MasTec, Inc. is a leading North American infrastructure engineering and construction company focused on engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure. The industries in which the company operates are undergoing significant transformation driven by several broad, long-term macroeconomic, technological and regulatory developments, including continued expansion in data consumption and the rapid deployment of artificial intelligence applications and data centers; increasing levels of electrification across commercial, industrial and residential end-users; ongoing transition of the U.S. energy mix toward lower-carbon and renewable resources; and federal, state and local investment in critical infrastructure, including through programs established under the Infrastructure Investment and Jobs Act and the Inflation Reduction Act. According to IBISWorld's October 2025 publication, revenue for the wireless tower construction industry is expected to grow to $15.7 billion over the five year period through 2030. According to Grand View Research, the United States fiber to the home market is expected to grow at a compound annual growth rate of 12.7% from 2025 to 2030. The IIJA provides approximately $65 billion of funding to improve and expand U.S. broadband infrastructure and affordability, including $42 billion allocated through the Broadband Equity, Access and Deployment Program. The Rural Digital Opportunity Fund committed to provide up to $20 billion over ten years to support high-speed broadband deployment in rural communities. According to a Deloitte analysis in its 2026 Power and Utilities Industry Outlook, peak demand is projected to grow by approximately 26% by 2035 and data center demand alone could increase fivefold from 2024 to 2035. According to a Deloitte analysis in its 2026 Renewable Energy Industry Outlook report, renewable energy led U.S. 2025 capacity additions, accounting for 93% of new capacity through September 2025. According to a March 2025 S&P Global Commodity Insights study, renewables are projected to approach nearly half of total electricity generation by 2040. The IIJA includes approximately $110 billion of funding for roads and bridges, including $40 billion of funding for bridge repair, replacement and rehabilitation and $16 billion of funding for other major infrastructure projects, as well as approximately $50 billion of funding for water infrastructure. The IIJA includes approximately $65 billion for upgrades to power infrastructure and energy programs. According to a May 2025 publication by the U.S. Energy Information Administration, electricity consumption hit an all-time high in 2024, and is forecasted to continue growing at an average rate of approximately 1.7% in 2026. According to IBISWorld's April 2025 publication, the growth in electricity demand will require an expansion of electricity generation and transmission capacity. According to the Department of Energy's 2025 Annual Energy Outlook, natural gas is projected to account for approximately 40% of U.S. electricity generation through 2030. A January 2026 analysis from Morningstar DBRS states strong underlying demand for natural gas is driving record pipeline capacity additions of 18 billion cubic feet per day in 2026. According to an October 2025 publication by the U.S. Energy Information Administration, North American LNG export capacity is on track to more than double by 2029. According to the EPA's 2022 Clean Watersheds Needs Survey, over $630 billion will be required over 20 years to address wastewater and stormwater infrastructure needs. According to the EPA's 2023 Drinking Water Infrastructure Needs Survey and Assessment, an additional $625 billion will be required for drinking water infrastructure over a 20 year period.

Management believes the company is at the intersection of transformative trends and is well-positioned to benefit from significant market opportunities in each of its business segments. The company's future results could be adversely affected by the matters discussed in the Cautionary Statement Regarding Forward-Looking Statements, Risk Factors and Legal Proceedings sections of the filing. The company estimates it will spend approximately $270 million on capital expenditures, or approximately $200 million, net of asset disposals, in 2026, and expects to incur approximately $230 million to $255 million of equipment purchases under finance leases and other financing arrangements. Actual capital expenditures may increase or decrease in the future depending upon business activity levels, as well as ongoing assessments of equipment lease and other financing arrangements versus purchase decisions based on management's evaluation of short and long-term equipment requirements.

Management's message emphasizes that the company is at the intersection of transformative trends and is well-positioned to benefit from significant market opportunities in each of its business segments. The strategic priorities emphasized for the period ahead include operational excellence, focus on growth opportunities, effective capital structure management, and leveraging core performance and expertise through strategic acquisitions. Management believes the company has sufficient capital resources to fund its planned operations and expects to manage its capital structure to maintain its investment grade rating.

For the fiscal year ended December 31, 2025, total revenue was $14,299.2 million ², compared to $12,303.5 million ³ in 2024 and $11,995.9 million ⁴ in 2023. Net income attributable to MasTec, Inc. was $399.0 million ⁵ in 2025, compared to $162.8 million ⁶ in 2024 and a net loss of $49.9 million ⁷ in 2023. Diluted earnings per share was $5.07 ⁸ in 2025, compared to $2.06 ⁹ in 2024 and a diluted loss per share of $0.64 ¹⁰ in 2023. Costs of revenue, excluding depreciation and amortization, were $12,506.4 million ¹¹ in 2025, or 87.5% of revenue, compared to $10,676.0 million ¹², or 86.8% of revenue, in 2024. Depreciation was $295.9 million ¹³ in 2025, compared to $366.8 million ¹⁴ in 2024. Amortization of intangible assets was $131.2 million ¹⁵ in 2025, compared to $139.9 million ¹⁶ in 2024. General and administrative expenses were $713.0 million ¹⁷ in 2025, compared to $684.5 million ¹⁸ in 2024. Interest expense, net, was $173.0 million ¹⁹ in 2025, compared to $193.3 million ²⁰ in 2024. Equity in earnings of unconsolidated affiliates, net, was $32.0 million ²¹ in 2025, compared to $30.2 million ²² in 2024. Loss on extinguishment of debt was $0 ²³ in 2025, compared to $11.3 million ²⁴ in 2024. Other income, net, was $3.8 million ²⁵ in 2025, compared to other expense, net, of $11.0 million ²⁶ in 2024. Income before income taxes was $515.4 million ²⁷ in 2025, compared to $251.0 million ²⁸ in 2024. Provision for income taxes was $93.4 million ²⁹ in 2025, compared to $51.5 million ³⁰ in 2024. Net income was $422.0 million ³¹ in 2025, compared to $199.4 million ³² in 2024. Net income attributable to non-controlling interests was $23.0 million ³³ in 2025, compared to $36.6 million ³⁴ in 2024. EBITDA was $1,115.5 million ³⁵ in 2025, or 7.8% of revenue, compared to $950.8 million ³⁶, or 7.7% of revenue, in 2024. Adjusted EBITDA was $1,150.1 million ³⁷ in 2025, or 8.0% of revenue, compared to $1,005.6 million ³⁸, or 8.2% of revenue, in 2024. Cash and cash equivalents totaled $396.0 million ³⁹ as of December 31, 2025, compared to $399.9 million ⁴⁰ as of December 31, 2024. Total debt, including finance leases, was $2,330.7 million ⁴¹ as of December 31, 2025, compared to $2,224.1 million ⁴² as of December 31, 2024. Net cash provided by operating activities was $545.7 million ⁴³ in 2025, compared to $1,121.6 million ⁴⁴ in 2024. Net cash used in investing activities was $267.2 million ⁴⁵ in 2025, compared to $157.5 million ⁴⁶ in 2024. Net cash used in financing activities was $283.4 million ⁴⁷ in 2025, compared to $1,090.2 million ⁴⁸ in 2024. Capital expenditures were $259.9 million ⁴⁹ in 2025, or $204.0 million ⁵⁰ net of asset disposals, compared to $148.9 million ⁵¹, or $83.0 million ⁵² net of asset disposals, in 2024. The effective tax rate was 18.1% ⁵³ in 2025, compared to 20.5% ⁵⁴ in 2024. Communications segment revenue was $3,339.1 million ⁵⁵ in 2025, compared to $2,524.2 million ⁵⁶ in 2024. Clean Energy and Infrastructure segment revenue was $4,699.6 million ⁵⁷ in 2025, compared to $4,092.1 million ⁵⁸ in 2024. Power Delivery segment revenue was $4,176.1 million ⁵⁹ in 2025, compared to $3,612.7 million ⁶⁰ in 2024. Pipeline Infrastructure segment revenue was $2,137.8 million ⁶¹ in 2025, compared to $2,133.6 million ⁶² in 2024. Communications segment EBITDA was $309.5 million ⁶³ in 2025, or 9.3% of segment revenue, compared to $220.1 million ⁶⁴, or 8.7% of segment revenue, in 2024. Clean Energy and Infrastructure segment EBITDA was $348.6 million ⁶⁵ in 2025, or 7.4% of segment revenue, compared to $257.0 million ⁶⁶, or 6.3% of segment revenue, in 2024. Power Delivery segment EBITDA was $338.8 million ⁶⁷ in 2025, or 8.1% of segment revenue, compared to $301.3 million ⁶⁸, or 8.3% of segment revenue, in 2024. Pipeline Infrastructure segment EBITDA was $317.9 million ⁶⁹ in 2025, or 14.9% of segment revenue, compared to $389.4 million ⁷⁰, or 18.3% of segment revenue, in 2024. Corporate EBITDA was negative $230.2 million ⁷¹ in 2025, compared to negative $243.3 million ⁷² in 2024.

Changes to laws, governmental regulations and policies, including those pertaining to governmental permitting, tax incentives, government funding programs and spending policies, as well as advances in artificial intelligence, could affect demand for the company's services, or cause delays or cancellations of projects. Tariff and trade actions by the United States and other countries could have a material adverse effect on the company's business, financial condition, and results of operations, as these actions have increased the cost of importing certain construction materials into the U.S., including steel, concrete and solar panels. The company's failure to properly manage projects, or project delays, including those resulting from difficult work sites and environments, permitting issues and the availability of materials or equipment could result in additional costs or claims. The company derives a significant portion of its revenue from a few customers, and the loss of one or more of these customers, or a reduction in their demand for its services, could impair its financial performance. The company is self-insured up to the amount of its deductible for its insurance policies, with per claim deductibles of $2.0 million for its workers' compensation policy and $25.0 million for each of its general liability and automobile liability policies, and as of December 31, 2025, the estimated gross liability for unpaid claims and associated expenses totaled $306.8 million ¹.