MASTEC INC

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

MTZ$180.84-4.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

(in thousands)

	Year Ended December 31,
	2025	2024	2023
Cash flows from operating activities:
Net income (loss)	$422,014	$199,421	$(47,296)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	295,892	366,765	433,929
Amortization of intangible assets	131,190	139,853	169,233
Non-cash stock-based compensation expense	34,002	32,672	33,335
Provision for (benefit from) deferred income taxes	115,157	(34,433)	(140,863)
Equity in earnings of unconsolidated affiliates, net	(31,964)	(30,228)	(30,697)
Gains on sales and impairments of assets, net	(18,451)	(24,138)	(21,408)
Loss on extinguishment of debt	—	11,344	—
Non-cash interest expense, net	4,766	5,533	5,837
Other non-cash items, net	2,662	13,711	8,875
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(140,809)	29,634	45,007
Contract assets	(446,613)	207,703	(54,185)
Inventories	(2,709)	26,345	33,018
Other assets, current and long-term portion	(65,312)	20,546	75,047
Accounts payable and accrued expenses	250,533	(161,734)	165,892
Contract liabilities	(7,305)	247,502	49,384
Other liabilities, current and long-term portion	2,661	71,129	(37,831)
Net cash provided by operating activities	$545,714	$1,121,625	$687,277
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	(71,044)	(79,933)	(69,388)
Capital expenditures	(259,985)	(148,855)	(192,941)
Proceeds from sales of property and equipment	56,304	66,038	84,110
Payments for other investments	(1,000)	(801)	(1,899)
Proceeds from other investments	3,750	1,503	425
Other investing activities, net	4,730	4,558	1,632
Net cash used in investing activities	$(267,245)	$(157,490)	$(178,061)
Cash flows from financing activities:
Proceeds from credit facilities and term loans	5,597,386	4,099,102	4,378,200
Repayments of credit facilities and term loans	(5,541,827)	(5,252,750)	(4,509,950)
Proceeds from issuance of 5.900% senior notes	—	549,758	—
Repayments of 6.625% senior notes	—	(224,046)	—
Payments of finance lease obligations	(161,024)	(153,957)	(167,615)
Repurchases of common stock	(77,326)	—	—
Payments of acquisition-related contingent consideration	(42,140)	(24,593)	(21,638)
Payments for acquisition-related contingent assets	—	(12,351)	—
Payments to non-controlling interests, including acquisition of interests and distributions	(24,529)	(32,943)	(14,478)
Payments for stock-based awards	(5,611)	(2,946)	(10,330)
Other financing activities, net	(28,367)	(35,508)	(5,187)
Net cash used in financing activities	$(283,438)	$(1,090,234)	$(350,998)
Effect of currency translation on cash	1,096	(3,559)	751
Net (decrease) increase in cash and cash equivalents	(3,873)	(129,658)	158,969
Cash and cash equivalents - beginning of period	399,903	529,561	370,592
Cash and cash equivalents - end of period	$396,030	$399,903	$529,561

Supplemental cash flow information:
Interest paid	$176,466	$195,338	$237,645
Income taxes paid, net of refunds	$44,376	$43,953	$9,608
Supplemental disclosure of non-cash information:
Additions to property and equipment from finance leases and other financing arrangements	$229,499	$151,009	$147,736

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.