MasTec (MTZ) Financials

$414.47 -20.30 (-4.67%)

Closing price 05/15/2026 03:59 PM Eastern

Extended Trading

$417.38 +2.91 (+0.70%)

As of 05/15/2026 07:56 PM Eastern

Annual Income Statements for MasTec

This table shows MasTec's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-79	131	347	260	392	323	329	33	-50	163	399
Consolidated Net Income / (Loss)	-80	134	349	259	394	323	331	34	-47	199	422
Net Income / (Loss) Continuing Operations	-80	134	349	259	394	323	331	34	-47	199	422
Total Pre-Tax Income	-68	226	372	365	511	425	430	43	-83	251	515
Total Operating Income	-27	266	399	422	588	449	416	125	80	436	653
Total Gross Profit	487	693	862	970	1,113	1,050	1,146	1,192	1,382	1,627	1,793
Total Revenue	4,208	5,135	6,607	6,909	7,183	6,321	7,952	9,778	11,996	12,303	14,299
Operating Revenue	4,208	5,135	6,607	6,909	7,183	6,321	7,952	9,778	11,996	12,303	14,299
Total Cost of Revenue	3,721	4,442	5,745	5,939	6,070	5,271	6,806	8,586	10,614	10,676	12,506
Operating Cost of Revenue	3,721	4,442	5,745	5,939	6,070	5,271	6,806	8,586	10,614	10,676	12,506
Total Operating Expenses	514	426	463	548	525	601	730	1,067	1,302	1,191	1,140
Selling, General & Admin Expense	266	261	275	287	286	303	307	559	699	685	713
Depreciation Expense	170	165	188	192	212	259	346	371	434	367	296
Amortization Expense	-	-	-	21	23	39	77	136	169	140	131
Total Other Income / (Expense), net	-41	-40	-27	-57	-77	-24	14	-82	-163	-185	-137
Interest Expense	48	51	61	83	77	65	53	112	234	205	173
Interest & Investment Income	-7.98	3.53	21	24	27	30	34	29	31	30	32
Other Income / (Expense), net	15	6.80	13	1.78	-27	11	33	1.36	41	-11	3.78
Income Tax Expense	12	92	23	106	117	102	99	9.17	-35	52	93
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.59	2.77	1.67	-0.43	1.76	-0.15	1.90	0.53	2.65	37	23
Basic Earnings per Share	($0.98)	$1.63	$4.29	$3.30	$5.22	$4.43	$4.54	$0.45	($0.64)	$2.09	$5.12
Weighted Average Basic Shares Outstanding	80.49M	80.37M	80.90M	78.70M	75.19M	72.80M	72.50M	74.92M	77.54M	78.05M	77.87M
Diluted Earnings per Share	($0.98)	$1.61	$4.22	$3.26	$5.17	$4.38	$4.45	$0.42	($0.64)	$2.06	$5.07
Weighted Average Diluted Shares Outstanding	80.49M	81.39M	82.33M	79.77M	75.85M	73.72M	73.94M	76.19M	77.54M	78.88M	78.69M
Weighted Average Basic & Diluted Shares Outstanding	80.70M	80.50M	80.90M	78.70M	76.58M	74.21M	76.43M	78.79M	79.28M	79.29M	78.89M

This table shows MasTec's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	14	0.75	-41	34	95	75	9.90	86	161	143	61
Consolidated Net Income / (Loss)	15	1.19	-34	44	105	85	12	90	166	153	70
Net Income / (Loss) Continuing Operations	15	1.19	-34	44	105	85	12	90	166	153	70
Total Pre-Tax Income	23	0.01	-46	63	137	96	8.94	121	212	174	91
Total Operating Income	62	38	0.52	118	180	138	36	156	252	208	142
Total Gross Profit	400	368	307	421	463	437	311	436	538	508	478
Total Revenue	3,257	3,280	2,687	2,961	3,252	3,403	2,848	3,545	3,967	3,940	3,829
Operating Revenue	3,257	3,280	2,687	2,961	3,252	3,403	2,848	3,545	3,967	3,940	3,829
Total Cost of Revenue	2,857	2,912	2,380	2,540	2,789	2,967	2,537	3,109	3,429	3,431	3,351
Operating Cost of Revenue	2,857	2,912	2,380	2,540	2,789	2,967	2,537	3,109	3,429	3,431	3,351
Total Operating Expenses	338	330	307	303	283	298	275	279	286	300	336
Selling, General & Admin Expense	181	178	166	167	169	183	166	177	181	189	214
Depreciation Expense	115	109	107	102	80	77	76	70	72	78	83
Amortization Expense	42	43	34	34	34	38	33	33	33	33	39
Total Other Income / (Expense), net	-39	-38	-46	-55	-43	-42	-27	-35	-41	-34	-50
Interest Expense	63	60	52	62	47	44	39	44	45	45	43
Interest & Investment Income	6.79	7.26	9.22	5.89	7.04	8.08	10	7.04	6.56	8.05	-3.59
Other Income / (Expense), net	17	15	-3.21	1.33	-2.75	-6.37	1.48	1.33	-1.63	2.47	-3.30
Income Tax Expense	7.57	-1.18	-11	19	32	12	-3.38	31	45	21	22
Net Income / (Loss) Attributable to Noncontrolling Interest	1.01	0.44	6.72	9.78	10	9.96	2.42	4.37	5.84	10	8.82
Basic Earnings per Share	$0.18	$0.03	($0.53)	$0.44	$1.22	$0.96	$0.13	$1.10	$2.07	$1.82	$0.78
Weighted Average Basic Shares Outstanding	77.64M	77.54M	77.94M	78.04M	78.04M	78.05M	78.19M	77.68M	77.70M	77.87M	77.95M
Diluted Earnings per Share	$0.18	$0.03	($0.53)	$0.43	$1.21	$0.95	$0.13	$1.09	$2.04	$1.81	$0.77
Weighted Average Diluted Shares Outstanding	78.46M	77.54M	77.94M	78.86M	78.91M	78.88M	79.05M	78.52M	78.65M	78.69M	78.78M
Weighted Average Basic & Diluted Shares Outstanding	78.82M	79.28M	79.46M	79.22M	79.23M	79.29M	78.90M	78.91M	78.90M	78.89M	79.02M

This table details how cash moves in and out of MasTec's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-19	34	1.56	-13	44	352	-62	9.86	159	-130	-3.87
Net Cash From Operating Activities	367	206	144	530	550	937	793	352	687	1,122	546
Net Cash From Continuing Operating Activities	367	206	144	530	550	937	793	352	687	1,122	546
Net Income / (Loss) Continuing Operations	-80	134	349	259	394	323	331	34	-47	199	422
Consolidated Net Income / (Loss)	-80	134	349	259	394	323	331	34	-47	199	422
Depreciation Expense	170	165	188	192	212	259	346	371	434	367	296
Amortization Expense	2.63	2.99	3.10	23	26	42	80	140	175	145	136
Non-Cash Adjustments To Reconcile Net Income	92	18	-4.39	-297	214	61	-7.69	-341	-64	211	-460
Changes in Operating Assets and Liabilities, net	183	-115	-392	352	-296	253	44	148	190	199	152
Net Cash From Investing Activities	-129	-141	-273	-182	-262	-217	-1,357	-821	-178	-157	-267
Net Cash From Continuing Investing Activities	-129	-141	-273	-182	-262	-217	-1,357	-821	-178	-157	-267
Purchase of Property, Plant & Equipment	-84	-117	-123	-180	-126	-214	-170	-263	-193	-149	-260
Acquisitions	-0.15	-4.10	-116	-6.68	-179	-25	-1,245	-636	-69	-80	-71
Purchase of Investments	-127	-32	-77	-39	-5.59	-17	-10.00	-3.98	-1.90	-0.80	-1.00
Sale of Property, Plant & Equipment	14	11	20	39	35	37	65	81	84	66	56
Sale and/or Maturity of Investments	69	1.13	24	5.42	15	0.65	0.56	0.40	0.43	1.50	3.75
Other Investing Activities, net	-	-	-	0.00	0.00	1.84	1.65	0.04	1.63	4.56	4.73
Net Cash From Financing Activities	-259	-29	130	-361	-245	-370	502	481	-351	-1,090	-283
Net Cash From Continuing Financing Activities	-259	-29	130	-361	-245	-370	502	481	-351	-1,090	-283
Repayment of Debt	-1,815	-1,696	-2,467	-3,377	-3,147	-2,153	-806	-3,264	-4,515	-5,512	-5,570
Repurchase of Common Equity	-100	0.00	-1.55	-314	-5.65	-120	0.00	-81	0.00	0.00	-77
Payment of Dividends	0.00	0.00	-23	-0.56	0.58	-0.72	-8.97	-0.73	-14	-33	-25
Issuance of Debt	1,702	1,682	2,699	3,418	3,026	2,035	1,503	4,065	4,378	4,649	5,597
Other Financing Activities, net	-48	-20	-81	-92	-123	-138	-187	-238	-200	-194	-209
Other Net Changes in Cash	-	-	-	-	-	-	-	-2.16	0.75	-3.56	1.10
Cash Interest Paid	47	48	59	81	85	65	62	106	238	195	176
Cash Income Taxes Paid	2.54	59	79	-21	106	65	69	8.60	9.61	44	44

This table details how cash moves in and out of MasTec's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	94	315	-280	48	-116	219	-54	-155	40	165	-122
Net Cash From Operating Activities	294	491	108	264	278	472	78	5.65	89	373	99
Net Cash From Continuing Operating Activities	294	491	108	264	278	472	78	5.65	89	373	99
Net Income / (Loss) Continuing Operations	15	1.19	-34	44	105	85	12	90	166	153	70
Consolidated Net Income / (Loss)	15	1.19	-34	44	105	85	12	90	166	153	70
Depreciation Expense	115	109	107	102	80	77	76	70	72	78	83
Amortization Expense	44	44	35	35	36	40	34	34	34	34	39
Non-Cash Adjustments To Reconcile Net Income	-148	195	183	56	-121	93	29	-280	-214	3.77	-248
Changes in Operating Assets and Liabilities, net	269	142	-183	27	177	177	-73	91	30	104	155
Net Cash From Investing Activities	-30	-6.38	-13	-11	-56	-77	-35	-52	-69	-112	-336
Net Cash From Continuing Investing Activities	-30	-6.38	-13	-11	-56	-77	-35	-52	-69	-112	-336
Purchase of Property, Plant & Equipment	-38	-36	-25	-31	-44	-48	-47	-64	-69	-80	-97
Acquisitions	-4.94	-0.57	-0.06	-	-34	-46	-4.73	-2.52	-17	-47	-267
Sale of Property, Plant & Equipment	13	28	11	20	18	17	14	13	16	14	9.78
Sale and/or Maturity of Investments	-	-	0.00	-	1.50	-	2.65	-	-	1.10	16
Other Investing Activities, net	-0.08	1.59	1.65	0.65	1.30	0.95	0.58	1.78	1.56	0.81	1.48
Net Cash From Financing Activities	-169	-169	-375	-204	-337	-174	-98	-110	20	-96	115
Net Cash From Continuing Financing Activities	-169	-169	-375	-204	-337	-174	-98	-110	20	-96	115
Repayment of Debt	-1,691	-1,241	-1,192	-1,956	-1,257	-1,107	-535	-2,366	-1,449	-1,220	-1,172
Repurchase of Common Equity	-	-	0.00	-	-	-	-27	-50	-	-	0.00
Payment of Dividends	-	-2.82	-6.84	-5.80	-11	-9.44	-6.99	-2.97	-8.23	-6.34	-4.87
Issuance of Debt	1,569	1,122	863	1,795	995	996	517	2,360	1,532	1,190	1,354
Other Financing Activities, net	-48	-47	-39	-37	-64	-53	-45	-49	-55	-60	-62
Other Net Changes in Cash	-	-	-0.13	-	-0.33	-2.61	-	-	-	-	-0.06
Cash Interest Paid	75	50	62	43	46	44	45	43	43	45	44
Cash Income Taxes Paid	1.08	-5.42	-3.79	49	0.44	-1.48	-2.07	36	2.71	7.76	-16

This table presents MasTec's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,927	3,183	4,067	4,440	4,997	5,228	7,121	9,293	9,374	8,975	9,924
Total Current Assets	1,130	1,402	40	2,169	2,174	2,359	2,874	3,859	3,974	3,653	4,329
Cash & Equivalents	4.98	39	40	27	71	423	361	371	530	400	396
Accounts Receivable	911	1,156	-	671	850	784	1,019	1,400	1,370	1,381	1,540
Inventories, net	91	111	-	114	100	90	93	118	108	107	112
Prepaid Expenses	55	42	-	57	52	61	91	122	106	119	184
Other Current Assets	68	55	-	1,300	1,100	1,001	1,310	1,849	1,861	1,645	2,097
Plant, Property, & Equipment, net	559	549	0.00	748	906	0.00	0.00	1,754	1,651	1,549	1,728
Total Noncurrent Assets	1,239	1,232	1,329	1,523	1,919	2,869	4,247	3,680	3,748	3,774	3,866
Goodwill	989	996	1,138	1,100	1,221	1,243	1,521	2,045	2,126	2,203	2,249
Intangible Assets	199	180	191	169	212	184	670	946	784	727	656
Other Noncurrent Operating Assets	51	56	-	253	486	1,442	2,057	689	837	843	961
Total Liabilities & Shareholders' Equity	2,927	3,183	1,370	4,440	4,997	5,228	7,121	9,293	9,374	8,975	9,924
Total Liabilities	1,984	2,079	1,433	3,048	3,205	3,222	4,578	6,552	6,652	5,988	6,589
Total Current Liabilities	753	840	0.00	1,284	1,219	1,415	1,785	2,496	2,837	3,000	3,271
Short-Term Debt	77	65	-	83	118	145	138	172	177	186	154
Accounts Payable	349	364	-	670	535	571	663	1,110	1,243	1,106	1,281
Accrued Expenses	69	112	-	133	116	188	230	366	415	455	541
Current Deferred Revenue	149	161	-	232	206	228	314	406	481	736	748
Current Employee Benefit Liabilities	47	67	-	90	88	135	203	182	199	205	248
Other Current Liabilities	61	71	-	76	156	147	237	260	322	312	299
Total Noncurrent Liabilities	1,231	1,240	1,433	1,764	1,986	1,807	2,793	4,056	3,815	2,988	3,318
Long-Term Debt	933	961	-	1,324	1,314	1,158	1,876	3,052	2,888	2,038	2,176
Noncurrent Deferred & Payable Income Tax Liabilities	189	178	-	264	296	303	450	571	390	363	478
Other Noncurrent Operating Liabilities	110	100	1,433	176	376	347	466	432	537	587	663
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	943	1,104	-64	1,392	1,792	2,006	2,544	2,741	2,721	2,987	3,335
Total Preferred & Common Equity	940	1,097	-64	1,390	1,787	2,002	2,540	2,737	2,706	2,912	3,259
Preferred Stock	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	940	1,097	-64	1,390	1,787	2,002	2,540	2,737	2,706	2,912	3,259
Common Stock	779	798	-	798	819	847	1,043	1,256	1,273	1,301	1,330
Retained Earnings	379	510	-	1,118	1,511	1,834	2,162	2,196	2,146	2,309	2,708
Treasury Stock	-146	-146	-	-466	-467	-587	-587	-664	-660	-657	-734
Accumulated Other Comprehensive Income / (Loss)	-72	-66	-64	-60	-76	-91	-79	-51	-53	-41	-44
Noncontrolling Interest	3.82	7.10	-	2.13	4.47	3.60	4.05	3.86	15	75	75

This table presents MasTec's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	7,476	9,055	9,288	9,530	8,745	8,679	8,763	8,862	9,132	9,693	10,442
Total Current Assets	3,114	3,657	3,829	4,039	3,445	3,477	3,573	3,546	3,747	4,307	4,517
Cash & Equivalents	96	142	120	214	249	298	181	346	191	231	274
Accounts Receivable	1,057	1,372	1,485	1,543	1,310	1,342	1,454	1,345	1,425	1,692	1,594
Inventories, net	128	165	153	129	112	108	101	115	109	112	117
Prepaid Expenses	87	123	101	82	102	101	90	121	132	160	160
Other Current Assets	1,747	1,855	1,970	2,070	1,671	1,628	1,747	1,619	1,891	2,111	2,372
Plant, Property, & Equipment, net	1,588	1,731	0.00	1,730	1,573	1,515	1,519	1,583	1,657	1,687	1,863
Total Noncurrent Assets	2,773	3,668	5,459	3,761	3,727	3,687	3,671	3,733	3,728	3,699	4,062
Goodwill	1,494	2,066	2,080	2,119	2,126	2,126	2,136	2,205	2,213	2,214	2,352
Intangible Assets	638	904	863	821	751	717	718	695	664	632	761
Other Noncurrent Operating Assets	641	698	2,517	821	850	844	817	833	851	852	949
Total Liabilities & Shareholders' Equity	7,476	9,055	9,288	9,530	8,745	8,679	8,763	8,862	9,132	9,693	10,442
Total Liabilities	4,929	6,408	6,599	6,816	6,055	5,945	5,934	5,907	6,118	6,514	7,012
Total Current Liabilities	1,986	2,379	2,441	2,811	2,633	2,748	2,888	2,910	3,068	3,236	3,427
Short-Term Debt	157	167	169	175	181	201	185	192	161	157	156
Accounts Payable	935	926	930	1,214	965	994	1,041	986	1,218	1,286	1,317
Accrued Expenses	227	331	351	331	398	403	427	425	464	499	507
Current Deferred Revenue	-	-	487	-	549	621	708	766	698	730	800
Current Employee Benefit Liabilities	225	198	180	248	216	192	234	256	245	284	340
Other Current Liabilities	443	757	323	842	325	336	292	285	282	280	307
Total Noncurrent Liabilities	2,943	4,029	4,159	4,005	3,422	3,197	3,047	2,997	3,050	3,278	3,584
Long-Term Debt	2,068	3,046	3,155	3,030	2,537	2,360	2,139	2,042	2,097	2,199	2,376
Noncurrent Deferred & Payable Income Tax Liabilities	471	536	521	455	347	326	381	349	339	449	520
Other Noncurrent Operating Liabilities	404	448	483	520	537	511	527	606	615	629	688
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,547	2,648	2,688	2,714	2,690	2,734	2,829	2,955	3,014	3,179	3,430
Total Preferred & Common Equity	2,542	2,646	2,679	2,703	2,674	2,714	2,810	2,884	2,947	3,112	3,309
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,542	2,646	2,679	2,703	2,674	2,714	2,810	2,884	2,947	3,112	3,309
Common Stock	1,065	1,245	1,257	1,264	1,280	1,287	1,295	1,304	1,313	1,322	1,320
Retained Earnings	2,193	2,115	2,131	2,145	2,105	2,139	2,234	2,318	2,404	2,565	2,768
Treasury Stock	-664	-660	-660	-660	-660	-660	-660	-694	-734	-734	-734
Accumulated Other Comprehensive Income / (Loss)	-51	-54	-49	-46	-51	-52	-59	-44	-36	-41	-45
Noncontrolling Interest	4.44	1.33	9.37	10	16	20	19	71	67	67	121

This table displays calculated financial ratios and metrics derived from MasTec's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-8.75%	22.01%	28.67%	4.58%	3.96%	-12.00%	25.80%	22.97%	22.68%	2.56%	16.22%
EBITDA Growth	-60.96%	174.58%	36.68%	6.11%	24.98%	-4.75%	15.01%	-27.16%	14.46%	28.42%	16.08%
EBIT Growth	-104.70%	2,430.96%	50.73%	3.03%	32.21%	-17.83%	-2.38%	-71.87%	-4.33%	251.51%	54.33%
NOPAT Growth	-112.83%	930.86%	136.65%	-19.87%	51.31%	-24.77%	-6.15%	-69.24%	-43.05%	518.31%	54.12%
Net Income Growth	-168.98%	268.17%	160.29%	-25.70%	52.03%	-18.12%	2.49%	-89.75%	-239.57%	521.64%	111.62%
EPS Growth	-172.59%	264.29%	162.11%	-22.75%	58.59%	-15.28%	1.60%	-90.56%	-252.38%	421.88%	146.12%
Operating Cash Flow Growth	13.75%	-44.04%	-29.91%	267.78%	3.83%	70.32%	-15.38%	-55.58%	95.08%	63.20%	-51.35%
Free Cash Flow Firm Growth	222.53%	-95.35%	16,110.44%	-200.27%	102.75%	760.15%	-262.66%	-30.94%	130.31%	101.18%	-90.31%
Invested Capital Growth	-15.59%	7.30%	-105.00%	2,750.79%	13.80%	-8.52%	45.48%	33.29%	-6.04%	-8.47%	9.51%
Revenue Q/Q Growth	-4.62%	6.52%	4.11%	4.77%	-2.82%	-1.13%	2.22%	13.98%	2.32%	1.01%	3.90%
EBITDA Q/Q Growth	-40.42%	74.51%	-5.04%	3.73%	5.17%	8.45%	-4.96%	2.34%	-1.56%	4.81%	7.31%
EBIT Q/Q Growth	-112.24%	217.45%	-8.64%	3.98%	6.39%	8.02%	-12.59%	-25.12%	-0.53%	22.97%	13.62%
NOPAT Q/Q Growth	-137.52%	10,511.46%	38.08%	-30.58%	20.19%	1.48%	-15.57%	-23.60%	-16.42%	37.60%	13.51%
Net Income Q/Q Growth	-544.60%	11,555.22%	42.92%	-33.20%	21.16%	3.94%	-9.95%	-68.30%	-4.83%	72.05%	19.33%
EPS Q/Q Growth	-566.67%	7,950.00%	45.02%	-32.22%	21.65%	4.78%	-9.92%	-70.42%	-1.59%	80.70%	20.43%
Operating Cash Flow Q/Q Growth	-26.90%	-12.12%	-41.16%	11,841.32%	-41.74%	18.33%	5.30%	-14.63%	59.76%	-1.67%	-15.35%
Free Cash Flow Firm Q/Q Growth	104.15%	-89.75%	1,299.78%	-1,050.47%	-88.46%	74.03%	-342.39%	-29.83%	140.91%	-19.62%	-44.06%
Invested Capital Q/Q Growth	-11.67%	1.84%	-104.12%	-13.22%	6.67%	-1.94%	18.38%	19.67%	-7.85%	-3.21%	-0.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	11.57%	13.49%	13.04%	14.04%	15.49%	16.61%	14.41%	12.19%	11.52%	13.23%	12.54%
EBITDA Margin	3.82%	8.59%	9.12%	9.26%	11.13%	12.05%	11.01%	6.52%	6.09%	7.62%	7.61%
Operating Margin	-0.65%	5.18%	6.03%	6.11%	8.18%	7.11%	5.23%	1.28%	0.67%	3.55%	4.56%
EBIT Margin	-0.28%	5.32%	6.23%	6.14%	7.80%	7.29%	5.65%	1.29%	1.01%	3.46%	4.59%
Profit (Net Income) Margin	-1.89%	2.61%	5.28%	3.75%	5.49%	5.11%	4.16%	0.35%	-0.39%	1.62%	2.95%
Tax Burden Percent	117.65%	59.36%	93.83%	70.96%	77.13%	75.90%	76.90%	78.70%	57.19%	79.46%	81.88%
Interest Burden Percent	578.38%	82.71%	90.35%	86.15%	91.14%	92.30%	95.64%	34.04%	-68.35%	59.00%	78.52%
Effective Tax Rate	0.00%	40.64%	6.17%	29.04%	22.87%	24.10%	23.10%	21.30%	0.00%	20.54%	18.12%
Return on Invested Capital (ROIC)	-0.89%	7.82%	37.65%	22.47%	15.30%	11.30%	9.04%	2.01%	1.03%	6.89%	10.60%
ROIC Less NNEP Spread (ROIC-NNEP)	-6.50%	5.42%	32.36%	16.43%	10.98%	9.66%	9.88%	-0.85%	-2.80%	0.13%	4.62%
Return on Net Nonoperating Assets (RNNOA)	-6.73%	5.27%	29.45%	16.56%	9.45%	5.70%	5.50%	-0.73%	-2.77%	0.10%	2.75%
Return on Equity (ROE)	-7.62%	13.10%	67.10%	39.03%	24.76%	17.00%	14.54%	1.28%	-1.73%	6.99%	13.35%
Cash Return on Invested Capital (CROIC)	16.02%	0.78%	0.00%	-92.96%	2.39%	20.20%	-28.01%	-26.53%	7.26%	15.74%	1.52%
Operating Return on Assets (OROA)	-0.36%	8.94%	11.35%	9.97%	11.88%	9.01%	7.28%	1.54%	1.30%	4.64%	6.95%
Return on Assets (ROA)	-2.46%	4.39%	9.62%	6.09%	8.35%	6.31%	5.36%	0.41%	-0.51%	2.17%	4.47%
Return on Common Equity (ROCE)	-7.59%	13.03%	66.64%	38.97%	24.71%	16.96%	14.52%	1.28%	-1.73%	6.88%	13.03%
Return on Equity Simple (ROE_SIMPLE)	-8.48%	12.22%	-547.60%	18.65%	22.05%	16.12%	13.02%	1.24%	-1.75%	6.85%	0.00%
Net Operating Profit after Tax (NOPAT)	-19	158	374	300	453	341	320	98	56	347	534
NOPAT Margin	-0.45%	3.08%	5.66%	4.34%	6.31%	5.40%	4.03%	1.01%	0.47%	2.82%	3.74%
Net Nonoperating Expense Percent (NNEP)	5.60%	2.41%	5.30%	6.04%	4.32%	1.64%	-0.84%	2.87%	3.84%	6.76%	5.98%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	1.65%	0.97%	6.65%	9.43%
Cost of Revenue to Revenue	88.43%	86.51%	86.96%	85.96%	84.51%	83.39%	85.59%	87.81%	88.48%	86.77%	87.46%
SG&A Expenses to Revenue	6.32%	5.09%	4.16%	4.16%	3.99%	4.79%	3.86%	5.72%	5.83%	5.56%	4.99%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.22%	8.30%	7.01%	7.93%	7.31%	9.50%	9.18%	10.91%	10.85%	9.68%	7.97%
Earnings before Interest and Taxes (EBIT)	-12	273	412	424	561	461	450	126	121	425	656
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	161	441	603	640	799	761	876	638	730	937	1,088
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.48	2.87	0.00	2.30	2.74	2.52	2.70	2.44	2.21	3.70	5.26
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	26.55	13.82	8.76	19.65	0.00	0.00	0.00	48.44
Price to Revenue (P/Rev)	0.33	0.61	0.61	0.46	0.68	0.80	0.86	0.68	0.50	0.88	1.20
Price to Earnings (P/E)	0.00	24.01	11.67	12.29	12.48	15.60	20.85	200.15	0.00	66.26	42.98
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	4.17%	8.57%	8.14%	8.01%	6.41%	4.80%	0.50%	0.00%	1.51%	2.33%
Enterprise Value to Invested Capital (EV/IC)	1.23	1.98	0.00	1.65	1.99	2.05	2.03	1.70	1.62	2.64	3.64
Enterprise Value to Revenue (EV/Rev)	0.57	0.81	0.61	0.66	0.87	0.94	1.07	0.98	0.71	1.03	1.34
Enterprise Value to EBITDA (EV/EBITDA)	14.93	9.40	6.66	7.15	7.84	7.77	9.72	14.95	11.67	13.53	17.61
Enterprise Value to EBIT (EV/EBIT)	0.00	15.18	9.75	10.78	11.17	12.85	18.93	75.37	70.41	29.83	29.19
Enterprise Value to NOPAT (EV/NOPAT)	0.00	26.24	10.73	15.26	13.81	17.36	26.60	96.81	151.92	36.59	35.85
Enterprise Value to Operating Cash Flow (EV/OCF)	6.53	20.16	27.83	8.63	11.38	6.32	10.74	27.06	12.40	11.31	35.11
Enterprise Value to Free Cash Flow (EV/FCFF)	7.03	261.56	1.56	0.00	88.33	9.71	0.00	0.00	21.63	16.01	249.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.07	0.93	0.00	1.01	0.80	0.65	0.79	1.18	1.13	0.74	0.70
Long-Term Debt to Equity	0.99	0.87	0.00	0.95	0.73	0.58	0.74	1.11	1.06	0.68	0.65
Financial Leverage	1.04	0.97	0.91	1.01	0.86	0.59	0.56	0.85	0.99	0.76	0.59
Leverage Ratio	3.10	2.99	6.97	6.40	2.96	2.69	2.71	3.11	3.42	3.21	2.99
Compound Leverage Factor	17.95	2.47	6.30	5.52	2.70	2.49	2.60	1.06	-2.34	1.90	2.35
Debt to Total Capital	51.71%	48.18%	0.00%	50.27%	44.43%	39.38%	44.19%	54.05%	52.97%	42.68%	41.14%
Short-Term Debt to Total Capital	3.96%	3.03%	0.00%	2.95%	3.67%	4.39%	3.03%	2.88%	3.06%	3.57%	2.72%
Long-Term Debt to Total Capital	47.75%	45.14%	0.00%	47.31%	40.76%	34.99%	41.16%	51.17%	49.91%	39.11%	38.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.20%	0.33%	0.00%	0.08%	0.14%	0.11%	0.09%	0.06%	0.26%	1.45%	1.33%
Common Equity to Total Capital	48.09%	51.49%	100.00%	49.66%	55.43%	60.51%	55.72%	45.89%	46.77%	55.87%	57.53%
Debt to EBITDA	6.29	2.33	0.00	2.20	1.79	1.71	2.30	5.06	4.20	2.37	2.14
Net Debt to EBITDA	6.26	2.24	0.00	2.16	1.70	1.16	1.89	4.47	3.47	1.95	1.78
Long-Term Debt to EBITDA	5.81	2.18	0.00	2.07	1.64	1.52	2.14	4.79	3.96	2.17	2.00
Debt to NOPAT	-53.12	6.49	0.00	4.70	3.16	3.82	6.29	32.74	54.66	6.41	4.36
Net Debt to NOPAT	-52.86	6.25	0.00	4.60	3.00	2.58	5.17	28.98	45.22	5.26	3.62
Long-Term Debt to NOPAT	-49.05	6.08	0.00	4.42	2.90	3.39	5.86	31.00	51.50	5.88	4.07
Altman Z-Score	2.18	3.24	3.67	3.09	3.38	3.15	2.83	2.22	2.33	3.06	3.73
Noncontrolling Interest Sharing Ratio	0.39%	0.53%	0.68%	0.16%	0.21%	0.21%	0.17%	0.15%	0.35%	1.59%	2.38%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.50	1.67	0.00	1.69	1.78	1.67	1.61	1.55	1.40	1.22	1.32
Quick Ratio	1.22	1.42	0.00	0.54	0.76	0.85	0.77	0.71	0.67	0.59	0.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	341	16	2,569	-2,576	71	610	-992	-1,299	394	792	77
Operating Cash Flow to CapEx	521.32%	194.18%	139.29%	375.69%	601.67%	530.51%	756.90%	193.70%	631.51%	1,354.34%	267.93%
Free Cash Flow to Firm to Interest Expense	7.09	0.31	42.11	-31.20	0.92	9.35	-18.57	-11.57	1.68	3.87	0.44
Operating Cash Flow to Interest Expense	7.65	4.05	2.36	6.42	7.14	14.38	14.85	3.14	2.93	5.48	3.15
Operating Cash Flow Less CapEx to Interest Expense	6.18	1.97	0.67	4.71	5.96	11.67	12.89	1.52	2.47	5.08	1.98
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.30	1.68	1.82	1.62	1.52	1.24	1.29	1.19	1.29	1.34	1.51
Accounts Receivable Turnover	3.80	4.97	0.00	0.00	9.44	7.73	8.82	8.08	8.66	8.94	9.79
Inventory Turnover	36.59	44.06	0.00	0.00	56.79	55.57	74.69	81.56	93.88	99.09	113.79
Fixed Asset Turnover	7.12	9.27	0.00	0.00	8.69	0.00	0.00	0.00	7.04	7.69	8.73
Accounts Payable Turnover	8.93	12.47	0.00	0.00	10.08	9.53	11.03	9.69	9.02	9.09	10.48
Days Sales Outstanding (DSO)	96.04	73.47	0.00	0.00	38.66	47.20	41.40	45.15	42.14	40.81	37.29
Days Inventory Outstanding (DIO)	9.98	8.28	0.00	0.00	6.43	6.57	4.89	4.48	3.89	3.68	3.21
Days Payable Outstanding (DPO)	40.90	29.26	0.00	0.00	36.22	38.30	33.10	37.68	40.45	40.14	34.83
Cash Conversion Cycle (CCC)	65.12	52.49	0.00	0.00	8.87	15.46	13.19	11.94	5.58	4.35	5.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,949	2,091	-105	2,771	3,154	2,885	4,197	5,595	5,257	4,812	5,269
Invested Capital Turnover	1.98	2.54	6.65	5.18	2.42	2.09	2.25	2.00	2.21	2.44	2.84
Increase / (Decrease) in Invested Capital	-360	142	-2,195	2,876	382	-269	1,312	1,397	-338	-445	458
Enterprise Value (EV)	2,398	4,146	4,011	4,573	6,263	5,919	8,514	9,533	8,519	12,687	19,161
Market Capitalization	1,388	3,151	4,051	3,191	4,897	5,036	6,857	6,676	5,968	10,787	17,151
Book Value per Share	$11.76	$13.31	($0.77)	$17.67	$23.41	$27.10	$35.03	$34.99	$34.33	$36.75	$41.31
Tangible Book Value per Share	($3.11)	($0.96)	($16.83)	$1.53	$4.64	$7.78	$4.81	($3.25)	($2.59)	($0.23)	$4.49
Total Capital	1,954	2,130	-64	2,799	3,224	3,308	4,558	5,965	5,787	5,211	5,665
Total Debt	1,010	1,026	0.00	1,407	1,432	1,303	2,014	3,224	3,065	2,224	2,331
Total Long-Term Debt	933	961	0.00	1,324	1,314	1,158	1,876	3,052	2,888	2,038	2,176
Net Debt	1,005	987	-40	1,379	1,361	880	1,653	2,854	2,536	1,824	1,935
Capital Expenditures (CapEx)	70	106	103	141	91	177	105	182	109	83	204
Debt-free, Cash-free Net Working Capital (DFCFNWC)	450	588	0.00	941	1,001	666	867	1,164	785	439	816
Debt-free Net Working Capital (DFNWC)	455	627	40	968	1,073	1,089	1,227	1,535	1,314	839	1,212
Net Working Capital (NWC)	377	562	40	885	954	944	1,089	1,363	1,137	653	1,058
Net Nonoperating Expense (NNE)	61	24	25	40	59	18	-11	65	103	147	112
Net Nonoperating Obligations (NNO)	1,005	987	-41	1,379	1,362	880	1,653	2,854	2,536	1,824	1,935
Total Depreciation and Amortization (D&A)	172	168	191	216	239	301	426	511	609	512	432
Debt-free, Cash-free Net Working Capital to Revenue	10.68%	11.46%	0.00%	13.61%	13.94%	10.53%	10.90%	11.91%	6.54%	3.57%	5.71%
Debt-free Net Working Capital to Revenue	10.80%	12.21%	0.61%	14.01%	14.94%	17.23%	15.43%	15.70%	10.96%	6.82%	8.48%
Net Working Capital to Revenue	8.96%	10.95%	0.61%	12.81%	13.29%	14.93%	13.70%	13.94%	9.48%	5.31%	7.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.98)	$1.63	$4.29	$3.30	$5.22	$4.43	$4.54	$0.45	($0.64)	$2.09	$5.12
Adjusted Weighted Average Basic Shares Outstanding	80.49M	80.37M	80.90M	78.70M	75.19M	72.80M	72.50M	74.92M	77.54M	78.05M	77.87M
Adjusted Diluted Earnings per Share	($0.98)	$1.61	$4.22	$3.26	$5.17	$4.38	$4.45	$0.42	($0.64)	$2.06	$5.07
Adjusted Weighted Average Diluted Shares Outstanding	80.49M	81.39M	82.33M	79.77M	75.85M	73.72M	73.94M	76.19M	77.54M	78.88M	78.69M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	80.16M	82.57M	82.82M	76.03M	76.58M	74.21M	76.43M	78.79M	79.28M	79.29M	78.89M
Normalized Net Operating Profit after Tax (NOPAT)	36	158	374	333	456	341	320	98	56	347	534
Normalized NOPAT Margin	0.86%	3.08%	5.66%	4.83%	6.35%	5.40%	4.03%	1.01%	0.47%	2.82%	3.74%
Pre Tax Income Margin	-1.61%	4.40%	5.63%	5.29%	7.11%	6.73%	5.41%	0.44%	-0.69%	2.04%	3.60%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.24	5.38	6.75	5.14	7.28	7.07	8.42	1.13	0.52	2.08	3.79
NOPAT to Interest Expense	-0.40	3.11	6.13	3.63	5.89	5.23	5.99	0.88	0.24	1.69	3.09
EBIT Less CapEx to Interest Expense	-1.71	3.29	5.05	3.43	6.09	4.36	6.46	-0.49	0.05	1.67	2.62
NOPAT Less CapEx to Interest Expense	-1.86	1.03	4.43	1.92	4.70	2.52	4.03	-0.74	-0.23	1.29	1.91
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	6.51%	0.22%	-0.15%	0.22%	2.71%	2.15%	-30.61%	16.52%	5.81%
Augmented Payout Ratio	-125.47%	0.00%	6.96%	121.32%	1.29%	37.48%	2.71%	242.03%	-30.61%	16.52%	24.14%

This table displays calculated financial ratios and metrics derived from MasTec's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	78,894,830.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	78,894,830.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.77
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	29.58%	9.03%	3.95%	3.03%	-0.14%	3.75%	5.99%	19.71%	21.97%	15.77%	34.45%
EBITDA Growth	17.96%	-5.34%	102.98%	17.57%	23.30%	20.91%	5.76%	1.97%	21.69%	29.84%	76.52%
EBIT Growth	-3.07%	-1.21%	96.70%	66.37%	125.02%	151.36%	1,496.29%	32.29%	41.56%	59.64%	267.64%
NOPAT Growth	-37.47%	22,391.87%	100.59%	40.98%	233.32%	-96.24%	13,689.31%	42.73%	43.42%	50.69%	116.56%
Net Income Growth	-68.91%	-64.66%	57.22%	161.24%	588.73%	7,011.84%	135.77%	105.93%	57.95%	80.70%	465.13%
EPS Growth	-72.31%	-25.00%	49.52%	115.00%	572.22%	3,066.67%	124.53%	153.49%	68.60%	90.53%	492.31%
Operating Cash Flow Growth	151.41%	110.04%	224.75%	2,391.78%	-5.69%	-3.87%	-27.27%	-97.87%	-67.97%	-20.98%	26.15%
Free Cash Flow Firm Growth	7.04%	357.73%	135.50%	180.15%	188.23%	-84.10%	-34.86%	-96.57%	-115.51%	-148.43%	-301.96%
Invested Capital Growth	22.02%	-6.04%	-9.79%	-15.18%	-12.86%	-8.47%	-6.11%	1.66%	6.71%	9.51%	17.45%
Revenue Q/Q Growth	13.32%	0.71%	-18.09%	10.21%	9.84%	4.63%	-16.32%	24.48%	11.91%	-0.68%	-2.82%
EBITDA Q/Q Growth	8.82%	-13.42%	-32.05%	83.63%	14.13%	-15.10%	-40.56%	77.06%	36.19%	-9.41%	-19.19%
EBIT Q/Q Growth	9.83%	-33.25%	-105.14%	4,515.68%	48.54%	-25.44%	-71.45%	318.35%	58.95%	-15.92%	-34.25%
NOPAT Q/Q Growth	-28.39%	7,676.18%	-99.99%	22,562.45%	69.31%	-12.17%	-59.08%	134.57%	70.13%	-7.72%	-41.00%
Net Income Q/Q Growth	-8.65%	-92.22%	-2,993.28%	227.01%	140.84%	-19.65%	-85.45%	631.18%	84.72%	-8.07%	-54.49%
EPS Q/Q Growth	-10.00%	-83.33%	-1,866.67%	181.13%	181.40%	-21.49%	-86.32%	738.46%	87.16%	-11.27%	-57.46%
Operating Cash Flow Q/Q Growth	2,652.06%	66.63%	-78.04%	145.43%	5.02%	69.84%	-83.39%	-92.80%	1,475.72%	318.97%	-73.48%
Free Cash Flow Firm Q/Q Growth	18.89%	460.72%	-84.28%	74.30%	-10.71%	-34.97%	-35.63%	-90.83%	-503.88%	-103.10%	-168.56%
Invested Capital Q/Q Growth	-3.18%	-7.85%	-1.88%	-3.12%	-0.53%	-3.21%	0.66%	4.90%	4.41%	-0.67%	7.96%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	12.28%	11.21%	11.43%	14.21%	14.24%	12.83%	10.92%	12.29%	13.56%	12.90%	12.48%
EBITDA Margin	7.29%	6.27%	5.20%	8.66%	9.00%	7.30%	5.19%	7.38%	8.98%	8.19%	6.81%
Operating Margin	1.90%	1.16%	0.02%	3.98%	5.53%	4.06%	1.27%	4.41%	6.36%	5.28%	3.70%
EBIT Margin	2.41%	1.60%	-0.10%	4.02%	5.44%	3.88%	1.32%	4.45%	6.32%	5.35%	3.62%
Profit (Net Income) Margin	0.47%	0.04%	-1.28%	1.48%	3.24%	2.49%	0.43%	2.54%	4.20%	3.88%	1.82%
Tax Burden Percent	66.91%	8,507.14%	75.67%	69.35%	76.97%	87.84%	137.82%	74.62%	78.68%	87.94%	76.17%
Interest Burden Percent	29.09%	0.03%	1,687.84%	52.98%	77.39%	73.08%	23.74%	76.64%	84.48%	82.63%	66.03%
Effective Tax Rate	33.09%	-8,407.14%	0.00%	30.65%	23.03%	12.16%	-37.82%	25.38%	21.32%	12.06%	23.83%
Return on Invested Capital (ROIC)	2.88%	217.51%	0.03%	6.17%	9.70%	8.72%	4.35%	8.52%	13.39%	13.18%	8.19%
ROIC Less NNEP Spread (ROIC-NNEP)	1.85%	97.80%	-1.23%	4.79%	8.42%	7.04%	2.63%	7.29%	11.90%	11.59%	6.34%
Return on Net Nonoperating Assets (RNNOA)	1.81%	96.49%	-1.27%	4.83%	7.80%	5.37%	2.03%	5.49%	8.45%	6.89%	4.11%
Return on Equity (ROE)	4.68%	313.99%	-1.24%	11.00%	17.51%	14.10%	6.38%	14.01%	21.85%	20.07%	12.30%
Cash Return on Invested Capital (CROIC)	-18.55%	7.26%	12.46%	18.99%	18.46%	15.74%	13.91%	6.51%	2.67%	1.52%	-4.51%
Operating Return on Assets (OROA)	3.33%	2.06%	-0.14%	5.46%	7.25%	5.20%	1.87%	6.51%	9.42%	8.09%	5.73%
Return on Assets (ROA)	0.65%	0.05%	-1.74%	2.00%	4.32%	3.34%	0.61%	3.73%	6.26%	5.88%	2.88%
Return on Common Equity (ROCE)	4.67%	312.90%	-1.24%	10.94%	17.41%	13.88%	6.29%	13.80%	21.54%	19.59%	11.93%
Return on Equity Simple (ROE_SIMPLE)	-1.67%	0.00%	-0.05%	0.95%	4.13%	0.00%	8.54%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	41	3,227	0.36	82	138	121	50	117	198	183	108
NOPAT Margin	1.27%	98.38%	0.01%	2.76%	4.25%	3.57%	1.75%	3.29%	5.00%	4.65%	2.82%
Net Nonoperating Expense Percent (NNEP)	1.02%	119.71%	1.26%	1.39%	1.28%	1.69%	1.72%	1.22%	1.49%	1.60%	1.85%
Return On Investment Capital (ROIC_SIMPLE)	-	55.77%	-	-	-	2.33%	0.96%	2.21%	3.58%	3.23%	1.81%
Cost of Revenue to Revenue	87.72%	88.79%	88.57%	85.79%	85.76%	87.17%	89.08%	87.71%	86.44%	87.10%	87.52%
SG&A Expenses to Revenue	5.55%	5.43%	6.16%	5.64%	5.19%	5.38%	5.84%	4.98%	4.56%	4.80%	5.59%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.38%	10.05%	11.41%	10.23%	8.71%	8.76%	9.66%	7.88%	7.20%	7.62%	8.78%
Earnings before Interest and Taxes (EBIT)	79	52	-2.70	119	177	132	38	158	251	211	138
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	237	206	140	257	293	249	148	262	356	323	261
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.10	2.21	2.76	3.13	3.47	3.70	3.21	4.56	5.40	5.26	7.67
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	191.96	63.21	48.44	129.09
Price to Revenue (P/Rev)	0.48	0.50	0.61	0.70	0.80	0.88	0.74	1.03	1.22	1.20	1.66
Price to Earnings (P/E)	0.00	0.00	0.00	1,082.00	109.82	66.26	43.27	50.62	50.72	42.98	56.41
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.09%	0.91%	1.51%	2.31%	1.98%	1.97%	2.33%	1.77%
Enterprise Value to Invested Capital (EV/IC)	1.52	1.62	1.91	2.16	2.40	2.64	2.32	3.07	3.58	3.64	4.88
Enterprise Value to Revenue (EV/Rev)	0.74	0.71	0.82	0.89	0.98	1.03	0.90	1.19	1.38	1.34	1.82
Enterprise Value to EBITDA (EV/EBITDA)	11.70	11.67	12.33	12.85	13.32	13.53	11.86	16.39	18.72	17.61	23.11
Enterprise Value to EBIT (EV/EBIT)	71.33	70.41	49.37	43.56	34.44	29.83	24.08	30.90	32.86	29.19	36.66
Enterprise Value to NOPAT (EV/NOPAT)	129.32	151.92	83.71	77.47	47.28	36.59	29.48	37.89	40.33	35.85	45.67
Enterprise Value to Operating Cash Flow (EV/OCF)	20.17	12.40	11.21	9.32	10.44	11.31	10.27	18.69	29.45	35.11	49.03
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	21.63	14.57	10.43	12.09	16.01	16.12	47.49	138.34	249.58	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.18	1.13	1.01	0.94	0.82	0.74	0.76	0.75	0.74	0.70	0.74
Long-Term Debt to Equity	1.12	1.06	0.94	0.86	0.76	0.68	0.69	0.70	0.69	0.65	0.69
Financial Leverage	0.97	0.99	1.04	1.01	0.93	0.76	0.77	0.75	0.71	0.59	0.65
Leverage Ratio	3.23	3.42	3.33	3.31	3.30	3.21	3.12	3.10	3.07	2.99	3.02
Compound Leverage Factor	0.94	0.00	56.29	1.76	2.55	2.35	0.74	2.37	2.60	2.47	2.00
Debt to Total Capital	54.15%	52.97%	50.26%	48.37%	45.10%	42.68%	43.05%	42.82%	42.57%	41.14%	42.47%
Short-Term Debt to Total Capital	2.96%	3.06%	3.34%	3.80%	3.59%	3.57%	3.70%	3.05%	2.84%	2.72%	2.62%
Long-Term Debt to Total Capital	51.19%	49.91%	46.92%	44.56%	41.51%	39.11%	39.35%	39.77%	39.73%	38.42%	39.86%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.18%	0.26%	0.29%	0.37%	0.37%	1.45%	1.37%	1.28%	1.21%	1.33%	2.02%
Common Equity to Total Capital	45.67%	46.77%	49.45%	51.26%	54.53%	55.87%	55.59%	55.90%	56.22%	57.53%	55.51%
Debt to EBITDA	4.32	4.20	3.39	3.05	2.60	2.37	2.36	2.37	2.32	2.14	2.11
Net Debt to EBITDA	4.03	3.47	3.08	2.70	2.40	1.95	2.00	2.17	2.10	1.78	1.88
Long-Term Debt to EBITDA	4.09	3.96	3.17	2.81	2.39	2.17	2.16	2.21	2.17	2.00	1.98
Debt to NOPAT	47.77	54.66	23.03	18.40	9.22	6.41	5.87	5.49	5.01	4.36	4.17
Net Debt to NOPAT	44.58	45.22	20.92	16.26	8.50	5.26	4.96	5.03	4.51	3.62	3.72
Long-Term Debt to NOPAT	45.16	51.50	21.50	16.95	8.49	5.88	5.37	5.10	4.67	4.07	3.91
Altman Z-Score	2.23	2.30	2.56	2.75	2.89	2.95	2.81	3.26	3.55	3.58	4.18
Noncontrolling Interest Sharing Ratio	0.28%	0.35%	0.32%	0.54%	0.53%	1.59%	1.54%	1.51%	1.43%	2.38%	3.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.44	1.40	1.31	1.27	1.24	1.22	1.22	1.22	1.33	1.32	1.32
Quick Ratio	0.63	0.67	0.59	0.60	0.57	0.59	0.58	0.53	0.59	0.59	0.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-988	3,565	560	976	872	567	365	33	-135	-275	-737
Operating Cash Flow to CapEx	1,180.95%	6,632.94%	740.09%	2,346.69%	1,081.41%	1,506.69%	234.58%	11.07%	167.84%	562.55%	113.64%
Free Cash Flow to Firm to Interest Expense	-15.80	59.67	10.76	15.77	18.53	13.01	9.35	0.76	-2.97	-6.15	-16.97
Operating Cash Flow to Interest Expense	4.71	8.21	2.07	4.27	5.90	10.82	2.01	0.13	1.96	8.35	2.27
Operating Cash Flow Less CapEx to Interest Expense	4.31	8.09	1.79	4.09	5.36	10.10	1.15	-1.03	0.79	6.86	0.27
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.38	1.29	1.36	1.36	1.33	1.34	1.42	1.47	1.49	1.51	1.58
Accounts Receivable Turnover	9.02	8.66	9.02	8.62	8.13	8.94	9.39	9.43	8.75	9.79	10.40
Inventory Turnover	80.55	93.88	76.71	82.00	92.24	99.09	95.52	105.37	113.05	113.79	114.97
Fixed Asset Turnover	7.07	7.04	7.32	0.00	7.50	7.69	7.90	8.23	8.58	8.73	8.87
Accounts Payable Turnover	9.62	9.02	11.25	11.11	9.42	9.09	11.10	10.31	10.35	10.48	11.57
Days Sales Outstanding (DSO)	40.48	42.14	40.47	42.34	44.90	40.81	38.88	38.70	41.72	37.29	35.11
Days Inventory Outstanding (DIO)	4.53	3.89	4.76	4.45	3.96	3.68	3.82	3.46	3.23	3.21	3.17
Days Payable Outstanding (DPO)	37.92	40.45	32.45	32.85	38.74	40.14	32.87	35.41	35.27	34.83	31.54
Cash Conversion Cycle (CCC)	7.08	5.58	12.77	13.94	10.11	4.35	9.84	6.76	9.67	5.67	6.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,705	5,257	5,158	4,998	4,971	4,812	4,843	5,081	5,305	5,269	5,689
Invested Capital Turnover	2.26	2.21	2.22	2.24	2.28	2.44	2.49	2.59	2.68	2.84	2.90
Increase / (Decrease) in Invested Capital	1,030	-338	-560	-895	-734	-445	-315	83	334	458	845
Enterprise Value (EV)	8,677	8,519	9,877	10,785	11,914	12,687	11,213	15,581	18,985	19,161	27,763
Market Capitalization	5,676	5,968	7,393	8,501	9,752	10,787	9,254	13,447	16,792	17,151	25,384
Book Value per Share	$34.28	$34.33	$33.73	$34.16	$35.47	$36.75	$36.38	$37.35	$39.44	$41.31	$41.95
Tangible Book Value per Share	($3.00)	($2.59)	($2.56)	($1.62)	($0.56)	($0.23)	($0.19)	$0.89	$3.37	$4.49	$2.49
Total Capital	5,919	5,787	5,408	5,295	5,152	5,211	5,189	5,272	5,536	5,665	5,962
Total Debt	3,205	3,065	2,718	2,561	2,324	2,224	2,234	2,257	2,357	2,331	2,532
Total Long-Term Debt	3,030	2,888	2,537	2,360	2,139	2,038	2,042	2,097	2,199	2,176	2,376
Net Debt	2,991	2,536	2,468	2,264	2,143	1,824	1,888	2,066	2,125	1,935	2,259
Capital Expenditures (CapEx)	25	7.40	15	11	26	31	33	51	53	66	87
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,188	785	743	633	689	439	482	649	997	816	972
Debt-free Net Working Capital (DFNWC)	1,403	1,314	993	931	870	839	828	840	1,228	1,212	1,246
Net Working Capital (NWC)	1,227	1,137	812	729	685	653	636	679	1,071	1,058	1,090
Net Nonoperating Expense (NNE)	26	3,226	35	38	33	37	37	26	32	30	38
Net Nonoperating Obligations (NNO)	2,991	2,536	2,468	2,264	2,143	1,824	1,888	2,066	2,125	1,935	2,259
Total Depreciation and Amortization (D&A)	159	153	142	137	116	117	110	104	106	112	122
Debt-free, Cash-free Net Working Capital to Revenue	10.14%	6.54%	6.14%	5.20%	5.66%	3.57%	3.87%	4.97%	7.24%	5.71%	6.36%
Debt-free Net Working Capital to Revenue	11.96%	10.96%	8.21%	7.64%	7.14%	6.82%	6.64%	6.44%	8.92%	8.48%	8.15%
Net Working Capital to Revenue	10.47%	9.48%	6.71%	5.98%	5.63%	5.31%	5.10%	5.21%	7.78%	7.40%	7.13%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.18	$0.03	($0.53)	$0.44	$1.22	$0.96	$0.13	$1.10	$2.07	$1.82	$0.78
Adjusted Weighted Average Basic Shares Outstanding	77.64M	77.54M	77.94M	78.04M	78.04M	78.05M	78.19M	77.68M	77.70M	77.87M	77.95M
Adjusted Diluted Earnings per Share	$0.18	$0.03	($0.53)	$0.43	$1.21	$0.95	$0.13	$1.09	$2.04	$1.81	$0.77
Adjusted Weighted Average Diluted Shares Outstanding	78.46M	77.54M	77.94M	78.86M	78.91M	78.88M	79.05M	78.52M	78.65M	78.69M	78.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	78.82M	79.28M	79.46M	79.22M	79.23M	79.29M	78.90M	78.91M	78.90M	78.89M	79.02M
Normalized Net Operating Profit after Tax (NOPAT)	41	27	0.36	82	138	121	25	117	198	183	108
Normalized NOPAT Margin	1.27%	0.81%	0.01%	2.76%	4.25%	3.57%	0.89%	3.29%	5.00%	4.65%	2.82%
Pre Tax Income Margin	0.70%	0.00%	-1.69%	2.13%	4.21%	2.83%	0.31%	3.41%	5.33%	4.42%	2.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.26	0.88	-0.05	1.92	3.76	3.03	0.96	3.59	5.51	4.72	3.19
NOPAT to Interest Expense	0.66	54.02	0.01	1.32	2.94	2.79	1.27	2.66	4.37	4.10	2.49
EBIT Less CapEx to Interest Expense	0.86	0.75	-0.33	1.74	3.22	2.31	0.11	2.43	4.35	3.23	1.19
NOPAT Less CapEx to Interest Expense	0.26	53.89	-0.27	1.14	2.39	2.07	0.42	1.50	3.20	2.62	0.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-27.46%	-30.61%	-798.43%	59.87%	22.70%	16.52%	13.44%	10.35%	7.81%	5.81%	4.67%
Augmented Payout Ratio	-27.46%	-30.61%	-798.43%	59.87%	22.70%	16.52%	24.35%	36.78%	29.68%	24.14%	15.21%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from MasTec (MTZ) based on the last four years of quarterly statements, focusing on revenue trends, profitability, cash flow, and leverage.

Revenue expanded from about $3.01B in 4Q2022 to about $3.94B in 4Q2025, reflecting a multi-year growth trend.
Gross margin stayed in the low-teens (roughly 12.8%–12.9%), indicating stable profitability across the period.
Operating income improved in 4Q25 to $208.2M, up from $138.3M in 4Q24, suggesting better operating leverage.
Earnings per share for common shareholders rose to about $1.82 (basic) / $1.81 (diluted) in 4Q25, up from prior-year levels.
Free cash flow in 4Q25 was roughly $292.5M (about $372.7M in net cash from continuing operating activities minus roughly $80.2M in capital expenditures), underscoring solid cash generation.
Cash flow from continuing operations trended higher through 2025, with Q2 2025 at about $5.6M, Q3 2025 at $88.9M, and Q4 2025 at $372.7M, signaling improving cash conversion.
Total assets rose to about $9.69B by 2025 (versus roughly $8.8–9.0B in earlier periods), with current assets around $4.3B and current liabilities around $3.2B, yielding a current ratio near 1.3.
Leverage remains a concern, with total liabilities around $6.51B and total equity around $3.11B in 2025 Q3, indicating elevated debt levels (long-term debt near $2.2B).

05/17/26 04:44 AM ETAI Generated. May Contain Errors.

MasTec Financials - Frequently Asked Questions

According to the most recent income statement we have on file, MasTec's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

MasTec's net income appears to be on an upward trend, with a most recent value of $422.01 million in 2025, falling from -$79.70 million in 2015. The previous period was $199.42 million in 2024. Find out what analysts predict for MasTec in the coming months.

MasTec's total operating income in 2025 was $652.64 million, based on the following breakdown:

Total Gross Profit: $1.79 billion
Total Operating Expenses: $1.14 billion

Over the last 10 years, MasTec's total revenue changed from $4.21 billion in 2015 to $14.30 billion in 2025, a change of 239.8%.

MasTec's total liabilities were at $6.59 billion at the end of 2025, a 10.0% increase from 2024, and a 232.1% increase since 2015.

In the past 10 years, MasTec's cash and equivalents has ranged from $4.98 million in 2015 to $529.56 million in 2023, and is currently $396.03 million as of their latest financial filing in 2025.

Over the last 10 years, MasTec's book value per share changed from 11.76 in 2015 to 41.31 in 2025, a change of 251.2%.

Related Companies

Financial statements for NYSE:MTZ last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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MasTec (MTZ) Financials

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MasTec (MTZ) Financials

Annual Income Statements for MasTec

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Quarterly Cash Flow Statements for MasTec

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Quarterly Metrics And Ratios for MasTec

Financials Breakdown Chart

Key Financial Trends

MasTec Financials - Frequently Asked Questions

When does MasTec's financial year end?

How has MasTec's net income changed over the last 10 years?

What is MasTec's operating income?

How has MasTec's revenue changed over the last 10 years?

How much debt does MasTec have?

How much cash does MasTec have?

How has MasTec's book value per share changed over the last 10 years?

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