v3.25.2
Segments and Related Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segments and Related Information Segments and Related Information
Segment Discussion
The Company manages its operations under five operating segments, which represent its five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other. The reportable segments comprise the structure used by the Company’s Chief Executive Officer who is determined to be the Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance. This structure is generally focused on broad end-user markets for the Company’s labor-based construction services. All five reportable segments derive their revenue primarily from the engineering, installation and maintenance of infrastructure, primarily in North America.
The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications infrastructure, primarily for wireless and wireline/fiber communications, wireless integration and optimization and install-to-the-home services, as well as infrastructure for utilities, among others. The Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets through the installation and construction of power generation facilities, primarily from clean energy and
renewable sources, such as wind, solar, biomass, natural gas and hydrogen, as well as battery storage systems for renewable energy; various types of heavy civil and industrial infrastructure services, including roads, bridges and rail; and environmental remediation services. The Power Delivery segment primarily serves the energy, utility and data center infrastructure industries through the engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas lines, power reserve and battery infrastructure, and distribution network systems, substations and grid modernization; emergency restoration services following natural disasters and accidents; and environmental planning and compliance services. The Pipeline Infrastructure segment performs engineering, construction, maintenance and other services for pipeline infrastructure, including natural gas, water and carbon capture sequestration pipelines, as well as pipeline integrity, including the repair of pipeline infrastructure and facilitating their safe use throughout their lifecycle, and other services for the energy and utilities industries. The Other segment includes certain equity investees, the services of which may vary from those provided by the Company’s primary segments, as well as other small business units with activities in certain international end-markets.
In the first quarter of 2025, the Company made changes to its Communications segment and Power Delivery segment structures to more closely align with the segments’ end markets and to better correspond with the operational management reporting structures of both segments. These changes included moving a component with utility operations previously reported in the Communications segment to the Power Delivery segment. These changes did not impact the Company’s consolidated financial statements, but did impact its reportable segments, including historical financial information. The segment data presented below have been recast for the historical periods to reflect these segment changes.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is the measure of profitability used by the Company’s CODM to manage its segments and for segment reporting purposes. The Company uses EBITDA to evaluate its performance, both internally and as compared with its peers, because it excludes certain items that may not be indicative of the Company’s core operating results for its reportable segments, as well as items that can vary widely across different industries or among companies within the same industry. Segment EBITDA is used to allocate resources, such as employees, financial and capital resources, for each segment and management monitors segment results compared to prior period, forecasted results and the annual plan. Segment EBITDA is calculated in a manner consistent with consolidated EBITDA.
Summarized financial information for MasTec’s reportable segments is presented and reconciled to consolidated financial information for total MasTec in the following tables, including a reconciliation of consolidated income before income taxes to EBITDA, all of which are presented in millions. The tables below, which may contain slight summation differences due to rounding, reflect certain financial data for each reportable segment and have been recast as described above.
Three Months Ended June 30,
Communications
Clean Energy and Infrastructure
Power Delivery
Pipeline Infrastructure
Other
Eliminations
Total Reportable Segments
2025:
Revenue (a)
$836.9 $1,131.4 $1,045.6 $539.7 $— $(8.9)$3,544.7 
Costs of revenue, excluding depreciation and amortization733.3 1,002.9 919.2 462.2 — (8.9)3,108.7 
Other segment items (b)
21.0 45.2 35.1 15.4 (7.2)— 109.5 
EBITDA$82.6 $83.3 $91.3 $62.1 $7.2 $— $326.5 
2024: (c)
Revenue (a)
$591.1 $942.3 $868.4 $572.4 $— $(13.1)$2,961.1 
Costs of revenue, excluding depreciation and amortization518.6 847.4 754.1 423.4 — (13.1)2,530.4 
Other segment items (b)
19.4 47.5 34.2 13.9 (2.8)— 112.2 
EBITDA$53.1 $47.4 $80.1 $135.1 $2.8 $— $318.6 
Six Months Ended June 30,
Communications
Clean Energy and Infrastructure
Power Delivery
Pipeline Infrastructure
Other
Eliminations
Total Reportable Segments
2025:
Revenue (a)
$1,517.8 $2,047.2 $1,945.3 $896.2 $— $(14.1)$6,392.4 
Costs of revenue, excluding depreciation and amortization1,349.3 1,810.4 1,736.6 762.5 — (14.0)5,644.8 
Other segment items (b)
39.1 96.4 66.0 27.1 (15.2)(0.1)213.3 
EBITDA$129.4 $140.4 $142.7 $106.6 $15.2 $— $534.3 
2024: (c)
Revenue (a)
$1,096.7 $1,695.8 $1,666.3 $1,206.2 $— $(17.1)$5,647.9 
Costs of revenue, excluding depreciation and amortization977.9 1,537.3 1,463.2 941.6 — (17.0)4,903.0 
Other segment items (b)
40.0 90.7 72.5 36.8 (9.8)(0.1)230.1 
EBITDA$78.8 $67.8 $130.6 $227.8 $9.8 $— $514.8 
(a)    Total consolidated revenue equals total reportable segment revenue of $3,544.7 million and $2,961.1 million for the three months ended June 30, 2025 and 2024, respectively, and $6,392.4 million and $5,647.9 million for the six months ended June 30, 2025 and 2024, respectively, as there is no revenue recorded within Corporate results.
(b)    For each of the three and six months ended June 30, 2025 and 2024, other segment items for each reportable segment includes general and administrative expenses, equity in earnings or losses of unconsolidated affiliates, net, and other income or expense, net.
(c)    Recast to reflect first quarter of 2025 segment changes.
Three Months Ended
June 30,
Six Months Ended
June 30,
EBITDA Reconciliation:2025202420252024
Income before income taxes$120.8 $63.1 $129.7 $17.6 
Plus:
Interest expense, net43.9 50.6 82.9 102.6 
Depreciation69.9 102.1 146.2 209.6 
Amortization32.7 33.6 65.3 67.3 
Corporate
59.3 69.2 110.2 117.7 
Segment EBITDA$326.5 $318.6 $534.3 $514.8 
For both the three and six months ended June 30, 2024, Corporate included a loss on debt extinguishment of $11.3 million.
Three Months Ended
June 30,
Six Months Ended
June 30,
Depreciation and Amortization:2025
2024 (a)
2025
2024 (a)
Communications
$13.4 $19.9 $29.6 $40.7 
Clean Energy and Infrastructure
26.9 31.2 54.6 63.5 
Power Delivery
35.0 46.5 72.1 93.3 
Pipeline Infrastructure
25.1 35.7 50.9 74.3 
Other
— — — — 
Corporate
2.2 2.5 4.3 5.1 
Consolidated depreciation and amortization$102.6 $135.8 $211.5 $276.9 
(a)    Recast to reflect first quarter of 2025 segment changes.
Assets:
June 30, 2025
December 31, 2024 (a)
Communications
$1,824.7 $1,673.8 
Clean Energy and Infrastructure
2,543.7 2,706.4 
Power Delivery
2,566.5 2,489.9 
Pipeline Infrastructure
1,710.1 1,599.7 
Other
318.0 318.2 
Corporate
169.2 187.3 
Consolidated assets$9,132.2 $8,975.3 
(a)    Recast to reflect first quarter of 2025 segment changes.
Three Months Ended
June 30,
Six Months Ended
June 30,
Capital Expenditures:2025
2024 (a)
2025
2024 (a)
Communications
$9.1 $5.3 $16.2 $8.7 
Clean Energy and Infrastructure
11.4 7.6 19.3 12.9 
Power Delivery
19.7 10.3 40.9 18.1 
Pipeline Infrastructure
21.6 7.3 31.6 14.4 
Other
— — — — 
Corporate
2.0 1.0 3.1 2.8 
Consolidated capital expenditures$63.8 $31.5 $111.1 $56.9 
(a)    Recast to reflect first quarter of 2025 segment changes.
Foreign Operations. MasTec operates primarily within the United States and Canada, and, to a far lesser extent, the Caribbean, India and Mexico. Revenue derived from foreign operations totaled $43.9 million and $24.2 million for the three months ended June 30, 2025 and 2024, respectively, and totaled $93.6 million and $50.9 million for the six months ended June 30, 2025 and 2024, respectively. Revenue from foreign operations was derived primarily from the Company’s Canadian operations in its Pipeline Infrastructure segment. As of June 30, 2025 and December 31, 2024, long-lived assets held by the Company’s businesses in foreign countries included property and equipment, net, of $24.3 million and $25.3 million, respectively, and intangible assets and goodwill, net, of $112.4 million and $108.8 million, for the respective periods. Substantially all of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations.
Significant Customers. For both the three and six months ended June 30, 2025, AT&T represented approximately 11% of the Company’s total consolidated revenue. The Company’s relationship with AT&T is based upon multiple separate master service and other service agreements, including for maintenance services and construction/installation contracts for wireless and wireline, and for which the related revenue is included primarily within the Communications segment. No customer represented greater than 10% of the Company’s total consolidated revenue in either of the three or six months ended June 30, 2024. Revenue from governmental entities for the three months ended June 30, 2025 and 2024 totaled approximately 13% and 14% of total revenue, respectively, and for both the six months ended June 30, 2025 and 2024, totaled approximately 13% of total revenue, all of which was derived from its U.S. operations.