0000015615-26-000050 | 10-Q | XBRL Viewer

Acquisitions, Goodwill, and Other Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

The following table provides a reconciliation of changes in goodwill by reportable segment for the period indicated (in millions):


	Communications		Clean Energy and Infrastructure		Power Delivery		Pipeline Infrastructure		Total Goodwill
Goodwill, gross, as of December 31, 2025	$	557.0	$	767.5	$	397.2	$	642.6	$	2,364.3
Accumulated impairment loss (a)	—		—		—		(115.3)		(115.3)
Goodwill, net, as of December 31, 2025	$	557.0	$	767.5	$	397.2	$	527.3	$	2,249.0
Additions from new business combinations	—		97.7		—		—		97.7
Measurement period adjustments (b)	(1.4)		7.2		—		0.1		5.9
Currency translation adjustments	—		—		—		(1.0)		(1.0)
Goodwill, net, as of March 31, 2026	$	555.6	$	872.4	$	397.2	$	526.4	$	2,351.6

(a) Accumulated impairment loss includes the effects of currency translation gains and/or losses.

(b) Measurement period adjustments represent adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, for the three months ended March 31, 2026 were primarily the result of net working capital and valuation adjustments.

Schedule of Finite-Lived Intangible Assets

The following table provides a reconciliation of changes in other intangible assets, net, for the period indicated (in millions):


	Other Intangible Assets, Net
	Customer Relationships and Backlog		Trade Names		Other (a)		Total
Other intangible assets, gross, as of December 31, 2025	$	1,113.2	$	228.3	$	80.0	$	1,421.5
Accumulated amortization	(628.8)		(83.7)		(52.8)		(765.3)
Other intangible assets, net, as of December 31, 2025	$	484.4	$	144.6	$	27.2	$	656.2
Additions from new business combinations	138.7		2.8		4.0		145.5
Measurement period adjustments (b)	(1.5)		—		—		(1.5)
Currency translation adjustments	(0.3)		—		(0.1)		(0.4)
Amortization expense	(32.1)		(5.2)		(1.3)		(38.6)
Other intangible assets, net, as of March 31, 2026	$	589.2	$	142.2	$	29.8	$	761.2

(a)Consists principally of pre-qualifications, intellectual property and non-compete agreements. Additions for the three months ended March 31, 2026 related to the asset acquisition included within the Company’s Pipeline Infrastructure segment.

(b)Represents adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, for the three months ended March 31, 2026 relate primarily to decreases in amortizing intangible assets resulting from valuation adjustments.

Business Combination, Contingent Consideration

The following table summarizes, as of March 31, 2026, the estimated fair values of the consideration paid, net assets acquired, and non-controlling interest assumed for the Company’s 2026 acquisition (in millions):


Acquisition consideration:	Total
Cash paid	$	262.4




Less: cash acquired	(24.8)
Total consideration paid, net	$	237.6

Assets acquired and liabilities assumed:
Accounts receivable and contract assets	$	79.7

Prepaid expenses	15.2
Property and equipment	43.8
Long-term assets, primarily operating lease right-of-use assets	2.2
Amortizing intangible assets	141.5

Accounts payable	(30.0)
Contract liabilities	(22.9)
Other accrued expenses	(2.6)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes	(45.2)
Total identifiable net assets, excluding cash	$	181.7

Goodwill	97.7
Total net assets, excluding cash	$	279.4

Less: non-controlling interest	(41.8)

Total net assets acquired	$	237.6

Business Combination, Pro Forma Information

The following table provides unaudited supplemental pro forma results for the periods indicated (in millions):


	Three Months Ended March 31,
	2026		2025
Revenue	$	3,828.8	$	2,943.3
Net income	71.4		4.4

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Related Party Transactions (Details) $ in Thousands	3 Months Ended
Related Party Transactions (Details) $ in Thousands	Mar. 31, 2026 USD ($) employee	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Revenue	$ 3,828,801	$ 2,847,718
Other long-term assets	473,256		$ 503,483
Management
Related Party Transaction [Line Items]
Notes receivable				$ 7,100
Other long-term assets	$ 100		400
Interest rate on notes receivable	5.00%
Other operating income	$ 0	0
Executive Officers
Related Party Transaction [Line Items]
Life insurance assets, carrying amount	27,500		27,500
Equipment \| Related Party
Related Party Transaction [Line Items]
Revenue		200
Subcontracting Arrangements \| Related Party
Related Party Transaction [Line Items]
Operating costs and expenses	500	1,300
Accounts payable	0		300
Subcontracting Arrangements \| Management
Related Party Transaction [Line Items]
Operating costs and expenses	1,300	100
Accounts payable	$ 900		0
Number of management members, subcontracting arrangement \| employee	2
Lease Agreements \| Chairman, Board of Directors
Related Party Transaction [Line Items]
Operating costs and expenses	$ 1,400	1,400
Construction Services \| Related Party
Related Party Transaction [Line Items]
Accounts receivable, after allowance for credit loss	65,700		37,500
Construction Services \| Executive Officers
Related Party Transaction [Line Items]
Operating costs and expenses	300	400
Revenue	30,300	10,900
Equipment, Supplies and Services \| Related Party
Related Party Transaction [Line Items]
Operating costs and expenses	15,700	7,400
Accounts payable	2,000		4,200
Revenue	2,400	1,600
Accounts receivable, after allowance for credit loss	3,400		3,900
CCI \| Equipment \| Immediate Family Member of Management
Related Party Transaction [Line Items]
Operating costs and expenses	2,300	$ 1,400
CCI \| Equipment \| Related Party
Related Party Transaction [Line Items]
Accounts payable	$ 800		$ 800

Lease Obligations - Schedule Of Weighted Average Remaining Lease Terms And Discount Rates (Details)	Mar. 31, 2026	Dec. 31, 2025
Weighted average remaining lease term (in years):
Finance leases	3 years 2 months 12 days	3 years 1 month 6 days
Operating leases	3 years 6 months	3 years 4 months 24 days
Weighted average discount rate:
Finance leases	4.90%	4.90%
Operating leases	5.20%	5.20%

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property and Equipment [Line Items]
Property and equipment	$ 4,053,700	$ 3,887,300
Less accumulated depreciation and amortization	(2,191,100)	(2,158,800)
Property and equipment, net	1,862,593	1,728,470
Land
Property and Equipment [Line Items]
Property and equipment	65,300	65,300
Buildings and leasehold improvements
Property and Equipment [Line Items]
Property and equipment	108,000	101,200
Machinery, equipment and vehicles
Property and Equipment [Line Items]
Property and equipment	3,446,400	3,295,800
Office equipment, furniture and internal-use software
Property and Equipment [Line Items]
Property and equipment	379,400	375,900
Construction in progress
Property and Equipment [Line Items]
Property and equipment	$ 54,600	$ 49,100

Segments and Related Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

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 and digital infrastructure, primarily for wireless and wireline/fiber networks, data center buildout and interconnection, wireless integration and optimization and install-to-the-home services, as well as select utility infrastructure, among others. The Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets through the installation and construction of power generation facilities, primarily from clean energy and renewable sources, such as wind, solar, biomass, natural gas and hydrogen, as well as battery storage systems for renewable energy; various types of heavy civil and industrial infrastructure services, including the construction and maintenance of buildings, roads, bridges, rail, water/sewer systems and other civil infrastructure, including data center infrastructure; 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.

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.

In the normal course of business, the Company’s reportable segments enter into transactions with one another. Intersegment transactions are reflected in the results of the respective segments and are included in the measure of segment performance reviewed by the Company’s CODM to evaluate performance and profitability and to allocate resources for each of the Company’s reportable segments; accordingly, eliminations and adjustments related to intersegment transactions are separately presented as “Eliminations” in the tables below. Intersegment revenues and expenses are accounted for as if the transactions were with third parties, as they are based on negotiated fees between the segments involved. All intersegment revenues and expenses are eliminated in consolidation and do not affect consolidated results.

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 segment EBITDA to consolidated income before income taxes, 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.


Three Months Ended March 31,	Communications		Clean Energy and Infrastructure		Power Delivery		Pipeline Infrastructure		Other		Eliminations		Total Reportable Segments
2026:
Revenue (a)	$	802.1	$	1,329.4	$	1,046.1	$	682.5	$	—	$	(31.3)	$	3,828.8
Costs of revenue, excluding depreciation and amortization	734.5		1,183.9		935.5		516.0		—		(26.1)		3,343.8
Other segment items (b)	20.8		56.5		38.6		21.6		10.4		—		147.9
EBITDA	$	46.8	$	89.0	$	72.0	$	144.9	$	(10.4)	$	(5.2)	$	337.1

2025:
Revenue (a)	$	680.9	$	915.8	$	899.7	$	356.5	$	—	$	(5.2)	$	2,847.7
Costs of revenue, excluding depreciation and amortization	615.9		807.5		817.5		300.3		—		(5.2)		2,536.0
Other segment items (b)	18.2		51.2		30.9		11.7		(8.0)		—		104.0
EBITDA	$	46.8	$	57.1	$	51.3	$	44.5	$	8.0	$	—	$	207.7

(a) Total consolidated revenue equals total reportable segment revenue of $3,828.8 million and $2,847.7 million for the three months ended March 31, 2026 and 2025, respectively, as there is no revenue recorded within Corporate results.

(b) For both the three months ended March 31, 2026 and 2025, other segment items for each reportable segment include general and administrative expenses, equity in earnings or losses of unconsolidated affiliates, net, and other income or expense, net.


	Three Months Ended March 31,
Reconciliation of Segment EBITDA to Income Before Income Taxes:	2026		2025
Segment EBITDA	$	337.1	$	207.7
Less:
Interest expense, net	43.5		39.0
Depreciation	83.3		76.2
Amortization	38.6		32.6
Corporate (a)	80.3		50.9
Income before income taxes	$	91.5	$	8.9


	Three Months Ended March 31,
Depreciation and Amortization:	2026		2025
Communications	$	18.1	$	16.1
Clean Energy and Infrastructure	36.1		27.7
Power Delivery	31.7		37.1
Pipeline Infrastructure	34.0		25.8
Other	—		—
Corporate	2.0		2.2
Consolidated depreciation and amortization	$	121.9	$	108.9


Assets:	March 31, 2026		December 31, 2025
Communications	$	1,946.8	$	1,962.3
Clean Energy and Infrastructure	3,173.3		2,816.6
Power Delivery	2,721.8		2,621.6
Pipeline Infrastructure	2,032.7		1,928.7
Other	357.1		364.0
Corporate	209.8		230.3
Consolidated assets	$	10,441.5	$	9,923.5


	Three Months Ended March 31,
Capital Expenditures:	2026		2025
Communications	$	3.4	$	7.1
Clean Energy and Infrastructure	13.6		7.9
Power Delivery	32.0		21.2
Pipeline Infrastructure	41.2		10.1
Other	—		—
Corporate	6.6		1.0
Consolidated capital expenditures	$	96.8	$	47.3

Foreign Operations. MasTec operates primarily within the United States and Canada. Revenue derived from foreign operations totaled $54.0 million and $49.8 million for the three months ended March 31, 2026 and 2025, respectively. Revenue from foreign operations was derived primarily from the Company’s Canadian operations in its Pipeline Infrastructure segment. As of March 31, 2026 and December 31, 2025, long-lived assets held by the Company’s businesses in foreign countries included property and equipment, net, of $22.6 million and $23.0 million respectively, and intangible assets and goodwill, net, of $107.6 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. No customer represented greater than 10% of the Company’s total consolidated revenue for the three months ended March 31, 2026. For the three months ended March 31, 2025, AT&T represented approximately 10% 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. Revenue from governmental entities for the three months ended March 31, 2026 and 2025 totaled approximately 12% and 13% of total revenue, respectively, all of which was derived from its U.S. operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Segments and Related Information - Schedule of Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segments and Related Information [Line Items]
Revenue	$ 3,828,801	$ 2,847,718
Costs of revenue, excluding depreciation and amortization	3,350,897	2,536,618
Reportable Segments
Segments and Related Information [Line Items]
Revenue	3,828,800	2,847,700
Costs of revenue, excluding depreciation and amortization	3,343,800	2,536,000
Other segment items	147,900	104,000
Segment EBITDA	337,100	207,700
Reportable Segments \| Communications
Segments and Related Information [Line Items]
Revenue	802,100	680,900
Costs of revenue, excluding depreciation and amortization	734,500	615,900
Other segment items	20,800	18,200
Segment EBITDA	46,800	46,800
Reportable Segments \| Clean Energy and Infrastructure
Segments and Related Information [Line Items]
Revenue	1,329,400	915,800
Costs of revenue, excluding depreciation and amortization	1,183,900	807,500
Other segment items	56,500	51,200
Segment EBITDA	89,000	57,100
Reportable Segments \| Power Delivery
Segments and Related Information [Line Items]
Revenue	1,046,100	899,700
Costs of revenue, excluding depreciation and amortization	935,500	817,500
Other segment items	38,600	30,900
Segment EBITDA	72,000	51,300
Reportable Segments \| Pipeline Infrastructure
Segments and Related Information [Line Items]
Revenue	682,500	356,500
Costs of revenue, excluding depreciation and amortization	516,000	300,300
Other segment items	21,600	11,700
Segment EBITDA	144,900	44,500
Reportable Segments \| Other
Segments and Related Information [Line Items]
Revenue	0	0
Costs of revenue, excluding depreciation and amortization	0	0
Other segment items	10,400	(8,000)
Segment EBITDA	(10,400)	8,000
Eliminations
Segments and Related Information [Line Items]
Revenue	(31,300)	(5,200)
Costs of revenue, excluding depreciation and amortization	(26,100)	(5,200)
Other segment items	0	0
Segment EBITDA	$ (5,200)	$ 0

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company rents and leases equipment and purchases certain supplies and servicing from CCI. Prior to and through a portion of the first quarter of 2026, CCI was an entity in which Juan Carlos Mas, who is an immediate family member of the Company’s CEO and its Chairman of the Board, served as the chairman. Additionally, a member of management of a MasTec subsidiary and an entity owned by the Mas family were minority owners of CCI until such ownership interests were sold during the first quarter of 2026, at which time the related-party relationship ended. For the three months ended March 31, 2026 and 2025, MasTec paid CCI approximately $2.3 million and $1.4 million for such services, and related amounts payable totaled approximately $0.8 million as of both March 31, 2026 and December 31, 2025. The Company also rented equipment to CCI and revenue from such rentals totaled approximately $0.2 million for the three months ended March 31, 2025. MasTec has a subcontracting arrangement with an entity for the performance of construction services, the minority owners of which include an entity controlled by Jorge Mas and José R. Mas, along with two members of management of a MasTec subsidiary. For the three months ended March 31, 2026 and 2025, MasTec incurred subcontracting expenses in connection with this arrangement of approximately $1.3 million and $0.1 million, respectively. Related amounts payable totaled approximately $0.9 million as of March 31, 2026, and were immaterial as of December 31, 2025. MasTec has an aircraft leasing arrangement with an entity that is owned by Jorge Mas. For both the three months ended March 31, 2026 and 2025, payments related to this leasing arrangement totaled approximately $1.4 million. MasTec performs construction services on behalf of a professional Miami soccer franchise (the “Franchise”) in which Jorge Mas and José R. Mas are majority owners. Construction services include, and have included, the construction of a soccer facility and stadium as well as utility and wireless infrastructure services. Construction services related to site preparation for this new soccer complex began in 2023 and stadium construction was substantially complete in April 2026. For the three months ended March 31, 2026 and 2025, revenue under these arrangements totaled approximately $30.3 million and $10.9 million, respectively, and related amounts receivable totaled approximately $65.7 million and $37.5 million as of March 31, 2026 and December 31, 2025, respectively. Payments for other expenses related to the Franchise totaled approximately $0.3 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively. MasTec has split dollar life insurance agreements with trusts, for one of which Jorge Mas is a trustee, and for the other of which José R. Mas is a trustee. As of both March 31, 2026 and December 31, 2025, life insurance assets associated with these agreements totaled approximately $27.5 million. In any given year, the Company may engage in certain transactions on behalf of or to former owners of acquired businesses (“former owners”) and/or entities in which members of subsidiary management have ownership or commercial interests (“related entities or entity”). A summary of these related party transactions for the periods indicated is noted below. MasTec purchases, rents and leases equipment and purchases various types of supplies and services used in its business, and from time to time, rents equipment to, sells certain supplies, or performs construction services on behalf of, related entities. For the three months ended March 31, 2026 and 2025, payments to these related entities totaled approximately $15.7 million and $7.4 million, respectively, and revenue from such arrangements totaled approximately $2.4 million and $1.6 million, respectively. Payables associated with such arrangements totaled approximately $2.0 million and $4.2 million as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026 and December 31, 2025, accounts receivable, net, less deferred revenue related to these arrangements totaled approximately $3.4 million and $3.9 million, respectively. Non-controlling interests in entities consolidated by the Company represent ownership interests held by members of management of certain of the Company’s subsidiaries. The Company sold certain minority interests in these entities to members of management of a MasTec subsidiary for $7.1 million of notes receivable in a prior year. These notes, of which approximately $0.1 million and $0.4 million was outstanding as of March 31, 2026 and December 31, 2025, respectively, are recorded within other current or long-term assets, as appropriate, in the consolidated financial statements. The notes bear interest at a rate of 5.0% per annum. For both the three months ended March 31, 2026 and 2025, the Company recognized an immaterial amount of interest income related to these notes.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 27, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-08106
Entity Registrant Name	MasTec, Inc.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	65-0829355
Entity Address, Address Line One	800 S. Douglas Road, 12th Floor
Entity Address, City or Town	Coral Gables,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33134
City Area Code	305
Local Phone Number	599-1800
Title of 12(b) Security	Common Stock, $0.10 Par Value
Trading Symbol	MTZ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		79,018,556
Central Index Key (CIK)	0000015615
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The Company’s financial instruments are primarily composed of cash and cash equivalents, accounts receivable and contract assets, notes receivable, cash collateral deposited with insurance carriers, life insurance assets, equity investments, certain other assets and investments, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration and other liabilities, and debt obligations.

Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability, also referred to as the “exit price,” in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value guidance establishes a valuation hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs that may be used are: (i) Level 1 - quoted market prices in active markets for identical assets or liabilities; (ii) Level 2 - observable market-based inputs or other observable inputs, including quoted market prices for identical or similar assets or liabilities in markets that are not active; and (iii) Level 3 - significant unobservable inputs that cannot be corroborated by observable market data, which are generally determined using valuation models incorporating management estimates of market participant assumptions.

Acquisition-Related Contingent Consideration

Acquisition-related contingent consideration is composed of earn-outs, which represent the estimated fair value of future amounts payable for businesses, which the Company refers to as “Earn-outs,” that are contingent upon the acquired businesses achieving certain levels of earnings in the future. The fair values of the Company’s Earn-out liabilities are estimated using income approaches such as discounted cash flows or option pricing models, both of which incorporate significant inputs not observable in the market (Level 3 inputs), including management’s estimates and entity-specific assumptions, and are evaluated on an ongoing basis. Key assumptions include the discount rate, which was 10.5% as of March 31, 2026, and probability-weighted projections of EBITDA. Significant changes in any of these assumptions could result in significantly higher or lower estimated Earn-out liabilities. The ultimate payment amounts for the Company’s Earn-out liabilities will be determined based on the actual results achieved by the acquired businesses. As of March 31, 2026, the range of potential undiscounted Earn-out liabilities was estimated to be between $23 million and $88 million; however, there is no maximum payment amount.

Earn-out activity consists primarily of additions from new business combinations; changes in the expected fair value of future payment obligations; and payments. The following table, which may contain slight summation differences due to rounding, provides a reconciliation of changes in Earn-out liabilities measured at fair value for the periods indicated (in millions):


	Three Months Ended March 31,
	2026		2025
Balance as of beginning of period (a)	$	72.6	$	112.7


Fair value adjustments (b)	1.7		0.9
Payments	—		(0.5)
Balance as of end of period (a)	$	74.3	$	113.1

(a)Earn-out liabilities included within other current liabilities totaled approximately $23.8 million and $28.2 million as of March 31, 2026 and December 31, 2025, respectively.

(b)For the three months ended March 31, 2026, fair value adjustments related primarily to increases within the Company’s Pipeline Infrastructure segment. For the three months ended March 31, 2025, fair value adjustments related primarily to increases within the Company’s Clean Energy and Infrastructure and Pipeline Infrastructure segments, which were partially offset by decreases related to acquisitions within the Company’s Power Delivery segment.

Equity Investments

The Company’s equity investments as of March 31, 2026 include the Company’s: (i) 33% equity interests in Trans-Pecos Pipeline, LLC and Comanche Trail Pipeline, LLC, collectively “Waha JVs”; (ii) interests in certain proportionately consolidated non-controlled joint ventures; and (iii) certain other equity investments. As of March 31, 2026 and December 31, 2025, the aggregate carrying value of the Company’s equity investments, which are recorded within other long-term assets in the consolidated balance sheets, totaled approximately $355 million and $377 million, respectively. During the first quarter of 2026, the Company sold its 15% equity interest in Cross Country Infrastructure Services, Inc. (“CCI”) for approximately $17 million, resulting in an immaterial gain.

Except for an investment for which the Company recorded an other-than-temporary impairment loss of $7.9 million, included within equity in earnings of unconsolidated affiliates, net, in the first quarter of 2026, there were no impairments related to these investments in either of the three months ended March 31, 2026 or 2025.

The Waha JVs. The Waha JVs own and operate certain pipeline infrastructure in the U.S. that transports natural gas to the Mexico border for export. The Company’s investments in the Waha JVs are accounted for as equity method investments. Cumulative undistributed earnings from the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $147.9 million as of March 31, 2026. The Company’s net investment in the Waha JVs, which differs from its proportionate share of the net assets of the Waha JVs due primarily to equity method goodwill associated with capitalized investment costs, totaled approximately $291 million and $290 million as of March 31, 2026 and December 31, 2025, respectively. The table below reflects the investment activity of the Waha JVs for the periods indicated (in millions):


	Three Months Ended March 31,
	2026		2025
Equity in earnings (a)	$	4.8	$	8.3
Distributions of earnings (b)	3.7		3.7

(a)Equity in earnings related to the Company’s proportionate share of income from the Waha JVs is included within the Company’s Other segment.

(b)Distributions of earnings from the Waha JVs are included within operating cash flows.

Other Investments. The Company has equity interests in certain other entities that are accounted for as equity method investments. The Company made no equity contributions to, nor received any distributions from, these other entities for the three months ended March 31, 2026 or 2025. The Company has subcontracting arrangements with certain of these entities for the performance of construction services, and expenses recognized in connection with these arrangements totaled approximately $0.5 million and $1.3 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there were no related amounts payable to these entities and as of December 31, 2025, related amounts payable totaled approximately $0.3 million. As of March 31, 2026 and December 31, 2025, receivables related to these arrangements totaled approximately $0.6 million and $4.0 million, respectively.

Variable Interest Entities. The Company has determined that certain of its investment arrangements are variable interest entities (“VIEs”). Management assesses its VIEs on an ongoing basis to determine if the Company is the primary beneficiary and if consolidation is required. As of March 31, 2026, management determined that the Company is the primary beneficiary of two of its VIEs, which include an electric utility contractor. Accordingly, these entities have been consolidated within the Company’s financial statements, with the other parties’ interests accounted for as non-controlling interests. As of March 31, 2026 and December 31, 2025, the carrying values of assets associated with the Company’s consolidated VIEs totaled approximately $180.6 million and $187.3 million, respectively, which amounts consisted primarily of accounts receivable, net of allowance and contract assets. The carrying values of liabilities associated with the Company’s consolidated VIEs totaled approximately $177.9 million and $184.6 million as of March 31, 2026 and December 31, 2025, respectively, which amounts consisted primarily of accounts payable. The Company has not provided, nor is it obligated to provide, any financial support to any of its consolidated VIEs.

The carrying values of the Company’s VIEs that are not consolidated totaled approximately $10 million and $20 million as of March 31, 2026 and December 31, 2025, respectively, and are recorded within other long-term assets in the consolidated balance sheets, with the decrease primarily attributable to an other-than-temporary impairment loss of $7.9 million, as described above. Management believes that the Company’s maximum exposure to loss for its non-consolidated VIEs, inclusive of additional financing commitments, approximated $12 million and $28 million as of March 31, 2026 and December 31, 2025, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value of Financial Instruments - Other Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Other Equity Method Investments
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity contributions	$ 0.0	$ 0.0
Subcontracting Arrangements \| Related Party
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Operating costs and expenses	0.5	$ 1.3
Accounts payable	0.0		$ 0.3
Employee Leasing and Advanced Receivable Arrangement \| Related Party
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Accounts receivable, after allowance for credit loss	$ 0.6		$ 4.0

Business, Basis of Presentation and Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenue [Line Items]
Revenue recognition, changes In contract estimates, cost-to-cost method, financial effect, percentage (less than)	0.60%	1.80%
Revenue recognition, remaining performance obligations, contract price allocated	$ 16,200.0
Contract with customer, unapproved change orders and/or claims, amount	244.0		$ 229.0
Supplier finance program obligation	138.6		$ 125.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue [Line Items]
Revenue recognition, remaining performance obligations, contract price allocated	$ 8,500.0
Revenue, remaining performance obligation, percentage	52.50%
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01
Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years
Maximum
Revenue [Line Items]
Change order or claim approval process, term within which expected to be completed	1 year
Master Service and Other Service Agreements \| Revenue Benchmark \| Concentration Risk from Type of Arrangement
Revenue [Line Items]
Concentration risk, percentage of total	40.00%	48.00%
Master Service and Other Service Agreements \| Revenue Benchmark \| Concentration Risk from Type of Arrangement \| Point in Time
Revenue [Line Items]
Concentration risk, percentage of total	2.00%	2.00%

Lease Obligations - Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finance Leases
2026, remaining nine months	$ 111,100
2027	116,900
2028	89,900
2029	56,100
2030	18,100
Thereafter	600
Total minimum lease payments	392,700
Less amounts representing interest	(29,800)
Total lease obligations, net of interest	362,900
Less current portion	132,500
Long-term portion of lease obligations, net of interest	$ 230,400
Finance lease liability, current, location	Current portion of long-term debt, including finance leases
Finance lease liability, long-term, location	Long-term debt, including finance leases
Operating Leases
2026, remaining nine months	$ 153,800
2027	162,200
2028	111,500
2029	51,100
2030	20,400
Thereafter	36,800
Total minimum lease payments	535,800
Less amounts representing interest	(48,200)
Total lease obligations, net of interest	487,600
Less current portion	178,084	$ 175,649
Long-term portion of lease obligations, net of interest	$ 309,517	$ 292,839

Fair Value of Financial Instruments - Investment Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Equity in earnings	$ (3,585)	$ 10,313
Waha JVs
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Equity in earnings	4,800	8,300
Distributions of earnings	$ 3,700	$ 3,700

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Stockholders' Equity - Schedule of Activity, Restricted Shares (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Restricted Shares
Restricted Shares
Non-vested restricted shares, beginning balance (in shares)	1,038,778
Granted (in shares)	187,955
Vested (in shares)	(191,745)
Canceled/forfeited (in shares)	(10,854)
Non-vested restricted shares, ending balance (in shares)	1,024,134
Per Share Weighted Average Grant Date Fair Value
Non-vested restricted shares, beginning balance (in dollars per share) \| $ / shares	$ 92.26
Granted (in dollars per share) \| $ / shares	303.38
Vested (in dollars per share) \| $ / shares	96.87
Canceled/forfeited (in dollars per share) \| $ / shares	78.81
Non-vested restricted shares, ending balance (in dollars per share) \| $ / shares	$ 130.29
Restricted Stock Units
Restricted Shares
Non-vested restricted shares, beginning balance (in shares)	0
Non-vested restricted shares, ending balance (in shares)	131

Acquisitions, Goodwill, and Other Intangible Assets, Net

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Acquisitions, Goodwill, and Other Intangible Assets, Net

Acquisitions, Goodwill and Other Intangible Assets, Net

The following table provides a reconciliation of changes in goodwill by reportable segment for the period indicated (in millions):


	Communications		Clean Energy and Infrastructure		Power Delivery		Pipeline Infrastructure		Total Goodwill
Goodwill, gross, as of December 31, 2025	$	557.0	$	767.5	$	397.2	$	642.6	$	2,364.3
Accumulated impairment loss (a)	—		—		—		(115.3)		(115.3)
Goodwill, net, as of December 31, 2025	$	557.0	$	767.5	$	397.2	$	527.3	$	2,249.0
Additions from new business combinations	—		97.7		—		—		97.7
Measurement period adjustments (b)	(1.4)		7.2		—		0.1		5.9
Currency translation adjustments	—		—		—		(1.0)		(1.0)
Goodwill, net, as of March 31, 2026	$	555.6	$	872.4	$	397.2	$	526.4	$	2,351.6

(a) Accumulated impairment loss includes the effects of currency translation gains and/or losses.

The following table provides a reconciliation of changes in other intangible assets, net, for the period indicated (in millions):


	Other Intangible Assets, Net
	Customer Relationships and Backlog		Trade Names		Other (a)		Total
Other intangible assets, gross, as of December 31, 2025	$	1,113.2	$	228.3	$	80.0	$	1,421.5
Accumulated amortization	(628.8)		(83.7)		(52.8)		(765.3)
Other intangible assets, net, as of December 31, 2025	$	484.4	$	144.6	$	27.2	$	656.2
Additions from new business combinations	138.7		2.8		4.0		145.5
Measurement period adjustments (b)	(1.5)		—		—		(1.5)
Currency translation adjustments	(0.3)		—		(0.1)		(0.4)
Amortization expense	(32.1)		(5.2)		(1.3)		(38.6)
Other intangible assets, net, as of March 31, 2026	$	589.2	$	142.2	$	29.8	$	761.2

During the three months ended March 31, 2026, no events occurred that would indicate it was more likely than not that a goodwill impairment exists.

Recent Acquisitions

The Company seeks to grow and diversify its business both organically and through acquisitions and/or strategic arrangements in order to deepen its market presence and customer base, broaden its geographic reach and expand its service offerings. Acquisitions are funded with cash on hand, borrowings under the Company’s senior unsecured credit facility and other debt financing and, for certain acquisitions, with shares of the Company’s common stock, and are generally subject to customary purchase price adjustments. The goodwill balances for each of the respective acquisitions represent the estimated values of each acquired company’s geographic presence in key markets, assembled workforce, synergies expected to be achieved from the combined operations of each of the acquired companies and MasTec, as well as the acquired company’s industry-specific project management expertise.

2026 Acquisitions. Effective in January 2026, MasTec acquired 86% of the equity interests of McKee Utility Contractors, LLC, an infrastructure services company that specializes in water and wastewater distribution networks in the south central region of the United States, which is included within the Company’s Clean Energy and Infrastructure segment. MasTec has the option to acquire the remaining noncontrolling interest in the entity following the third anniversary of the consummation date. The aggregate purchase price consisted of $262 million in cash, subject to certain working capital and other contractually agreed-upon adjustments. Determination of the estimated fair values of net assets acquired and consideration transferred for the acquisition, which has been accounted for as a business combination under ASC 805, was preliminary as of March 31, 2026; as a result, further adjustments to these estimates may occur. The Company expects to finalize the valuation and complete the purchase price consideration allocation no later than one year from the acquisition date. Acquisition costs for the three months ended March 31, 2026 were immaterial.


Acquisition consideration:	Total
Cash paid	$	262.4




Less: cash acquired	(24.8)
Total consideration paid, net	$	237.6

Assets acquired and liabilities assumed:
Accounts receivable and contract assets	$	79.7

Prepaid expenses	15.2
Property and equipment	43.8
Long-term assets, primarily operating lease right-of-use assets	2.2
Amortizing intangible assets	141.5

Accounts payable	(30.0)
Contract liabilities	(22.9)
Other accrued expenses	(2.6)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes	(45.2)
Total identifiable net assets, excluding cash	$	181.7

Goodwill	97.7
Total net assets, excluding cash	$	279.4

Less: non-controlling interest	(41.8)

Total net assets acquired	$	237.6

Amortizing intangible assets related to the acquisition are primarily composed of customer relationships, and to a lesser extent, backlog and trade names. Customer relationships and backlog intangible assets, in the aggregate, totaled approximately $139 million and each had a weighted average life of approximately 13 years and 2 years, respectively. Customer relationships are based on the operational history and the nature of its customers, which are primarily municipalities and utility customers, and backlog is based on estimated cash flows expected to be derived from future work on acquired contracts with customers. The fair values of the customer relationships and acquired backlog intangible assets were determined using the multi-period excess earnings method under the income approach. This method reflects the present value of the projected operating cash flows generated by the intangible asset after considering the cost to realize revenue, and an appropriate discount rate to reflect the time value and risk associated with the invested capital. The significant assumptions used by the Company in determining the fair value of customer relationships intangible assets include future revenues, margins, discount rates, and customer attrition rates. The weighted average life of amortizing intangible assets in the aggregate for the acquisition was 10 years. Amortizing intangible assets are amortized in a manner consistent with the pattern in which the related benefits are expected to be consumed. The preliminary fair value of the noncontrolling interest is estimated based on the price MasTec paid for its 86% controlling interest. As of March 31, 2026, none of the goodwill balance related to the 2026 acquisition is expected to be tax deductible.

Additionally, effective in March 2026, MasTec acquired certain of the assets of an equipment company for an aggregate purchase price of approximately $20 million, which is accounted for as an asset acquisition under ASC 805 and included within the Company’s Pipeline Infrastructure segment.

2025 Acquisitions. During 2025, MasTec acquired all of the equity interests of the following: (i) within the Company’s Communications segment: a telecommunications construction company, effective in July; (ii) within the Company’s Pipeline Infrastructure segment: a construction company specializing in roadway infrastructure, effective in August; and (iii) within the Company’s Clean Energy and Infrastructure segment: a construction company specializing in construction management and design-build services, effective in December. Additionally, MasTec acquired certain operations and assets of a business specializing in install-to-the-home services included within the Company’s Communications segment, effective in November.

Additionally, effective in July, MasTec acquired certain of the assets of an equipment company, which is accounted for as an asset acquisition under ASC 805 and included within the Company’s Pipeline Infrastructure segment.

The aggregate purchase price of the Company’s 2025 acquisitions was composed of approximately $87 million in cash, net of cash acquired, and a five year earn-out liability valued at approximately $13 million with respect to one of such acquisitions. Determination of the estimated fair values of net assets acquired and consideration transferred for these acquisitions, which have been accounted for as business combinations under ASC 805, was preliminary as of March 31, 2026; as a result, further adjustments to these estimates may occur. The Company expects to finalize the valuation and complete the purchase price consideration allocation no later than one year from the acquisition date. As of March 31, 2026, the remaining potential undiscounted earn-out liabilities for the 2025 acquisitions was estimated to be up to $20 million; however, there is no maximum payment amount. See Note 4 – Fair Value of Financial Instruments for fair value estimates and other details related to the Company’s earn-out arrangements. Approximately $35 million of the goodwill balance related to the 2025 acquisitions is expected to be tax deductible as of March 31, 2026.

HMG Additional Payments. The purchase agreement in connection with the 2021 acquisition of Henkels & McCoy Holdings, Inc. (“HMG”) provides for certain additional payments to be made to the sellers if certain receivables are collected by the Company (the “Additional Payments”). Pursuant to the terms of the purchase agreement, a portion of the Additional Payments will be made in cash, with the remainder due in shares of MasTec common stock. The estimated number of potential shares that could be issued related to such Additional Payments will be based on the amounts ultimately collected and the share price as defined within the purchase agreement. Changes in the estimated fair value of potential shares that could be issued, which result from changes in MasTec’s share price as compared with the share price as defined within the purchase agreement, are reflected as unrealized gains or losses within general and administrative expenses. As of March 31, 2026 and December 31, 2025, the estimated fair value of remaining Additional Payments totaled approximately $31 million and $18 million, respectively, which amounts are included within other current liabilities in the consolidated balance sheets. For the three months ended March 31, 2026, the Company collected additional receivables of $4 million and recorded fair value adjustments related to the contingent shares totaling losses of approximately $9 million, and for the three months ended March 31, 2025, such adjustments totaled gains of approximately $1 million.

Pro forma results. The Company’s unaudited pro forma financial results include the results of operations of acquired companies as if those companies had been consolidated as of the beginning of the year prior to their acquisition, and are provided for illustrative purposes only. These unaudited pro forma financial results do not purport to be indicative of the actual results that would have been achieved by the combined companies for the periods indicated, or of the results that may be achieved by the combined companies in the future.

The Company’s unaudited pro forma financial results were prepared by adding the unaudited historical results of acquired businesses to the historical results of MasTec, and then adjusting those combined results for (i) acquisition costs; (ii) amortization expense from acquired intangible assets; (iii) interest expense from cash consideration paid; (iv) interest expense from debt repaid upon acquisition; and (iv) other purchase accounting related adjustments. These unaudited pro forma financial results do not include adjustments to reflect other cost savings or synergies that may have resulted from these acquisitions. Future results may vary significantly due to future events and other factors, many of which are beyond the Company’s control.

The following table provides unaudited supplemental pro forma results for the periods indicated (in millions):


	Three Months Ended March 31,
	2026		2025
Revenue	$	3,828.8	$	2,943.3
Net income	71.4		4.4

Acquisition-related results. The Company defines “acquisition-related” results as results from acquired businesses for the first twelve months following the dates of the respective acquisitions. For the three months ended March 31, 2026, the Company’s consolidated results of operations included acquisition-related revenue of approximately $168.5 million. Acquisition-related net income for the three months ended March 31, 2026 totaled approximately $4.5 million, based on the Company’s consolidated effective tax rate. These acquisition-related results include amortization of acquired intangible assets and certain acquisition integration costs.

Revenue and net income from the Company’s 2026 acquisitions included within the Company’s consolidated results of operations for the three months ended March 31, 2026 were $61.1 million and $2.6 million, respectively.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In determining the quarterly provision for income taxes, management uses an estimated annual effective tax rate based on forecasted annual pre-tax income, permanent tax differences, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates. The effect of significant discrete items is separately recognized in the quarter(s) in which they occur. For the three months ended March 31, 2026 and 2025, the Company’s consolidated effective tax rates were 23.8% and (37.8)%, respectively. The Company’s effective tax rate for the three months ended March 31, 2026 included income tax benefits primarily due to the vesting of share-based payment awards, offset, in part, by the effects of a higher state income tax rate. For the three months ended March 31, 2025, the Company’s effective tax rate included income tax benefits primarily due to the reversal of uncertain tax position liabilities related to a state audit, offset, in part, by an increase in income tax expense due to higher pre-tax income. On July 4, 2025, new tax legislation was signed into law, known as the One Big Beautiful Bill Act (the “OBBBA”), which makes changes to certain U.S. corporate tax provisions, many of which become effective in 2026. The Company has undertaken efforts to reasonably estimate the impact of the provisions of the new law and expects that there will be no material impact on the consolidated financial statements. The Company will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 3,828,801	$ 2,847,718
Costs of revenue, excluding depreciation and amortization	3,350,897	2,536,618
Depreciation	83,281	76,225
Amortization of intangible assets	38,613	32,636
General and administrative expenses	214,208	166,050
Operating income	141,802	36,189
Interest expense, net	43,461	39,041
Equity in losses (earnings) of unconsolidated affiliates, net	3,585	(10,313)
Other expense (income), net	3,303	(1,483)
Income before income taxes	91,453	8,944
(Provision for) benefit from income taxes	(21,790)	3,383
Net income	69,663	12,327
Net income attributable to non-controlling interests	8,823	2,424
Net income attributable to MasTec, Inc.	$ 60,840	$ 9,903
Earnings per share (Note 2):
Basic earnings per share (in dollars per share)	$ 0.78	$ 0.13
Basic weighted average common shares outstanding (in shares)	77,950	78,192
Diluted earnings per share (in dollars per share)	$ 0.77	$ 0.13
Diluted weighted average common shares outstanding (in shares)	78,784	79,052

Acquisitions, Goodwill, and Other Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Mar. 31, 2026	Jan. 31, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Business Combination [Line Items]
Business combination, acquisition-related cost, expense			$ 0
Other intangible assets, net	$ 761,163		761,163		$ 656,248
Consolidated capital expenditures			96,768	$ 47,264
Cash paid			266,852	4,731
Business combination, acquiree's revenue since acquisition date, actual			168,500
Business combination, acquiree's earnings (loss) since acquisition date, actual			4,500
2026 Acquisitions \| Pipeline Infrastructure
Business Combination [Line Items]
Consolidated capital expenditures	20,000
2026 Acquisitions
Business Combination [Line Items]
Equity interest		86.00%
Cash paid		$ 262,000	262,400
Business acquisition, goodwill, expected tax deductible amount	$ 0		0
Business combination, acquiree's revenue since acquisition date, actual			61,100
Business combination, acquiree's earnings (loss) since acquisition date, actual			$ 2,600
2026 Acquisitions \| Weighted Average
Business Combination [Line Items]
Useful life	10 years		10 years
2026 Acquisitions \| Customer Relationships And Backlog
Business Combination [Line Items]
Other intangible assets, net	$ 139,000		$ 139,000
2026 Acquisitions \| Customer Relationships \| Weighted Average
Business Combination [Line Items]
Useful life	13 years		13 years
2026 Acquisitions \| Backlog \| Weighted Average
Business Combination [Line Items]
Useful life	2 years		2 years
2025 Acquisitions
Business Combination [Line Items]
Business acquisition, goodwill, expected tax deductible amount	$ 35,000		$ 35,000
Cash paid					$ 87,000
Earn-out liability term					5 years
Earn-out liability					$ 13,000
2025 Acquisitions \| Maximum
Business Combination [Line Items]
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high	20,000		20,000
HMG \| Contingent Consideration, Value Of Common Stock
Business Combination [Line Items]
Business combination, contingent consideration, current	$ 31,000		31,000		$ 18,000
Additional receivables			4,000
Unrealized gain (loss) included in other income			$ (9,000)	$ 1,000

Fair Value of Financial Instruments - Acquisition-Related Contingent Consideration and Other Liabilities - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($)
All Acquisitions
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low	$ 23
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high	$ 88
Discount Rate
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, measurement input, discount rate	0.105

Lease Obligations

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Lease Obligations

In the ordinary course of business, the Company enters into agreements that provide financing primarily for machinery, equipment, and vehicles, including certain related party leases. As of March 31, 2026, the Company’s leases have remaining lease terms of up to 13 years. Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for 1 to 5 years for both equipment and facility leases. Certain lease agreements may also contain options to purchase the leased property and/or options to terminate the lease. In addition, lease agreements may include periodic adjustments to payment amounts for inflation or other variables, or may require payments for taxes, insurance, maintenance or other expenses, which are generally referred to as non-lease components. The Company’s lease agreements do not contain significant residual value guarantees or material restrictive covenants.

Finance Leases

The gross amount of assets held under finance leases as of March 31, 2026 and December 31, 2025 totaled $804.4 million and $798.8 million, respectively. Assets held under finance leases, net of accumulated depreciation, totaled $571.2 million and $560.1 million as of March 31, 2026 and December 31, 2025, respectively. Depreciation expense associated with finance leases totaled $17.3 million and $19.2 million for the three months ended March 31, 2026 and 2025, respectively.

Operating Leases

Operating lease additions for the three months ended March 31, 2026 and 2025 totaled $59.0 million and $48.9 million, respectively. Acquisition-related additions for the three months ended March 31, 2026 were immaterial. For the three months ended March 31, 2026 and 2025, rent expense for leases that have terms in excess of one year totaled approximately $64.5 million and $51.3 million, respectively, of which $5.1 million and $5.0 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $220.4 million and $134.4 million for the three months ended March 31, 2026 and 2025, respectively. Rent expense for operating leases is generally consistent with the amount of the related payments, which payments are included within operating activities in the consolidated statements of cash flows.

Additional Lease Information

Future minimum lease commitments as of March 31, 2026 were as follows (in millions):


	Finance Leases		Operating Leases
2026, remaining nine months	$	111.1	$	153.8
2027	116.9		162.2
2028	89.9		111.5
2029	56.1		51.1
2030	18.1		20.4
Thereafter	0.6		36.8
Total minimum lease payments	$	392.7	$	535.8
Less amounts representing interest	(29.8)		(48.2)
Total lease obligations, net of interest	$	362.9	$	487.6
Less current portion	132.5		178.1
Long-term portion of lease obligations, net of interest	$	230.4	$	309.5

The following table presents weighted average remaining lease terms and discount rates for finance and non-cancelable operating leases as of the dates indicated:


	March 31, 2026		December 31, 2025
Weighted average remaining lease term (in years):
Finance leases	3.2		3.1
Operating leases	3.5		3.4
Weighted average discount rate:
Finance leases	4.9	%	4.9	%
Operating leases	5.2	%	5.2	%

Lease Obligations

Finance Leases

Operating Leases

Additional Lease Information

Future minimum lease commitments as of March 31, 2026 were as follows (in millions):


	Finance Leases		Operating Leases
2026, remaining nine months	$	111.1	$	153.8
2027	116.9		162.2
2028	89.9		111.5
2029	56.1		51.1
2030	18.1		20.4
Thereafter	0.6		36.8
Total minimum lease payments	$	392.7	$	535.8
Less amounts representing interest	(29.8)		(48.2)
Total lease obligations, net of interest	$	362.9	$	487.6
Less current portion	132.5		178.1
Long-term portion of lease obligations, net of interest	$	230.4	$	309.5

The following table presents weighted average remaining lease terms and discount rates for finance and non-cancelable operating leases as of the dates indicated:


	March 31, 2026		December 31, 2025
Weighted average remaining lease term (in years):
Finance leases	3.2		3.1
Operating leases	3.5		3.4
Weighted average discount rate:
Finance leases	4.9	%	4.9	%
Operating leases	5.2	%	5.2	%

Segments and Related Information - Narrative (Details)	3 Months Ended
Segments and Related Information - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	5
Number of reportable segments	5

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 69,663	$ 12,327
Other comprehensive loss, net of tax:
Foreign currency translation (losses) gains	(1,007)	46
Unrealized losses on investment activity	(180)	(3,102)
Comprehensive income	68,476	9,271
Net income attributable to non-controlling interests	8,823	2,424
Foreign currency translation losses attributable to non-controlling interests	(405)	0
Comprehensive income attributable to non-controlling interests	8,418	2,424
Comprehensive income attributable to MasTec, Inc.	$ 60,058	$ 6,847

Acquisitions, Goodwill, and Other Intangible Assets, Net - Rollforward of Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Other Intangible Assets [Line Items]
Other intangible assets, gross		$ 1,421,500
Accumulated amortization		(765,300)
Other Intangible Assets [Roll Forward]
Other intangible assets, net, beginning balance	$ 656,248
Additions from new business combinations	145,500
Measurement period adjustments	(1,500)
Currency translation adjustments	(400)
Amortization expense	(38,600)
Other intangible assets, net, ending balance	761,163
Customer Relationships and Backlog
Other Intangible Assets [Line Items]
Other intangible assets, gross		1,113,200
Accumulated amortization		(628,800)
Other Intangible Assets [Roll Forward]
Other intangible assets, net, beginning balance	484,400
Additions from new business combinations	138,700
Measurement period adjustments	(1,500)
Currency translation adjustments	(300)
Amortization expense	(32,100)
Other intangible assets, net, ending balance	589,200
Trade Names
Other Intangible Assets [Line Items]
Other intangible assets, gross		228,300
Accumulated amortization		(83,700)
Other Intangible Assets [Roll Forward]
Other intangible assets, net, beginning balance	144,600
Additions from new business combinations	2,800
Measurement period adjustments	0
Currency translation adjustments	0
Amortization expense	(5,200)
Other intangible assets, net, ending balance	142,200
Other
Other Intangible Assets [Line Items]
Other intangible assets, gross		80,000
Accumulated amortization		$ (52,800)
Other Intangible Assets [Roll Forward]
Other intangible assets, net, beginning balance	27,200
Additions from new business combinations	4,000
Measurement period adjustments	0
Currency translation adjustments	(100)
Amortization expense	(1,300)
Other intangible assets, net, ending balance	$ 29,800

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Property, Plant and Equipment [Abstract]
Capitalized internal-use software, gross	$ 247,000		$ 247,200
Capitalized internal-use software, net	49,500		$ 54,000
Capital expenditures incurred but not yet paid	$ 22,000	$ 10,600

Segments and Related Information - Significant Customers - Narrative (Details) - Revenue Benchmark - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AT&T
Revenue, Major Customer [Line Items]
Concentration risk, percentage of total		10.00%
Govermment
Revenue, Major Customer [Line Items]
Concentration risk, percentage of total	12.00%	13.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Segments and Related Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Financial Information by Reportable Segment

The tables below, which may contain slight summation differences due to rounding, reflect certain financial data for each reportable segment.


Three Months Ended March 31,	Communications		Clean Energy and Infrastructure		Power Delivery		Pipeline Infrastructure		Other		Eliminations		Total Reportable Segments
2026:
Revenue (a)	$	802.1	$	1,329.4	$	1,046.1	$	682.5	$	—	$	(31.3)	$	3,828.8
Costs of revenue, excluding depreciation and amortization	734.5		1,183.9		935.5		516.0		—		(26.1)		3,343.8
Other segment items (b)	20.8		56.5		38.6		21.6		10.4		—		147.9
EBITDA	$	46.8	$	89.0	$	72.0	$	144.9	$	(10.4)	$	(5.2)	$	337.1

2025:
Revenue (a)	$	680.9	$	915.8	$	899.7	$	356.5	$	—	$	(5.2)	$	2,847.7
Costs of revenue, excluding depreciation and amortization	615.9		807.5		817.5		300.3		—		(5.2)		2,536.0
Other segment items (b)	18.2		51.2		30.9		11.7		(8.0)		—		104.0
EBITDA	$	46.8	$	57.1	$	51.3	$	44.5	$	8.0	$	—	$	207.7


	Three Months Ended March 31,
Depreciation and Amortization:	2026		2025
Communications	$	18.1	$	16.1
Clean Energy and Infrastructure	36.1		27.7
Power Delivery	31.7		37.1
Pipeline Infrastructure	34.0		25.8
Other	—		—
Corporate	2.0		2.2
Consolidated depreciation and amortization	$	121.9	$	108.9


Assets:	March 31, 2026		December 31, 2025
Communications	$	1,946.8	$	1,962.3
Clean Energy and Infrastructure	3,173.3		2,816.6
Power Delivery	2,721.8		2,621.6
Pipeline Infrastructure	2,032.7		1,928.7
Other	357.1		364.0
Corporate	209.8		230.3
Consolidated assets	$	10,441.5	$	9,923.5


	Three Months Ended March 31,
Capital Expenditures:	2026		2025
Communications	$	3.4	$	7.1
Clean Energy and Infrastructure	13.6		7.9
Power Delivery	32.0		21.2
Pipeline Infrastructure	41.2		10.1
Other	—		—
Corporate	6.6		1.0
Consolidated capital expenditures	$	96.8	$	47.3

Reconciliation of Consolidated Income before Income Taxes to EBITDA


	Three Months Ended March 31,
Reconciliation of Segment EBITDA to Income Before Income Taxes:	2026		2025
Segment EBITDA	$	337.1	$	207.7
Less:
Interest expense, net	43.5		39.0
Depreciation	83.3		76.2
Amortization	38.6		32.6
Corporate (a)	80.3		50.9
Income before income taxes	$	91.5	$	8.9

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies MasTec is subject to a variety of legal cases, claims and other disputes that arise from time to time in the ordinary course of its business, including project contract price and other project disputes, other project-related liabilities and acquisition purchase price disputes. MasTec cannot provide assurance that it will be successful in recovering all or any of the potential damages it has claimed or in defending claims against the Company. The outcome of such cases, claims and disputes cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. Other Commitments and Contingencies Leases. In the ordinary course of business, the Company enters into non-cancelable operating leases for certain of its facility, vehicle and equipment needs, including certain related party leases. See Note 9 – Lease Obligations and Note 14 – Related Party Transactions. Letters of Credit. In the ordinary course of business, the Company is required to post letters of credit for its insurance carriers and surety bond providers and in support of performance under certain contracts as well as certain obligations associated with the Company’s equity investments and other strategic arrangements, including its VIEs. In addition, from time to time, certain customers require the Company to post letters of credit to ensure payment of subcontractors and vendors, and guarantee performance under contracts. Such letters of credit are generally issued by a bank or similar financial institution. The letter of credit commits the issuer to pay specified amounts to the holder of the letter of credit under certain conditions. If this were to occur, the Company would be required to reimburse the issuer of the letter of credit, which, depending upon the circumstances, could result in a charge to earnings. As of March 31, 2026 and December 31, 2025, there were $92.5 million and $90.5 million, respectively, of letters of credit issued under the Company’s credit facilities. Letter of credit claims have historically not been material. The Company is not aware of any material claims relating to its outstanding letters of credit as of March 31, 2026 or December 31, 2025. Performance and Payment Bonds. In the ordinary course of business, MasTec is required by certain customers to provide performance and payment bonds for contractual commitments related to its projects. These bonds provide a guarantee to the customer that the Company will perform under the terms of a contract and that the Company will pay its subcontractors and vendors. If the Company fails to perform under a contract or to pay its subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company must reimburse the surety for expenses or outlays it incurs. As of March 31, 2026 and December 31, 2025, outstanding performance and payment bonds approximated $12.4 billion and $10.9 billion, respectively, and estimated costs to complete projects secured by these bonds totaled $5.3 billion and $4.6 billion, respectively. Included in these balances as of March 31, 2026 and December 31, 2025 are $1.3 billion and $1.1 billion, respectively, of outstanding performance and payment bonds issued on behalf of the Company’s proportionately consolidated non-controlled contractual joint ventures, representing the Company’s proportionate share of the total bond obligation for the related projects. Investment and Strategic Arrangements. The Company holds undivided interests, ranging from 85% to 90%, in multiple proportionately consolidated non-controlled contractual joint ventures that provide infrastructure construction services for electrical transmission projects, as well as undivided interests, ranging from 25% to 50%, in each of ten civil construction projects. Income and/or loss incurred by these joint ventures is generally shared proportionally by the respective joint venture members, with the members of the joint ventures jointly and severally liable for all of the obligations of the joint venture. The respective joint venture agreements provide that each joint venture partner indemnify the other party for any liabilities incurred by such joint venture in excess of its ratable portion of such liabilities. Thus, it is possible that the Company could be required to pay or perform obligations in excess of its share if the other joint venture partners fail or refuse to pay or perform their respective share of the obligations. As of March 31, 2026, the Company was not aware of material claims against it in connection with these arrangements. Included in the Company’s cash balances as of March 31, 2026 and December 31, 2025 are amounts held by entities that are proportionately consolidated totaling $46.1 million and $45.0 million, respectively. These amounts are available to support the operations of those entities, but are not available for the Company’s other operations. The Company has other investment and strategic arrangements, under which it may incur costs or provide financing, performance, financial and/or other guarantees. See Note 4 – Fair Value of Financial Instruments and Note 14 – Related Party Transactions for additional information pertaining to the Company’s investment and strategic arrangements. Self-Insurance. MasTec maintains insurance policies for workers’ compensation, general liability and automobile liability, which are subject to per claim deductibles. The Company is self-insured up to the amount of the deductible. The Company also maintains excess umbrella coverage. The Company manages certain of its insurance liabilities indirectly through its wholly-owned captive insurance company, which reimburses claims up to the applicable insurance limits. Captive insurance-related cash balances totaled approximately $3.9 million and $3.3 million as of March 31, 2026 and December 31, 2025, respectively, which amounts are generally not available for use in the Company’s other operations. As of March 31, 2026 and December 31, 2025, MasTec’s estimated gross liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $325.2 million and $306.8 million, respectively, of which $227.8 million and $224.9 million were reflected within other long-term liabilities, with the remainder reflected within other accrued expenses, in the consolidated balance sheets as of the respective periods. Related insurance recoveries/receivables totaled $26.3 million and $25.2 million as of March 31, 2026 and December 31, 2025, respectively, of which $23.3 million and $22.4 million were reflected within other long-term assets, with the remainder reflected within other current assets, in the consolidated balance sheets as of the respective periods. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses. MasTec’s estimated liability for employee group medical claims totaled $7.5 million and $2.3 million as of March 31, 2026 and December 31, 2025, respectively. The Company is required to post collateral, generally in the form of letters of credit, surety bonds and cash to certain of its insurance carriers. Insurance-related letters of credit for the Company’s workers’ compensation, general liability and automobile liability policies amounted to $7.4 million as of both March 31, 2026 and December 31, 2025. Outstanding surety bonds related to self-insurance programs amounted to $198.6 million as of both March 31, 2026 and December 31, 2025. Indemnities. The Company generally indemnifies its customers for the services it provides under its contracts, as well as other specified liabilities, which may subject the Company to indemnity claims, liabilities and related litigation. As of both March 31, 2026 and December 31, 2025, the Company had accrued project close-out liabilities of approximately $5 million. The Company is not aware of any other material asserted or unasserted claims in connection with its potential indemnity obligations. Other Guarantees. From time to time in the ordinary course of its business, MasTec guarantees the obligations of its subsidiaries, including obligations under certain contracts with customers, certain lease obligations, and in some states, obligations in connection with obtaining contractors’ licenses. MasTec has also issued performance and other guarantees in connection with certain of its equity investments. MasTec also generally warrants the work it performs following substantial completion of a project. Much of the work performed by the Company is evaluated for defects shortly after the work is completed. If warranty claims occur, the Company could be required to repair or replace warrantied items, or, if customers elect to repair or replace the warrantied item using the services of another provider, the Company could be required to pay for the cost of the repair or replacement. Warranty claims have historically not been material. Concentrations of Risk. The Company had approximately 1,065 customers for the three months ended March 31, 2026. As of March 31, 2026, no customer represented greater than 10% of the Company’s consolidated net accounts receivable position, which is calculated as accounts receivable, net, less deferred revenue. As of December 31, 2025, one customer accounted for approximately 10% of the Company’s consolidated net accounts receivable position. The Company derived approximately 41% and 36% of its revenue from its top ten customers for the three months ended March 31, 2026 and 2025, respectively.

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
Earnings Per Share - Narrative (Details) - shares	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Treasury stock acquired (in shares)	0	332,565

Segments and Related Information - Foreign Operations and Other - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Segments and Related Information [Line Items]
Revenue	$ 3,828,801	$ 2,847,718
Property and equipment, net	$ 1,862,593		$ 1,728,470
Govermment \| Revenue Benchmark \| Customer Concentration Risk
Segments and Related Information [Line Items]
Concentration risk, percentage of total	12.00%	13.00%
Foreign Operations
Segments and Related Information [Line Items]
Revenue	$ 54,000	$ 49,800
Property and equipment, net	22,600		23,000
Intangible assets and goodwill, net	$ 107,600		$ 108,800

- Definition

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Fair Value of Financial Instruments - Equity Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity investments, carrying value	$ 355.0		$ 377.0
Impairments of equity method investments	$ 7.9	$ 0.0
CCI
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Subsidiary, ownership percentage, noncontrolling owner	15.00%
Waha JVs
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, ownership percentage	33.00%
Equity investments, carrying value	$ 291.0		$ 290.0
CCI
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Proceeds from sale of equity method investments	$ 17.0

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity

Share Repurchases

The Company’s share repurchase program provides for the repurchase, from time to time, of MasTec common shares in open market transactions or in privately negotiated transactions in accordance with applicable securities laws. There were no share repurchases under the Company’s share repurchase program for the three months ended March 31, 2026. For the three months ended March 31, 2025, the Company repurchased 0.3 million shares of its common stock for an aggregate purchase price totaling $37.1 million, of which $10.2 million was settled in April 2025, under the Company’s March 2020 share repurchase program, which was completed during the second quarter of 2025. As of March 31, 2026, the full amount under the Company’s May 2025 $250 million share repurchase program remains available for future repurchases. The Company’s share repurchase program does not have an expiration date and may be modified or suspended at any time at the Company’s discretion.

Stock-Based Compensation

The Company has stock-based compensation plans, under which shares of the Company’s common stock are reserved for issuance. Under all stock-based compensation plans in effect as of March 31, 2026, there were approximately 3,866,000 shares available for future grants. Non-cash stock-based compensation expense under all plans totaled approximately $8.3 million and $6.9 million for the three months ended March 31, 2026 and 2025, respectively. Income tax benefits associated with stock-based compensation arrangements totaled $4.0 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively, including net tax benefits related to the vesting of share-based payment awards totaling $2.3 million and $0.4 million, respectively.

Restricted Shares

MasTec grants restricted stock awards and restricted stock units (together, “restricted shares”) to eligible participants, which are valued based on the closing market share price of MasTec common stock on the date of grant. During the restriction period, holders of restricted stock awards are entitled to vote the shares. As of March 31, 2026, total unearned compensation related to restricted shares was approximately $93.8 million, which amount is expected to be recognized over a weighted average period of approximately 2.5 years. The fair value of restricted shares that vested totaled approximately $57.0 million and $20.8 million for the three months ended March 31, 2026 and 2025, respectively.


Activity, restricted shares: (a)	Restricted Shares	Per Share Weighted Average Grant Date Fair Value
Non-vested restricted shares, as of December 31, 2025	1,038,778	$	92.26
Granted	187,955	303.38
Vested	(191,745)	96.87
Canceled/forfeited	(10,854)	78.81
Non-vested restricted shares, as of March 31, 2026	1,024,134	$	130.29

(a) Includes 131 restricted stock units as of March 31, 2026; none were outstanding as of December 31, 2025.

Property and Equipment, Net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

The following table provides details of property and equipment, net, including property and equipment held under finance leases, as of the dates indicated (in millions):


	March 31, 2026		December 31, 2025
Land	$	65.3	$	65.3
Buildings and leasehold improvements	108.0		101.2
Machinery, equipment and vehicles	3,446.4		3,295.8
Office equipment, furniture and internal-use software	379.4		375.9
Construction in progress	54.6		49.1
Total property and equipment	$	4,053.7	$	3,887.3
Less accumulated depreciation and amortization	(2,191.1)		(2,158.8)
Property and equipment, net	$	1,862.6	$	1,728.5

As of March 31, 2026 and December 31, 2025, the gross amount of capitalized internal-use software totaled $247.0 million and $247.2 million, respectively, and, net of accumulated amortization, totaled $49.5 million and $54.0 million, respectively. Accrued capital expenditures, the effects of which are excluded from capital expenditures in the Company’s consolidated statements of cash flows given their non-cash nature, totaled $22.0 million and $10.6 million as of March 31, 2026 and 2025, respectively.

Debt - Additional Information - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Debt instruments, accrued interest payable	$ 15.8	$ 16.0

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

The following table provides details of the carrying values of debt as of the dates indicated (in millions):


Description	Maturity Date	March 31, 2026		December 31, 2025
Senior credit facility:	June 26, 2030
Revolving loans		$	303.9	$	118.0
4.500% Senior Notes	August 15, 2028	600.0		600.0
5.900% Senior Notes	June 15, 2029	550.0		550.0
6.625% Senior Notes	August 15, 2029	72.5		72.3
2025 Term Loan Facility	June 26, 2028	600.0		600.0
Finance lease and other obligations		419.7		405.3
Total debt obligations		$	2,546.1	$	2,345.6
Less unamortized deferred financing costs		(13.8)		(14.9)
Total debt, net of deferred financing costs		$	2,532.3	$	2,330.7
Current portion of long-term debt		156.0		154.3
Long-term debt		$	2,376.3	$	2,176.4

Senior Credit Facility

The Company maintains a $1.9 billion senior unsecured credit facility (the “Credit Facility”), which is composed of revolving commitments and matures on June 26, 2030. As of both March 31, 2026 and December 31, 2025, the fair value of the Credit Facility, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value.

As of March 31, 2026 and December 31, 2025, outstanding revolving loans, which included $53.9 million and $43.0 million, respectively, of borrowings denominated in Canadian dollars, accrued interest at weighted average rates of approximately 4.73% and 4.56% per annum, respectively. Letters of credit of approximately $59.1 million and $57.1 million were issued as of March 31, 2026 and December 31, 2025, respectively. As of both March 31, 2026 and December 31, 2025, letter of credit fees accrued at 0.4375% per annum for performance standby letters of credit, and for financial standby letters of credit, accrued at 1.250% per annum. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation.

As of March 31, 2026 and December 31, 2025, availability for revolving loans totaled $1,537.0 million and $1,724.9 million, respectively, or up to $690.9 million and $692.9 million, respectively, for new letters of credit. Revolving loan borrowing capacity included $246.1 million and $257.0 million of availability in either Canadian dollars or Mexican pesos as of March 31, 2026 and December 31, 2025, respectively. The unused facility fee as of both March 31, 2026 and December 31, 2025 accrued at rates of 0.175% per annum.

Other Credit Facilities

The Company has a separate credit facility, under which it may issue up to $50.0 million of performance standby letters of credit. As of both March 31, 2026 and December 31, 2025, letters of credit issued under this facility totaled $33.4 million, which accrued fees at 0.50% per annum.

Senior Notes

As of both March 31, 2026 and December 31, 2025, the gross carrying amount of the Company’s 4.500% senior notes due August 15, 2028 (the “4.500% Senior Notes”) totaled $600.0 million, and their estimated fair value totaled approximately $593.0 million and $595.7 million, respectively. As of both March 31, 2026 and December 31, 2025, the gross carrying amount of the Company’s 5.900% senior notes due June 15, 2029 (the “5.900% Senior Notes”) totaled $550.0 million, and their estimated fair value totaled approximately $567.9 million and $574.1 million, respectively. As of March 31, 2026 and December 31, 2025, the gross carrying amount of the Company’s 6.625% senior notes due August 15, 2029 (the “6.625% Senior Notes”) totaled $72.5 million and $72.3 million, respectively, and their estimated fair value approximated their carrying value for both respective periods. As of March 31, 2026 and December 31, 2025, the estimated fair values of the Company’s senior notes were determined based on an exit price approach using Level 2 inputs.

2025 Term Loan Facility

The Company maintains a $600 million senior unsecured term loan facility (the “2025 Term Loan Facility”) that matures on June 26, 2028. Borrowings under the 2025 Term Loan Facility are not subject to amortization and are not guaranteed by, or secured by any assets of, the Company or any of its subsidiaries. As of both March 31, 2026 and December 31, 2025, the Company had $600 million outstanding under the 2025 Term Loan Facility and accrued interest at rates of 4.79% and 4.85%, respectively.

The fair value of the 2025 Term Loan Facility as of March 31, 2026 and December 31, 2025, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value.

Debt Covenants

The Company’s outstanding debt instruments are subject to certain provisions and covenants, as more fully described in Note 8 – Debt in the Company’s 2025 Form 10-K. MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of both March 31, 2026 and December 31, 2025.

Additional Information

As of March 31, 2026 and December 31, 2025, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $15.8 million and $16.0 million, respectively. For additional information pertaining to the Company’s debt instruments, see Note 8 – Debt in the Company’s 2025 Form 10-K.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	145,000,000	145,000,000
Common stock, shares issued (in shares)	99,435,573	99,319,916
Treasury stock, shares (in shares)	20,422,329	20,422,329
Common Stock
Common stock, shares issued (in shares)	99,435,573	99,319,916
Restricted Stock Awards \| Common Stock
Unvested stock awards (in shares)	1,024,003	1,038,778

Business, Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying consolidated balance sheet as of December 31, 2025 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2025 contained in the Company’s 2025 Annual Report on Form 10-K (the “2025 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented have been included. When appropriate, prior year amounts are reclassified to conform with the current period presentation. Beginning in 2026, certain reclassifications were made to the consolidated statements of operations. The Company now presents a separate “Operating income” subtotal on the consolidated statements of operations, which is common practice within the Company’s industry and enhances comparability with the Company’s peers. Additionally, changes in fair value of acquisition-related contingent items, which are composed of earn-outs and additional payments in connection with prior year acquisitions, have been reclassified from Other expense (income), net to General and administrative expenses. Previously reported periods have been reclassified to conform to the current period presentation. These changes in presentation did not impact previously reported Income before income taxes or Net income, and did not change how the Company evaluates its performance. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity. Net income or loss attributable to non-controlling interests is reported as “Net income attributable to non-controlling interests” in the consolidated statements of operations. Investments in entities for which the Company does not have a controlling financial interest, but over which it has the ability to exert significant influence, are accounted for under the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity.
Translation of Foreign Currencies	Translation of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates and revenue and expenses are translated at average rates of exchange during the applicable period, with resulting translation gains or losses included within other comprehensive income or loss. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net.
Revenue Recognition	Revenue Recognition The Company recognizes revenue from contracts with customers when, or as, control of promised services and goods is transferred to customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services and goods transferred. The Company primarily recognizes revenue over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master service and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which may be subject to one or multiple pricing models, including fixed price, unit price, time and materials, or cost plus a markup. Revenue derived from projects performed under master service and other service agreements totaled 40% and 48% of consolidated revenue for the three months ended March 31, 2026 and 2025, respectively. For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and certain other wireless services in the Company’s Communications segment. Point in time revenue is recognized when the work order has been fulfilled, which, for the majority of the Company’s point in time revenue, is the same day it is initiated. Point in time revenue accounted for approximately 2% of consolidated revenue for both the three months ended March 31, 2026 and 2025. The total transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method are based primarily on the professional knowledge and experience of the Company’s project managers, operational and financial professionals, and other professional expertise, as warranted. Management reviews estimates of total contract transaction price and costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of the estimated amount and probability of variable consideration are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s profit recognition. Changes in these factors could result in revisions to the amount of revenue recognized in the period in which the revisions are determined, which revisions could materially affect the Company’s consolidated results of operations for that period. Provisions for losses on uncompleted contracts are recorded in the period in which such losses are estimated. For both the three months ended March 31, 2026 and 2025, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2025 and 2024, respectively. Changes in recognized revenue, net, as a result of changes in total contract transaction price estimates, including from variable consideration, and/or changes in cost estimates, related to performance obligations satisfied or partially satisfied in prior periods positively affected revenue by approximately 0.6% and 1.8% for the three months ended March 31, 2026 and 2025, respectively. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The Company’s contracts often require significant services to integrate complex activities and equipment into a single deliverable, and are therefore generally accounted for as a single performance obligation, even when delivering multiple distinct services. Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of March 31, 2026, the amount of the Company’s remaining performance obligations was $16.2 billion. Based on current expectations, the Company anticipates it will recognize approximately $8.5 billion, or 52.5%, of its remaining performance obligations as revenue during 2026, with the majority of the remaining balance expected to be recognized over the subsequent two year period. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. Management’s estimates of variable consideration and the determination of whether to include estimated amounts in transaction prices are based largely on discussions, correspondence or preliminary negotiations and past practices with the customer, engineering studies and legal advice and all other relevant information that is reasonably available at the time of the estimate. To the extent unapproved change orders, claims and other variable consideration reflected in transaction prices are not resolved in the Company’s favor, or to the extent incentives reflected in transaction prices are not earned, there could be reductions in, or reversals of, previously recognized revenue. As of March 31, 2026 and December 31, 2025, the Company’s contract transaction prices included approximately $244 million and $229 million, respectively, of change orders and/or claims for certain contracts that were in the process of being resolved in the ordinary course of its business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both March 31, 2026 and December 31, 2025, these change orders and/or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments. The Company actively engages with its customers to complete the final approval process for such amounts and generally expects these processes to be completed within one year. Amounts ultimately realized upon final agreement by customers could be higher or lower than such estimated amounts. Supplier Financing Program The Company has provided certain of its suppliers with access to a supplier finance program administered through a third party, which facilitates participating suppliers’ ability to finance payments due from the Company through third-party financial institutions. Participating suppliers may, at their sole discretion, receive payment of the Company’s obligation prior to the scheduled due dates, at a discounted price from the third party. The Company agrees to pay the financial institution the stated amount generally within 60 days of receipt of the invoice. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the supplier’s decision to finance amounts under these arrangements. The Company does not have pledged assets or other guarantees under the program. As of March 31, 2026 and December 31, 2025, the outstanding payment obligations under the Company’s supplier finance program totaled approximately $138.6 million and $125.6 million, respectively, which amounts are recorded within accounts payable in the consolidated balance sheets. The associated payments are included within operating activities in the consolidated statements of cash flows.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The discussion below describes the effects of recent accounting pronouncements, as updated from the discussion in the Company’s 2025 Form 10-K. Accounting Pronouncements Adopted in 2026 In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides a practical expedient that permits an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years, with early adoption permitted. The amendments in ASU 2025-05 should be applied prospectively. The Company adopted this ASU prospectively in the first quarter of 2026, and its adoption did not have a material effect on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) to enhance the transparency and clarity of the components of specific expense categories in the income statement. ASU 2024-03 requires disclosure of additional information about specific expense categories underlying certain income statement expense line items. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses: Clarifying the Effective Date to clarify that all public business entities are required to adopt the guidance in annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03, and its related clarifying ASU, should be applied prospectively, with retrospective application permitted. The Company is currently evaluating the impact this ASU will have on its disclosures. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”). ASU 2025-03 clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a variable interest entity that meets the definition of a business. ASU 2025-03 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted. ASU 2025-03 is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. The Company does not expect that this ASU will have a material effect on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 modernizes the accounting for internal-use software by eliminating the previous stage-based capitalization model so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The amendments in ASU 2025-06 should be applied prospectively, with retrospective application or a modified transition approach permitted. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 improves existing guidance within Accounting Standards Codification (“ASC”) Topic 270 by clarifying the scope and applicability of the standard and by providing a comprehensive list of interim disclosure requirements. ASU 2025-11 also establishes a principle to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 19
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 20
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Provision for credit losses	$ (200)	$ (700)
Contract liabilities	800,314		$ 747,730
Contract with customer liability, deferred revenue current	792,300		741,000
Deferred revenue, revenue recognized	571,300	493,800
Discount charges related to financing arrangements	43,500	39,000
Receivables, Non-Recourse Arrangement
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Proceeds from sale of receivables	172,000	104,000
Value of receivables sold	171,000		$ 172,000
Discount charges related to financing arrangements	$ 5,700	$ 5,300

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands):


	Three Months Ended March 31,
	2026		2025
Net income attributable to MasTec:
Net income - basic and diluted	$	60,840	$	9,903


Weighted average shares outstanding:
Weighted average shares outstanding - basic	77,950		78,192
Dilutive common stock equivalents (a)	834		860
Weighted average shares outstanding - diluted	78,784		79,052

(a) For the three months ended March 31, 2026 and 2025, anti-dilutive common stock equivalents totaled approximately 31,000 and 55,000, respectively.

Debt - Other Credit Facilities - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Letters of credit issued	$ 92.5	$ 90.5
Line of Credit \| Standby Letters of Credit
Debt Instrument [Line Items]
Letters of credit issued	33.4	$ 33.4
Line of Credit \| Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50.0
Line of Credit \| Letters of Credit \| Standby Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)	0.50%	0.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
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+ Details

Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2025	Mar. 31, 2026	Mar. 31, 2025
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Treasury stock acquired (in shares)		0	332,565
Treasury stock acquired, value			$ 37,073
Stock-based compensation plans, number of shares available for future grant (in shares)		3,866,000
Non-cash stock-based compensation expense		$ 8,300	6,900
Stock-based compensation, income tax benefits		4,000	1,600
Stock-based compensation, vested awards, net income tax (shortfall) benefit		2,300	$ 400
2025 Share Repurchases Program
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Share repurchase program, amount authorized, value		$ 250,000
March 2020 Share Repurchase Program
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Treasury stock acquired, value	$ 10,200

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2026

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Robert Apple [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Name

Title

Type of Plan

Action

Date of Action

Duration of Plan

Aggregate Number of Securities Covered Under the Plan

Robert Apple

Chief Operating Officer

Rule 10b5-1

Adopted

3/13/2026

6/12/2026

12/31/2027

Sale of up to 30,079 shares

Name

Robert Apple

Title

Chief Operating Officer

Rule 10b5-1 Arrangement Adopted

true

3/13/2026

12/31/2027

567 days

30,079

Lease Obligations (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Future Minimum Lease Commitments, Finance Leases

Future minimum lease commitments as of March 31, 2026 were as follows (in millions):


	Finance Leases		Operating Leases
2026, remaining nine months	$	111.1	$	153.8
2027	116.9		162.2
2028	89.9		111.5
2029	56.1		51.1
2030	18.1		20.4
Thereafter	0.6		36.8
Total minimum lease payments	$	392.7	$	535.8
Less amounts representing interest	(29.8)		(48.2)
Total lease obligations, net of interest	$	362.9	$	487.6
Less current portion	132.5		178.1
Long-term portion of lease obligations, net of interest	$	230.4	$	309.5

Schedule of Future Minimum Lease Commitments, Operating Leases

Future minimum lease commitments as of March 31, 2026 were as follows (in millions):


	Finance Leases		Operating Leases
2026, remaining nine months	$	111.1	$	153.8
2027	116.9		162.2
2028	89.9		111.5
2029	56.1		51.1
2030	18.1		20.4
Thereafter	0.6		36.8
Total minimum lease payments	$	392.7	$	535.8
Less amounts representing interest	(29.8)		(48.2)
Total lease obligations, net of interest	$	362.9	$	487.6
Less current portion	132.5		178.1
Long-term portion of lease obligations, net of interest	$	230.4	$	309.5

Schedule Of Weighted Average Remaining Lease Terms And Discount Rates

The following table presents weighted average remaining lease terms and discount rates for finance and non-cancelable operating leases as of the dates indicated:


	March 31, 2026		December 31, 2025
Weighted average remaining lease term (in years):
Finance leases	3.2		3.1
Operating leases	3.5		3.4
Weighted average discount rate:
Finance leases	4.9	%	4.9	%
Operating leases	5.2	%	5.2	%

Debt - Senior Notes (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
4.500% Senior Notes
Debt Instrument [Line Items]
Senior notes, gross carrying amount	$ 600.0	$ 600.0
4.500% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	4.50%
Senior notes, estimated fair value	$ 593.0	595.7
5.900% Senior Notes
Debt Instrument [Line Items]
Senior notes, gross carrying amount	$ 550.0	550.0
5.900% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	5.90%
Senior notes, estimated fair value	$ 567.9	574.1
6.625% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	6.625%
Senior notes, gross carrying amount	$ 72.5	$ 72.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Fair value portion of notes payable.

+ References

+ Details

Fair Value of Financial Instruments - Variable Interest Entities - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) entity	Dec. 31, 2025 USD ($)
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Consolidated assets	$ 10,441,515	$ 9,923,542
Liabilities	7,011,581	6,589,021
Other long-term assets	473,256	503,483
Reporting entity involvement, maximum loss exposure, amount	$ 12,000	28,000
Variable Interest Entity, Primary Beneficiary
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Number of entities \| entity	2
Consolidated assets	$ 180,600	187,300
Liabilities	177,900	184,600
Variable Interest Entity, Not Primary Beneficiary
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Other long-term assets	$ 10,000	$ 20,000

- Definition

Amount of asset recognized for present right to economic benefit.

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- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

+ References

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+ Details

Fair Value of Financial Instruments - Schedule of Earn-out Liabilities (Details) - Earn-Out Liabilities - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of beginning of period	$ 72.6	$ 112.7
Fair value adjustments	1.7	0.9
Payments	0.0	(0.5)
Balance as of end of period	74.3	$ 113.1
Other Current Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of beginning of period	28.2
Balance as of end of period	$ 23.8

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

The following table provides details of property and equipment, net, including property and equipment held under finance leases, as of the dates indicated (in millions):


	March 31, 2026		December 31, 2025
Land	$	65.3	$	65.3
Buildings and leasehold improvements	108.0		101.2
Machinery, equipment and vehicles	3,446.4		3,295.8
Office equipment, furniture and internal-use software	379.4		375.9
Construction in progress	54.6		49.1
Total property and equipment	$	4,053.7	$	3,887.3
Less accumulated depreciation and amortization	(2,191.1)		(2,158.8)
Property and equipment, net	$	1,862.6	$	1,728.5

Other Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

The following table provides details of other accrued expenses as of the dates indicated (in millions):


	March 31, 2026		December 31, 2025
Accrued project costs	$	191.6	$	270.9
Self-insurance and related liabilities (a)	97.4		81.9
Income, sales and other taxes	79.2		64.7
Other	138.8		123.3
Other accrued expenses	$	507.0	$	540.8

(a) See Note 13 – Commitments and Contingencies for additional information on insurance reserves.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income	$ 69,663	$ 12,327
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	83,281	76,225
Amortization of intangible assets	38,613	32,636
Non-cash stock-based compensation expense	8,252	6,943
Benefit from deferred income taxes	(1,452)	(13,618)
Equity in earnings of unconsolidated affiliates, net	(4,288)	(10,313)
Impairments of equity method investments	7,873	0
Gains on sales and impairments of assets, net	(3,805)	(6,019)
Non-cash interest expense, net	384	1,197
Other non-cash items, net	(1,142)	(717)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	4,814	37,252
Contract assets	(255,168)	39,472
Inventories	(4,772)	634
Other assets, current and long-term portion	51,195	(17,680)
Accounts payable and accrued expenses	55,265	(114,224)
Contract liabilities	28,077	30,654
Other liabilities, current and long-term portion	22,064	3,596
Net cash provided by operating activities	98,854	78,365
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	(266,852)	(4,731)
Capital expenditures	(96,768)	(47,264)
Proceeds from sales of property and equipment	9,779	13,858
Proceeds from other investments	16,362	2,650
Other investing activities, net	1,478	582
Net cash used in investing activities	(336,001)	(34,905)
Cash flows from financing activities:
Proceeds from credit facilities	1,354,258	516,500
Repayments of credit facilities and term loans	(1,167,666)	(528,064)
Payments of finance lease obligations	(43,838)	(39,915)
Repurchases of common stock	0	(26,843)
Payments of acquisition-related contingent consideration	0	(302)
Payments to non-controlling interests, including acquisition of interests and distributions	(4,865)	(6,992)
Payments for stock-based awards	(18,256)	(4,762)
Other financing activities, net	(4,783)	(7,316)
Net cash provided by (used in) financing activities	114,850	(97,694)
Effect of currency translation on cash	(61)	80
Net decrease in cash and cash equivalents	(122,358)	(54,154)
Cash and cash equivalents - beginning of period	396,030	399,903	$ 399,903
Cash and cash equivalents - end of period	273,672	345,749	$ 396,030
Supplemental cash flow information:
Interest paid	44,180	45,016
Income tax refunds, net of payments	(16,464)	(2,074)
Supplemental disclosure of non-cash information:
Additions to property and equipment from finance leases and other financing arrangements	$ 58,665	$ 64,061

Other Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued project costs	$ 191,600	$ 270,900
Self-insurance and related liabilities	97,400	81,900
Income, sales and other taxes	79,200	64,700
Other	138,800	123,300
Other accrued expenses	$ 506,989	$ 540,778

Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2026 segment
Accounting Policies [Abstract]
Number of reportable segments	5

Segments and Related Information - Schedule of Financial Information by Reportable Segment - Depreciation and Amortization (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Depreciation and Amortization:
Consolidated depreciation and amortization	$ 121.9	$ 108.9
Operating Segments \| Communications
Depreciation and Amortization:
Consolidated depreciation and amortization	18.1	16.1
Operating Segments \| Clean Energy and Infrastructure
Depreciation and Amortization:
Consolidated depreciation and amortization	36.1	27.7
Operating Segments \| Power Delivery
Depreciation and Amortization:
Consolidated depreciation and amortization	31.7	37.1
Operating Segments \| Pipeline Infrastructure
Depreciation and Amortization:
Consolidated depreciation and amortization	34.0	25.8
Operating Segments \| Other
Depreciation and Amortization:
Consolidated depreciation and amortization	0.0	0.0
Corporate
Depreciation and Amortization:
Consolidated depreciation and amortization	$ 2.0	$ 2.2

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Segments and Related Information - Reconciliation of Consolidated Income before Income Taxes to EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
EBITDA Reconciliation:
Interest expense, net	$ 43,500	$ 39,000
Depreciation	83,281	76,225
Amortization	38,613	32,636
Corporate	80,300	50,900
Income before income taxes	$ 91,453	$ 8,944

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Segments and Related Information - Schedule of Financial Information by Reportable Segment - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Capital Expenditures:
Consolidated capital expenditures	$ 96,768	$ 47,264
Operating Segments \| Communications
Capital Expenditures:
Consolidated capital expenditures	3,400	7,100
Operating Segments \| Clean Energy and Infrastructure
Capital Expenditures:
Consolidated capital expenditures	13,600	7,900
Operating Segments \| Power Delivery
Capital Expenditures:
Consolidated capital expenditures	32,000	21,200
Operating Segments \| Pipeline Infrastructure
Capital Expenditures:
Consolidated capital expenditures	41,200	10,100
Operating Segments \| Other
Capital Expenditures:
Consolidated capital expenditures	0	0
Corporate
Capital Expenditures:
Consolidated capital expenditures	$ 6,600	$ 1,000

Earnings Per Share - Calculation For Period (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net income attributable to MasTec:
Net income - basic	$ 60,840	$ 9,903
Net income - diluted	$ 60,840	$ 9,903
Weighted average shares outstanding:
Weighted average shares outstanding - basic (in shares)	77,950	78,192
Dilutive common stock equivalents (in shares)	834	860
Weighted average shares outstanding - diluted (in shares)	78,784	79,052
Anti-dilutive common stock (in shares)	31	55

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3A
-Subparagraph (24)(d)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 9
-Subparagraph (e)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective tax rate, expense (benefit)	23.80%	(37.80%)

Stockholders' Equity - Restricted Shares, Narrative (Details) - Restricted Shares - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Stock-based compensation awards, unearned compensation	$ 93.8
Stock-based compensation awards, unearned compensation, weighted average expected recognition period (in years)	2 years 6 months
Stock-based compensation, vested awards, intrinsic value	$ 57.0	$ 20.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total MasTec, Inc. Shareholders’ Equity	Common Stock	Treasury Stock	Capital Surplus	Retained Earnings	Accumulated Other Comprehensive Loss	Non-Controlling Interests
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2024			99,029,011
Beginning balance at Dec. 31, 2024	$ 2,987,343	$ 2,911,857	$ 9,903	$ (656,807)	$ 1,291,027	$ 2,308,581	$ (40,847)	$ 75,486
Beginning balance, treasury shares (in shares) at Dec. 31, 2024				(19,719,796)
Condensed Unaudited Consolidated Statements of Equity
Net income	12,327	9,903				9,903		2,424
Other comprehensive loss	(3,056)	(3,056)					(3,056)
Non-cash stock-based compensation	6,943	6,943			6,943
Issuance of restricted shares, net (in shares)			334,619
Issuance of restricted shares, net	0	0	$ 33		(33)
Shares withheld for taxes, net of other stock issuances (in shares)			(38,368)
Shares withheld for taxes, net of other stock issuances	$ (4,233)	(4,233)	$ (4)		(4,229)
Acquisition of treasury stock, at cost (in shares)	(332,565)			(332,565)
Acquisition of treasury stock, at cost	$ (37,073)	(37,073)		$ (37,073)
Distributions to non-controlling interests	(6,992)							(6,992)
Ending balance, common shares outstanding (in shares) at Mar. 31, 2025			99,325,262
Ending balance at Mar. 31, 2025	$ 2,955,259	2,884,341	$ 9,932	$ (693,880)	1,293,708	2,318,484	(43,903)	70,918
Ending balance, treasury shares (in shares) at Mar. 31, 2025				(20,052,361)
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2025	99,319,916		99,319,916
Beginning balance at Dec. 31, 2025	$ 3,334,521	3,259,309	$ 9,932	$ (734,133)	1,319,920	2,707,623	(44,033)	75,212
Beginning balance, treasury shares (in shares) at Dec. 31, 2025	(20,422,329)			(20,422,329)
Condensed Unaudited Consolidated Statements of Equity
Net income	$ 69,663	60,840				60,840		8,823
Other comprehensive loss	(1,187)	(782)					(782)	(405)
Non-cash stock-based compensation	8,252	8,252			8,252
Issuance of restricted shares, net (in shares)			176,970
Issuance of restricted shares, net	0	0	$ 18		(18)
Shares withheld for taxes, net of other stock issuances (in shares)			(61,313)
Shares withheld for taxes, net of other stock issuances	$ (18,256)	(18,256)	$ (6)		(18,250)
Acquisition of treasury stock, at cost (in shares)	0
Distributions to non-controlling interests	$ (4,865)							(4,865)
Non-controlling interests assumed related to acquisitions	$ 41,806							41,806
Ending balance, common shares outstanding (in shares) at Mar. 31, 2026	99,435,573		99,435,573
Ending balance at Mar. 31, 2026	$ 3,429,934	$ 3,309,363	$ 9,944	$ (734,133)	$ 1,309,904	$ 2,768,463	$ (44,815)	$ 120,571
Ending balance, treasury shares (in shares) at Mar. 31, 2026	(20,422,329)			(20,422,329)

Other Accrued Expenses

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Other Accrued Expenses

The following table provides details of other accrued expenses as of the dates indicated (in millions):


	March 31, 2026		December 31, 2025
Accrued project costs	$	191.6	$	270.9
Self-insurance and related liabilities (a)	97.4		81.9
Income, sales and other taxes	79.2		64.7
Other	138.8		123.3
Other accrued expenses	$	507.0	$	540.8

(a) See Note 13 – Commitments and Contingencies for additional information on insurance reserves.

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2026 USD ($) project customer	Mar. 31, 2025	Dec. 31, 2025 USD ($)
Loss Contingencies [Line Items]
Line of credit facility, letters of credit issued	$ 92,500		$ 90,500
Cash and cash equivalents	273,672		396,030
Indemnities, accrued project close-out liabilities	$ 5,000		$ 5,000
Number of customers \| customer	1,065
Ten Largest Customers \| Revenue Benchmark \| Customer Concentration Risk
Loss Contingencies [Line Items]
Concentration risk, percentage of total	41.00%	36.00%
One Customer \| Revenue Benchmark \| Customer Concentration Risk
Loss Contingencies [Line Items]
Concentration risk, percentage of total			10.00%
Self-Insurance \| Workers' Compensation, General and Automobile Policies
Loss Contingencies [Line Items]
Self-insurance reserve	$ 325,200		$ 306,800
Insurance receivables	26,300		25,200
Self-Insurance \| Employee Group Medical Claims
Loss Contingencies [Line Items]
Self-insurance reserve	7,500		2,300
Other Long-Term Liabilities \| Self-Insurance \| Workers' Compensation, General and Automobile Policies
Loss Contingencies [Line Items]
Self-insurance reserve, non-current	227,800		224,900
Other Noncurrent Assets \| Self-Insurance \| Workers' Compensation, General and Automobile Policies
Loss Contingencies [Line Items]
Insurance receivables	23,300		22,400
Corporate Joint Venture
Loss Contingencies [Line Items]
Cash and cash equivalents	$ 46,100		45,000
Corporate Joint Venture \| Joint Venture Civil Construction Project
Loss Contingencies [Line Items]
Number of joint ventures \| project	10
Corporate Joint Venture \| Minimum \| Joint Ventures That Provide Electrical Transmission Infrastructure Services
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	85.00%
Corporate Joint Venture \| Minimum \| Joint Venture Civil Construction Project
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	25.00%
Corporate Joint Venture \| Maximum \| Joint Ventures That Provide Electrical Transmission Infrastructure Services
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	90.00%
Corporate Joint Venture \| Maximum \| Joint Venture Civil Construction Project
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	50.00%
Captive Insurance Company
Loss Contingencies [Line Items]
Cash and cash equivalents	$ 3,900		3,300
Performance and Payment Bonds
Loss Contingencies [Line Items]
Bonded projects, estimated costs to complete	5,300,000		4,600,000
Commercial and/or Financial Standby \| Self-Insurance \| Workers' Compensation, General and Automobile Policies
Loss Contingencies [Line Items]
Line of credit facility, letters of credit issued	7,400		7,400
Surety Bonds \| Self-Insurance \| Workers' Compensation
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	198,600		198,600
Subsidiaries \| Performance and Payment Bonds
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	12,400,000		10,900,000
Subsidiaries \| Performance and Payment Bonds \| Corporate Joint Venture
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 1,300,000		$ 1,100,000

Business, Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Business, Basis of Presentation and Significant Accounting Policies	Business, Basis of Presentation and Significant Accounting Policies Nature of the Business MasTec, Inc. (collectively with its subsidiaries, “MasTec,” or the “Company”) 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, such as: wireless, wireline/fiber; power delivery infrastructure, including transmission, distribution, grid hardening and modernization, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including the construction and maintenance of buildings, roads, bridges, rail, water/sewer systems and other civil infrastructure, including data center infrastructure; and environmental remediation services. MasTec’s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other. Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying consolidated balance sheet as of December 31, 2025 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2025 contained in the Company’s 2025 Annual Report on Form 10-K (the “2025 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented have been included. When appropriate, prior year amounts are reclassified to conform with the current period presentation. Beginning in 2026, certain reclassifications were made to the consolidated statements of operations. The Company now presents a separate “Operating income” subtotal on the consolidated statements of operations, which is common practice within the Company’s industry and enhances comparability with the Company’s peers. Additionally, changes in fair value of acquisition-related contingent items, which are composed of earn-outs and additional payments in connection with prior year acquisitions, have been reclassified from Other expense (income), net to General and administrative expenses. Previously reported periods have been reclassified to conform to the current period presentation. These changes in presentation did not impact previously reported Income before income taxes or Net income, and did not change how the Company evaluates its performance. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading. Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity. Net income or loss attributable to non-controlling interests is reported as “Net income attributable to non-controlling interests” in the consolidated statements of operations. Investments in entities for which the Company does not have a controlling financial interest, but over which it has the ability to exert significant influence, are accounted for under the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. Translation of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates and revenue and expenses are translated at average rates of exchange during the applicable period, with resulting translation gains or losses included within other comprehensive income or loss. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net. In these consolidated financial statements, “$” means U.S. dollars unless otherwise noted. Significant Accounting Policies Revenue Recognition The Company recognizes revenue from contracts with customers when, or as, control of promised services and goods is transferred to customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services and goods transferred. The Company primarily recognizes revenue over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master service and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which may be subject to one or multiple pricing models, including fixed price, unit price, time and materials, or cost plus a markup. Revenue derived from projects performed under master service and other service agreements totaled 40% and 48% of consolidated revenue for the three months ended March 31, 2026 and 2025, respectively. For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and certain other wireless services in the Company’s Communications segment. Point in time revenue is recognized when the work order has been fulfilled, which, for the majority of the Company’s point in time revenue, is the same day it is initiated. Point in time revenue accounted for approximately 2% of consolidated revenue for both the three months ended March 31, 2026 and 2025. The total transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method are based primarily on the professional knowledge and experience of the Company’s project managers, operational and financial professionals, and other professional expertise, as warranted. Management reviews estimates of total contract transaction price and costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of the estimated amount and probability of variable consideration are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s profit recognition. Changes in these factors could result in revisions to the amount of revenue recognized in the period in which the revisions are determined, which revisions could materially affect the Company’s consolidated results of operations for that period. Provisions for losses on uncompleted contracts are recorded in the period in which such losses are estimated. For both the three months ended March 31, 2026 and 2025, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2025 and 2024, respectively. Changes in recognized revenue, net, as a result of changes in total contract transaction price estimates, including from variable consideration, and/or changes in cost estimates, related to performance obligations satisfied or partially satisfied in prior periods positively affected revenue by approximately 0.6% and 1.8% for the three months ended March 31, 2026 and 2025, respectively. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The Company’s contracts often require significant services to integrate complex activities and equipment into a single deliverable, and are therefore generally accounted for as a single performance obligation, even when delivering multiple distinct services. Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of March 31, 2026, the amount of the Company’s remaining performance obligations was $16.2 billion. Based on current expectations, the Company anticipates it will recognize approximately $8.5 billion, or 52.5%, of its remaining performance obligations as revenue during 2026, with the majority of the remaining balance expected to be recognized over the subsequent two year period. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. Management’s estimates of variable consideration and the determination of whether to include estimated amounts in transaction prices are based largely on discussions, correspondence or preliminary negotiations and past practices with the customer, engineering studies and legal advice and all other relevant information that is reasonably available at the time of the estimate. To the extent unapproved change orders, claims and other variable consideration reflected in transaction prices are not resolved in the Company’s favor, or to the extent incentives reflected in transaction prices are not earned, there could be reductions in, or reversals of, previously recognized revenue. As of March 31, 2026 and December 31, 2025, the Company’s contract transaction prices included approximately $244 million and $229 million, respectively, of change orders and/or claims for certain contracts that were in the process of being resolved in the ordinary course of its business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both March 31, 2026 and December 31, 2025, these change orders and/or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments. The Company actively engages with its customers to complete the final approval process for such amounts and generally expects these processes to be completed within one year. Amounts ultimately realized upon final agreement by customers could be higher or lower than such estimated amounts. Supplier Financing Program The Company has provided certain of its suppliers with access to a supplier finance program administered through a third party, which facilitates participating suppliers’ ability to finance payments due from the Company through third-party financial institutions. Participating suppliers may, at their sole discretion, receive payment of the Company’s obligation prior to the scheduled due dates, at a discounted price from the third party. The Company agrees to pay the financial institution the stated amount generally within 60 days of receipt of the invoice. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the supplier’s decision to finance amounts under these arrangements. The Company does not have pledged assets or other guarantees under the program. As of March 31, 2026 and December 31, 2025, the outstanding payment obligations under the Company’s supplier finance program totaled approximately $138.6 million and $125.6 million, respectively, which amounts are recorded within accounts payable in the consolidated balance sheets. The associated payments are included within operating activities in the consolidated statements of cash flows. Recent Accounting Pronouncements The discussion below describes the effects of recent accounting pronouncements, as updated from the discussion in the Company’s 2025 Form 10-K. Accounting Pronouncements Adopted in 2026 In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides a practical expedient that permits an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years, with early adoption permitted. The amendments in ASU 2025-05 should be applied prospectively. The Company adopted this ASU prospectively in the first quarter of 2026, and its adoption did not have a material effect on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) to enhance the transparency and clarity of the components of specific expense categories in the income statement. ASU 2024-03 requires disclosure of additional information about specific expense categories underlying certain income statement expense line items. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses: Clarifying the Effective Date to clarify that all public business entities are required to adopt the guidance in annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03, and its related clarifying ASU, should be applied prospectively, with retrospective application permitted. The Company is currently evaluating the impact this ASU will have on its disclosures. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”). ASU 2025-03 clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a variable interest entity that meets the definition of a business. ASU 2025-03 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted. ASU 2025-03 is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. The Company does not expect that this ASU will have a material effect on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 modernizes the accounting for internal-use software by eliminating the previous stage-based capitalization model so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The amendments in ASU 2025-06 should be applied prospectively, with retrospective application or a modified transition approach permitted. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 improves existing guidance within Accounting Standards Codification (“ASC”) Topic 270 by clarifying the scope and applicability of the standard and by providing a comprehensive list of interim disclosure requirements. ASU 2025-11 also establishes a principle to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements.

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 273,672	$ 396,030
Accounts receivable, net of allowance	1,594,226	1,540,263
Contract assets	2,276,104	2,001,913
Inventories, net	117,227	112,465
Prepaid expenses	160,370	183,575
Other current assets	95,406	94,833
Total current assets	4,517,005	4,329,079
Property and equipment, net	1,862,593	1,728,470
Operating lease right-of-use assets	475,931	457,270
Goodwill, net	2,351,567	2,248,992
Other intangible assets, net	761,163	656,248
Other long-term assets	473,256	503,483
Total assets	10,441,515	9,923,542
Current liabilities:
Current portion of long-term debt, including finance leases	156,007	154,311
Current portion of operating lease liabilities	178,084	175,649
Accounts payable	1,316,539	1,280,897
Accrued salaries and wages	340,348	248,266
Other accrued expenses	506,989	540,778
Contract liabilities	800,314	747,730
Other current liabilities	129,089	123,414
Total current liabilities	3,427,370	3,271,045
Long-term debt, including finance leases	2,376,307	2,176,372
Long-term operating lease liabilities	309,517	292,839
Deferred income taxes	519,962	478,156
Other long-term liabilities	378,425	370,609
Total liabilities	7,011,581	6,589,021
Commitments and contingencies (Note 13)
Equity
Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares – none	0	0
Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 99,435,573 and 99,319,916 (including 1,024,003 and 1,038,778 of unvested stock awards) as of March 31, 2026 and December 31, 2025, respectively	9,944	9,932
Capital surplus	1,309,904	1,319,920
Retained earnings	2,768,463	2,707,623
Accumulated other comprehensive loss	(44,815)	(44,033)
Treasury stock, at cost: 20,422,329 shares as of both March 31, 2026 and December 31, 2025	(734,133)	(734,133)
Total MasTec, Inc. shareholders’ equity	3,309,363	3,259,309
Non-controlling interests	120,571	75,212
Total equity	3,429,934	3,334,521
Total liabilities and equity	$ 10,441,515	$ 9,923,542
Treasury stock, shares (in shares)	20,422,329	20,422,329

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to MasTec by the weighted average number of common shares outstanding for the period, which excludes non-participating unvested restricted share awards. Diluted earnings per share is computed by dividing net income attributable to MasTec by the weighted average number of fully diluted shares, as calculated primarily under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as issued but unvested restricted shares.

The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands):


	Three Months Ended March 31,
	2026		2025
Net income attributable to MasTec:
Net income - basic and diluted	$	60,840	$	9,903


Weighted average shares outstanding:
Weighted average shares outstanding - basic	77,950		78,192
Dilutive common stock equivalents (a)	834		860
Weighted average shares outstanding - diluted	78,784		79,052

(a) For the three months ended March 31, 2026 and 2025, anti-dilutive common stock equivalents totaled approximately 31,000 and 55,000, respectively.

Share Repurchases. There were no share repurchases under the Company’s share repurchase program for the three months ended March 31, 2026. For the three months ended March 31, 2025, the Company repurchased 332,565 shares of its common stock, the effect of which on the Company’s weighted average shares outstanding for the related period was minimal. See Note 10 – Stockholders' Equity for details of the Company’s share repurchase transactions.

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Activity, Restricted Shares


Activity, restricted shares: (a)	Restricted Shares	Per Share Weighted Average Grant Date Fair Value
Non-vested restricted shares, as of December 31, 2025	1,038,778	$	92.26
Granted	187,955	303.38
Vested	(191,745)	96.87
Canceled/forfeited	(10,854)	78.81
Non-vested restricted shares, as of March 31, 2026	1,024,134	$	130.29

(a) Includes 131 restricted stock units as of March 31, 2026; none were outstanding as of December 31, 2025.

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities - Schedule of Accounts Receivable, Net of Allowance and Contract Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Receivables [Abstract]
Contract billings	$ 1,611,300	$ 1,558,200
Less allowance	(17,100)	(17,900)
Accounts receivable, net of allowance	1,594,226	1,540,263
Contract Assets [Abstract]
Retainage	538,700	428,400
Unbilled receivables	1,737,400	1,573,500
Contract assets	$ 2,276,104	$ 2,001,913

Debt - Senior Credit Facility - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Line of credit facility, letters of credit issued	$ 92.5	$ 90.5
Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	1,900.0
Line of credit facility, letters of credit issued	$ 59.1	$ 57.1
Line of credit facility, unused facility fee (percentage)	0.175%	0.175%
Credit Facility \| Foreign Denomination
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 246.1	$ 257.0
Long-term line of credit	$ 53.9	$ 43.0
Credit Facility \| Revolving Commitments
Debt Instrument [Line Items]
Weighted average interest rate (percentage)	4.73%	4.56%
Line of credit facility, remaining borrowing capacity	$ 1,537.0	$ 1,724.9
Credit Facility \| Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, capacity available for letters of credit	$ 690.9	$ 692.9
Credit Facility \| Letters of Credit \| Standby Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)	0.4375%	0.4375%
Credit Facility \| Letters of Credit \| Commercial and/or Financial Standby
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)	1.25%	1.25%

Debt - Schedule of Carrying Values of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Finance lease and other obligations	$ 419,700	$ 405,300
Total debt obligations	2,546,100	2,345,600
Less unamortized deferred financing costs	(13,800)	(14,900)
Total debt, net of deferred financing costs	2,532,300	2,330,700
Current portion of long-term debt	156,007	154,311
Long-term debt	2,376,307	2,176,372
Credit Facility \| Revolving Loans
Debt Instrument [Line Items]
Long-term debt obligations	303,900	118,000
Credit Facility \| Term Loan \| 2025 Term Loan Facility
Debt Instrument [Line Items]
Long-term debt obligations	$ 600,000	600,000
Senior Notes \| 4.500% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	4.50%
Long-term debt obligations	$ 600,000	600,000
Senior Notes \| 5.900% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	5.90%
Long-term debt obligations	$ 550,000	550,000
Senior Notes \| 6.625% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	6.625%
Long-term debt obligations	$ 72,500	$ 72,300

Lease Obligations - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Leases, remaining lease terms	13 years
Finance leases, assets, gross	$ 804.4		$ 798.8
Assets held under finance leases, location	Property and equipment, net		Property and equipment, net
Finance leases, assets, net	$ 571.2		$ 560.1
Finance leases, assets, depreciation	17.3	$ 19.2
Operating leases, additions	$ 59.0	48.9
Operating leases, term of contract	1 year
Operating lease expense	$ 64.5	51.3
Operating leases, variable lease costs	5.1	5.0
Operating leases, short-term leases, expense	$ 220.4	$ 134.4
Minimum \| Equipment Leases
Lessee, Lease, Description [Line Items]
Leases, renewal term	1 year
Minimum \| Facility Leases
Lessee, Lease, Description [Line Items]
Leases, renewal term	1 year
Maximum \| Equipment Leases
Lessee, Lease, Description [Line Items]
Leases, renewal term	5 years
Maximum \| Facility Leases
Lessee, Lease, Description [Line Items]
Leases, renewal term	5 years

Acquisitions, Goodwill, and Other Intangible Assets, Net- Estimated Fair Values of the Consideration Paid and Net Assets Acquired (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2026	Mar. 31, 2026	Dec. 31, 2025
Assets acquired and liabilities assumed:
Goodwill		$ 2,351,567	$ 2,248,992
2026 Acquisitions
Acquisition consideration:
Cash paid	$ 262,000	262,400
Less: cash acquired		(24,800)
Total consideration paid, net		237,600
Assets acquired and liabilities assumed:
Accounts receivable and contract assets		79,700
Prepaid expenses		15,200
Property and equipment		43,800
Long-term assets, primarily operating lease right-of-use assets		2,200
Amortizing intangible assets		141,500
Business Combination, Recognized Liability Assumed, Accounts Payable, Current		(30,000)
Contract liabilities		(22,900)
Other accrued expenses		(2,600)
Business Combination, Recognized Liability Assumed, Liability, Noncurrent		(45,200)
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), Total		181,700
Goodwill		97,700
Total net assets, excluding cash		279,400
Less: non-controlling interest		(41,800)
Total net assets acquired		$ 237,600

Acquisitions, Goodwill, and Other Intangible Assets, Net - Rollforward of Goodwill by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Goodwill [Line Items]
Goodwill		$ 2,364,300
Accumulated impairment loss		(115,300)
Goodwill, net	$ 2,351,567	2,248,992
Goodwill [Roll Forward]
Goodwill, net, beginning balance	2,248,992
Additions from new business combinations	97,700
Measurement period adjustments	5,900
Currency translation adjustments	(1,000)
Goodwill, net, ending balance	2,351,567
Communications
Goodwill [Line Items]
Goodwill		557,000
Accumulated impairment loss		0
Goodwill, net	555,600	557,000
Goodwill [Roll Forward]
Goodwill, net, beginning balance	557,000
Additions from new business combinations	0
Measurement period adjustments	(1,400)
Currency translation adjustments	0
Goodwill, net, ending balance	555,600
Clean Energy and Infrastructure
Goodwill [Line Items]
Goodwill		767,500
Accumulated impairment loss		0
Goodwill, net	872,400	767,500
Goodwill [Roll Forward]
Goodwill, net, beginning balance	767,500
Additions from new business combinations	97,700
Measurement period adjustments	7,200
Currency translation adjustments	0
Goodwill, net, ending balance	872,400
Power Delivery
Goodwill [Line Items]
Goodwill		397,200
Accumulated impairment loss		0
Goodwill, net	397,200	397,200
Goodwill [Roll Forward]
Goodwill, net, beginning balance	397,200
Additions from new business combinations	0
Measurement period adjustments	0
Currency translation adjustments	0
Goodwill, net, ending balance	397,200
Pipeline Infrastructure
Goodwill [Line Items]
Goodwill		642,600
Accumulated impairment loss		(115,300)
Goodwill, net	526,400	$ 527,300
Goodwill [Roll Forward]
Goodwill, net, beginning balance	527,300
Additions from new business combinations	0
Measurement period adjustments	100
Currency translation adjustments	(1,000)
Goodwill, net, ending balance	$ 526,400

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Schedule of Accounts Receivable, Net of Allowance, and Contract Assets

The following table provides details of accounts receivable, net of allowance, and contract assets (together, “accounts receivable, net”) as of the dates indicated (in millions):


	March 31, 2026		December 31, 2025
Contract billings	$	1,611.3	$	1,558.2
Less allowance	(17.1)		(17.9)
Accounts receivable, net of allowance	$	1,594.2	$	1,540.3

Retainage	$	538.7	$	428.4
Unbilled receivables	1,737.4		1,573.5
Contract assets	$	2,276.1	$	2,001.9

Segments and Related Information - Schedule of Financial Information by Reportable Segment - Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Consolidated assets	$ 10,441,515	$ 9,923,542
Operating Segments \| Communications
Assets:
Consolidated assets	1,946,800	1,962,300
Operating Segments \| Clean Energy and Infrastructure
Assets:
Consolidated assets	3,173,300	2,816,600
Operating Segments \| Power Delivery
Assets:
Consolidated assets	2,721,800	2,621,600
Operating Segments \| Pipeline Infrastructure
Assets:
Consolidated assets	2,032,700	1,928,700
Operating Segments \| Other
Assets:
Consolidated assets	357,100	364,000
Operating Segments \| Corporate
Assets:
Consolidated assets	209,800	230,300
Corporate
Assets:
Consolidated assets	$ 10,441,500	$ 9,923,500

Fair Value Measures and Disclosures (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Earn-out Liabilities

The following table, which may contain slight summation differences due to rounding, provides a reconciliation of changes in Earn-out liabilities measured at fair value for the periods indicated (in millions):


	Three Months Ended March 31,
	2026		2025
Balance as of beginning of period (a)	$	72.6	$	112.7


Fair value adjustments (b)	1.7		0.9
Payments	—		(0.5)
Balance as of end of period (a)	$	74.3	$	113.1

(a)Earn-out liabilities included within other current liabilities totaled approximately $23.8 million and $28.2 million as of March 31, 2026 and December 31, 2025, respectively.

Summary of Investment Activity

The table below reflects the investment activity of the Waha JVs for the periods indicated (in millions):


	Three Months Ended March 31,
	2026		2025
Equity in earnings (a)	$	4.8	$	8.3
Distributions of earnings (b)	3.7		3.7

(a)Equity in earnings related to the Company’s proportionate share of income from the Waha JVs is included within the Company’s Other segment.

(b)Distributions of earnings from the Waha JVs are included within operating cash flows.

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Carrying Values of Debt

The following table provides details of the carrying values of debt as of the dates indicated (in millions):


Description	Maturity Date	March 31, 2026		December 31, 2025
Senior credit facility:	June 26, 2030
Revolving loans		$	303.9	$	118.0
4.500% Senior Notes	August 15, 2028	600.0		600.0
5.900% Senior Notes	June 15, 2029	550.0		550.0
6.625% Senior Notes	August 15, 2029	72.5		72.3
2025 Term Loan Facility	June 26, 2028	600.0		600.0
Finance lease and other obligations		419.7		405.3
Total debt obligations		$	2,546.1	$	2,345.6
Less unamortized deferred financing costs		(13.8)		(14.9)
Total debt, net of deferred financing costs		$	2,532.3	$	2,330.7
Current portion of long-term debt		156.0		154.3
Long-term debt		$	2,376.3	$	2,176.4

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities

The following table provides details of accounts receivable, net of allowance, and contract assets (together, “accounts receivable, net”) as of the dates indicated (in millions):


	March 31, 2026		December 31, 2025
Contract billings	$	1,611.3	$	1,558.2
Less allowance	(17.1)		(17.9)
Accounts receivable, net of allowance	$	1,594.2	$	1,540.3

Retainage	$	538.7	$	428.4
Unbilled receivables	1,737.4		1,573.5
Contract assets	$	2,276.1	$	2,001.9

Contract billings represent the amount of performance obligations that have been billed but not yet collected, whereas contract assets consist of unbilled receivables and retainage. Unbilled receivables, which are included in contract assets, represent the estimated value of unbilled work for projects with performance obligations recognized over time. Unbilled receivables include amounts for work performed for which the Company has an unconditional right to receive payment and that are not subject to the completion of any other specific task, other than the billing itself. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount until final contract settlement. As of March 31, 2026, the increase in contract assets was driven primarily by ordinary course project activity within the Company’s Clean Energy and Infrastructure segment, including the impact of a first quarter acquisition and the timing of billings.

For the three months ended March 31, 2026 and 2025, provisions for credit losses totaled recoveries of approximately $0.2 million and $0.7 million, respectively, both of which included certain project-specific reserves. Impairment losses on contract assets were not material in either period.

Contract liabilities, which are generally classified within current liabilities on the Company’s consolidated balance sheets, consist primarily of deferred revenue and also include the amount of any accrued project losses. Under certain contracts, the Company may be entitled to invoice the customer and receive payments in advance of performing the related contract work. In those instances, the Company recognizes a liability for advance billings in excess of revenue recognized, which is referred to as deferred revenue. Total contract liabilities, including accrued project losses, totaled approximately $800.3 million and $747.7 million as of March 31, 2026 and December 31, 2025, respectively, of which deferred revenue comprised approximately $792.3 million and $741.0 million, respectively. The increase in contract liabilities as of March 31, 2026 was driven primarily by ordinary course project activity, including in connection with new project starts within the Company’s Clean Energy and Infrastructure segment, as well as the impact of a first quarter acquisition.

For the three months ended March 31, 2026 and 2025, the Company recognized revenue of approximately $571.3 million and $493.8 million, respectively, related to amounts that were included in deferred revenue as of December 31, 2025 and December 31, 2024, respectively, resulting primarily from the advancement of physical progress on the related projects during the respective periods.

The Company is party to certain non-recourse financing arrangements in the ordinary course of business, under which certain receivables are sold to a financial institution in return for a nominal fee. The Company has certain additional non-recourse financing arrangements under which it continues to manage collections for the transferred receivables, and for which the corresponding servicing assets or liabilities are not material. For the three months ended March 31, 2026 and 2025, the Company sold approximately $172 million and $104 million, respectively, of receivables under financing arrangements for which it continues to manage collections for the transferred receivable, and, as of March 31, 2026 and December 31, 2025, outstanding sold receivables related thereto totaled approximately $171 million and $172 million, respectively, which amounts are excluded from accounts receivable, net of allowance, in the consolidated balance sheets. The Company’s involvement in the collection process for these receivables is not considered to constitute significant continuing involvement, and, therefore, the receivables are accounted for as a sale under ASC Topic 860, Transfers and Servicing. Cash collections from the sale of receivables are reflected within operating activities in the consolidated statements of cash flows. The Company is also party to arrangements with certain customers that allow for early collection of receivables for a nominal fee, at the Company’s option. Discount charges related to the above described financing arrangements, which are included within interest expense, net, totaled approximately $5.7 million and $5.3 million for the three months ended March 31, 2026 and 2025, respectively.

Debt - 2025 Term Loan Facility (Details) - 2025 Term Loan Facility - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Unsecured Debt \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600.0
Unsecured Debt \| Credit Facility
Debt Instrument [Line Items]
Debt instrument, interest rate during period	4.79%	4.85%
Term Loan \| Credit Facility
Debt Instrument [Line Items]
Long-term debt obligations	$ 600.0	$ 600.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value of Financial Instruments - The Waha JVs - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, net investment	$ 355.0	$ 377.0
Waha JVs
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, cumulative undistributed earnings	147.9
Equity method investments, net investment	$ 291.0	$ 290.0

Acquisitions, Goodwill, and Other Intangible Assets, Net - Pro Forma Results (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Revenue	$ 3,828.8	$ 2,943.3
Net income	$ 71.4	$ 4.4