MasTec (MTZ) financial statements
MasTec reported revenue of $14.3B in fiscal 2025, up 12.1% a year over 9 years.
Net income was $399M.
Free cash flow was $286M, and the company returned $77M in net buybacks.
The diluted share count fell 3% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MasTec's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.1B | $6.6B | $6.9B | $7.2B | $6.3B | $8.0B | $9.8B | $12.0B | $12.3B | $14.3B |
| Cost of revenue | — | $5.7B | $5.9B | $6.1B | $5.3B | $6.8B | $8.6B | $10.6B | $10.7B | $12.5B |
| Gross profit | — | $862M | $970M | $1.1B | $1.1B | $1.1B | $1.2B | $1.4B | $1.6B | $1.8B |
| Selling, general and admin | $261M | $275M | $287M | $286M | $303M | $307M | $559M | $699M | $685M | $713M |
| Pre-tax income | $226M | $372M | $365M | $511M | $425M | $430M | $43M | -$83M | $251M | $515M |
| Income tax | $92M | $23M | $106M | $117M | $102M | $99M | $9M | -$35M | $52M | $93M |
| Net income | $131M | $347M | $260M | $392M | $323M | $329M | $33M | -$50M | $163M | $399M |
| EPS (diluted) | $1.61 | $4.22 | $3.26 | $5.17 | $4.38 | $4.45 | $0.42 | -$0.64 | $2.06 | $5.07 |
| Diluted shares | 81M | 82M | 80M | 76M | 74M | 74M | 76M | 78M | 79M | 79M |
| Gross margin | — | 13.0% | 14.0% | 15.5% | 16.6% | 14.4% | 12.2% | 11.5% | 13.2% | 12.5% |
| Net margin | 2.6% | 5.3% | 3.8% | 5.5% | 5.1% | 4.1% | 0.3% | -0.4% | 1.3% | 2.8% |
Balance sheet
Fiscal years, from MasTec's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $39M | $40M | $27M | $71M | $423M | $361M | $371M | $530M | $400M | $396M |
| Receivables | $1.2B | $1.6B | $671M | $850M | $784M | $1.0B | $1.4B | $1.4B | $1.4B | $1.5B |
| Inventory | $111M | $77M | $114M | $100M | $90M | $93M | $118M | $108M | $107M | $112M |
| Total current assets | $1.4B | $1.9B | $2.2B | $2.2B | $2.4B | $2.9B | $3.9B | $4.0B | $3.7B | $4.3B |
| Property, plant and equipment | $549M | $707M | $748M | $906M | $982M | $1.4B | $1.8B | $1.7B | $1.5B | $1.7B |
| Goodwill | $996M | $1.1B | $1.1B | $1.2B | $1.2B | $1.5B | $2.0B | $2.1B | $2.2B | $2.2B |
| Total assets | $3.2B | $4.1B | $4.4B | $5.0B | $5.2B | $7.1B | $9.3B | $9.4B | $9.0B | $9.9B |
| Total current liabilities | $840M | $964M | $1.3B | $1.2B | $1.4B | $1.8B | $2.5B | $2.8B | $3.0B | $3.3B |
| Long-term debt | $961M | $1.3B | $1.3B | $1.3B | $1.2B | $1.9B | $3.1B | $2.9B | $2.0B | $2.2B |
| Total liabilities | $2.1B | $2.6B | $3.0B | $3.2B | $3.2B | $4.6B | $6.6B | $6.7B | $6.0B | $6.6B |
| Shareholders' equity | $1.1B | $1.4B | $1.4B | $1.8B | $2.0B | $2.5B | $2.7B | $2.7B | $2.9B | $3.3B |
| Net debt | $923M | $1.2B | $1.3B | $1.2B | $735M | $1.5B | $2.7B | $2.4B | $1.6B | $1.8B |
Cash flow
Fiscal years, from MasTec's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $206M | $144M | $530M | $550M | $937M | $793M | $352M | $687M | $1.1B | $546M |
| Capital spending | $117M | $123M | $180M | $126M | $214M | $170M | $263M | $193M | $149M | $260M |
| Free cash flow | $88M | $21M | $350M | $424M | $724M | $623M | $89M | $494M | $973M | $286M |
| Stock-based compensation | $15M | $16M | $14M | $16M | $22M | $25M | $27M | $33M | $33M | $34M |
| Share buybacks (net) | $0 | -$2M | -$314M | -$6M | -$120M | $0 | -$81M | $0 | $0 | -$77M |
| Free cash flow margin | 1.7% | 0.3% | 5.1% | 5.9% | 11.4% | 7.8% | 0.9% | 4.1% | 7.9% | 2.0% |
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Open MTZ in InvestinglyQuestions
What was MasTec's revenue in 2025?
$14.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does MasTec generate?
$286M in fiscal 2025 (operating cash flow minus capital spending).
From MasTec's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.