MasTec updates 2026 adjusted EPS outlook to $8.92–$9.30
Revised 2026 guidance incorporates potential effects of delayed Pipeline starts on labor and equipment utilization.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
MasTec (MTZ) reported third-quarter 2026 revenue of $5.152 billion, up 29.9% year over year, and Adjusted EBITDA of $486.4 million, up 30.2%. GAAP diluted EPS was $1.89, down 7.7%, while adjusted diluted EPS rose 19.3% to $2.96; GAAP net income was $167.7 million versus $166.5 million. Estimated 18-month backlog was $24.546 billion, up 46.3% year over year.
Power Delivery revenue rose 65.2% and EBITDA 131.6%; Communications revenue fell 11.8% and EBITDA 47.6%, while Pipeline EBITDA fell 18.4%. MasTec said delayed Pipeline starts could affect labor and equipment utilization and near-term margin recognition, with some 2026 revenue and earnings expected to shift into 2027; Communications customers deferred spending. Updated 2026 guidance includes adjusted diluted EPS of $8.92–$9.30 and Adjusted EBITDA of $1.565–$1.600 billion; the company expects over $1 billion in operating cash flow. It completed acquisitions of The Superior Group and a pipeline-infrastructure company, and issued $650 million of 5.850% senior notes due September 30, 2036.
4 points · 0 major0 major · 3 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter revenue rose 29.9% year over year to $5.152 billion.
- Moderate pointAdjusted EBITDA increased 30.2% to $486.4 million in the third quarter.
- Moderate pointAdjusted diluted EPS rose 19.3% to $2.96 year over year.
- Moderate point. Forward-looking: it has not happened yet and may not happen.2026 adjusted diluted EPS guidance midpoint increased 39% year over year.
Negative
- Moderate pointGAAP diluted EPS declined 7.7% to $1.89 year over year.
- Moderate pointCommunications revenue fell 11.8%; EBITDA declined 47.6% year over year.
- Moderate pointPipeline EBITDA declined 18.4%; margin fell 500 basis points.
Filing Explained
At September 30, 2026, MasTec reported net debt of $3,686.7 million; its $2.25 billion revolver commitment is not itself a reported borrowing.
In this 8-K, MasTec reports drawing a
The term loan is reported as drawn, while the revolving facility is listed as a commitment; the two figures do not both represent borrowings already taken.
At
The company defines estimated 18-month backlog as expected revenue from future work on uncompleted contracts, including work not yet begun and service agreements; estimates for service agreements incorporate customer-demand estimates.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $5.152 billion; +29.9%
Adjusted EBITDA: $486.4 million; +30.2%
GAAP diluted EPS: $1.89; -7.7%
+5 more
8 metrics
Revenue
$5.152 billion; +29.9%
Third quarter 2026 year over year
Adjusted EBITDA
$486.4 million; +30.2%
Third quarter 2026 year over year
GAAP diluted EPS
$1.89; -7.7%
Third quarter 2026 year over year
Adjusted diluted EPS
$2.96; +19.3%
Third quarter 2026 year over year
18-month backlog
$24.546 billion; +46.3%
As of September 30, 2026, compared with September 30, 2025
Operating cash flow
$267 million; +200.6%
Third quarter 2026 year over year
2026 adjusted diluted EPS guidance
$8.92–$9.30 per share
Full year 2026
2026 Adjusted EBITDA guidance
$1.565–$1.600 billion
Full year 2026
Key Terms
Adjusted EBITDA, Estimated 18-month backlog, delayed draw term loan, Free cash flow
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA of $486.4 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.
Estimated 18-month backlog financial
"Estimated 18-month backlog"
delayed draw term loan financial
"new $700 million senior unsecured delayed draw term loan agreement"
A delayed draw term loan is a financing agreement that lets a borrower take one or more lump-sum loans from a lender at agreed future dates within a set time window instead of receiving all funds up front. It matters to investors because it changes when and how much debt a company will carry, affecting cash flexibility, interest costs and risk exposure—think of it like an approved credit line you only tap when you need cash for a project.
Free cash flow financial
"Free cash flow"
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.
Earnings Snapshot
Revenue: $5.152 billion · Guidance included
Third quarter 2026
Revenue
$5.152 billion
+29.9% year over year
Adjusted EBITDA
$486.4 million
+30.2% year over year
GAAP diluted EPS
$1.89
-7.7% year over year
Adjusted diluted EPS
$2.96
+19.3% year over year
Guidance
2026 adjusted diluted EPS guidance of $8.92–$9.30 per share and Adjusted EBITDA guidance of $1.565–$1.600 billion; MasTec expects over $1 billion in operating cash flow.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were MasTec's MTZ third-quarter 2026 results?
MasTec reported $5.152 billion in revenue and $486.4 million in Adjusted EBITDA for the third quarter of 2026, up 29.9% and 30.2% year over year, respectively. GAAP diluted EPS was $1.89; adjusted diluted EPS was $2.96.
What is MasTec's MTZ 2026 earnings guidance?
MasTec's 2026 adjusted diluted EPS guidance is $8.92–$9.30 per share, and its Adjusted EBITDA guidance is $1.565–$1.600 billion. The company also expects over $1 billion in 2026 operating cash flow.
Why did MasTec update its MTZ 2026 guidance?
MasTec said the revised ranges reflect the potential impact of delayed Pipeline project starts on labor and equipment utilization. It also said near-term margin recognition could be affected because there is less time for projects to reach run-rate production in 2026, with revenue and earnings expected to shift into 2027.
What acquisitions did MasTec complete in the third quarter of 2026?
MasTec completed two acquisitions: The Superior Group in July and a pipeline-infrastructure company in August 2026. Superior was included in the Power Delivery segment, and the pipeline-infrastructure company was included in the Pipeline Infrastructure segment.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): October 29, 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 7.01 Regulation FD Disclosure.
On October 29, 2026, the Company announced its financial results for the nine months and quarter ended September 30, 2026. In addition, the Company issued guidance for the quarter 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, October 29, 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: | October 29, 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 | ||||
| Ati Modak, Investor Relations | Coral Gables, Florida 33134 | ||||
| 305-507-7304 | Tel: 305-599-1800 | ||||
| ati.modak@mastec.com | www.mastec.com | ||||
MasTec Reports Third Quarter 2026 Results and
Updates Full Year 2026 Financial Guidance
Third Quarter 2026 Highlights
•Revenue of $5.2 billion, a quarterly record, increased 30% year-over-year
•Diluted EPS of $1.89 and Adjusted Diluted EPS of $2.96
•GAAP Net Income of $167.7 million and Adjusted EBITDA of $486.4 million, both quarterly records
•Updated Full Year Diluted EPS guidance to a range of $5.69 to $6.01 per share, a 15% year-over-year increase at the midpoint; Updated Full Year Adjusted Diluted EPS guidance to a range of $8.92 to $9.30, a 39% year-over-year increase at the midpoint
•Record 18-month backlog of $24.5 billion increased $7.8 billion year-over-year and $3.2 billion from the prior quarter, led by significant 74% year-over-year growth in Power Delivery
Coral Gables, FL, October 29, 2026 — MasTec, Inc. (NYSE: MTZ) today announced third quarter 2026 financial results and updated full year 2026 financial guidance.
MasTec reported third quarter revenue of $5.2 billion and Adjusted EBITDA of $486 million, both up ~30% year-over-year. Backlog of $24.5 billion was ~46% higher year-over-year.
Jose Mas, MasTec’s Chief Executive Officer, stated, “We are pleased with our third-quarter performance, as both revenue and Adjusted EBITDA were ahead of our expectations, driven by strong Power Delivery results. Strength in Power Delivery was driven by both legacy operations and Superior, with both groups exceeding revenue and EBITDA guidance for the quarter.”
“As we noted throughout the third quarter, permitting related access delays on certain Pipeline projects impacted margins, as crews and equipment were underutilized. Construction has now commenced, and we are ramping production. Given the substantial number of pipelines expected to enter service over the next few years, we believe retaining our experienced crews is critical to capitalize on the significant level of industry investment ahead. We’re seeing this demand set play out, with Pipeline Infrastructure backlog growing ~26% sequentially in the quarter.”
Mr. Mas continued, “In Communications, as discussed in our second quarter earnings call, we saw certain customers defer spending in the second half of 2026, impacting our full-year revenue expectations. We are taking actions to improve this segment's margin profile and operating leverage through market cycles by streamlining our operations, procurement strategies, and support models to reduce indirect costs, including exiting underperforming markets. We expect these initiatives to begin contributing to improved profitability in 2027. We see a fundamental multi-year need for sustained investment in telecommunications infrastructure upgrades and maintenance to enable a significant increase in AI driven data consumption over the next several years.”
“With sequential backlog growth of $3 billion and another record consolidated backlog in the quarter, we have strong visibility for continued revenue and earnings growth across our diversified end-markets – with increasing geographic reach. We continue to see sustained demand strength across our service offerings, most notably in support of utility and large-load infrastructure, where our converging operations allow us to provide more integrated solutions to our partners.”
Paul DiMarco, MasTec’s Executive Vice President and Chief Financial Officer, noted, “We are updating our full-year guidance, introducing a range that results in Adjusted EBITDA change of ~1% at the midpoint versus our previous guidance. The range reflects the potential impact of delayed Pipeline project starts on labor and equipment utilization. With less time to hit run-rate production in 2026, near term margin recognition could be impacted. Revenue and earnings not recognized this year as a result of project timing are expected to shift into 2027.”
“We expect to generate over $1 billion in operating cash flow for 2026. Our strong financial position provides us significant flexibility to pursue accretive investments to support organic growth, execute our acquisition strategy and return capital to shareholders.”
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Prominent Third Quarter Events:
•Completed Two Acquisitions: In July, MasTec acquired all of the equity interests of The Superior Group, a premier full-service electrical contractor focused on critical infrastructure, which is included within the Company’s Power Delivery segment. Superior is a recognized leader in large load electrical infrastructure while serving a diverse range of end markets, including technology, healthcare, entertainment and industrial. Additionally, in August 2026, MasTec acquired a company that specializes in pipeline infrastructure to enhance capacity and project management expertise, which is included within the Company’s Pipeline Infrastructure segment.
•Enhanced Liquidity and Extended Debt Maturities: In July, MasTec amended its senior credit facility to increase the aggregate revolving commitments from $1.9 billion to $2.25 billion and entered into a new $700 million senior unsecured delayed draw term loan agreement which was drawn to finance a portion of the cash consideration for the acquisition of Superior. In August, the Company issued $650 million aggregate principal amount of 5.850% senior unsecured notes due September 30, 2036.
•Appointed Manny Miranda to its Board of Directors: Mr. Miranda brings more than 40 years of utility industry experience and deep expertise across electric and natural gas infrastructure, including transmission, substations, distribution, large-scale capital programs and utility operation.
•Appointed Alex Spiro to its Board of Directors: Mr. Spiro brings extensive experience advising and investing across the technology, energy, and industrial sectors, along with legal, corporate governance, capital markets and strategic advisory experience.
Third Quarter 2026 Results
| Dollars in millions, except per share amounts | 3Q'26 | 3Q'25 | Change | |||||||||||||||||
| Revenue | $ | 5,152 | $ | 3,967 | 29.9 | % | ||||||||||||||
| Operating income | $ | 275 | $ | 250 | 10.4 | % | ||||||||||||||
| GAAP net income | $ | 168 | $ | 166 | 0.7 | % | ||||||||||||||
| GAAP net income margin | 3.3 | % | 4.2 | % | (90) bps | |||||||||||||||
| Adjusted net income | $ | 253 | $ | 201 | 26.0 | % | ||||||||||||||
| Adjusted EBITDA | $ | 486 | $ | 373 | 30.2% | |||||||||||||||
| Adjusted EBITDA margin | 9.4 | % | 9.4 | % | 0 bps | |||||||||||||||
| GAAP diluted earnings per share | $ | 1.89 | $ | 2.04 | (7.7)% | |||||||||||||||
| Adjusted diluted earnings per share | $ | 2.96 | $ | 2.48 | 19.3% | |||||||||||||||
| Cash provided by operating activities | $ | 267 | $ | 89 | 200.6 | % | ||||||||||||||
| Free cash flow | $ | 206 | $ | 36 | 473.2 | % | ||||||||||||||
| 18-month backlog | $ | 24,546 | $ | 16,780 | 46.3 | % | ||||||||||||||
| |||||
Third Quarter 2026 Segment Highlights
Power Delivery
| Dollars in millions, unless noted | 3Q'26 | 3Q'25 | Change | |||||||||||||||||
| Revenue | $ | 1,835.2 | $ | 1,110.7 | 65.2 | % | ||||||||||||||
| EBITDA | $ | 241.5 | $ | 104.3 | 131.6 | % | ||||||||||||||
| EBITDA margin % | 13.2 | % | 9.4 | % | 380 bps | |||||||||||||||
Clean Energy and Infrastructure
| Dollars in millions, unless noted | 3Q'26 | 3Q'25 | Change | |||||||||||||||||
| Revenue | $ | 1,825.9 | $ | 1,364.1 | 33.9 | % | ||||||||||||||
| EBITDA | $ | 149.3 | $ | 115.4 | 29.3 | % | ||||||||||||||
| EBITDA margin % | 8.2 | % | 8.5 | % | (30) bps | |||||||||||||||
Pipeline Infrastructure
| Dollars in millions, unless noted | 3Q'26 | 3Q'25 | Change | |||||||||||||||||
| Revenue | $ | 724.1 | $ | 597.8 | 21.1 | % | ||||||||||||||
| EBITDA | $ | 75.1 | $ | 92.0 | (18.4) | % | ||||||||||||||
| EBITDA margin % | 10.4 | % | 15.4 | % | (500) bps | |||||||||||||||
Communications
| Dollars in millions, unless noted | 3Q'26 | 3Q'25 | Change | |||||||||||||||||
| Revenue | $ | 806.9 | $ | 914.6 | (11.8) | % | ||||||||||||||
| EBITDA | $ | 54.0 | $ | 103.0 | (47.6) | % | ||||||||||||||
| EBITDA margin % | 6.7 | % | 11.3 | % | (460) bps | |||||||||||||||
| |||||
2026 Financial Guidance Update
| Dollars in millions, except per share amounts | Full Year 2026E | ||||||||||
| Revenue | $ | 18,300 | |||||||||
| GAAP net income | $ | 498 - 524 | |||||||||
| Adjusted net income | $ | 755 - 785 | |||||||||
| Adjusted EBITDA | $ | 1,565 - 1,600 | |||||||||
| Adjusted EBITDA margin | 8.6% - 8.7% | ||||||||||
| GAAP diluted earnings per share | $ | 5.69 - 6.01 | |||||||||
| Adjusted diluted earnings per share | $ | 8.92 - 9.30 | |||||||||
Conference Call
MasTec will host a webcast of its quarterly earnings call to discuss these results on Friday, October 30, 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, distribution and large load electrical infrastructure 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 5,152,336 | $ | 3,966,948 | $ | 13,354,691 | $ | 10,359,371 | |||||||||||||||
| Costs of revenue, excluding depreciation and amortization | 4,491,474 | 3,429,199 | 11,659,641 | 9,074,981 | |||||||||||||||||||
| Depreciation | 93,773 | 71,837 | 263,150 | 217,996 | |||||||||||||||||||
| Amortization of intangible assets | 75,282 | 32,719 | 151,411 | 98,042 | |||||||||||||||||||
| General and administrative expenses | 228,545 | 183,580 | 649,222 | 524,448 | |||||||||||||||||||
| Equity in earnings of integral unconsolidated affiliates, net | (12,186) | — | (12,186) | — | |||||||||||||||||||
| Operating income | $ | 275,448 | $ | 249,613 | $ | 643,453 | $ | 443,904 | |||||||||||||||
| Interest expense, net | 61,798 | 45,444 | 152,425 | 128,337 | |||||||||||||||||||
| Equity in earnings of unconsolidated affiliates, net | (8,040) | (6,555) | (14,740) | (23,911) | |||||||||||||||||||
| Loss on extinguishment of debt | 3,219 | — | 3,219 | — | |||||||||||||||||||
| Other income, net | (1,687) | (898) | (2,794) | (1,881) | |||||||||||||||||||
| Income before income taxes | $ | 220,158 | $ | 211,622 | $ | 505,343 | $ | 341,359 | |||||||||||||||
| Provision for income taxes | (52,439) | (45,125) | (122,222) | (72,401) | |||||||||||||||||||
| Net income | $ | 167,719 | $ | 166,497 | $ | 383,121 | $ | 268,958 | |||||||||||||||
| Net income attributable to non-controlling interests | 17,153 | 5,837 | 41,598 | 12,629 | |||||||||||||||||||
| Net income attributable to MasTec, Inc. | $ | 150,566 | $ | 160,660 | $ | 341,523 | $ | 256,329 | |||||||||||||||
| Earnings per share: | |||||||||||||||||||||||
| Basic earnings per share | $ | 1.90 | $ | 2.07 | $ | 4.36 | $ | 3.29 | |||||||||||||||
| Basic weighted average common shares outstanding | 79,077 | 77,702 | 78,372 | 77,857 | |||||||||||||||||||
| Diluted earnings per share | $ | 1.89 | $ | 2.04 | $ | 4.32 | $ | 3.26 | |||||||||||||||
| Diluted weighted average common shares outstanding | 79,820 | 78,648 | 79,143 | 78,672 | |||||||||||||||||||
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Consolidated Balance Sheets
(unaudited - in thousands)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets | $ | 6,201,326 | $ | 4,329,079 | |||||||
| Property and equipment, net | 2,058,714 | 1,728,470 | |||||||||
| Operating lease right-of-use assets | 522,649 | 457,270 | |||||||||
| Goodwill, net | 3,037,312 | 2,248,992 | |||||||||
| Other intangible assets, net | 1,732,989 | 656,248 | |||||||||
| Other long-term assets | 584,099 | 503,483 | |||||||||
| Total assets | $ | 14,137,089 | $ | 9,923,542 | |||||||
| Liabilities and equity | |||||||||||
| Current liabilities | $ | 4,474,127 | $ | 3,271,045 | |||||||
| Long-term debt, including finance leases | 3,987,761 | 2,176,372 | |||||||||
| Long-term operating lease liabilities | 335,583 | 292,839 | |||||||||
| Deferred income taxes | 518,731 | 478,156 | |||||||||
| Other long-term liabilities | 621,522 | 370,609 | |||||||||
| Total liabilities | $ | 9,937,724 | $ | 6,589,021 | |||||||
| Total equity | $ | 4,199,365 | $ | 3,334,521 | |||||||
| Total liabilities and equity | $ | 14,137,089 | $ | 9,923,542 | |||||||
Consolidated Statements of Cash Flows
(unaudited - in thousands)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net cash provided by operating activities | $ | 387,774 | $ | 172,976 | |||||||
| Net cash used in investing activities | (1,855,836) | (155,327) | |||||||||
| Net cash provided by (used in) financing activities | 1,554,189 | (187,041) | |||||||||
| Effect of currency translation on cash | (341) | 907 | |||||||||
| Net increase (decrease) in cash and cash equivalents | $ | 85,786 | $ | (168,485) | |||||||
| Cash and cash equivalents - beginning of period | $ | 396,030 | $ | 399,903 | |||||||
| Cash and cash equivalents - end of period | $ | 481,816 | $ | 231,418 | |||||||
Backlog by Reportable Segment (unaudited - in millions) | September 30, 2026 | June 30, 2026 | September 30, 2025 | ||||||||||||||
Communications | $ | 5,053 | $ | 5,461 | $ | 5,055 | |||||||||||
Clean Energy and Infrastructure | 8,315 | 7,791 | 5,026 | ||||||||||||||
Power Delivery | 8,913 | 6,347 | 5,128 | ||||||||||||||
Pipeline Infrastructure | 2,265 | 1,792 | 1,571 | ||||||||||||||
Other | — | — | — | ||||||||||||||
| Estimated 18-month backlog | $ | 24,546 | $ | 21,391 | $ | 16,780 | |||||||||||
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| Segment Information | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Revenue by Reportable Segment | |||||||||||||||||||||||
| Communications | $ | 806.9 | $ | 914.6 | $ | 2,497.9 | $ | 2,432.3 | |||||||||||||||
| Clean Energy and Infrastructure | 1,825.9 | 1,364.1 | 4,777.5 | 3,411.3 | |||||||||||||||||||
| Power Delivery | 1,835.2 | 1,110.7 | 4,127.1 | 3,056.0 | |||||||||||||||||||
| Pipeline Infrastructure | 724.1 | 597.8 | 2,049.4 | 1,493.9 | |||||||||||||||||||
| Other | — | — | — | — | |||||||||||||||||||
Eliminations (b) | (39.8) | (20.3) | (97.2) | (34.1) | |||||||||||||||||||
| Consolidated revenue | $ | 5,152.3 | $ | 3,966.9 | $ | 13,354.7 | $ | 10,359.4 | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA and EBITDA Margin by Segment | |||||||||||||||||||||||||||||||||||||||||||||||
| EBITDA | $ | 451.0 | 8.8 | % | $ | 361.6 | 9.1 | % | $ | 1,072.3 | 8.0 | % | $ | 785.7 | 7.6 | % | |||||||||||||||||||||||||||||||
Non-cash stock-based compensation expense (a) | 11.3 | 0.2 | % | 9.3 | 0.2 | % | 31.0 | 0.2 | % | 25.6 | 0.2 | % | |||||||||||||||||||||||||||||||||||
Changes in fair value of acquisition-related contingent items (a) | 7.5 | 0.1 | % | 2.5 | 0.1 | % | 26.4 | 0.2 | % | 0.6 | 0.0 | % | |||||||||||||||||||||||||||||||||||
Acquisition and integration costs (a) | 6.3 | 0.1 | % | — | — | % | 6.3 | 0.0 | % | — | — | % | |||||||||||||||||||||||||||||||||||
Impairments of equity method investments (a) | — | — | % | — | — | % | 7.9 | 0.1 | % | — | — | % | |||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt (a) | 3.2 | 0.1 | % | — | — | % | 3.2 | 0.0 | % | — | — | % | |||||||||||||||||||||||||||||||||||
Restructuring charges (a) | 7.1 | 0.1 | % | — | — | % | 7.1 | 0.1 | % | — | — | % | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 486.4 | 9.4 | % | $ | 373.5 | 9.4 | % | $ | 1,154.3 | 8.6 | % | $ | 811.9 | 7.8 | % | |||||||||||||||||||||||||||||||
| Segment: | |||||||||||||||||||||||||||||||||||||||||||||||
| Communications | $ | 61.1 | 7.6 | % | $ | 103.0 | 11.3 | % | $ | 181.0 | 7.2 | % | $ | 232.4 | 9.6 | % | |||||||||||||||||||||||||||||||
| Clean Energy and Infrastructure | 149.3 | 8.2 | % | 115.4 | 8.5 | % | 366.4 | 7.7 | % | 255.8 | 7.5 | % | |||||||||||||||||||||||||||||||||||
| Power Delivery | 241.5 | 13.2 | % | 104.3 | 9.4 | % | 426.5 | 10.3 | % | 246.9 | 8.1 | % | |||||||||||||||||||||||||||||||||||
| Pipeline Infrastructure | 75.1 | 10.4 | % | 92.0 | 15.4 | % | 338.5 | 16.5 | % | 198.6 | 13.3 | % | |||||||||||||||||||||||||||||||||||
| Other | 10.0 | NM | 7.1 | NM | 21.0 | NM | 22.3 | NM | |||||||||||||||||||||||||||||||||||||||
Eliminations (b) | 2.7 | NM | — | NM | (6.7) | NM | — | NM | |||||||||||||||||||||||||||||||||||||||
| Segment Total | $ | 539.6 | 10.5 | % | $ | 421.8 | 10.6 | % | $ | 1,326.7 | 9.9 | % | $ | 956.1 | 9.2 | % | |||||||||||||||||||||||||||||||
| Corporate | (53.2) | — | (48.4) | — | (172.4) | — | (144.2) | — | |||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 486.4 | 9.4 | % | $ | 373.5 | 9.4 | % | $ | 1,154.3 | 8.6 | % | $ | 811.9 | 7.8 | % | |||||||||||||||||||||||||||||||
NM - Percentage is not meaningful
(a)Non-cash stock-based compensation expense, changes in fair value of acquisition-related contingent items, acquisition and integration costs, and loss on extinguishment of debt are included within Corporate, while impairments of equity method investments are included within the Other segment EBITDA and restructuring charges are included within the Communications 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| EBITDA and Adjusted EBITDA Reconciliation | |||||||||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 167.7 | 3.3 | % | $ | 166.5 | 4.2 | % | $ | 383.1 | 2.9 | % | $ | 269.0 | 2.6 | % | |||||||||||||||||||||||||||||||
| Interest expense, net | 61.8 | 1.2 | % | 45.4 | 1.1 | % | 152.4 | 1.1 | % | 128.3 | 1.2 | % | |||||||||||||||||||||||||||||||||||
| Provision for income taxes | 52.4 | 1.0 | % | 45.1 | 1.1 | % | 122.2 | 0.9 | % | 72.4 | 0.7 | % | |||||||||||||||||||||||||||||||||||
| Depreciation | 93.8 | 1.8 | % | 71.8 | 1.8 | % | 263.2 | 2.0 | % | 218.0 | 2.1 | % | |||||||||||||||||||||||||||||||||||
| Amortization of intangible assets | 75.3 | 1.5 | % | 32.7 | 0.8 | % | 151.4 | 1.1 | % | 98.0 | 0.9 | % | |||||||||||||||||||||||||||||||||||
| EBITDA | $ | 451.0 | 8.8 | % | $ | 361.6 | 9.1 | % | $ | 1,072.3 | 8.0 | % | $ | 785.7 | 7.6 | % | |||||||||||||||||||||||||||||||
| Non-cash stock-based compensation expense | 11.3 | 0.2 | % | 9.3 | 0.2 | % | 31.0 | 0.2 | % | 25.6 | 0.2 | % | |||||||||||||||||||||||||||||||||||
| Changes in fair value of acquisition-related contingent items | 7.5 | 0.1 | % | 2.5 | 0.1 | % | 26.4 | 0.2 | % | 0.6 | 0.0 | % | |||||||||||||||||||||||||||||||||||
| Acquisition and integration costs | 6.3 | 0.1 | % | — | — | % | 6.3 | 0.0 | % | — | — | % | |||||||||||||||||||||||||||||||||||
| Impairments of equity method investments | — | — | % | — | — | % | 7.9 | 0.1 | % | — | — | % | |||||||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | 3.2 | 0.1 | % | — | — | % | 3.2 | 0.0 | % | — | — | % | |||||||||||||||||||||||||||||||||||
| Restructuring charges | 7.1 | 0.1 | % | — | — | % | 7.1 | 0.1 | % | — | — | % | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 486.4 | 9.4 | % | $ | 373.5 | 9.4 | % | $ | 1,154.3 | 8.6 | % | $ | 811.9 | 7.8 | % | |||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| Adjusted Net Income Reconciliation | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net income | $ | 167.7 | $ | 166.5 | $ | 383.1 | $ | 269.0 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Amortization of intangible assets | 75.3 | 32.7 | 151.4 | 98.0 | |||||||||||||||||||
| Non-cash stock-based compensation expense | 11.3 | 9.3 | 31.0 | 25.6 | |||||||||||||||||||
| Changes in fair value of acquisition-related contingent items | 7.5 | 2.5 | 26.4 | 0.6 | |||||||||||||||||||
| Acquisition and integration costs | 6.3 | — | 6.3 | — | |||||||||||||||||||
| Impairments of equity method investments | — | — | 7.9 | — | |||||||||||||||||||
| Loss on extinguishment of debt | 3.2 | — | 3.2 | — | |||||||||||||||||||
| Restructuring charges | 7.1 | — | 7.1 | — | |||||||||||||||||||
| Total adjustments, pre-tax | $ | 110.7 | $ | 44.6 | $ | 233.4 | $ | 124.2 | |||||||||||||||
Income tax effect of adjustments (a) | (25.2) | (10.2) | (54.6) | (28.4) | |||||||||||||||||||
| Adjusted net income | $ | 253.2 | $ | 200.9 | $ | 561.9 | $ | 364.8 | |||||||||||||||
| Net income attributable to non-controlling interests | 17.2 | 5.8 | 41.6 | 12.6 | |||||||||||||||||||
| Adjusted net income attributable to MasTec, Inc. | $ | 236.1 | $ | 195.1 | $ | 520.3 | $ | 352.1 | |||||||||||||||
(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)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| Adjusted Diluted Earnings per Share Reconciliation | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Diluted earnings per share | $ | 1.89 | $ | 2.04 | $ | 4.32 | $ | 3.26 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Amortization of intangible assets | 0.94 | 0.42 | 1.91 | 1.25 | |||||||||||||||||||
| Non-cash stock-based compensation expense | 0.14 | 0.12 | 0.39 | 0.33 | |||||||||||||||||||
| Changes in fair value of acquisition-related contingent items | 0.09 | 0.03 | 0.33 | 0.01 | |||||||||||||||||||
| Acquisition and integration costs | 0.08 | — | 0.08 | — | |||||||||||||||||||
| Impairments of equity method investments | — | — | 0.10 | — | |||||||||||||||||||
| Loss on extinguishment of debt | 0.04 | — | 0.04 | — | |||||||||||||||||||
| Restructuring charges | 0.09 | — | 0.09 | — | |||||||||||||||||||
| Total adjustments, pre-tax | $ | 1.39 | $ | 0.57 | $ | 2.95 | $ | 1.58 | |||||||||||||||
Income tax effect of adjustments (a) | (0.32) | (0.13) | (0.69) | (0.36) | |||||||||||||||||||
| Adjusted diluted earnings per share | $ | 2.96 | $ | 2.48 | $ | 6.57 | $ | 4.48 | |||||||||||||||
(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.
| Calculation of Net Debt | September 30, 2026 | December 31, 2025 | |||||||||
Current portion of long-term debt, including finance leases | $ | 180.7 | $ | 154.3 | |||||||
Long-term debt, including finance leases | 3,987.8 | 2,176.4 | |||||||||
Total debt | $ | 4,168.5 | $ | 2,330.7 | |||||||
Less: cash and cash equivalents | (481.8) | (396.0) | |||||||||
Net debt | $ | 3,686.7 | $ | 1,934.7 | |||||||
| Nine Months Ended September 30, | |||||||||||
| Free Cash Flow Reconciliation | 2026 | 2025 | |||||||||
| Net cash provided by operating activities | $ | 387.8 | $ | 173.0 | |||||||
| Capital expenditures | (275.7) | (179.8) | |||||||||
| Proceeds from sales of property and equipment | 46.4 | 42.3 | |||||||||
| Free cash flow | $ | 158.5 | $ | 35.6 | |||||||
| |||||
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 Year Ended December 31, 2026 Est. | For the Year Ended December 31, 2025 | For the Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Net income | $ | 498 - 524 | 2.7% - 2.9% | $ | 422.0 | 3.0 | % | $ | 199.4 | 1.6 | % | |||||||||||||||||||||||||||
| Interest expense, net | 214 | 1.2% | 173.0 | 1.2 | % | 193.3 | 1.6 | % | ||||||||||||||||||||||||||||||
| Provision for income taxes | 159 - 167 | 0.9% | 93.4 | 0.7 | % | 51.5 | 0.4 | % | ||||||||||||||||||||||||||||||
| Depreciation | 358 | 2.0% | 295.9 | 2.1 | % | 366.8 | 3.0 | % | ||||||||||||||||||||||||||||||
| Amortization of intangible assets | 236 | 1.3% | 131.2 | 0.9 | % | 139.9 | 1.1 | % | ||||||||||||||||||||||||||||||
| EBITDA | $ | 1,465 - 1,498 | 8.0% - 8.2% | $ | 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 | % | ||||||||||||||||||||||||||||||
| Changes in fair value of acquisition-related contingent items | 26 | 0.1% | 0.7 | 0.0 | % | 10.7 | 0.1 | % | ||||||||||||||||||||||||||||||
| Acquisition and integration costs | 6 | 0.0% | — | — | % | — | — | % | ||||||||||||||||||||||||||||||
| Impairments of equity method investments | 8 | 0.0% | — | — | % | — | — | % | ||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | 3 | 0.0% | — | — | % | 11.3 | 0.1 | % | ||||||||||||||||||||||||||||||
| Restructuring charges | 14 - 16 | 0.1% | — | — | % | — | — | % | ||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 1,565 - 1,600 | 8.6% - 8.7% | $ | 1,150.1 | 8.0 | % | $ | 1,005.6 | 8.2 | % | |||||||||||||||||||||||||||
| 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 | $ | 498 - 524 | $ | 422.0 | $ | 199.4 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Amortization of intangible assets | 236 | 131.2 | 139.9 | |||||||||||||||||
| Non-cash stock-based compensation expense | 42 | 34.0 | 32.7 | |||||||||||||||||
| Changes in fair value of acquisition-related contingent items | 26 | 0.7 | 10.7 | |||||||||||||||||
| Acquisition and integration costs | 6 | — | — | |||||||||||||||||
| Impairments of equity method investments | 8 | — | — | |||||||||||||||||
| Loss on extinguishment of debt | 3 | — | 11.3 | |||||||||||||||||
| Restructuring charges | 14 - 16 | — | — | |||||||||||||||||
| Total adjustments, pre-tax | $ | 336 - 338 | $ | 165.9 | $ | 194.6 | ||||||||||||||
Income tax effect of adjustments (a) | (79) - (76) | (44.7) | (44.8) | |||||||||||||||||
Statutory and other tax rate effects (b) | — | (5.0) | (0.9) | |||||||||||||||||
| Adjusted net income | $ | 755 - 785 | $ | 538.2 | $ | 348.3 | ||||||||||||||
| Net income attributable to non-controlling interests | 47 | 23.0 | 36.6 | |||||||||||||||||
| Adjusted net income attributable to MasTec, Inc. | $ | 708 - 738 | $ | 515.2 | $ | 311.7 | ||||||||||||||
(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)
| 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 | $ | 5.69 - 6.01 | $ | 5.07 | $ | 2.06 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Amortization of intangible assets | 2.97 | 1.67 | 1.77 | |||||||||||||||||
| Non-cash stock-based compensation expense | 0.53 | 0.43 | 0.41 | |||||||||||||||||
| Changes in fair value of acquisition-related contingent items | 0.33 | 0.01 | 0.14 | |||||||||||||||||
| Acquisition and integration costs | 0.08 | — | — | |||||||||||||||||
| Impairments of equity method investments | 0.10 | — | — | |||||||||||||||||
| Loss on extinguishment of debt | 0.04 | — | 0.14 | |||||||||||||||||
| Restructuring charges | 0.18 - 0.20 | — | — | |||||||||||||||||
| Total adjustments, pre-tax | $ | 4.23 - 4.25 | $ | 2.11 | $ | 2.47 | ||||||||||||||
Income tax effect of adjustments (a) | (1.00) - (0.96) | (0.57) | (0.57) | |||||||||||||||||
Statutory and other tax rate effects (b) | — | (0.06) | (0.01) | |||||||||||||||||
| Adjusted diluted earnings per share | $ | 8.92 - 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.
| |||||
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.