MasTec Inc

mastec.com

What Do They Do?

Builds and maintains communications networks, energy infrastructure and pipelines for network operators, utilities and government agencies.

How Do They Make Money?

MasTec earns mainly from construction projects and services under multi-year service agreements; customers make progress payments as work advances, while install-to-the-home and certain wireless work is billed and paid when completed.

revenue

Segment	Share	How money arrives
Communications Recurring	23% FY2022: 33%	Recurring
Clean Energy and Infrastructure Recurring	33% FY2022: 27%	Recurring
Power Delivery Recurring	29% FY2022: 28%	Recurring
Pipeline Infrastructure Recurring	15% FY2022: 12%	Recurring
Other	0.0% FY2022: 0.0%

Who Are Their Customers?

Customers often buy through multi-year service agreements or specific project contracts. Business-unit managers seek contracts directly and also market alongside business partners.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: no customer at 10% or more of revenue

Do Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2025 and turned 2 cents into free cash flow.

Net income, FY2025

3% of revenue

▲ +145% vs FY2024 ($162.8M, 1%)

Free cash flow, FY2025

2% of revenue

▼ −71% vs FY2024 ($972.7M, 8%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +23%; vs $3.5B in Q2 FY2025
Net income: ▲ +52%; vs $85.8M in Q2 FY2025

Clean Energy and Infrastructure share of revenue vs 31.9% in Q2 FY2025

Jul 30, 2026 Acquired The Superior Group and updated financial guidance The electrical contractor serves data center and other end markets; the company updated its full-year 2026 financial outlook.

Growing. Revenue grew 80% in 4 years, from $8B in FY2021 to $14.3B in FY2025, about 16% a year.

Expanded data center work MasTec's latest description adds data center buildout and interconnection to Communications and data center infrastructure customers to Power Delivery; the older segment descriptions center on communications networks and energy and utility markets.

Revenue over time

Communications Clean Energy and Infrastructure Power Delivery Pipeline Infrastructure Other Oil and Gas

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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