Financial Analysis

Stock-Based Compensation and Other Employee Benefit Plans The Companys stock-based compensation plans, under which shares of the Companys common stock are reserved for issuance, include: the MasTec, Inc. Amended and Restated 2013 Incentive Compensation Plan (as amended from time to time, the 2013 Incentive Plan), the MasTec, Inc. Amended and Restated Bargaining Units Employee Stock Purchase Plan (the 2013 Bargaining Units ESPP) and the MasTec, Inc. Amended and Restated 2011 Employee Stock Purchase Plan (the 2011 ESPP, and, together with the 2013 Bargaining Units ESPP, the ESPPs). In May 2024, MasTecs shareholders approved amendments to the 2013 Incentive Plan and the 2011 ESPP, which included the authorization to issue an additional 1,200,000 shares under the 2013 Incentive Plan and 1,000,000 shares under the 2011 ESPP. The 2013 Incentive Plan permits a total of approximately 9,741,000 shares of the Companys common stock to be issued. Under the Companys ESPPs, shares of the Companys common stock are available for purchase by eligible participants, which collectively permit the issuance of up to 4,000,000 new shares of MasTec, Inc. common stock. Under all stock-based compensation plans in effect as of December 31, 2025, there were approximately 3,994,000 shares available for future grants. Non-cash stock-based compensation expense under all plans totaled approximately $34.0 million, $32.7 million and $33.3 million for the years ended December 31, 2025, 2024 and 2023, respectiv …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value of Financial Instruments Acquisition-Related Contingent Consideration Acquisition-related contingent consideration is composed of earn-outs, which represent the estimated fair value of future amounts payable for businesses, which the Company refers to as Earn-outs, that are contingent upon the acquired businesses achieving certain levels of earnings in the future. The fair values of the Companys Earn-out liabilities are estimated using income approaches such as discounted cash flows or option pricing models, both of which incorporate significant inputs not observable in the market (Level 3 inputs), including managements estimates and entity-specific assumptions, and are evaluated on an ongoing basis. Key assumptions include the discount rate, which, as of December 31, 2025, ranged from 10.5% to 14.3%, with a weighted average rate of 11.1% based on the relative fair value of the respective Earn-out liabilities, and probability-weighted projections of EBITDA. Significant changes in any of these assumptions could result in significantly higher or lower estimated Earn-out liabilities. The ultimate payment amounts for the Companys Earn-out liabilities will be determined based on the actual results achieved by the acquired businesses. As of December 31, 2025, the range of potential undiscounted Earn-out liabilities was estimated to be between $21 million and $88 million; however, there is no maximum payment amount. Earn-out activity consists primarily of additions from n …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The components of income or loss before income taxes for the periods indicated were as follows (in millions): Year Ended December 31, 2025 2024 2023 Domestic $ 516.5 $ 255.7 $ (84.9) Foreign (1.1) (4.7) 2.2 Total $ 515.4 $ 251.0 $ (82.7) The provision for income taxes for the periods indicated were as follows (in millions): Year Ended December 31, 2025 2024 2023 Current: Federal $ (51.2) $ 68.9 $ 90.2 Foreign 1.9 7.8 1.8 State and local 27.5 9.3 13.5 $ (21.8) $ 86.0 $ 105.5 Deferred: Federal $ 143.3 $ (26.2) $ (119.7) Foreign (9.7) 0.0 (0.1) State and local (18.4) (8.3) (21.1) $ 115.2 $ (34.5) $ (140.9) Provision for (benefit from) income taxes $ 93.4 $ 51.5 $ (35.4) The Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, on a prospective basis beginning with the year ended December 31, 2025. The following table presents the required disclosure pursuant to ASU 2023-09 for income taxes paid, net of refunds, for the year ended December 31, 2025 (in millions): Year ended December 31, 2025 Federal taxes $ 25.0 State taxes Virginia 3.8 Pennsylvania 2.5 Other state jurisdictions 10.7 Foreign taxes 2.4 Income taxes paid, net of refunds $ 44.4 The following table presents income taxes paid, net of refunds, for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09 (in millions): Years ended December 31, 2024 2023 Income taxes paid, net of refunds $ 44.0 $ 9.6 The tax effects of significant items compris …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Lease Obligations Finance Leases The gross amount of assets held under finance leases as of December 31, 2025 and 2024 totaled $798.8 million and $713.9 million, respectively. Assets held under finance leases, net of accumulated depreciation , totaled $560.1 million and $473.0 million as of December 31, 2025 and 2024, respectively. Depreciation expense associated with finance leases totaled $70.8 million, $81.7 million and $103.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. Operating Leases Operating lease additions for the years ended December 31, 2025, 2024 and 2023 totaled $241.4 million, $166.8 million and $224.6 million, respectively. Acquisition-related additions for the year ended December 31, 2025 were immaterial. For the years ended December 31, 2025, 2024 and 2023, rent expense for leases that have terms in excess of one year totaled approximately $229.7 million, $195.8 million and $162.1 million, respectively, of which $20.8 million, $17.8 million and $15.8 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $686.9 million, $547.0 million and $608.2 million for the years ended December 31, 2025, 2024, and 2023, respectively. Rent expense for operating leases is generally consistent with the amount of the related payments, which payments are included within operating activities in the consolidated statements of cash flows. Addit …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Debt The following table provides details of the carrying values of debt as of the dates indicated (in millions): December 31, Description Maturity Date 2025 2024 Senior credit facility: June 26, 2030 Revolving loans $ 118.0 $ 43.1 Term loan (a) 332.5 4.500% Senior Notes August 15, 2028 600.0 600.0 5.900% Senior Notes June 15, 2029 550.0 550.0 6.625% Senior Notes August 15, 2029 72.3 71.6 2025 Term Loan Facility June 26, 2028 600.0 Five -Year Term Loan Facility 285.0 Finance lease and other obligations 405.3 356.5 Total debt obligations $ 2,345.6 $ 2,238.7 Less unamortized deferred financing costs (14.9) (14.6) Total debt, net of deferred financing costs $ 2,330.7 $ 2,224.1 Current portion of long-term debt 154.3 186.1 Long-term debt $ 2,176.4 $ 2,038.0 (a) The term loan was terminated and fully repaid as of the second quarter of 2025 , pursuant to the terms of the amended and restated senior unsecured credit facility, as described below. Senior Credit Facility On June 26, 2025, the Company entered into an amended and restated five-year, senior unsecured credit facility (the Credit Facility) replacing the November 1, 2021 senior unsecured credit facility (Existing Credit Agreement) that would otherwise have terminated on November 1, 2026. The amendment, among other items, maintained revolving commitments of an aggregate amount of $1.9 billion, terminated the term loan under the Existing Credit Agreement, and extended the maturity of the senior unsecured credit facility from N …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements See the recent accounting pronouncements discussion below for information pertaining to the effects of recently adopted and other recent accounting pronouncements. Accounting Pronouncements Adopted in 2025 In August 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-05, Business CombinationsJoint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (ASU 2023-05) to clarify existing guidance and reduce diversity in practice in the accounting for joint ventures. ASU 2023-05 addressed the accounting for contributions made to a joint venture upon formation in a joint ventures separate financial statements. The provisions of this ASU required that a joint venture initially measure all contributions received upon its formation at fair value, largely consistent with Accounting Standards Codification (ASC) Topic 805, Business Combinations (ASC 805). The amendments in this ASU were not applicable to the formation of proportionately consolidated joint ventures. ASU 2023-05 was effective prospectively for all joint ventures with a formation date on or after January 1, 2025, with early adoption permitted on a retrospective basis for joint ventures formed before January 1, 2025. The Company adopted this ASU prospectively in the first quarter of 2025, and its adoption did not have a material effect on the Companys consolidated financial statements. In December 2023, the FASB issued ASU 20 …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Other Retirement Plans Multiemployer Plans As discussed in Note 1 - Business, Basis of Presentation and Significant Accounting Policies, certain of MasTecs subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees, which require the Company to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to MEPPs. The PPA defines the funding rules for defined benefit pension plans and establishes funding classifications for U.S.-registered multiemployer pension plans. Under the PPA, plans are classified into one of five categories based on multiple factors, which categories are also referred to as a plans zone status: Green (safe), Yellow (endangered), Orange (seriously endangered), and Red (critical or critical and declining). Factors included in the determination of a plans zone status include: funded percentage, cash flow position and whether the plan is projecting a minimum funding deficiency. A multiemployer plan that is so underfunded as to be in endangered, seriously endangered, critical, or critical and declining status, as determined under the PPA, is required to adopt a funding improvement plan (FIP) or a rehabilitation plan (RP), which, among other actions, could include decreased benefits and increased employer contributions, which could take the form of a surcharge on benefit contributions. These actions are intended to improve their funding status over a period o …

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Related Party Transactions The Company rents and leases equipment and purchases certain supplies and servicing from CCI, an entity in which Juan Carlos Mas, who is an immediate family member of the Companys CEO and its Chairman of the Board, serves as the chairman. Additionally, a member of management of a MasTec subsidiary and an entity that is owned by the Mas family are minority owners of CCI. For the years ended December 31, 2025, 2024 and 2023, MasTec paid CCI $6.4 million, $11.7 million and $7.3 million, respectively, for such services, and related amounts payable totaled approximately $0.8 million and $0.7 million as of December 31, 2025 and 2024, respectively. The Company also rents equipment to CCI and revenue from such rentals totaled approximately $0.3 million and $0.5 million for the years ended December 31, 2025 and 2024, respectively, and for the year ended December 31, 2023, there was no revenue from such arrangements. MasTec has a subcontracting arrangement with an entity for the performance of construction services, the minority owners of which include an entity controlled by Jorge Mas and Jose R. Mas, along with two members of management of a MasTec subsidiary. For the years ended December 31, 2025, 2024 and 2023, MasTec incurred subcontracting expenses in connection with this arrangement of approximately $3.5 million, $5.8 million and $8.7 million, respectively. Related amounts payable were immaterial as of both December 31, 2025 and 2024. MasTec has an air …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Segments and Related Information Segment Discussion The Company manages its operations under five operating segments, which represent its five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other. The reportable segments comprise the structure used by the Companys Chief Executive Officer who is determined to be the Chief Operating Decision Maker (CODM) to make key operating decisions and assess performance. This structure is generally focused on broad end-user markets for the Companys labor-based construction services. All five reportable segments derive their revenue primarily from the engineering, installation and maintenance of infrastructure, primarily in North America. The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications and digital infrastructure, primarily for wireless and wireline/fiber networks, data center buildout and interconnection, wireless integration and optimization and install-to-the-home services, as well as select utility infrastructure, among others. The Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets through the installation and construction of power generation facilities, primarily from clean energy and renewable sources, such as wind, solar, biomass, natural gas and hydrogen, as well as battery storage systems for renewable en …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Equity Share Activity The Companys share repurchase program provides for the repurchase, from time to time, of MasTec common shares in open market transactions or in privately negotiated transactions in accordance with applicable securities laws. The timing and the amount of any repurchases is determined based on market conditions, legal requirements, cash flow and liquidity needs, and other factors. The Companys share repurchase program, under which the Company undertakes share repurchases for strategic purposes, including (i) when management believes that the market price of the Companys stock is undervalued, (ii) such repurchases will enhance long-term shareholder value, (iii) the Company has adequate liquidity, and (iv) management believes that such repurchases are appropriate uses of capital, do not have an expiration date and may be modified or suspended at any time at the Companys discretion. Share repurchases, which are recorded at cost and are held in the Companys treasury, are funded with available cash or with availability under the Credit Facility. The Company may use either authorized and unissued shares or treasury shares to meet share issuance requirements. Treasury stock is recorded at cost. Share repurchases are recorded as of the trade date, whereas payments for share repurchases are made on the date the trade is settled. For the year ended December 31, 2025, the Company repurchased 0.7 million shares of its common stock for an aggregate purchase price total …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Stockholders' Equity Share Activity The Companys share repurchase program provides for the repurchase, from time to time, of MasTec common shares in open market transactions or in privately negotiated transactions in accordance with applicable securities laws. There were no share repurchases under the Companys share repurchase program for the six months ended June 30, 2026. For the three and six months ended June 30, 2025, the Company repurchased 0.4 million and 0.7 million shares of its common stock, respectively, for an aggregate purchase price totaling $40.3 million and $77.3 million, respectively, which completed the Companys $150 million March 2020 share repurchase program. As of June 30, 2026, the full amount under the Companys May 2025 $250 million share repurchase program remains available for future repurchases. The Companys share repurchase program does not have an expiration date and may be modified or suspended at any time at the Companys discretion. During the second quarter of 2026, the Company reissued 67,592 shares of its treasury stock with a cost basis of $2.4 million in settlement of certain Additional Payments in connection with the HMG acquisition. For additional information related to shares issued for acquisitions, see Note 3 Acquisitions, Goodwill and Other Intangible Assets, Net. Stock-Based Compensation The Company has stock-based compensation plans, under which shares of the Companys common stock are reserved for issuance. Under all stock-based comp …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value of Financial Instruments The Companys financial instruments are primarily composed of cash and cash equivalents, accounts receivable and contract assets, notes receivable, cash collateral deposited with insurance carriers, life insurance assets, equity investments, certain other assets and investments, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration and other liabilities, and debt obligations. Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability, also referred to as the exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value guidance establishes a valuation hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs that may be used are: (i) Level 1 - quoted market prices in active markets for identical assets or liabilities; (ii) Level 2 - observable market-based inputs or other observable inputs, including quoted market prices for identical or similar assets or liabilities in markets that are not active; and (iii) Level 3 - significant unobservable inputs that cannot be corroborated by observable market data, which are generally determined using valuation models incorporating management estimates of market participant assumptions. Acquis …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes In determining the quarterly provision for income taxes, management uses an estimated annual effective tax rate based on forecasted annual pre-tax income, permanent tax differences, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates. The effect of significant discrete items is separately recognized in the quarter(s) in which they occur. The Companys consolidated effective tax rates were 24.8% and 25.4% for the three months ended June 30, 2026 and 2025, respectively, and 24.5% and 21.0% for the six months ended June 30, 2026 and 2025, respectively. The Companys effective tax rate for the six months ended June 30, 2026 included income tax benefits primarily due to the vesting of share-based payment awards, offset, in part, by the effects of a higher state income tax rate. For the six months ended June 30, 2025, the Companys effective tax rate included income tax benefits primarily due to the reversal of uncertain tax position liabilities related to a state audit, offset, in part, by an increase in income tax expense due to higher pre-tax income. On July 4, 2025, new tax legislation was signed into law, known as the One Big Beautiful Bill Act (the OBBBA), which makes changes to certain U.S. corporate tax provisions, many of which become effective in 2026. The Company has undertaken efforts to reasonably estimate the impact of the provisions of the new law and expects that there will be no material impact on …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Lease Obligations In the ordinary course of business, the Company enters into agreements that provide financing primarily for machinery, equipment, and vehicles, including certain related party leases. As of June 30, 2026, the Companys leases have remaining lease terms of up to 13 years. Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for 1 to 5 years for both equipment and facility leases. Certain lease agreements may also contain options to purchase the leased property and/or options to terminate the lease. In addition, lease agreements may include periodic adjustments to payment amounts for inflation or other variables, or may require payments for taxes, insurance, maintenance or other expenses, which are generally referred to as non-lease components. The Companys lease agreements do not contain significant residual value guarantees or material restrictive covenants. Finance Leases The gross amount of assets held under finance leases as of June 30, 2026 and December 31, 2025 totaled $819.2 million and $798.8 million, respectively. Assets held under finance leases, net of accumulated depreciation , totaled $590.8 million and $560.1 million as of June 30, 2026 and December 31, 2025, respectively. Depreciation expense associated with finance leases totaled $17.5 million and $17.8 million for the three months ended June 30, 2026 and 2025, respectively, and totaled $34.8 million and $36.9 million for the six months ended J …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Debt The following table provides details of the carrying values of debt as of the dates indicated (in millions): Description Maturity Date June 30, 2026 December 31, 2025 Senior credit facility: June 26, 2030 Revolving loans $ 475.8 $ 118.0 4.500% Senior Notes August 15, 2028 600.0 600.0 5.900% Senior Notes June 15, 2029 550.0 550.0 6.625% Senior Notes August 15, 2029 72.7 72.3 2025 Term Loan Facility June 26, 2028 600.0 600.0 Finance lease and other obligations 454.4 405.3 Total debt obligations $ 2,752.9 $ 2,345.6 Less unamortized deferred financing costs (12.7) (14.9) Total debt, net of deferred financing costs $ 2,740.2 $ 2,330.7 Current portion of long-term debt 166.4 154.3 Long-term debt $ 2,573.8 $ 2,176.4 Senior Credit Facility The Company maintains a senior unsecured credit facility (the Credit Facility), which is composed of revolving commitments and matures on June 26, 2030. On July 7, 2026, the Credit Facility was amended to increase the aggregate revolving commitments from $1.9 billion to $2.25 billion. The other terms and conditions of the Credit Facility remain unchanged. Concurrent with the closing of the Superior acquisition, the Company borrowed $600 million under the Credit Facility, approximately $580 million of which was used to finance a portion of the cash consideration for the acquisition and related transactions and financing costs, with the remainder used for other working capital purposes. As of both June 30, 2026 and December 31, 2025, the fair va …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements The discussion below describes the effects of recent accounting pronouncements, as updated from the discussion in the Companys 2025 Form 10-K. Accounting Pronouncements Adopted in 2026 In July 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-05, Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05). ASU 2025-05 provides a practical expedient that permits an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years, with early adoption permitted. The amendments in ASU 2025-05 should be applied prospectively. The Company adopted this ASU prospectively in the first quarter of 2026, and its adoption did not have a material effect on the Companys consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03) to enhance the transparency and clarity of the components of specific expense categories in the income statement. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Related Party Transactions The Company rents and leases equipment and purchases certain supplies and servicing from CCI. Prior to and through a portion of the first quarter of 2026, CCI was an entity in which Juan Carlos Mas, who is an immediate family member of the Companys CEO and its Chairman of the Board, served as the chairman. Additionally, a member of management of a MasTec subsidiary and an entity owned by the Mas family were minority owners of CCI until such ownership interests were sold during the first quarter of 2026, at which time the related-party relationship ended. For the three months ended June 30, 2025, MasTec paid CCI approximately $1.2 million, and for the six months ended June 30, 2026 and 2025, MasTec paid approximately $2.3 million and $2.7 million, respectively, for such services. Amounts payable to CCI totaled approximately $0.8 million as of December 31, 2025. The Company also rented equipment to CCI and revenue from such rentals totaled approximately $0.3 million for the six months ended June 30, 2025. MasTec has a subcontracting arrangement with an entity for the performance of construction services, the minority owners of which include an entity controlled by Jorge Mas and Jose R. Mas, along with two members of management of a MasTec subsidiary. For the three months ended June 30, 2026 and 2025, MasTec incurred subcontracting expenses in connection with this arrangement of approximately $0.5 million and $1.3 million, respectively, and for the six …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Segments and Related Information Segment Discussion The Company manages its operations under five operating segments, which represent its five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other. The reportable segments comprise the structure used by the Companys Chief Executive Officer who is determined to be the Chief Operating Decision Maker (CODM) to make key operating decisions and assess performance. This structure is generally focused on broad end-user markets for the Companys labor-based construction services. All five reportable segments derive their revenue primarily from the engineering, installation and maintenance of infrastructure, primarily in North America. The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications and digital infrastructure, primarily for wireless and wireline/fiber networks, data center buildout and interconnection, wireless integration and optimization and install-to-the-home services, as well as select utility infrastructure, among others. The Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets through the installation and construction of power generation facilities, primarily from clean energy and renewable sources, such as wind, solar, biomass, natural gas and hydrogen, as well as battery storage systems for renewable en …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing