Third Quarter 2025 Highlights
- Revenue of $4.0 billion, a quarterly record, increased 22% year-over-year; double-digit growth contribution from all segments
- Record 18-month backlog as of September 30, 2025 of $16.8 billion increased 21% year-over-year and 2% versus the prior quarter, led by significant 124% year-over-year growth in Pipeline Infrastructure
- Diluted EPS of $2.04 and Adjusted Diluted EPS of $2.48, increased 69% and 48% year-over-year, respectively, and exceeded guidance expectations
- GAAP Net Income of $166.5 million and Adjusted EBITDA of $373.5 million, both quarterly records, increased by 58% and 20% year-over-year, respectively, and exceeded guidance expectations
- Diluted EPS guidance for FY 2025 of $4.80, a 133% year-over-year increase; Adjusted Diluted EPS guidance for FY 2025 of $6.40, a 62% year-over-year increase
CORAL GABLES, Fla.--(BUSINESS WIRE)--MasTec, Inc. (NYSE: MTZ) today announced third quarter 2025 financial results and updated full year 2025 financial guidance.
"We are pleased that third quarter financial performance posted strong double-digit year-over-year growth across both revenue and profit metrics while also exceeding guidance in all respects as MasTec continues to execute on notably strong customer demand across all end-markets we serve," said Jose Mas, MasTec's Chief Executive Officer. "Our reported 22% revenue growth, including double-digit increases from all operating segments, underscores the breadth and depth of the strong demand that MasTec is seeing across our energy, power and infrastructure markets. Despite limited emergency restoration services as compared to prior year within Power Delivery, we exceeded third quarter guidance for consolidated revenue and profit metrics while growing our 18-month backlog with solid new bookings." Mr. Mas added, "Our strong third quarter performance is due in large part to the efforts of our many MasTec operating teammates and their clear focus on delivering customer value every day on the job site. Thanks to all of you!"
"MasTec reported impressive revenue growth across all operating segments for the third quarter and we continue to target double-digit growth in both revenue and Adjusted EBITDA for the full year. For the full year 2025, our guidance assumes strong 14% growth in revenue and 13% growth in Adjusted EBITDA versus the prior year, and implied growth of 9% for revenue and nearly 20% growth in Adjusted EBITDA for the fourth quarter. This guidance is inclusive of anticipated permit-driven impacts on our Greenlink project within Power Delivery, thus underscoring MasTec’s overall robust growth performance, driven by ongoing strong operating execution and solid leverage realized on the broad-based market opportunities we have seen this year and expect to continue," said Paul DiMarco, MasTec's Chief Financial Officer. "In addition to strong operating execution, our strong balance sheet offers ample flexibility to pursue a disciplined, returns focused capital allocation strategy to enhance shareholder value.”
Third Quarter 2025 Results
Dollars in millions, except per share amounts |
| 3Q'25 |
| 3Q'24 |
| Change | |||||
Revenue |
| $ | 3,967 |
|
| $ | 3,252 |
|
| 22.0 | % |
GAAP net income |
| $ | 166 |
|
| $ | 105 |
|
| 58.0 | % |
Adjusted net income |
| $ | 201 |
|
| $ | 143 |
|
| 40.8 | % |
Adjusted EBITDA |
| $ | 373 |
|
| $ | 311 |
|
| 20.3 | % |
Adjusted EBITDA margin |
|
| 9.4 | % |
|
| 9.5 | % |
| -13 bps | |
GAAP diluted earnings per share |
| $ | 2.04 |
|
| $ | 1.21 |
|
| 68.6 | % |
Adjusted diluted earnings per share |
| $ | 2.48 |
|
| $ | 1.68 |
|
| 47.6 | % |
Cash provided by operating activities |
| $ | 89 |
|
| $ | 278 |
|
| (68.0 | )% |
Free cash flow |
| $ | 36 |
|
| $ | 252 |
|
| (85.7 | )% |
18-month backlog |
| $ | 16,780 |
|
| $ | 13,858 |
|
| 21.1 | % |
Revenue: Revenue increased by 22% in the period including double digit growth contribution from all segments.
GAAP Net Income/GAAP Diluted EPS: Improved GAAP Net Income and EPS driven by increased year-over-year project volumes, lower depreciation expense and lower interest expense and tax rate versus the prior year.
Adjusted EBITDA: The increase was primarily driven by improved efficiencies within the Clean Energy and Infrastructure and Communications segments, partially offset by unfavorable project mix primarily within the Pipeline Infrastructure segment.
Backlog: Strong 21% year-over-year growth driven by increases in all four segments, most notably by the Pipeline Infrastructure segment which increased 124%.
Third Quarter 2025 Segment Highlights
Communications
Dollars in millions, unless noted |
| 3Q'25 |
| 3Q'24 (a) |
| Change | |||||
Revenue |
| $ | 914.6 |
|
| $ | 688.0 |
|
| 32.9 | % |
EBITDA |
| $ | 103.0 |
|
| $ | 74.9 |
|
| 37.6 | % |
EBITDA margin % |
|
| 11.3 | % |
|
| 10.9 | % |
| 40 bps | |
(a) | Recast to reflect first quarter of 2025 segment changes. |
Revenue: The revenue increase was driven primarily by higher volume of both wireless and wireline project activity, partially offset by lower install-to-the-home project activity.
EBITDA: EBITDA margin increase of 40 basis points driven by improved efficiencies across both wireless and wireline businesses.
Clean Energy and Infrastructure
Dollars in millions, unless noted |
| 3Q'25 |
| 3Q'24 |
| Change | |||||
Revenue |
| $ | 1,364.1 |
|
| $ | 1,138.4 |
|
| 19.8 | % |
EBITDA |
| $ | 115.4 |
|
| $ | 85.0 |
|
| 35.8 | % |
EBITDA margin % |
|
| 8.5 | % |
|
| 7.5 | % |
| 100 bps | |
Revenue: The revenue increase was driven by higher levels of project activity and mix, primarily within renewable projects.
EBITDA: EBITDA margin increased by 100 basis points due to a combination of project mix, improved productivity and efficiencies and the positive effects of certain industrial project close-outs.
Power Delivery
Dollars in millions, unless noted |
| 3Q'25 |
| 3Q'24 (a) |
| Change | |||||
Revenue |
| $ | 1,110.7 |
|
| $ | 950.6 |
|
| 16.8 | % |
EBITDA |
| $ | 104.3 |
|
| $ | 86.2 |
|
| 21.0 | % |
EBITDA margin % |
|
| 9.4 | % |
|
| 9.1 | % |
| 30 bps | |
(a) | Recast to reflect first quarter of 2025 segment changes. |
Revenue: The increase in revenue was driven primarily by higher levels of project activity.
EBITDA: EBITDA margin increased by 30 basis points primarily due to improved efficiencies, partially offset by a reduction in emergency restoration services.
Pipeline Infrastructure
Dollars in millions, unless noted |
| 3Q'25 |
| 3Q'24 |
| Change | |||||
Revenue |
| $ | 597.8 |
|
| $ | 497.8 |
|
| 20.1 | % |
EBITDA |
| $ | 92.0 |
|
| $ | 103.1 |
|
| (10.8 | )% |
EBITDA margin % |
|
| 15.4 | % |
|
| 20.7 | % |
| (530) bps | |
Revenue: The increase in revenue was driven primarily by higher levels of midstream pipeline project activity.
EBITDA: EBITDA margin decreased primarily due to reduced efficiencies, as well as the effects of project mix.
2025 Financial Guidance Update
Dollars in millions, except per share amounts |
| Full Year 2025E | ||
Revenue |
| $ | 14,075 |
|
GAAP net income |
| $ | 399 |
|
Adjusted net income |
| $ | 524 |
|
Adjusted EBITDA |
| $ | 1,135 |
|
Adjusted EBITDA margin |
|
| 8.1 | % |
GAAP diluted earnings per share |
| $ | 4.80 |
|
Adjusted diluted earnings per share |
| $ | 6.40 |
|
Conference Call
MasTec will host a webcast of its quarterly earnings call to discuss these results on Friday, October 31, 2025 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 September 30, |
| Nine Months Ended September 30, | ||||||||||||
| 2025 |
| 2024 |
| 2025 |
| 2024 | ||||||||
Revenue | $ | 3,966,948 |
|
| $ | 3,252,427 |
|
| $ | 10,359,371 |
|
| $ | 8,900,362 |
|
Costs of revenue, excluding depreciation and amortization |
| 3,429,199 |
|
|
| 2,789,274 |
|
|
| 9,074,981 |
|
|
| 7,709,393 |
|
Depreciation |
| 71,837 |
|
|
| 80,193 |
|
|
| 217,996 |
|
|
| 289,769 |
|
Amortization of intangible assets |
| 32,719 |
|
|
| 34,368 |
|
|
| 98,042 |
|
|
| 101,669 |
|
General and administrative expenses |
| 181,049 |
|
|
| 168,874 |
|
|
| 523,873 |
|
|
| 501,491 |
|
Interest expense, net |
| 45,444 |
|
|
| 47,048 |
|
|
| 128,337 |
|
|
| 149,678 |
|
Equity in earnings of unconsolidated affiliates, net |
| (6,555 | ) |
|
| (7,042 | ) |
|
| (23,911 | ) |
|
| (22,153 | ) |
Loss on extinguishment of debt |
| — |
|
|
| — |
|
|
| — |
|
|
| 11,344 |
|
Other expense (income), net |
| 1,633 |
|
|
| 2,754 |
|
|
| (1,306 | ) |
|
| 4,639 |
|
Income before income taxes | $ | 211,622 |
|
| $ | 136,958 |
|
| $ | 341,359 |
|
| $ | 154,532 |
|
Provision for income taxes |
| (45,125 | ) |
|
| (31,548 | ) |
|
| (72,401 | ) |
|
| (39,813 | ) |
Net income | $ | 166,497 |
|
| $ | 105,410 |
|
| $ | 268,958 |
|
| $ | 114,719 |
|
Net income attributable to non-controlling interests |
| 5,837 |
|
|
| 10,170 |
|
|
| 12,629 |
|
|
| 26,671 |
|
Net income attributable to MasTec, Inc. | $ | 160,660 |
|
| $ | 95,240 |
|
| $ | 256,329 |
|
| $ | 88,048 |
|
|
|
|
|
|
|
|
| ||||||||
Earnings per share: |
|
|
|
|
|
|
| ||||||||
Basic earnings per share | $ | 2.07 |
|
| $ | 1.22 |
|
| $ | 3.29 |
|
| $ | 1.13 |
|
Basic weighted average common shares outstanding |
| 77,702 |
|
|
| 78,044 |
|
|
| 77,857 |
|
|
| 78,004 |
|
|
|
|
|
|
|
|
| ||||||||
Diluted earnings per share | $ | 2.04 |
|
| $ | 1.21 |
|
| $ | 3.26 |
|
| $ | 1.12 |
|
Diluted weighted average common shares outstanding |
| 78,648 |
|
|
| 78,913 |
|
|
| 78,672 |
|
|
| 78,801 |
|
Consolidated Balance Sheets (unaudited - in thousands) | |||||
|
September 30, |
|
December 31, | ||
Assets |
|
|
| ||
Current assets | $ | 4,307,006 |
| $ | 3,652,530 |
Property and equipment, net |
| 1,687,294 |
|
| 1,548,916 |
Operating lease right-of-use assets |
| 401,145 |
|
| 396,151 |
Goodwill, net |
| 2,214,232 |
|
| 2,203,077 |
Other intangible assets, net |
| 632,490 |
|
| 727,366 |
Other long-term assets |
| 451,283 |
|
| 447,235 |
Total assets | $ | 9,693,450 |
| $ | 8,975,275 |
Liabilities and equity |
|
|
| ||
Current liabilities | $ | 3,236,417 |
| $ | 2,999,699 |
Long-term debt, including finance leases |
| 2,199,486 |
|
| 2,038,017 |
Long-term operating lease liabilities |
| 255,168 |
|
| 261,303 |
Deferred income taxes |
| 449,121 |
|
| 362,772 |
Other long-term liabilities |
| 373,925 |
|
| 326,141 |
Total liabilities | $ | 6,514,117 |
| $ | 5,987,932 |
Total equity | $ | 3,179,333 |
| $ | 2,987,343 |
Total liabilities and equity | $ | 9,693,450 |
| $ | 8,975,275 |
Consolidated Statements of Cash Flows (unaudited - in thousands) | |||||||
| Nine Months Ended September 30, | ||||||
| 2025 |
| 2024 | ||||
Net cash provided by operating activities | $ | 172,976 |
|
| $ | 649,926 |
|
Net cash used in investing activities |
| (155,327 | ) |
|
| (80,798 | ) |
Net cash used in financing activities |
| (187,041 | ) |
|
| (916,513 | ) |
Effect of currency translation on cash |
| 907 |
|
|
| (951 | ) |
Net decrease in cash and cash equivalents | $ | (168,485 | ) |
| $ | (348,336 | ) |
Cash and cash equivalents - beginning of period | $ | 399,903 |
|
| $ | 529,561 |
|
Cash and cash equivalents - end of period | $ | 231,418 |
|
| $ | 181,225 |
|
Backlog by Reportable Segment (unaudited - in millions) |
September 30,
|
|
June 30, |
|
September 30,
| |||
Communications | $ | 5,055 |
| $ | 5,008 |
| $ | 4,416 |
Clean Energy and Infrastructure |
| 5,026 |
|
| 4,922 |
|
| 4,141 |
Power Delivery |
| 5,128 |
|
| 5,062 |
|
| 4,599 |
Pipeline Infrastructure |
| 1,571 |
|
| 1,460 |
|
| 702 |
Other |
| — |
|
| — |
|
| — |
Estimated 18-month backlog | $ | 16,780 |
| $ | 16,452 |
| $ | 13,858 |
(a) | Recast to reflect first quarter of 2025 segment changes. |
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 September 30, |
| Nine Months Ended September 30, | ||||||||||||
Segment Information | 2025 |
| 2024 (a) |
| 2025 |
| 2024 (a) | ||||||||
Revenue by Reportable Segment |
|
|
|
|
|
|
| ||||||||
Communications | $ | 914.6 |
|
| $ | 688.0 |
|
| $ | 2,432.3 |
|
| $ | 1,784.8 |
|
Clean Energy and Infrastructure |
| 1,364.1 |
|
|
| 1,138.4 |
|
|
| 3,411.3 |
|
|
| 2,834.2 |
|
Power Delivery |
| 1,110.7 |
|
|
| 950.6 |
|
|
| 3,056.0 |
|
|
| 2,616.9 |
|
Pipeline Infrastructure |
| 597.8 |
|
|
| 497.8 |
|
|
| 1,493.9 |
|
|
| 1,704.0 |
|
Other |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Eliminations |
| (20.3 | ) |
|
| (22.4 | ) |
|
| (34.1 | ) |
|
| (39.5 | ) |
Consolidated revenue | $ | 3,966.9 |
|
| $ | 3,252.4 |
|
| $ | 10,359.4 |
|
| $ | 8,900.4 |
|
(a) | Recast to reflect first quarter of 2025 segment changes. |
| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||||||||||||||||||||||
| 2025 |
| 2024 (a) |
| 2025 |
| 2024 (a) | ||||||||||||||||||||
Adjusted EBITDA and EBITDA Margin by Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
EBITDA | $ | 361.6 |
|
| 9.1 | % |
| $ | 298.6 |
|
| 9.2 | % |
| $ | 785.7 |
|
| 7.6 | % |
| $ | 695.6 |
|
| 7.8 | % |
Non-cash stock-based compensation expense (b) |
| 9.3 |
|
| 0.2 | % |
|
| 7.3 |
|
| 0.2 | % |
|
| 25.6 |
|
| 0.2 | % |
|
| 24.0 |
|
| 0.3 | % |
Loss on extinguishment of debt (b) |
| — |
|
| — | % |
|
| — |
|
| — | % |
|
| — |
|
| — | % |
|
| 11.3 |
|
| 0.1 | % |
Changes in fair value of acquisition-related contingent items (b) |
| 2.5 |
|
| 0.1 | % |
|
| 4.6 |
|
| 0.1 | % |
|
| 0.6 |
|
| 0.0 | % |
|
| 3.6 |
|
| 0.0 | % |
Adjusted EBITDA | $ | 373.5 |
|
| 9.4 | % |
| $ | 310.5 |
|
| 9.5 | % |
| $ | 811.9 |
|
| 7.8 | % |
| $ | 734.7 |
|
| 8.3 | % |
Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Communications | $ | 103.0 |
|
| 11.3 | % |
| $ | 74.9 |
|
| 10.9 | % |
| $ | 232.4 |
|
| 9.6 | % |
| $ | 153.7 |
|
| 8.6 | % |
Clean Energy and Infrastructure |
| 115.4 |
|
| 8.5 | % |
|
| 85.0 |
|
| 7.5 | % |
|
| 255.8 |
|
| 7.5 | % |
|
| 152.8 |
|
| 5.4 | % |
Power Delivery |
| 104.3 |
|
| 9.4 | % |
|
| 86.2 |
|
| 9.1 | % |
|
| 246.9 |
|
| 8.1 | % |
|
| 216.8 |
|
| 8.3 | % |
Pipeline Infrastructure |
| 92.0 |
|
| 15.4 | % |
|
| 103.1 |
|
| 20.7 | % |
|
| 198.6 |
|
| 13.3 | % |
|
| 330.9 |
|
| 19.4 | % |
Other |
| 7.1 |
|
| NM |
|
|
| 7.4 |
|
| NM |
|
|
| 22.3 |
|
| NM |
|
|
| 17.2 |
|
| NM |
|
Segment Total | $ | 421.8 |
|
| 10.6 | % |
| $ | 356.6 |
|
| 11.0 | % |
| $ | 956.1 |
|
| 9.2 | % |
| $ | 871.4 |
|
| 9.8 | % |
Corporate |
| (48.4 | ) |
| — |
|
|
| (46.1 | ) |
| — |
|
|
| (144.2 | ) |
| — |
|
|
| (136.8 | ) |
| — |
|
Adjusted EBITDA | $ | 373.5 |
|
| 9.4 | % |
| $ | 310.5 |
|
| 9.5 | % |
| $ | 811.9 |
|
| 7.8 | % |
| $ | 734.7 |
|
| 8.3 | % |
| NM - Percentage is not meaningful
| |
(a) | Recast to reflect first quarter of 2025 segment changes. |
(b) | Non-cash stock-based compensation expense, loss on extinguishment of debt and changes in fair value of acquisition-related contingent items are included within Corporate EBITDA. |
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures (unaudited - in millions, except for percentages and per share information) | |||||||||||||||||||||||
| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||||||||||||||||||
| 2025 |
| 2024 |
| 2025 |
| 2024 | ||||||||||||||||
EBITDA and Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net income | $ | 166.5 |
| 4.2 | % |
| $ | 105.4 |
| 3.2 | % |
| $ | 269.0 |
| 2.6 | % |
| $ | 114.7 |
| 1.3 | % |
Interest expense, net |
| 45.4 |
| 1.1 | % |
|
| 47.0 |
| 1.4 | % |
|
| 128.3 |
| 1.2 | % |
|
| 149.7 |
| 1.7 | % |
Provision for income taxes |
| 45.1 |
| 1.1 | % |
|
| 31.5 |
| 1.0 | % |
|
| 72.4 |
| 0.7 | % |
|
| 39.8 |
| 0.4 | % |
Depreciation |
| 71.8 |
| 1.8 | % |
|
| 80.2 |
| 2.5 | % |
|
| 218.0 |
| 2.1 | % |
|
| 289.8 |
| 3.3 | % |
Amortization of intangible assets |
| 32.7 |
| 0.8 | % |
|
| 34.4 |
| 1.1 | % |
|
| 98.0 |
| 0.9 | % |
|
| 101.7 |
| 1.1 | % |
EBITDA | $ | 361.6 |
| 9.1 | % |
| $ | 298.6 |
| 9.2 | % |
| $ | 785.7 |
| 7.6 | % |
| $ | 695.6 |
| 7.8 | % |
Non-cash stock-based compensation expense |
| 9.3 |
| 0.2 | % |
|
| 7.3 |
| 0.2 | % |
|
| 25.6 |
| 0.2 | % |
|
| 24.0 |
| 0.3 | % |
Loss on extinguishment of debt |
| — |
| — | % |
|
| — |
| — | % |
|
| — |
| — | % |
|
| 11.3 |
| 0.1 | % |
Changes in fair value of acquisition-related contingent items |
| 2.5 |
| 0.1 | % |
|
| 4.6 |
| 0.1 | % |
|
| 0.6 |
| 0.0 | % |
|
| 3.6 |
| 0.0 | % |
Adjusted EBITDA | $ | 373.5 |
| 9.4 | % |
| $ | 310.5 |
| 9.5 | % |
| $ | 811.9 |
| 7.8 | % |
| $ | 734.7 |
| 8.3 | % |
| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||||||||||
Adjusted Net Income Reconciliation | 2025 |
| 2024 |
| 2025 |
| 2024 | ||||||||
Net income | $ | 166.5 |
|
| $ | 105.4 |
|
| $ | 269.0 |
|
| $ | 114.7 |
|
Adjustments: |
|
|
|
|
|
|
| ||||||||
Non-cash stock-based compensation expense |
| 9.3 |
|
|
| 7.3 |
|
|
| 25.6 |
|
|
| 24.0 |
|
Amortization of intangible assets |
| 32.7 |
|
|
| 34.4 |
|
|
| 98.0 |
|
|
| 101.7 |
|
Loss on extinguishment of debt |
| — |
|
|
| — |
|
|
| — |
|
|
| 11.3 |
|
Changes in fair value of acquisition-related contingent items |
| 2.5 |
|
|
| 4.6 |
|
|
| 0.6 |
|
|
| 3.6 |
|
Total adjustments, pre-tax | $ | 44.6 |
|
| $ | 46.3 |
|
| $ | 124.2 |
|
| $ | 140.7 |
|
Income tax effect of adjustments (a) |
| (10.2 | ) |
|
| (9.1 | ) |
|
| (28.4 | ) |
|
| (31.1 | ) |
Adjusted net income | $ | 200.9 |
|
| $ | 142.7 |
|
| $ | 364.8 |
|
| $ | 224.3 |
|
Net income attributable to non-controlling interests |
| 5.8 |
|
|
| 10.2 |
|
|
| 12.6 |
|
|
| 26.7 |
|
Adjusted net income attributable to MasTec, Inc. | $ | 195.1 |
|
| $ | 132.5 |
|
| $ | 352.1 |
|
| $ | 197.7 |
|
| Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||||||||||
Adjusted Diluted Earnings per Share Reconciliation | 2025 |
| 2024 |
| 2025 |
| 2024 | ||||||||
Diluted earnings per share | $ | 2.04 |
|
| $ | 1.21 |
|
| $ | 3.26 |
|
| $ | 1.12 |
|
Adjustments: |
|
|
|
|
|
|
| ||||||||
Non-cash stock-based compensation expense |
| 0.12 |
|
|
| 0.09 |
|
|
| 0.33 |
|
|
| 0.31 |
|
Amortization of intangible assets |
| 0.42 |
|
|
| 0.44 |
|
|
| 1.25 |
|
|
| 1.29 |
|
Loss on extinguishment of debt |
| — |
|
|
| — |
|
|
| — |
|
|
| 0.14 |
|
Changes in fair value of acquisition-related contingent items |
| 0.03 |
|
|
| 0.06 |
|
|
| 0.01 |
|
|
| 0.05 |
|
Total adjustments, pre-tax | $ | 0.57 |
|
| $ | 0.59 |
|
| $ | 1.58 |
|
| $ | 1.79 |
|
Income tax effect of adjustments (a) |
| (0.13 | ) |
|
| (0.11 | ) |
|
| (0.36 | ) |
|
| (0.39 | ) |
Adjusted diluted earnings per share | $ | 2.48 |
|
| $ | 1.68 |
|
| $ | 4.48 |
|
| $ | 2.51 |
|
(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 |
September 30, |
|
December 31, | ||||
Current portion of long-term debt, including finance leases | $ | 157.4 |
|
| $ | 186.1 |
|
Long-term debt, including finance leases |
| 2,199.5 |
|
|
| 2,038.0 |
|
Total debt | $ | 2,356.9 |
|
| $ | 2,224.1 |
|
Less: cash and cash equivalents |
| (231.4 | ) |
|
| (399.9 | ) |
Net debt | $ | 2,125.5 |
|
| $ | 1,824.2 |
|
| Nine Months Ended September 30, | ||||||
Free Cash Flow Reconciliation | 2025 |
| 2024 | ||||
Net cash provided by operating activities | $ | 173.0 |
|
| $ | 649.9 |
|
Capital expenditures |
| (179.8 | ) |
|
| (100.5 | ) |
Proceeds from sales of property and equipment |
| 42.3 |
|
|
| 49.0 |
|
Free cash flow | $ | 35.6 |
|
| $ | 598.4 |
|
EBITDA and Adjusted EBITDA Reconciliation |
Guidance for the
|
|
For the Year
|
|
For the Year
| |||||||||||||
Net income (loss) | $ | 399 |
| 2.8 | % |
| $ | 199.4 |
| 1.6 | % |
| $ | (47.3 | ) |
| (0.4 | )% |
Interest expense, net |
| 170 |
| 1.2 | % |
|
| 193.3 |
| 1.6 | % |
|
| 234.4 |
|
| 2.0 | % |
Provision for (benefit from) income taxes |
| 103 |
| 0.7 | % |
|
| 51.5 |
| 0.4 | % |
|
| (35.4 | ) |
| (0.3 | )% |
Depreciation |
| 297 |
| 2.1 | % |
|
| 366.8 |
| 3.0 | % |
|
| 433.9 |
|
| 3.6 | % |
Amortization of intangible assets |
| 131 |
| 0.9 | % |
|
| 139.9 |
| 1.1 | % |
|
| 169.2 |
|
| 1.4 | % |
EBITDA | $ | 1,100 |
| 7.8 | % |
| $ | 950.8 |
| 7.7 | % |
| $ | 754.9 |
|
| 6.3 | % |
Non-cash stock-based compensation expense |
| 34 |
| 0.2 | % |
|
| 32.7 |
| 0.3 | % |
|
| 33.3 |
|
| 0.3 | % |
Loss on extinguishment of debt |
| — |
| — | % |
|
| 11.3 |
| 0.1 | % |
|
| — |
|
| — | % |
Changes in fair value of acquisition-related contingent items |
| 1 |
| 0.0 | % |
|
| 10.7 |
| 0.1 | % |
|
| (13.9 | ) |
| (0.1 | )% |
Acquisition and integration costs |
| — |
| — | % |
|
| — |
| — | % |
|
| 71.9 |
|
| 0.6 | % |
Losses on fair value of investment |
| — |
| — | % |
|
| — |
| — | % |
|
| 0.2 |
|
| 0.0 | % |
Adjusted EBITDA | $ | 1,135 |
| 8.1 | % |
| $ | 1,005.6 |
| 8.2 | % |
| $ | 846.4 |
|
| 7.1 | % |
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
|
|
For the Year
|
|
For the Year
| ||||||
Net income (loss) | $ | 399 |
|
| $ | 199.4 |
|
| $ | (47.3 | ) |
Adjustments: |
|
|
|
|
|
| |||||
Non-cash stock-based compensation expense |
| 34 |
|
|
| 32.7 |
|
|
| 33.3 |
|
Amortization of intangible assets |
| 131 |
|
|
| 139.9 |
|
|
| 169.2 |
|
Loss on extinguishment of debt |
| — |
|
|
| 11.3 |
|
|
| — |
|
Changes in fair value of acquisition-related contingent items |
| 1 |
|
|
| 10.7 |
|
|
| (13.9 | ) |
Acquisition and integration costs |
| — |
|
|
| — |
|
|
| 71.9 |
|
Losses on fair value of investment |
| — |
|
|
| — |
|
|
| 0.2 |
|
Total adjustments, pre-tax | $ | 166 |
|
| $ | 194.6 |
|
| $ | 260.8 |
|
Income tax effect of adjustments (a) |
| (40 | ) |
|
| (44.8 | ) |
|
| (74.0 | ) |
Statutory and other tax rate effects (b) |
| — |
|
|
| (0.9 | ) |
|
| 4.6 |
|
Adjusted net income | $ | 524 |
|
| $ | 348.3 |
|
| $ | 144.1 |
|
Net income attributable to non-controlling interests |
| 21 |
|
|
| 36.6 |
|
|
| 2.7 |
|
Adjusted net income attributable to MasTec, Inc. | $ | 503 |
|
| $ | 311.7 |
|
| $ | 141.4 |
|
Adjusted Diluted Earnings per Share Reconciliation |
Guidance for the
|
|
For the Year
|
|
For the Year
| ||||||
Diluted earnings (loss) per share | $ | 4.80 |
|
| $ | 2.06 |
|
| $ | (0.64 | ) |
Adjustments: |
|
|
|
|
|
| |||||
Non-cash stock-based compensation expense |
| 0.44 |
|
|
| 0.41 |
|
|
| 0.43 |
|
Amortization of intangible assets |
| 1.67 |
|
|
| 1.77 |
|
|
| 2.16 |
|
Loss on extinguishment of debt |
| — |
|
|
| 0.14 |
|
|
| — |
|
Changes in fair value of acquisition-related contingent items |
| 0.01 |
|
|
| 0.14 |
|
|
| (0.18 | ) |
Acquisition and integration costs |
| — |
|
|
| — |
|
|
| 0.92 |
|
Losses on fair value of investment |
| — |
|
|
| — |
|
|
| 0.00 |
|
Total adjustments, pre-tax | $ | 2.12 |
|
| $ | 2.47 |
|
| $ | 3.33 |
|
Income tax effect of adjustments (a) |
| (0.51 | ) |
|
| (0.57 | ) |
|
| (0.94 | ) |
Statutory and other tax rate effects (b) |
| — |
|
|
| (0.01 | ) |
|
| 0.06 |
|
Adjusted diluted earnings per share | $ | 6.40 |
|
| $ | 3.95 |
|
| $ | 1.81 |
|
(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 (loss). |
(b) | Represents the effects of statutory and other tax rate changes for the years ended December 31, 2024 and 2023. |
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 (Loss), Adjusted Diluted Earnings (Loss) 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.
Contacts
Chris Mecray, Vice President - Investor Relations
305-507-7304
chris.mecray@mastec.com
Read full story here
