944 |
|
|
(Provision for) benefit from income taxes |
|
(21,790 |
) |
|
|
3,383 |
|
|
Net income |
$ |
69,663 |
|
|
$ |
12,327 |
|
|
Net income attributable to non-controlling interests |
|
8,823 |
|
|
|
2,424 |
|
|
Net income attributable to MasTec, Inc. |
$ |
60,840 |
|
|
$ |
9,903 |
|
|
|
|
|
|
||||
|
Earnings per share: |
|
|
|
||||
|
Basic earnings per share |
$ |
0.78 |
|
|
$ |
0.13 |
|
|
Basic weighted average common shares outstanding |
|
77,950 |
|
|
|
78,192 |
|
|
|
|
|
|
||||
|
Diluted earnings per share |
$ |
0.77 |
|
|
$ |
0.13 |
|
|
Diluted weighted average common shares outstanding |
|
78,784 |
|
|
|
79,052 |
|
|
Consolidated Balance Sheets (unaudited – in thousands)
|
|||||||
|
|
March 31, |
|
December 31, |
||||
|
Assets |
|
|
|
||||
|
Current assets |
$ |
4,517,005 |
|
$ |
4,329,079 |
||
|
Property and equipment, net |
|
1,862,593 |
|
|
1,728,470 |
||
|
Operating lease right-of-use assets |
|
475,931 |
|
|
457,270 |
||
|
Goodwill, net |
|
2,351,567 |
|
|
2,248,992 |
||
|
Other intangible assets, net |
|
761,163 |
|
|
656,248 |
||
|
Other long-term assets |
|
473,256 |
|
|
503,483 |
||
|
Total assets |
$ |
10,441,515 |
|
$ |
9,923,542 |
||
|
Liabilities and equity |
|
|
|
||||
|
Current liabilities |
$ |
3,427,370 |
|
$ |
3,271,045 |
||
|
Long-term debt, including finance leases |
|
2,376,307 |
|
|
2,176,372 |
||
|
Long-term operating lease liabilities |
|
309,517 |
|
|
292,839 |
||
|
Deferred income taxes |
|
519,962 |
|
|
478,156 |
||
|
Other long-term liabilities |
|
378,425 |
|
|
370,609 |
||
|
Total liabilities |
$ |
7,011,581 |
|
$ |
6,589,021 |
||
|
Total equity |
$ |
3,429,934 |
|
$ |
3,334,521 |
||
|
Total liabilities and equity |
$ |
10,441,515 |
|
$ |
9,923,542 |
||
|
Consolidated Statements of Cash Flows (unaudited – in thousands)
|
|||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2026 |
|
2025 |
||||
|
Net cash provided by operating activities |
$ |
98,854 |
|
|
$ |
78,365 |
|
|
Net cash used in investing activities |
|
(336,001 |
) |
|
|
(34,905 |
) |
|
Net cash provided by (used in) financing activities |
|
114,850 |
|
|
|
(97,694 |
) |
|
Effect of currency translation on cash |
|
(61 |
) |
|
|
80 |
|
|
Net decrease in cash and cash equivalents |
$ |
(122,358 |
) |
|
$ |
(54,154 |
) |
|
Cash and cash equivalents – beginning of period |
$ |
396,030 |
|
|
$ |
399,903 |
|
|
Cash and cash equivalents – end of period |
$ |
273,672 |
|
|
$ |
345,749 |
|
|
Backlog by Reportable Segment (unaudited – in millions) |
March 31, |
|
December 31, |
|
March 31, |
|||
|
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 |
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. 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.
|
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited – in millions, except for percentages and per share information)
|
|||||||
|
|
Three Months Ended March 31, |
||||||
|
Segment Information |
2026 |
|
2025 |
||||
|
Revenue by Reportable Segment |
|
|
|
||||
|
Communications |
$ |
802.1 |
|
|
$ |
680.9 |
|
|
Clean Energy and Infrastructure |
|
1,329.4 |
|
|
|
915.8 |
|
|
Power Delivery |
|
1,046.1 |
|
|
|
899.7 |
|
|
Pipeline Infrastructure |
|
682.5 |
|
|
|
356.5 |
|
|
Other |
|
— |
|
|
|
— |
|
|
Eliminations (b) |
|
(31.3 |
) |
|
|
(5.2 |
) |
|
Consolidated revenue |
$ |
3,828.8 |
|
|
$ |
2,847.7 |
|
|
|
Three Months Ended March 31, |
||||||||||||||
|
|
2026 |
|
2025 |
||||||||||||
|
Adjusted EBITDA and EBITDA Margin by Segment |
|
|
|
|
|
|
|
||||||||
|
EBITDA |
$ |
256.8 |
|
|
6.7 |
% |
|
$ |
156.8 |
|
|
5.5 |
% |
||
|
Non-cash stock-based compensation expense (a) |
|
8.3 |
|
|
0.2 |
% |
|
|
6.9 |
|
|
0.2 |
% |
||
|
Changes in fair value of acquisition-related contingent items (a) |
|
10.7 |
|
|
0.3 |
% |
|
|
(0.1 |
) |
|
(0.0 |
)% |
||
|
Impairments of equity method investments (a) |
|
7.9 |
|
|
0.2 |
% |
|
|
— |
|
|
— |
% |
||
|
Adjusted EBITDA |
$ |
283.6 |
|
|
7.4 |
% |
|
$ |
163.7 |
|
|
5.7 |
% |
||
|
Segment: |
|
|
|
|
|
|
|
||||||||
|
Communications |
$ |
46.8 |
|
|
5.8 |
% |
|
$ |
46.8 |
|
|
6.9 |
% |
||
|
Clean Energy and Infrastructure |
|
89.0 |
|
|
6.7 |
% |
|
|
57.1 |
|
|
6.2 |
% |
||
|
Power Delivery |
|
72.0 |
|
|
6.9 |
% |
|
|
51.3 |
|
|
5.7 |
% |
||
|
Pipeline Infrastructure |
|
144.9 |
|
|
21.2 |
% |
|
|
44.5 |
|
|
12.5 |
% |
||
|
Other |
|
(2.5 |
) |
|
NM |
|
|
|
8.0 |
|
|
NM |
|
||
|
Eliminations (b) |
|
(5.2 |
) |
|
NM |
|
|
|
— |
|
|
NM |
|
||
|
Segment Total |
$ |
344.9 |
|
|
9.0 |
% |
|
$ |
207.7 |
|
|
7.3 |
% |
||
|
Corporate |
|
(61.3 |
) |
|
— |
% |
|
|
(44.1 |
) |
|
— |
% |
||
|
Adjusted EBITDA |
$ |
283.6 |
|
|
7.4 |
% |
|
$ |
163.7 |
|
|
5.7 |
% |
||
|
NM – Percentage is not meaningful
|
|
|
(a) |
Non-cash stock-based compensation expense and changes in fair value of acquisition-related contingent items are included within Corporate, while the impairments of equity method investments are included within the Other segment EBITDA. |
|
(b) |
Represents intersegment eliminations and adjustments related to transactions entered into in the normal course of business. |
|
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited – in millions, except for percentages and per share information)
|
|||||||||||||||
|
|
Three Months Ended March 31, |
||||||||||||||
|
|
2026 |
|
2025 |
||||||||||||
|
EBITDA and Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
|
||||||||
|
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 |
% |
|||
|
Changes in fair value of acquisition-related contingent items |
|
10.7 |
|
0.3 |
% |
|
|
(0.1 |
) |
|
(0.0 |
)% |
|||
|
Impairments of equity method investments |
|
7.9 |
|
0.2 |
% |
|
|
— |
|
|
— |
% |
|||
|
Adjusted EBITDA |
$ |
283.6 |
|
7.4 |
% |
|
$ |
163.7 |
|
|
5.7 |
% |
|||
|
|
Three Months Ended March 31, |
||||||
|
Adjusted Net Income Reconciliation |
2026 |
|
2025 |
||||
|
Net income |
$ |
69.7 |
|
|
$ |
12.3 |
|
|
Adjustments: |
|
|
|
||||
|
Non-cash stock-based compensation expense |
|
8.3 |
|
|
|
6.9 |
|
|
Amortization of intangible assets |
|
38.6 |
|
|
|
32.6 |
|
|
Changes in fair value of acquisition-related contingent items |
|
10.7 |
|
|
|
(0.1 |
) |
|
Impairments of equity method investments |
|
7.9 |
|
|
|
— |
|
|
Total adjustments, pre-tax |
$ |
65.4 |
|
|
$ |
39.5 |
|
|
Income tax effect of adjustments (a) |
|
(17.1 |
) |
|
|
(9.4 |
) |
|
Adjusted net income |
$ |
118.0 |
|
|
$ |
42.4 |
|
|
Net income attributable to non-controlling interests |
|
8.8 |
|
|
|
2.4 |
|
|
Adjusted net income attributable to MasTec, Inc. |
$ |
109.2 |
|
|
$ |
40.0 |
|
|
|
Three Months Ended March 31, |
||||||
|
Adjusted Diluted Earnings per Share Reconciliation |
2026 |
|
2025 |
||||
|
Diluted earnings per share |
$ |
0.77 |
|
|
$ |
0.13 |
|
|
Adjustments: |
|
|
|
||||
|
Non-cash stock-based compensation expense |
|
0.10 |
|
|
|
0.09 |
|
|
Amortization of intangible assets |
|
0.49 |
|
|
|
0.41 |
|
|
Changes in fair value of acquisition-related contingent items |
|
0.14 |
|
|
|
(0.00 |
) |
|
Impairments of equity method investments |
|
0.10 |
|
|
|
— |
|
|
Total adjustments, pre-tax |
$ |
0.83 |
|
|
$ |
0.50 |
|
|
Income tax effect of adjustments (a) |
|
(0.22 |
) |
|
|
(0.12 |
) |
|
Adjusted diluted earnings per share |
$ |
1.39 |
|
|
$ |
0.51 |
|
|
(a) |
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. |
|
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited – in millions, except for percentages and per share information)
|
|||||||
|
Calculation of Net Debt |
March 31, |
|
December 31, |
||||
|
Current portion of long-term debt, including finance leases |
$ |
156.0 |
|
|
$ |
154.3 |
|
|
Long-term debt, including finance leases |
|
2,376.3 |
|
|
|
2,176.4 |
|
|
Total debt |
$ |
2,532.3 |
|
|
$ |
2,330.7 |
|
|
Less: cash and cash equivalents |
|
(273.7 |
) |
|
|
(396.0 |
) |
|
Net debt |
$ |
2,258.6 |
|
|
$ |
1,934.7 |
|
|
|
Three Months Ended March 31, |
||||||
|
Free Cash Flow Reconciliation |
2026 |
|
2025 |
||||
|
Net cash provided by operating activities |
$ |
98.9 |
|
|
$ |
78.4 |
|
|
Capital expenditures |
|
(96.8 |
) |
|
|
(47.3 |
) |
|
Proceeds from sales of property and equipment |
|
9.8 |
|
|
|
13.9 |
|
|
Free cash flow |
$ |
11.9 |
|
|
$ |
45.0 |
|
|
EBITDA and Adjusted EBITDA Reconciliation |
Guidance for the Year Ended December 31, 2026 Est. |
|
For the Year Ended December 31, 2025 |
|
For the Year Ended December 31, 2024 |
||||||||||||||||||
|
Net income |
$ |
575 |
|
3.3 |
% |
|
$ |
422.0 |
|
3.0 |
% |
|
$ |
199.4 |
|
1.6 |
% |
||||||
|
Interest expense, net |
|
172 |
|
|
|
1.0 |
% |
|
|
173.0 |
|
|
|
1.2 |
% |
|
|
193.3 |
|
|
|
1.6 |
% |
|
Provision for income taxes |
|
181 |
|
|
|
1.0 |
% |
|
|
93.4 |
|
|
|
0.7 |
% |
|
|
51.5 |
|
|
|
0.4 |
% |
|
Depreciation |
|
360 |
|
|
|
2.1 |
% |
|
|
295.9 |
|
|
|
2.1 |
% |
|
|
366.8 |
|
|
|
3.0 |
% |
|
Amortization of intangible assets |
|
151 |
|
|
|
0.9 |
% |
|
|
131.2 |
|
|
|
0.9 |
% |
|
|
139.9 |
|
|
|
1.1 |
% |
|
EBITDA |
$ |
1,439 |
|
8.2 |
% |
|
$ |
1,115.5 |
|
|
|
7.8 |
% |
|
$ |
950.8 |
|
|
|
7.7 |
% |
||
|
Non-cash stock-based compensation expense |
|
42 |
|
|
|
0.2 |
% |
|
|
34.0 |
|
|
|
0.2 |
% |
|
|
32.7 |
|
|
|
0.3 |
% |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
% |
|
|
11.3 |
|
|
|
0.1 |
% |
|
Changes in fair value of acquisition-related contingent items |
|
11 |
|
|
|
0.1 |
% |
|
|
0.7 |
|
|
|
0.0 |
% |
|
|
10.7 |
|
|
|
0.1 |
% |
|
Impairments of equity method investments |
|
8 |
|
|
|
0.0 |
% |
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
% |
|
Adjusted EBITDA |
$ |
1,500 |
|
|
8.6 |
% |
|
$ |
1,150.1 |
8.0 |
% |
|
$ |
1,005.6 |
|
|
|
8.2 |
% |
||||
|
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited – in millions, except for percentages and per share information)
|
|||||||||||
|
Adjusted Net Income Reconciliation |
Guidance for the Year Ended December 31, 2026 Est. |
|
For the Year Ended December 31, 2025 |
|
For the Year Ended December 31, 2024 |
||||||
|
Net income |
$ |
575 |
|
|
$ |
422.0 |
|
|
$ |
199.4 |
|
|
Adjustments: |
|
|
|
|
|
|
|||||
|
Non-cash stock-based compensation expense |
|
42 |
|
|
|
34.0 |
|
|
|
32.7 |
|
|
Amortization of intangible assets |
|
151 |
|
|
|
131.2 |
|
|
|
139.9 |
|
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
11.3 |
|
|
Changes in fair value of acquisition-related contingent items |
|
11 |
|
|
|
0.7 |
|
|
|
10.7 |
|
|
Impairments of equity method investments |
|
8 |
|
|
|
— |
|
|
|
— |
|
|
Total adjustments, pre-tax |
$ |
211 |
|
|
$ |
165.9 |
|
|
$ |
194.6 |
|
|
Income tax effect of adjustments (a) |
|
(52 |
) |
|
|
(44.7 |
) |
|
|
(44.8 |
) |
|
Statutory and other tax rate effects (b) |
|
— |
|
|
|
(5.0 |
) |
|
|
(0.9 |
) |
|
Adjusted net income |
$ |
734 |
|
|
$ |
538.2 |
|
|
$ |
348.3 |
|
|
Net income attributable to non-controlling interests |
|
42 |
|
|
|
23.0 |
|
|
|
36.6 |
|
|
Adjusted net income attributable to MasTec, Inc. |
$ |
693 |
|
|
$ |
515.2 |
|
|
$ |
311.7 |
|
|
Adjusted Diluted Earnings per Share Reconciliation |
Guidance for the Year Ended December 31, 2026 Est. |
|
For the Year Ended December 31, 2025 |
|
For the Year Ended December 31, 2024 |
||||||
|
Diluted earnings per share |
$ |
6.77 |
|
|
$ |
5.07 |
|
|
$ |
2.06 |
|
|
Adjustments: |
|
|
|
|
|
|
|||||
|
Non-cash stock-based compensation expense |
|
0.53 |
|
|
|
0.43 |
|
|
|
0.41 |
|
|
Amortization of intangible assets |
|
1.91 |
|
|
|
1.67 |
|
|
|
1.77 |
|
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
0.14 |
|
|
Changes in fair value of acquisition-related contingent items |
|
0.14 |
|
|
|
0.01 |
|
|
|
0.14 |
|
|
Impairments of equity method investments |
|
0.10 |
|
|
|
— |
|
|
|
— |
|
|
Total adjustments, pre-tax |
$ |
2.68 |
|
|
$ |
2.11 |
|
|
$ |
2.47 |
|
|
Income tax effect of adjustments (a) |
|
(0.66 |
) |
|
|
(0.57 |
) |
|
|
(0.57 |
) |
|
Statutory and other tax rate effects (b) |
|
— |
|
|
|
(0.06 |
) |
|
|
(0.01 |
) |
|
Adjusted diluted earnings per share |
$ |
8.79 |
|
|
$ |
6.55 |
|
|
$ |
3.95 |
|
|
(a) |
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. |
|
(b) |
Represents the effects of statutory and other tax rate changes for the years ended December 31, 2025 and 2024. |
|
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited – in millions, except for percentages and per share information)
|
|||||||||||||||
|
EBITDA and Adjusted EBITDA Reconciliation |
Guidance for the Three Months Ended June 30, 2026 Est. |
|
For the Three Months Ended June 30, 2025 |
||||||||||||
|
Net income |
$ |
150 |
|
3.5 |
% |
|
$ |
90.1 |
|
|
2.5 |
% |
|||
|
Interest expense, net |
|
44 |
|
|
|
1.0 |
% |
|
|
43.9 |
|
|
|
1.2 |
% |
|
Provision for income taxes |
|
47 |
|
|
|
1.1 |
% |
|
|
30.7 |
|
|
|
0.9 |
% |
|
Depreciation |
|
91 |
|
|
|
2.1 |
% |
|
|
69.9 |
|
|
|
2.0 |
% |
|
Amortization of intangible assets |
|
38 |
|
|
|
0.9 |
% |
|
|
32.7 |
|
|
|
0.9 |
% |
|
EBITDA |
$ |
369 |
|
|
|
8.6 |
% |
|
$ |
267.3 |
|
|
|
7.5 |
% |
|
Non-cash stock-based compensation expense |
|
11 |
|
|
|
0.3 |
% |
|
|
9.4 |
|
|
|
0.3 |
% |
|
Changes in fair value of acquisition-related contingent items |
|
— |
|
|
|
— |
% |
|
|
(1.8 |
) |
|
|
(0.1 |
)% |
|
Adjusted EBITDA |
$ |
380 |
|
|
|
8.8 |
% |
|
$ |
274.8 |
|
|
|
7.8 |
% |
|
Adjusted Net Income Reconciliation |
Guidance for the Three Months Ended June 30, 2026 Est. |
|
For the Three Months Ended June 30, 2025 |
||||
|
Net income |
$ |
150 |
|
|
$ |
90.1 |
|
|
Adjustments: |
|
|
|
|
|||
|
Non-cash stock-based compensation expense |
|
11 |
|
|
|
9.4 |
|
|
Amortization of intangible assets |
|
38 |
|
|
|
32.7 |
|
|
Changes in fair value of acquisition-related contingent items |
|
— |
|
|
|
(1.8 |
) |
|
Total adjustments, pre-tax |
$ |
49 |
|
|
$ |
40.2 |
|
|
Income tax effect of adjustments (a) |
|
(12 |
) |
|
|
(8.9 |
) |
|
Adjusted net income |
$ |
187 |
|
|
$ |
121.5 |
|
|
Net income attributable to non-controlling interests |
|
14 |
|
|
|
4.4 |
|
|
Adjusted net income attributable to MasTec, Inc. |
$ |
173 |
|
|
$ |
117.1 |
|
|
Adjusted Diluted Earnings per Share Reconciliation |
Guidance for the Three Months Ended June 30, 2026 Est. |
|
For the Three Months Ended June 30, 2025 |
||||
|
Diluted earnings per share |
$ |
1.72 |
|
|
$ |
1.09 |
|
|
Adjustments: |
|
|
|
|
|||
|
Non-cash stock-based compensation expense |
|
0.14 |
|
|
|
0.12 |
|
|
Amortization of intangible assets |
|
0.48 |
|
|
|
0.42 |
|
|
Changes in fair value of acquisition-related contingent items |
|
— |
|
|
|
(0.02 |
) |
|
Total adjustments, pre-tax |
$ |
0.62 |
|
|
$ |
0.51 |
|
|
Income tax effect of adjustments (a) |
|
(0.15 |
) |
|
|
(0.11 |
) |
|
Adjusted diluted earnings per share |
$ |
2.20 |
|
|
$ |
1.49 |
|
|
(a) |
Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income. |
The tables may contain slight summation differences due to rounding.
MasTec uses EBITDA, Adjusted EBITDA, EBITDA Margin and Adjusted EBITDA Margin, as well as Adjusted Net Income, Adjusted Net Income attributable to MasTec, Inc., Adjusted Diluted Earnings Per Share, Net Debt and Free Cash Flow, to evaluate our performance, both internally and as compared with its peers, because these measures exclude certain items that may not be indicative of its core operating results, as well as items that can vary widely across different industries or among companies within the same industry. MasTec believes that these measures provide a baseline for analyzing trends in its underlying business. MasTec believes that these non-U.S. GAAP financial measures provide meaningful information and help investors understand its financial results and assess its 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. 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, net income as a percentage of revenue or total debt or net cash provided by operating activities, and should be viewed in conjunction with the most comparable U.S. GAAP financial measures and the provided reconciliations thereto. MasTec believes these non-U.S. GAAP financial measures, when viewed together with its U.S. GAAP results and related reconciliations, provide a more complete understanding of its business. Investors are strongly encouraged to review MasTec’s consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of MasTec; expectations regarding MasTec’s business or financial outlook; expectations regarding MasTec’s plans, strategies and opportunities; expectations regarding opportunities, technological developments, competitive positioning, future economic conditions and other trends in particular markets or industries; the impact of inflation on MasTec’s costs and the ability to recover increased costs, as well as other statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts.
Contacts
J. Marc Lewis, Investor Relations
305-406-1815
marc.lewis@mastec.com
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