MasTec (NYSE: MTZ) Q2 revenue hits $4.4B as 2026 earnings outlook raised
Rhea-AI Filing Summary
MasTec reported a very strong second quarter of 2026, with revenue of $4.4 billion, up 23% year over year, and GAAP net income of $145.7 million. Diluted EPS was $1.65 and adjusted diluted EPS $2.22, both second‑quarter records, supported by a 100‑basis‑point improvement in adjusted EBITDA margin.
Performance was broad‑based across segments, with particularly strong growth in Clean Energy and Infrastructure and Pipeline Infrastructure. The company’s 18‑month backlog reached a record $21.4 billion, up $4.9 billion, or 30%, year over year. Operating cash flow for the first half was $120.3 million, though free cash flow was slightly negative after capital spending.
MasTec updated 2026 guidance, targeting full‑year revenue of $18.2 billion, GAAP diluted EPS of $6.20 and adjusted diluted EPS of $9.30. The company also closed the acquisition of The Superior Group, a data‑center‑focused electrical contractor, and appointed Alexander Benjamin Spiro as a Class III director, serving through the 2027 annual meeting and joining the Compensation Committee.
Positive
- Q2 2026 results were materially stronger, with revenue at $4.4 billion up 23% year over year, GAAP net income up 62% to $145.7 million, and adjusted diluted EPS up 49% to $2.22.
- Backlog reached a record $21.4 billion, increasing $4.9 billion year over year and $1.1 billion sequentially, providing substantial visibility into future revenue across MasTec’s end markets.
- Full‑year 2026 earnings outlook improved, with diluted EPS guidance of $6.20 (22% year‑over‑year growth) and adjusted diluted EPS guidance of $9.30 (42% growth), indicating confidence in continued margin and earnings expansion.
Negative
- Free cash flow for the first half of 2026 was negative $47.6 million, and net debt rose to $2,424.6 million as of June 30, 2026, reflecting significant capital investment and higher leverage.
Filing Explained
At June 30, MasTec reported net debt and negative six-month free cash flow.
The filing adds a balance-sheet and governance update: at
The new director, Alexander Benjamin Spiro, was appointed on
A Form 8-K reports specified material events; here, the filing records the appointment as completed and presents net debt as debt less cash, rather than as a new financing or share issuance.
For the six months ended
8-K Event Classification
15 items: 0.01, 0.03, 0.10, 0.1, 0.14, 0.2, 0.24, 0.7, 2.02, 2.5, 5.02, 7.01, 8.2, 9.01, 10.7
15 items
Item 0.01
Item 0.01
Item 0.03
Item 0.03
Item 0.10
Item 0.10
Item 0.1
Item 0.1
Item 0.14
Item 0.14
Item 0.2
Item 0.2
Item 0.24
Item 0.24
Item 0.7
Item 0.7
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 2.5
Item 2.5
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.2
Item 8.2
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Item 10.7
Item 10.7
Key Figures
Q2 2026 Revenue: $4.4 billion
Q2 2026 GAAP net income: $145.7 million
Q2 2026 Adjusted EBITDA: $384.2 million
+5 more
8 metrics
Q2 2026 Revenue
$4.4 billion
Quarterly record, up 23% year over year
Q2 2026 GAAP net income
$145.7 million
Second-quarter record, up 62% year over year
Q2 2026 Adjusted EBITDA
$384.2 million
Second-quarter record, up 40% year over year
Q2 2026 diluted EPS
$1.65
Increased 51% year over year
Q2 2026 adjusted diluted EPS
$2.22
Increased 49% year over year
18-month backlog
$21.4 billion
Record level, up $4.9 billion and 30% year over year
Full-year 2026 adjusted EPS guidance
$9.30
Guidance implies 42% year-over-year increase versus 2025
Net debt at June 30, 2026
$2,424.6 million
Total debt net of $315.6 million cash and equivalents
Key Terms
Adjusted EBITDA, 18-month backlog, Free cash flow, Non-GAAP financial measures, +2 more
6 terms
Adjusted EBITDA financial
"GAAP Net Income of $145.7 million and Adjusted EBITDA of $384.2 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
18-month backlog financial
"Record 18-month backlog of $21.4 billion increased $4.9 billion year-over-year"
The 18-month backlog is the total value of confirmed orders or contracted work that a company expects to deliver over the next eighteen months. Think of it as a to‑do list stretching a year and a half ahead: it shows revenue that is already lined up and gives investors a sense of future sales, production load and cash flow visibility. A large backlog can indicate strong demand but also raises questions about execution risk and capacity to fulfill orders on time.
Free cash flow financial
"Free cash flow | $ | (47.6) | | | $ | (0.4)"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Non-GAAP financial measures financial
"MasTec uses EBITDA, Adjusted EBITDA... non-U.S. GAAP financial measures"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
equity in earnings of unconsolidated affiliates financial
"Equity in earnings of unconsolidated affiliates, net | (10,285)"
Earnings Snapshot
Revenue: $4.4 billion · Guidance included
quarter ended June 30, 2026
Revenue
$4.4 billion
up 23% year over year
GAAP net income
$145.7 million
up 62% year over year
Adjusted EBITDA
$384.2 million
up 40% year over year
Diluted EPS
$1.65
up 51% year over year
Adjusted diluted EPS
$2.22
up 49% year over year
18-month backlog
$21.4 billion
up 30% year over year
Guidance
For full-year 2026, MasTec guided to revenue of $18.2 billion, GAAP net income of $539 million, adjusted net income of $785 million, GAAP diluted EPS of $6.20 and adjusted diluted EPS of $9.30, and adjusted EBITDA of $1.6 billion with an 8.8% margin.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did MasTec (MTZ) perform financially in the second quarter of 2026?
MasTec delivered strong Q2 2026 results with revenue of $4.4 billion, up 23% year over year, and GAAP net income of $145.7 million. Diluted EPS was $1.65 and adjusted diluted EPS reached a record $2.22, with higher margins across most segments.
What is MasTec (MTZ)’s 18-month backlog as of June 30, 2026?
As of June 30, 2026, MasTec reported a record 18‑month backlog of $21.4 billion, up $4.9 billion, or 30%, year over year and $1.1 billion sequentially. Growth was led by Clean Energy and Infrastructure, supporting visibility into medium‑term revenue.
What full-year 2026 guidance did MasTec (MTZ) provide?
For full‑year 2026, MasTec guided to revenue of $18.2 billion, GAAP net income of $539 million, adjusted net income of $785 million, and GAAP diluted EPS of $6.20 with adjusted diluted EPS of $9.30, reflecting substantial expected earnings growth versus 2025.
How did MasTec (MTZ)’s business segments perform in Q2 2026?
In Q2 2026, Clean Energy and Infrastructure revenue rose 43.4% with margin expansion, Pipeline Infrastructure revenue grew 19.1% and dramatically improved margins, and Power Delivery revenue increased 19.2%. Communications revenue grew 6.2% but experienced lower EBITDA margins year over year.
What acquisition did MasTec (MTZ) complete around Q2 2026?
MasTec recently closed the acquisition of The Superior Group, a North American full‑service electrical contractor with about 3,000 team members. Superior is a recognized leader in data center infrastructure and also serves healthcare, entertainment and industrial markets, expanding MasTec’s capabilities and customer offerings.
Who was appointed to MasTec (MTZ)’s board of directors in July 2026?
On July 24, 2026, MasTec’s board appointed Alexander Benjamin Spiro as a Class III director, increasing the board size from nine to ten members. He will serve until the 2027 annual meeting and has joined the Board’s Compensation Committee under standard non‑employee director compensation arrangements.
What are MasTec (MTZ)’s cash flow trends and leverage as of mid-2026?
For the first half of 2026, MasTec generated $120.3 million of operating cash flow but reported free cash flow of negative $47.6 million after capital expenditures. Net debt stood at $2,424.6 million at June 30, 2026, net of $315.6 million of cash and equivalents.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 24, 2026
___________________________________
(Exact Name of Registrant as Specified in Its Charter)
___________________________________
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Office)
Registrant's telephone number, including area code (305 ) 599-1800
(Former Name or Former Address, if Changed Since Last Report)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02 Results of Operations and Financial Condition.
The information contained in Item 7.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.02.
ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 24, 2026, the Board of Directors (the “Board”) of MasTec, Inc. (the “Company”) appointed Mr. Alexander Benjamin Spiro as a Class III director to fill a vacancy in that Board Class following an increase in the size of the Board from nine (9) to ten (10) directors. In accordance with the Company’s Amended and Restated Bylaws and the Florida Business Corporation Act, Mr. Spiro will serve for an initial term ending at the Company’s 2027 Annual Meeting of Shareholders. Mr. Spiro has also been appointed to the Compensation Committee of the Board.
There are no arrangements or understandings between Mr. Spiro and any other person pursuant to which Mr. Spiro was appointed as a director of the Company.
Mr. Spiro will participate in the standard non-employee director compensation arrangements described under the section entitled “Compensation of Directors” in the Company’s 2026 Proxy Statement, filed with the Securities and Exchange Commission on April 9, 2026.
Since the beginning of the Company’s last fiscal year, the Company has not engaged in any transaction, nor is there any currently proposed transaction, in which Mr. Spiro had or will have a direct or indirect material interest in which the amount involved exceeded or would exceed $120,000.
ITEM 7.01 Regulation FD Disclosure.
On July 30, 2026, the Company announced its financial results for the six months and quarter ended June 30, 2026. In addition, the Company issued guidance for the quarter ending September 30, 2026 and year ending December 31, 2026, in each case as set forth in the earnings press release. A copy of the Company’s earnings press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference in this Item 7.01. The information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.
ITEM 9.01 Financial Statements and Exhibits.
| (d) Exhibits | |||||||||||
| Exhibit Number | Description | ||||||||||
| 99.1 | Press Release, July 30, 2026 | ||||||||||
| 104 | The cover page of MasTec, Inc.’s Current Report on Form 8-K, formatted in Inline XBRL (included with the Exhibit 101 attachments). | ||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MASTEC, INC. | |||||||||||||||||||||||||||||
| Date: | July 30, 2026 | By: | /s/ Alberto de Cardenas | ||||||||||||||||||||||||||
Name: | Alberto de Cardenas | ||||||||||||||||||||||||||||
Title: | Executive Vice President, General Counsel and Secretary | ||||||||||||||||||||||||||||
Exhibit 99.1
 | |||||
| Contact: | 800 S. Douglas Road, 12th Floor | ||||
| J. Marc Lewis, Investor Relations | Coral Gables, Florida 33134 | ||||
| 305-406-1815 | Tel: 305-599-1800 | ||||
| marc.lewis@mastec.com | www.mastec.com | ||||
MasTec Reports Second Quarter 2026 Results and
Updates Full Year 2026 Financial Guidance
Second Quarter 2026 Highlights
•Revenue of $4.4 billion, a quarterly record, increased 23% year-over-year
•Record 18-month backlog of $21.4 billion increased $4.9 billion year-over-year and $1.1 billion from the prior quarter, led by significant 58% year-over-year growth in Clean Energy and Infrastructure
•Diluted EPS of $1.65 and Adjusted Diluted EPS of $2.22, both second quarter records, increased 51% and 49% year-over-year, respectively
•GAAP Net Income of $145.7 million and Adjusted EBITDA of $384.2 million, both second quarter records, increased by 62% and 40% year-over-year, respectively
•Updated Full Year Diluted EPS guidance to $6.20, a 22% year-over-year increase; Increased Full Year Adjusted Diluted EPS guidance to $9.30, a 42% year-over-year increase
Coral Gables, FL, July 30, 2026 — MasTec, Inc. (NYSE: MTZ) today announced second quarter 2026 financial results and updated full year 2026 financial guidance.
Jose R. Mas, MasTec’s CEO stated, “We once again reported a very strong quarter with excellent performance in revenue growth, margin expansion and backlog development. Strong year-over-year revenue growth of 23% was broad-based and solid execution drove margin expansion with our adjusted EBITDA margin improving 100 basis points. 18-month backlog was up $4.9 billion year-over-year, or 30%, and up $1.1 billion sequentially from the first quarter of this year to another record level.”
Mr. Mas continued, “Last week, we closed on the acquisition of The Superior Group, a premier North American full-service electrical contractor with approximately 3,000 team members. Superior is a recognized leader in building data center infrastructure and also serves a diverse set of end markets including healthcare, entertainment and industrial. Our combined service offerings allow MasTec to provide more comprehensive solutions to our customers that can enhance speed, quality and certainty of execution. I once again want to welcome The Superior Group team members to the MasTec family.”
Paul DiMarco, MasTec’s CFO added, “Our second quarter results illustrate the strength and resiliency of MasTec’s diversified operating model. The addition of Superior further enhances our capabilities and our confidence in MasTec’s ability to significantly exceed our three-year financial objectives provided at our recent Investor Day.”
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Second Quarter 2026 Results
| Dollars in millions, except per share amounts | 2Q'26 | 2Q'25 | Change | |||||||||||||||||
| Revenue | $ | 4,374 | $ | 3,545 | 23.4 | % | ||||||||||||||
| Operating income | $ | 226 | $ | 158 | 43.1 | % | ||||||||||||||
| GAAP net income | $ | 146 | $ | 90 | 61.7 | % | ||||||||||||||
| GAAP net income margin | 3.3 | % | 2.5 | % | 80 bps | |||||||||||||||
| Adjusted net income | $ | 191 | $ | 122 | 57.0 | % | ||||||||||||||
| Adjusted EBITDA | $ | 384 | $ | 275 | 39.8% | |||||||||||||||
| Adjusted EBITDA margin | 8.8 | % | 7.8 | % | 100 bps | |||||||||||||||
| GAAP diluted earnings per share | $ | 1.65 | $ | 1.09 | 51.0% | |||||||||||||||
| Adjusted diluted earnings per share | $ | 2.22 | $ | 1.49 | 48.8% | |||||||||||||||
| Cash provided by operating activities | $ | 21 | $ | 6 | 280.2 | % | ||||||||||||||
| Free cash flow | $ | (59) | $ | (45) | (31.1) | % | ||||||||||||||
| 18-month backlog | $ | 21,391 | $ | 16,452 | 30.0 | % | ||||||||||||||
Second Quarter 2026 Segment Highlights
Communications
| Dollars in millions, unless noted | 2Q'26 | 2Q'25 | Change | |||||||||||||||||
| Revenue | $ | 888.9 | $ | 836.9 | 6.2 | % | ||||||||||||||
| EBITDA | $ | 73.1 | $ | 82.6 | (11.6) | % | ||||||||||||||
| EBITDA margin % | 8.2 | % | 9.9 | % | (170) bps | |||||||||||||||
Clean Energy and Infrastructure
| Dollars in millions, unless noted | 2Q'26 | 2Q'25 | Change | |||||||||||||||||
| Revenue | $ | 1,622.1 | $ | 1,131.4 | 43.4 | % | ||||||||||||||
| EBITDA | $ | 128.2 | $ | 83.3 | 53.9 | % | ||||||||||||||
| EBITDA margin % | 7.9 | % | 7.4 | % | 50 bps | |||||||||||||||
Power Delivery
| Dollars in millions, unless noted | 2Q'26 | 2Q'25 | Change | |||||||||||||||||
| Revenue | $ | 1,245.8 | $ | 1,045.6 | 19.2 | % | ||||||||||||||
| EBITDA | $ | 113.0 | $ | 91.3 | 23.7 | % | ||||||||||||||
| EBITDA margin % | 9.1 | % | 8.7 | % | 30 bps | |||||||||||||||
Pipeline Infrastructure
| Dollars in millions, unless noted | 2Q'26 | 2Q'25 | Change | |||||||||||||||||
| Revenue | $ | 642.8 | $ | 539.7 | 19.1 | % | ||||||||||||||
| EBITDA | $ | 118.5 | $ | 62.1 | 91.0 | % | ||||||||||||||
| EBITDA margin % | 18.4 | % | 11.5 | % | 690 bps | |||||||||||||||
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2026 Financial Guidance Update
| Dollars in millions, except per share amounts | 3Q'26E | Full Year 2026E | ||||||||||||||||||
| Revenue | $ | 4,930 | $ | 18,200 | ||||||||||||||||
| GAAP net income | $ | 176 | $ | 539 | ||||||||||||||||
| Adjusted net income | $ | 252 | $ | 785 | ||||||||||||||||
| Adjusted EBITDA | $ | 482 | $ | 1,600 | ||||||||||||||||
| Adjusted EBITDA margin | 9.8% | 8.8% | ||||||||||||||||||
| GAAP diluted earnings per share | $ | 2.03 | $ | 6.20 | ||||||||||||||||
| Adjusted diluted earnings per share | $ | 2.98 | $ | 9.30 | ||||||||||||||||
Conference Call
MasTec will host a webcast of its quarterly earnings call to discuss these results on Friday, July 31, 2026 at 9:00 a.m. ET, which can be accessed through the Investors section of MasTec's website at www.mastec.com. A replay of the webcast also will be available following the live event. The slide presentation that accompanies the conference call will also be posted on the MasTec Investors page.
About MasTec
MasTec, Inc. is a leading North American infrastructure engineering and construction company focused primarily on engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure. MasTec primarily operates under four business segments including Communications, serving both wireless and wireline/fiber infrastructure; Power Delivery, serving primarily utility customers in transmission and distribution markets; Pipeline Infrastructure serving energy and other customers with installation and maintenance services primarily for natural gas pipeline and distribution infrastructure; and Clean Energy and Infrastructure, providing renewable energy engineering and construction services, as well as for heavy civil and other industrial infrastructure markets. Learn more at www.mastec.com.
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Consolidated Statements of Operations
(unaudited - in thousands, except per share information)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 4,373,554 | $ | 3,544,705 | $ | 8,202,355 | $ | 6,392,423 | |||||||||||||||
| Costs of revenue, excluding depreciation and amortization | 3,817,270 | 3,109,163 | 7,168,167 | 5,645,782 | |||||||||||||||||||
| Depreciation | 86,096 | 69,934 | 169,377 | 146,159 | |||||||||||||||||||
| Amortization of intangible assets | 37,516 | 32,687 | 76,130 | 65,323 | |||||||||||||||||||
| General and administrative expenses | 206,470 | 174,819 | 420,677 | 340,868 | |||||||||||||||||||
| Operating income | $ | 226,202 | $ | 158,102 | $ | 368,004 | $ | 194,291 | |||||||||||||||
| Interest expense, net | 47,166 | 43,852 | 90,627 | 82,893 | |||||||||||||||||||
| Equity in earnings of unconsolidated affiliates, net | (10,285) | (7,043) | (6,700) | (17,356) | |||||||||||||||||||
| Other (income) expense, net | (4,412) | 500 | (1,108) | (983) | |||||||||||||||||||
| Income before income taxes | $ | 193,733 | $ | 120,793 | $ | 285,185 | $ | 129,737 | |||||||||||||||
| Provision for income taxes | (47,995) | (30,660) | (69,784) | (27,276) | |||||||||||||||||||
| Net income | $ | 145,738 | $ | 90,133 | $ | 215,401 | $ | 102,461 | |||||||||||||||
| Net income attributable to non-controlling interests | 15,621 | 4,367 | 24,444 | 6,792 | |||||||||||||||||||
| Net income attributable to MasTec, Inc. | $ | 130,117 | $ | 85,766 | $ | 190,957 | $ | 95,669 | |||||||||||||||
| Earnings per share: | |||||||||||||||||||||||
| Basic earnings per share | $ | 1.67 | $ | 1.10 | $ | 2.45 | $ | 1.23 | |||||||||||||||
| Basic weighted average common shares outstanding | 78,078 | 77,684 | 78,014 | 77,937 | |||||||||||||||||||
| Diluted earnings per share | $ | 1.65 | $ | 1.09 | $ | 2.42 | $ | 1.21 | |||||||||||||||
| Diluted weighted average common shares outstanding | 78,870 | 78,521 | 78,808 | 78,750 | |||||||||||||||||||
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Consolidated Balance Sheets
(unaudited - in thousands)
| June 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets | $ | 4,938,819 | $ | 4,329,079 | |||||||
| Property and equipment, net | 1,915,837 | 1,728,470 | |||||||||
| Operating lease right-of-use assets | 483,182 | 457,270 | |||||||||
| Goodwill, net | 2,359,649 | 2,248,992 | |||||||||
| Other intangible assets, net | 729,958 | 656,248 | |||||||||
| Other long-term assets | 498,049 | 503,483 | |||||||||
| Total assets | $ | 10,925,494 | $ | 9,923,542 | |||||||
| Liabilities and equity | |||||||||||
| Current liabilities | $ | 3,528,949 | $ | 3,271,045 | |||||||
| Long-term debt, including finance leases | 2,573,839 | 2,176,372 | |||||||||
| Long-term operating lease liabilities | 314,049 | 292,839 | |||||||||
| Deferred income taxes | 514,957 | 478,156 | |||||||||
| Other long-term liabilities | 393,717 | 370,609 | |||||||||
| Total liabilities | $ | 7,325,511 | $ | 6,589,021 | |||||||
| Total equity | $ | 3,599,983 | $ | 3,334,521 | |||||||
| Total liabilities and equity | $ | 10,925,494 | $ | 9,923,542 | |||||||
Consolidated Statements of Cash Flows
(unaudited - in thousands)
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net cash provided by operating activities | $ | 120,322 | $ | 84,011 | |||||||
| Net cash used in investing activities | (425,908) | (86,653) | |||||||||
| Net cash provided by (used in) financing activities | 225,318 | (207,274) | |||||||||
| Effect of currency translation on cash | (121) | 1,065 | |||||||||
| Net decrease in cash and cash equivalents | $ | (80,389) | $ | (208,851) | |||||||
| Cash and cash equivalents - beginning of period | $ | 396,030 | $ | 399,903 | |||||||
| Cash and cash equivalents - end of period | $ | 315,641 | $ | 191,052 | |||||||
Backlog by Reportable Segment (unaudited - in millions) | June 30, 2026 | March 31, 2026 | June 30, 2025 | ||||||||||||||
Communications | $ | 5,461 | $ | 5,501 | $ | 5,008 | |||||||||||
Clean Energy and Infrastructure | 7,791 | 7,279 | 4,922 | ||||||||||||||
Power Delivery | 6,347 | 6,222 | 5,062 | ||||||||||||||
Pipeline Infrastructure | 1,792 | 1,326 | 1,460 | ||||||||||||||
Other | — | — | — | ||||||||||||||
| Estimated 18-month backlog | $ | 21,391 | $ | 20,328 | $ | 16,452 | |||||||||||
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.
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Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited - in millions, except for percentages and per share information)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| Segment Information | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Revenue by Reportable Segment | |||||||||||||||||||||||
| Communications | $ | 888.9 | $ | 836.9 | $ | 1,691.0 | $ | 1,517.8 | |||||||||||||||
| Clean Energy and Infrastructure | 1,622.1 | 1,131.4 | 2,951.6 | 2,047.2 | |||||||||||||||||||
| Power Delivery | 1,245.8 | 1,045.6 | 2,292.0 | 1,945.3 | |||||||||||||||||||
| Pipeline Infrastructure | 642.8 | 539.7 | 1,325.3 | 896.2 | |||||||||||||||||||
| Other | — | — | — | — | |||||||||||||||||||
Eliminations (b) | (26.0) | (8.9) | (57.5) | (14.1) | |||||||||||||||||||
| Consolidated revenue | $ | 4,373.6 | $ | 3,544.7 | $ | 8,202.4 | $ | 6,392.4 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA and EBITDA Margin by Segment | |||||||||||||||||||||||||||||||||||||||||||||||
| EBITDA | $ | 364.5 | 8.3 | % | $ | 267.3 | 7.5 | % | $ | 621.3 | 7.6 | % | $ | 424.1 | 6.6 | % | |||||||||||||||||||||||||||||||
Non-cash stock-based compensation expense (a) | 11.5 | 0.3 | % | 9.4 | 0.3 | % | 19.8 | 0.2 | % | 16.3 | 0.3 | % | |||||||||||||||||||||||||||||||||||
Changes in fair value of acquisition-related contingent items (a) | 8.2 | 0.2 | % | (1.8) | (0.1) | % | 18.9 | 0.2 | % | (2.0) | (0.0) | % | |||||||||||||||||||||||||||||||||||
Impairments of equity method investments (a) | — | — | % | — | — | % | 7.9 | 0.1 | % | — | — | % | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 384.2 | 8.8 | % | $ | 274.8 | 7.8 | % | $ | 667.9 | 8.1 | % | $ | 438.5 | 6.9 | % | |||||||||||||||||||||||||||||||
| Segment: | |||||||||||||||||||||||||||||||||||||||||||||||
| Communications | $ | 73.1 | 8.2 | % | $ | 82.6 | 9.9 | % | $ | 119.9 | 7.1 | % | $ | 129.4 | 8.5 | % | |||||||||||||||||||||||||||||||
| Clean Energy and Infrastructure | 128.2 | 7.9 | % | 83.3 | 7.4 | % | 217.2 | 7.4 | % | 140.4 | 6.9 | % | |||||||||||||||||||||||||||||||||||
| Power Delivery | 113.0 | 9.1 | % | 91.3 | 8.7 | % | 185.0 | 8.1 | % | 142.7 | 7.3 | % | |||||||||||||||||||||||||||||||||||
| Pipeline Infrastructure | 118.5 | 18.4 | % | 62.1 | 11.5 | % | 263.4 | 19.9 | % | 106.6 | 11.9 | % | |||||||||||||||||||||||||||||||||||
| Other | 13.6 | NM | 7.2 | NM | 11.0 | NM | 15.2 | NM | |||||||||||||||||||||||||||||||||||||||
Eliminations (b) | (4.2) | NM | — | NM | (9.4) | NM | — | NM | |||||||||||||||||||||||||||||||||||||||
| Segment Total | $ | 442.2 | 10.1 | % | $ | 326.5 | 9.2 | % | $ | 787.1 | 9.6 | % | $ | 534.3 | 8.4 | % | |||||||||||||||||||||||||||||||
| Corporate | (57.9) | — | (51.7) | — | (119.2) | — | (95.8) | — | |||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 384.2 | 8.8 | % | $ | 274.8 | 7.8 | % | $ | 667.9 | 8.1 | % | $ | 438.5 | 6.9 | % | |||||||||||||||||||||||||||||||
NM - Percentage is not meaningful
(a)Non-cash stock-based compensation expense and changes in fair value of acquisition-related contingent items are included within Corporate, while impairments of equity method investments are included within the Other segment EBITDA.
(b)Represents intersegment eliminations and adjustments related to transactions entered into in the normal course of business.
| |||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited - in millions, except for percentages and per share information)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| EBITDA and Adjusted EBITDA Reconciliation | |||||||||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 145.7 | 3.3 | % | $ | 90.1 | 2.5 | % | $ | 215.4 | 2.6 | % | $ | 102.5 | 1.6 | % | |||||||||||||||||||||||||||||||
| Interest expense, net | 47.2 | 1.1 | % | 43.9 | 1.2 | % | 90.6 | 1.1 | % | 82.9 | 1.3 | % | |||||||||||||||||||||||||||||||||||
| Provision for income taxes | 48.0 | 1.1 | % | 30.7 | 0.9 | % | 69.8 | 0.9 | % | 27.3 | 0.4 | % | |||||||||||||||||||||||||||||||||||
| Depreciation | 86.1 | 2.0 | % | 69.9 | 2.0 | % | 169.4 | 2.1 | % | 146.2 | 2.3 | % | |||||||||||||||||||||||||||||||||||
| Amortization of intangible assets | 37.5 | 0.9 | % | 32.7 | 0.9 | % | 76.1 | 0.9 | % | 65.3 | 1.0 | % | |||||||||||||||||||||||||||||||||||
| EBITDA | $ | 364.5 | 8.3 | % | $ | 267.3 | 7.5 | % | $ | 621.3 | 7.6 | % | $ | 424.1 | 6.6 | % | |||||||||||||||||||||||||||||||
| Non-cash stock-based compensation expense | 11.5 | 0.3 | % | 9.4 | 0.3 | % | 19.8 | 0.2 | % | 16.3 | 0.3 | % | |||||||||||||||||||||||||||||||||||
| Changes in fair value of acquisition-related contingent items | 8.2 | 0.2 | % | (1.8) | (0.1) | % | 18.9 | 0.2 | % | (2.0) | (0.0) | % | |||||||||||||||||||||||||||||||||||
| Impairments of equity method investments | — | — | % | — | — | % | 7.9 | 0.1 | % | — | — | % | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 384.2 | 8.8 | % | $ | 274.8 | 7.8 | % | $ | 667.9 | 8.1 | % | $ | 438.5 | 6.9 | % | |||||||||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| Adjusted Net Income Reconciliation | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net income | $ | 145.7 | $ | 90.1 | $ | 215.4 | $ | 102.5 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Non-cash stock-based compensation expense | 11.5 | 9.4 | 19.8 | 16.3 | |||||||||||||||||||
| Amortization of intangible assets | 37.5 | 32.7 | 76.1 | 65.3 | |||||||||||||||||||
| Changes in fair value of acquisition-related contingent items | 8.2 | (1.8) | 18.9 | (2.0) | |||||||||||||||||||
| Impairments of equity method investments | — | — | 7.9 | — | |||||||||||||||||||
| Total adjustments, pre-tax | $ | 57.2 | $ | 40.2 | $ | 122.7 | $ | 79.7 | |||||||||||||||
Income tax effect of adjustments (a) | (12.3) | (8.9) | (29.4) | (18.3) | |||||||||||||||||||
| Adjusted net income | $ | 190.6 | $ | 121.5 | $ | 308.7 | $ | 163.9 | |||||||||||||||
| Net income attributable to non-controlling interests | 15.6 | 4.4 | 24.4 | 6.8 | |||||||||||||||||||
| Adjusted net income attributable to MasTec, Inc. | $ | 175.0 | $ | 117.1 | $ | 284.2 | $ | 157.1 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| Adjusted Diluted Earnings per Share Reconciliation | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Diluted earnings per share | $ | 1.65 | $ | 1.09 | $ | 2.42 | $ | 1.21 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Non-cash stock-based compensation expense | 0.15 | 0.12 | 0.25 | 0.21 | |||||||||||||||||||
| Amortization of intangible assets | 0.48 | 0.42 | 0.97 | 0.83 | |||||||||||||||||||
| Changes in fair value of acquisition-related contingent items | 0.10 | (0.02) | 0.24 | (0.02) | |||||||||||||||||||
| Impairments of equity method investments | — | — | 0.10 | — | |||||||||||||||||||
| Total adjustments, pre-tax | $ | 0.73 | $ | 0.51 | $ | 1.56 | $ | 1.01 | |||||||||||||||
Income tax effect of adjustments (a) | (0.16) | (0.11) | (0.37) | (0.23) | |||||||||||||||||||
| Adjusted diluted earnings per share | $ | 2.22 | $ | 1.49 | $ | 3.61 | $ | 1.99 | |||||||||||||||
(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 | June 30, 2026 | December 31, 2025 | |||||||||
Current portion of long-term debt, including finance leases | $ | 166.4 | $ | 154.3 | |||||||
Long-term debt, including finance leases | 2,573.8 | 2,176.4 | |||||||||
Total debt | $ | 2,740.2 | $ | 2,330.7 | |||||||
Less: cash and cash equivalents | (315.6) | (396.0) | |||||||||
Net debt | $ | 2,424.6 | $ | 1,934.7 | |||||||
| Six Months Ended June 30, | |||||||||||
| Free Cash Flow Reconciliation | 2026 | 2025 | |||||||||
| Net cash provided by operating activities | $ | 120.3 | $ | 84.0 | |||||||
| Capital expenditures | (188.3) | (111.1) | |||||||||
| Proceeds from sales of property and equipment | 20.4 | 26.7 | |||||||||
| Free cash flow | $ | (47.6) | $ | (0.4) | |||||||
| EBITDA and Adjusted EBITDA Reconciliation | Guidance for the Year Ended December 31, 2026 Est. | For the Year Ended December 31, 2025 | For the Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Net income | $ | 539 | 3.0% | $ | 422.0 | 3.0 | % | $ | 199.4 | 1.6 | % | |||||||||||||||||||||||||||
| Interest expense, net | 205 | 1.1% | 173.0 | 1.2 | % | 193.3 | 1.6 | % | ||||||||||||||||||||||||||||||
| Provision for income taxes | 172 | 0.9% | 93.4 | 0.7 | % | 51.5 | 0.4 | % | ||||||||||||||||||||||||||||||
| Depreciation | 360 | 2.0% | 295.9 | 2.1 | % | 366.8 | 3.0 | % | ||||||||||||||||||||||||||||||
| Amortization of intangible assets | 254 | 1.4% | 131.2 | 0.9 | % | 139.9 | 1.1 | % | ||||||||||||||||||||||||||||||
| EBITDA | $ | 1,531 | 8.4% | $ | 1,115.5 | 7.8 | % | $ | 950.8 | 7.7 | % | |||||||||||||||||||||||||||
| Non-cash stock-based compensation expense | 42 | 0.2% | 34.0 | 0.2 | % | 32.7 | 0.3 | % | ||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | — | — | % | — | — | % | 11.3 | 0.1 | % | |||||||||||||||||||||||||||||
| Changes in fair value of acquisition-related contingent items | 19 | 0.1% | 0.7 | 0.0 | % | 10.7 | 0.1 | % | ||||||||||||||||||||||||||||||
| Impairments of equity method investments | 8 | 0.0 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 1,600 | 8.8% | $ | 1,150.1 | 8.0 | % | $ | 1,005.6 | 8.2 | % | |||||||||||||||||||||||||||
| |||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited - in millions, except for percentages and per share information)
| Adjusted Net Income Reconciliation | Guidance for the Year Ended December 31, 2026 Est. | For the Year Ended December 31, 2025 | For the Year Ended December 31, 2024 | |||||||||||||||||
| Net income | $ | 539 | $ | 422.0 | $ | 199.4 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Non-cash stock-based compensation expense | 42 | 34.0 | 32.7 | |||||||||||||||||
| Amortization of intangible assets | 254 | 131.2 | 139.9 | |||||||||||||||||
| Loss on extinguishment of debt | — | — | 11.3 | |||||||||||||||||
| Changes in fair value of acquisition-related contingent items | 19 | 0.7 | 10.7 | |||||||||||||||||
| Impairments of equity method investments | 8 | — | — | |||||||||||||||||
| Total adjustments, pre-tax | $ | 323 | $ | 165.9 | $ | 194.6 | ||||||||||||||
Income tax effect of adjustments (a) | (78) | (44.7) | (44.8) | |||||||||||||||||
Statutory and other tax rate effects (b) | — | (5.0) | (0.9) | |||||||||||||||||
| Adjusted net income | $ | 785 | $ | 538.2 | $ | 348.3 | ||||||||||||||
| Net income attributable to non-controlling interests | 47 | 23.0 | 36.6 | |||||||||||||||||
| Adjusted net income attributable to MasTec, Inc. | $ | 738 | $ | 515.2 | $ | 311.7 | ||||||||||||||
| Adjusted Diluted Earnings per Share Reconciliation | Guidance for the Year Ended December 31, 2026 Est. | For the Year Ended December 31, 2025 | For the Year Ended December 31, 2024 | |||||||||||||||||
| Diluted earnings per share | $ | 6.20 | $ | 5.07 | $ | 2.06 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Non-cash stock-based compensation expense | 0.53 | 0.43 | 0.41 | |||||||||||||||||
| Amortization of intangible assets | 3.20 | 1.67 | 1.77 | |||||||||||||||||
| Loss on extinguishment of debt | — | — | 0.14 | |||||||||||||||||
| Changes in fair value of acquisition-related contingent items | 0.24 | 0.01 | 0.14 | |||||||||||||||||
| Impairments of equity method investments | 0.10 | — | — | |||||||||||||||||
| Total adjustments, pre-tax | $ | 4.07 | $ | 2.11 | $ | 2.47 | ||||||||||||||
Income tax effect of adjustments (a) | (0.98) | (0.57) | (0.57) | |||||||||||||||||
Statutory and other tax rate effects (b) | — | (0.06) | (0.01) | |||||||||||||||||
| Adjusted diluted earnings per share | $ | 9.30 | $ | 6.55 | $ | 3.95 | ||||||||||||||
(a)Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.
(b)Represents the effects of statutory and other tax rate changes for the years ended December 31, 2025 and 2024.
| |||||
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(unaudited - in millions, except for percentages and per share information)
| EBITDA and Adjusted EBITDA Reconciliation | Guidance for the Three Months Ended September 30, 2026 Est. | For the Three Months Ended September 30, 2025 | |||||||||||||||||||||
| Net income | $ | 176 | 3.6 | % | $ | 166.5 | 4.2 | % | |||||||||||||||
| Interest expense, net | 58 | 1.2 | % | 45.4 | 1.1 | % | |||||||||||||||||
| Provision for income taxes | 55 | 1.1 | % | 45.1 | 1.1 | % | |||||||||||||||||
| Depreciation | 93 | 1.9 | % | 71.8 | 1.8 | % | |||||||||||||||||
| Amortization of intangible assets | 89 | 1.8 | % | 32.7 | 0.8 | % | |||||||||||||||||
| EBITDA | $ | 471 | 9.5 | % | $ | 361.6 | 9.1 | % | |||||||||||||||
| Non-cash stock-based compensation expense | 12 | 0.2 | % | 9.3 | 0.2 | % | |||||||||||||||||
| Changes in fair value of acquisition-related contingent items | — | — | % | 2.5 | 0.1 | % | |||||||||||||||||
| Adjusted EBITDA | $ | 482 | 9.8 | % | $ | 373.5 | 9.4 | % | |||||||||||||||
| Adjusted Net Income Reconciliation | Guidance for the Three Months Ended September 30, 2026 Est. | For the Three Months Ended September 30, 2025 | ||||||||||||
| Net income | $ | 176 | $ | 166.5 | ||||||||||
| Adjustments: | ||||||||||||||
| Non-cash stock-based compensation expense | 12 | 9.3 | ||||||||||||
| Amortization of intangible assets | 89 | 32.7 | ||||||||||||
| Changes in fair value of acquisition-related contingent items | — | 2.5 | ||||||||||||
| Total adjustments, pre-tax | $ | 101 | $ | 44.6 | ||||||||||
Income tax effect of adjustments (a) | (24) | (10.2) | ||||||||||||
| Adjusted net income | $ | 252 | $ | 200.9 | ||||||||||
| Net income attributable to non-controlling interests | 13 | 5.8 | ||||||||||||
| Adjusted net income attributable to MasTec, Inc. | $ | 239 | $ | 195.1 | ||||||||||
| Adjusted Diluted Earnings per Share Reconciliation | Guidance for the Three Months Ended September 30, 2026 Est. | For the Three Months Ended September 30, 2025 | ||||||||||||
| Diluted earnings per share | $ | 2.03 | $ | 2.04 | ||||||||||
| Adjustments: | ||||||||||||||
| Non-cash stock-based compensation expense | 0.15 | 0.12 | ||||||||||||
| Amortization of intangible assets | 1.11 | 0.42 | ||||||||||||
| Changes in fair value of acquisition-related contingent items | — | 0.03 | ||||||||||||
| Total adjustments, pre-tax | $ | 1.26 | $ | 0.57 | ||||||||||
Income tax effect of adjustments (a) | (0.30) | (0.13) | ||||||||||||
| Adjusted diluted earnings per share | $ | 2.98 | $ | 2.48 | ||||||||||
(a)Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.
| |||||
The tables may contain slight summation differences due to rounding.
MasTec uses EBITDA, Adjusted EBITDA, EBITDA Margin and Adjusted EBITDA Margin, as well as Adjusted Net Income, Adjusted Net Income attributable to MasTec, Inc., Adjusted Diluted Earnings Per Share, Net Debt and Free Cash Flow, to evaluate our performance, both internally and as compared with its peers, because these measures exclude certain items that may not be indicative of its core operating results, as well as items that can vary widely across different industries or among companies within the same industry. MasTec believes that these measures provide a baseline for analyzing trends in its underlying business. MasTec believes that these non-U.S. GAAP financial measures provide meaningful information and help investors understand its financial results and assess its prospects for future performance. Because non-U.S. GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-U.S. GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported net income or diluted earnings per share, net income as a percentage of revenue or total debt or net cash provided by operating activities, and should be viewed in conjunction with the most comparable U.S. GAAP financial measures and the provided reconciliations thereto. MasTec believes these non-U.S. GAAP financial measures, when viewed together with its U.S. GAAP results and related reconciliations, provide a more complete understanding of its business. Investors are strongly encouraged to review MasTec's consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of MasTec or Superior; expectations regarding the projected impact and benefits of Superior on MasTec's operating or financial results; expectations regarding MasTec's or Superior's business or financial outlook; expectations regarding MasTec's plans, strategies and opportunities; expectations regarding opportunities, technological developments, competitive positioning, future economic conditions and other trends in particular markets or industries; the potential strategic benefits and synergies from the acquisition of Superior; MasTec's ability to successfully integrate the operations of Superior; the impact of inflation on MasTec's costs and the ability to recover increased costs, as well as other statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors in addition to those mentioned above, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Other factors that might cause such a difference include, but are not limited to: our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; market conditions, including rising or elevated levels of inflation or interest rates, regulatory or policy changes, including permitting processes, tax incentives and government funding programs that affect us or our customers' industries, access to capital, material and labor costs, supply chain issues and technological developments, all of which may affect demand for our services; changes to governmental programs and spending policies, changes to the amounts provided for under the Infrastructure Investment and Jobs Act and/or Inflation Reduction Act, including the potential for reduced support for renewable energy projects, such as a result of the One Big Beautiful Bill Act, or changes in U.S or foreign tax laws, statutes, rules, regulations or ordinances; tariff and trade actions, including retaliatory trade actions, by the United States (U.S.) and/or other countries on U.S. exports or bans by foreign countries on certain of their exports; project delays due to permitting processes, compliance with environmental and other regulatory requirements and challenges to the granting of project permits, which could cause increased costs and delayed or reduced revenue; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential economic downturns, inflationary issues, tariff effects, the availability and cost of financing, supply chain disruptions, climate-related matters, customer consolidation in the industries we serve and/or the effects of public health matters; activity in the industries we serve and the impact on the expenditure levels of our customers of, among other items, fluctuations in commodity prices, including for fuel and energy sources, fluctuations in the cost of materials, labor, supplies or equipment, and/or supply-related issues that affect availability or cause delays for such items; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; risks related to completed or potential acquisitions, including our ability to integrate acquired businesses within expected timeframes, including their business operations, internal controls and/or systems, which may be found to have material weaknesses, and our ability to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, as well as the risk of potential asset impairment charges and write-downs of goodwill; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, our ability to enforce any noncompetition agreements, and our ability to maintain a workforce based upon current and anticipated workloads; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the adequacy of our insurance, legal and other reserves; adverse climate and weather events, such as the risk of wildfires, that increase operational and legal risks in certain locations where we perform services, could increase the potential liability and related costs associated with such operations; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; the effect of regulatory initiatives, including risks related to and the costs of compliance with existing and potential future sustainability requirements, including with respect to climate-related matters; the timing and extent of fluctuations in operational, geographic and weather factors, including from climate-related events, that affect our customers, projects and the industries in which we operate; requirements of and restrictions imposed by our credit facility, term loans, senior notes and any future loans or securities; systems and information technology interruptions and/or data security breaches that could adversely affect our ability to operate, our operating results, our data security or our reputation, or other cybersecurity-related matters; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience, including as a result of shares we may issue as purchase consideration in connection with acquisitions, or as a result of other stock issuances; our ability to obtain performance and surety bonds; risks associated with operating in or expanding into additional international markets, including risks from increased tariffs, fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with our internal controls over financial reporting; risks related to a small number of our existing shareholders having the ability to influence major corporate decisions, as well as other risks detailed in our filings with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. These and other risks are detailed in our filings with the Securities and Exchange Commission. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.