Group 1 - Everus Construction Group, Inc. (ECG) is outperforming its peers in the Construction sector with a year-to-date return of approximately 19.3%, compared to the sector average of 6.6% [4] - ECG currently holds a Zacks Rank of 1 (Strong Buy), indicating a favorable outlook based on earnings estimate revisions and improving earnings outlooks [3] - The Zacks Consensus Estimate for ECG's full-year earnings has increased by 15.4% over the past quarter, reflecting improved analyst sentiment [4] Group 2 - ECG is part of the Building Products - Miscellaneous industry, which has seen an average gain of 2% year-to-date, indicating that ECG is performing better than its industry peers [6] - MasTec (MTZ), another Construction stock, has returned 33.5% since the beginning of the year and also holds a Zacks Rank of 1 (Strong Buy) [5] - The Building Products - Heavy Construction industry, to which MasTec belongs, is currently ranked 7 and has increased by 31.1% year-to-date [6]

Core Insights - MasTec, Inc. (MTZ) reported a strong second-quarter performance for 2025, with revenue increasing by 20% year over year to a record $3.54 billion and earnings per share of $1.49, surpassing consensus estimates by 5.7% [1][9] - The Communications segment experienced significant growth, with a 42% increase in revenue and a 55% rise in adjusted EBITDA, driven by robust demand in wireless and wireline services [1][9] Industry Trends - The surge in fiber infrastructure needs is primarily fueled by AI advancements, with hyperscaler capital spending, data center construction, and broadband expansion converging to create a long-term opportunity for fiber deployment [2] - Major telecom companies such as AT&T, Verizon, and T-Mobile have set aggressive multi-year fiber passing targets, effectively doubling their footprints by the end of the decade, positioning MasTec to capture a significant share of this investment wave [2] Company Performance - The backlog in the Communications segment reached a record $5 billion in the second quarter, reflecting a 13% year-over-year increase, indicating strong demand durability [3][9] - Federal broadband initiatives and middle-mile build-outs further support this demand, while MasTec's recent 10% workforce expansion enhances its ability to execute large-scale projects [3] Future Outlook - Management anticipates continued double-digit sequential revenue growth in the third quarter, along with margin expansion due to operating leverage [4] - The Communications segment is well-positioned for sustained growth, driven by AI applications that increase data consumption and telecoms' efforts to meet bandwidth requirements [4] Competitive Landscape - MasTec operates in a competitive telecom and fiber infrastructure market, with significant players including Quanta Services, Dycom Industries, and Uniti Group [5] - Quanta Services has a strong presence in utility and telecom infrastructure, leveraging its resources to secure major fiber deployment contracts, making it a formidable competitor [6] - Dycom focuses on telecom infrastructure and benefits from broadband expansion initiatives, directly competing with MasTec for multi-year build-out budgets [7] - Uniti Group specializes in communications infrastructure, owning and leasing fiber networks, and is positioned within the same ecosystem as MasTec due to the increasing demand for fiber networks driven by AI [8]

Group 1 - MasTec (MTZ) is currently outperforming its peers in the Construction sector, with a year-to-date return of approximately 31.5% compared to the sector average of 5.6% [4] - The Zacks Rank for MasTec is 1 (Strong Buy), indicating a positive earnings outlook, with the consensus estimate for full-year earnings having increased by 3.8% over the past three months [3] - MasTec belongs to the Building Products - Heavy Construction industry, which ranks 1 in the Zacks Industry Rank, with an average gain of 30.3% this year [6] Group 2 - Primoris Services (PRIM) is another stock in the Construction sector that has outperformed, with a year-to-date increase of 45.6% [4] - The consensus estimate for Primoris Services' current year EPS has risen by 3.2% over the past three months, and it holds a Zacks Rank of 2 (Buy) [5] - Both MasTec and Primoris Services are recommended for investors interested in the Construction sector due to their strong performance [7]

Core Insights - MasTec reported strong Q2 2025 results with revenue of $3.54 billion, exceeding analyst estimates of $3.40 billion, and non-GAAP EPS of $1.49, surpassing the forecast of $1.40 [1][2] - The company has a record 18-month backlog of $16.5 billion, indicating robust future demand despite challenges in operating cash flow and slight growth in adjusted EBITDA [1][10] Financial Performance - Non-GAAP EPS increased by 49.0% year-over-year from $1.00 in Q2 2024 to $1.49 in Q2 2025 [2] - GAAP revenue rose by 19.7% year-over-year from $2.96 billion in Q2 2024 to $3.54 billion in Q2 2025 [2] - Adjusted EBITDA saw a modest increase of 1.3%, from $271.4 million in Q2 2024 to $274.8 million in Q2 2025 [2] - Operating cash flow dramatically decreased by 97.7%, from $264 million in Q2 2024 to $6 million in Q2 2025 [2] Segment Performance - The Communications segment experienced significant growth, with revenue up 41.6%, driven by increased project activity in 5G and broadband [5] - Clean Energy and Infrastructure revenue increased by 20.1% year-over-year, reflecting productivity gains and successful project completions [6] - Power Delivery revenue rose by 20.4%, although margins slipped to 8.7% due to reduced efficiencies [7] - The Pipeline Infrastructure segment faced a revenue decline of 5.7%, attributed to the completion of a major project in the previous year, with EBITDA falling 54% [8] Strategic Focus - MasTec is aligned with industry trends such as 5G expansion, renewable energy projects, and grid modernization, which are critical for future growth [4] - The company emphasizes efficient project execution and working capital management as backlogs increase [4] Operational Challenges - Despite record revenue, the company faces challenges in cash flow management, highlighting the need for improved operational efficiency [11] - The balance sheet remains stable with net debt of $2.07 billion, and the company has expanded its share buyback authorization by $250 million [12] Future Outlook - Management raised the full-year FY2025 revenue outlook to $13.9 to $14.0 billion, reflecting confidence in booking trends [14] - For Q3 FY2025, anticipated revenue is $3.9 billion, with adjusted diluted EPS of $2.28 and adjusted EBITDA of $370 million [15]

Financial Data and Key Metrics Changes - The company reported a record revenue of $3.54 billion for Q2 2025, representing a 20% year-over-year growth and a 25% sequential increase from Q1 2025 [24][33] - Adjusted EBITDA for the quarter was $275 million, meeting forecasts, with an adjusted EBITDA margin of 9.9%, up from 9% in the prior year [27][24] - The total backlog at the end of the quarter was $16.45 billion, a 4% increase from Q1 and a 23% increase year-over-year [24][25] Business Line Data and Key Metrics Changes - Non-pipeline business EBITDA increased from $181 million to $257 million, a 42% year-over-year increase, with revenue up 26% [7] - Communications segment revenue grew 42% year-over-year, with adjusted EBITDA growing 55% and a backlog increase to a record $5 billion [12][24] - Power Delivery segment revenues increased by 20% year-over-year, with expectations for continued margin improvement [14][24] - Clean Energy and Infrastructure segment revenue grew 20% year-over-year, with adjusted EBITDA nearly doubling from $47.3 million to $83.3 million [15][24] Market Data and Key Metrics Changes - The company noted a healthy market backdrop for telecom infrastructure, driven by robust capital investments from customers [12] - The Clean Energy and Infrastructure segment saw new awards accelerate to $1.6 billion in Q2, compared to $1.1 billion in Q1 [16] - The pipeline infrastructure segment experienced a revenue decline of 6% year-over-year, attributed to challenging comparisons from the MVP project wind down [18] Company Strategy and Development Direction - The company is increasing its revenue guidance for 2025 to a range of $13.9 billion to $14 billion, reflecting strong demand visibility [9][33] - Investments in headcount and equipment are being made to prepare for anticipated demand in 2026 and beyond, despite short-term impacts on margins [10][11] - The company is focused on operational execution and evolving business processes to ensure consistent outcomes and strong structural profitability [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business positioning and the ability to fulfill major projects across various markets [23] - The company anticipates further sequential improvements in revenue and margins across segments in the second half of 2025 [8][9] - Management highlighted the importance of customer relationships and framework agreements in securing visibility and outcomes for the business [20] Other Important Information - The company completed $40 million in share repurchases during the quarter and authorized an additional $250 million repurchase program [26] - Cash flow from operations for Q2 was $6 million, with a year-to-date total of $84 million [25] - The company ended the quarter with total liquidity of approximately $2 billion and net leverage of 2.0 times [34] Q&A Session Summary Question: Customer feedback and activity in clean energy - Management indicated that customer plans for 2025 and 2026 remain unaffected by policy uncertainty, with strong bookings in both quarters [37][39] Question: Timing of bookings in power delivery - Management expects to see significant growth in power delivery, with a focus on various project types [41][42] Question: Expectations for tier one customers and legislative impacts - Management believes tier one customers are well-positioned to take advantage of safe harbor projects, with a positive outlook for growth [48][50] Question: Durability and duration of the communications cycle - Management expressed optimism about continued growth in both wireline and wireless sectors, driven by strong demand [75][81] Question: Margin improvement trajectory - Management is bullish on margin improvements across all segments, with a focus on operational execution and productivity [62][63] Question: Capacity building in pipeline infrastructure - Management noted significant investments in capacity and headcount, with expectations for increased productivity in the pipeline segment [102][104]

Financial Data and Key Metrics Changes - The company reported a record revenue of $3.54 billion for Q2 2025, representing a 20% year-over-year growth and a 25% sequential increase from Q1 2025 [24] - Adjusted EBITDA for the quarter was $275 million, meeting forecasts, with an adjusted EBITDA margin of 9.9%, up from 9% in the prior year [27] - The total backlog at the end of the quarter was $16.45 billion, a 4% increase from Q1 and a 23% increase year-over-year [24][25] Business Line Data and Key Metrics Changes - Non-pipeline business EBITDA increased from $181 million to $257 million, a 42% year-over-year increase, with revenue up 26% [6] - Communications segment revenue grew 42% year-over-year, with adjusted EBITDA growing 55% and a backlog increase to a record $5 billion [12] - Power Delivery segment revenues increased by 20% year-over-year, with expectations for mid-teens revenue growth and high single-digit margins for the year [14] - Clean Energy and Infrastructure segment revenue grew 20% year-over-year, with adjusted EBITDA nearly doubling from $47.3 million to $83.3 million [15] Market Data and Key Metrics Changes - The company noted a healthy market backdrop for telecom infrastructure, driven by robust capital investments from customers [12] - The Clean Energy and Infrastructure segment saw new awards accelerate to $1.6 billion in Q2, compared to $1.1 billion in Q1 [16] - The pipeline infrastructure segment experienced a revenue decline of 6% year-over-year, attributed to challenging comparisons from the MVP project wind down [18] Company Strategy and Development Direction - The company is increasing its revenue guidance for 2025 to a range of $13.9 billion to $14 billion, reflecting strong demand visibility [8] - Investments in headcount and equipment are being made to prepare for anticipated demand in 2026 and beyond, despite slightly impacting margins in 2025 [10][11] - The company is focused on operational execution and evolving business processes to ensure consistency and strong structural profitability [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business positioning and the strong demand drivers requiring significant infrastructure investment for years to come [23] - The company expects further sequential improvements in margins across its segments, particularly in Communications and Power Delivery [11][32] - Management highlighted the importance of the One Big Beautiful bill, which maintains tax credits for renewables through 2027, providing a clear path for project development [17] Other Important Information - The company added nearly 4,000 new team members, representing over a 10% increase in workforce, to meet current and future demand [10] - The company completed $40 million in share repurchases during the quarter and authorized an additional $250 million repurchase program [26] - The company ended the quarter with total liquidity of approximately $2 billion and net leverage of 2.0 times, expecting to decrease in the latter half of the year [34] Q&A Session Summary Question: Customer feedback and activity in clean energy - Management indicated that customer plans for 2025 and 2026 remain unaffected by policy uncertainty, with strong bookings continuing [36][38] Question: Timing of bookings in power delivery - Management expects to see significant growth in power delivery, with a focus on various project types and ongoing margin progression [40][42] Question: Expectations for tier one customers and project outcomes - Management noted that tier one customers are well-positioned to take advantage of safe harbor opportunities, with a strong outlook for growth in 2026 and beyond [46][50] Question: Durability and duration of the communication cycle - Management expressed optimism about continued strong growth in both wireline and wireless sectors, driven by various market demands [74][81] Question: Margin improvement trajectory - Management is bullish on achieving margin improvements across all segments, with a focus on operational execution and productivity [58][62]

Q2 2025 Performance - Revenue reached $3.5 billion, exceeding guidance expectations by 4% and showing a 20% increase compared to the previous year[5,6] - Adjusted EBITDA increased by 1% year-over-year, meeting guidance expectations[5] - Adjusted Diluted EPS was $1.49, surpassing the midpoint of guidance by $0.08 due to higher operating earnings and lower depreciation[5] - Cash flow from operations was $6 million[6] Backlog - Total backlog reached $16.5 billion, reflecting a sequential increase of $0.6 billion (4%) and a year-over-year growth of $3.1 billion (23%)[5] - Clean Energy and Infrastructure backlog increased by $506 million sequentially and approximately $1.3 billion year-over-year, reaching $4.9 billion[15] Segment Results (Q2 2025 Revenue) - Communications: $837 million[9] - Clean Energy and Infrastructure: $1.131 billion[9] - Power Delivery: $591 million[9] - Pipeline Infrastructure: $275 million[9] Financial Position - The company anticipates 2025 full year cash flow from operations will approximate $700 to $750 million[32] - The company expects 2025 leverage to remain below 2x[32] - Liquidity is at $2.0 billion[22] 2025 Guidance - Q3 Revenue Guidance: $3.9 billion[24] - Full Year Revenue Guidance: $13.9 billion - $14.0 billion[24] - Full Year Adjusted EBITDA Guidance: $1.13 billion - $1.16 billion[24] - Full Year Adjusted Diluted EPS Guidance: $6.23 - $6.44[24]

Core Insights - MasTec reported $3.54 billion in revenue for the quarter ended June 2025, a year-over-year increase of 19.7% [1] - The EPS for the same period was $1.49, compared to $0.96 a year ago, representing a surprise of +5.67% over the consensus estimate of $1.41 [1] - The revenue exceeded the Zacks Consensus Estimate of $3.39 billion by +4.58% [1] Revenue Breakdown - Communications revenue was $836.9 million, surpassing the four-analyst average estimate of $770.03 million, with a year-over-year change of +1.5% [4] - Clean Energy and Infrastructure revenue reached $1.13 billion, slightly below the $1.15 billion average estimate, reflecting a year-over-year change of +20.1% [4] - Power Delivery revenue was $1.05 billion, exceeding the four-analyst average estimate of $999.78 million, with a year-over-year change of +64.3% [4] Adjusted EBITDA Performance - Adjusted EBITDA for Communications was $82.6 million, compared to the average estimate of $85.09 million [4] - Adjusted EBITDA for Clean Energy and Infrastructure was $83.3 million, slightly above the average estimate of $81.45 million [4] - Adjusted EBITDA for Power Delivery was $91.3 million, exceeding the average estimate of $82.6 million [4] Stock Performance - MasTec shares returned +12.1% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

Core Insights - MasTec (MTZ) reported quarterly earnings of $1.49 per share, exceeding the Zacks Consensus Estimate of $1.41 per share, and showing an increase from $0.96 per share a year ago, resulting in an earnings surprise of +5.67% [1] - The company achieved revenues of $3.54 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 4.58%, and up from $2.96 billion year-over-year [2] - MasTec's stock has increased approximately 39.5% year-to-date, significantly outperforming the S&P 500's gain of 8.2% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.31 on revenues of $3.82 billion, and for the current fiscal year, it is $6.07 on revenues of $13.66 billion [7] - The estimate revisions trend for MasTec was favorable ahead of the earnings release, resulting in a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Building Products - Heavy Construction industry, to which MasTec belongs, is currently ranked in the top 4% of over 250 Zacks industries, suggesting strong performance potential [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

[Second Quarter 2025 Performance Highlights](index=1&type=section&id=Second%20Quarter%202025%20Performance%20Highlights) MasTec achieved record Q2 2025 results, with revenue up 20% to $3.5 billion and backlog up 23% to $16.5 billion Q2 2025 Performance Metrics | Metric | Q2 2025 Value | Year-over-Year Change | | :--- | :--- | :--- | | **Revenue** | $3.5 billion | +20% | | **18-Month Backlog** | $16.5 billion | +23% | | **GAAP Diluted EPS** | $1.09 | +153% | | **Adjusted Diluted EPS** | $1.49 | +49% | | **GAAP Net Income** | $90.1 million | +106% (calculated) | | **Adjusted EBITDA** | $274.8 million | +1.3% (calculated) | - Management attributes the strong performance to an exceptionally strong demand climate across all market segments and clean execution against these opportunities[4](index=4&type=chunk) - The company raised its full-year 2025 guidance, increasing the midpoint for Diluted EPS by ~6% to $4.71 and Adjusted Diluted EPS by ~4% to $6.33[5](index=5&type=chunk) [Consolidated Financial Results (Q2 2025)](index=2&type=section&id=Consolidated%20Financial%20Results%20%28Q2%202025%29) MasTec's Q2 2025 revenue increased 19.7% to $3,545 million, with GAAP Net Income doubling, offset by Adjusted EBITDA margin contraction and reduced cash flow Consolidated Financial Metrics | Financial Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $3,545M | $2,961M | +19.7% | | **GAAP Net Income** | $90M | $44M | +105.9% | | **Adjusted EBITDA** | $275M | $271M | +1.3% | | **Adjusted EBITDA Margin** | 7.8% | 9.2% | -141 bps | | **GAAP Diluted EPS** | $1.09 | $0.43 | +153.5% | | **Adjusted Diluted EPS** | $1.49 | $1.00 | +49.0% | | **Cash from Operations** | $6M | $264M | -97.9% | | **18-Month Backlog** | $16,452M | $13,338M | +23.3% | - The increase in GAAP Net Income was driven by higher project volumes, lower depreciation, and lower interest expense compared to the prior year[8](index=8&type=chunk) - Backlog growth of 23% was driven by increases across all four segments, with the Pipeline Infrastructure segment showing notable strength in new awards[9](index=9&type=chunk) [Segment Performance (Q2 2025)](index=2&type=section&id=Segment%20Performance%20%28Q2%202025%29) Non-pipeline segments showed strong Q2 2025 growth, with revenue up over 20%, while Pipeline Infrastructure revenue declined 5.7% with significant margin contraction [Communications](index=2&type=section&id=Communications) Communications segment revenue grew 41.6% to $836.9 million in Q2 2025, with EBITDA margin improving 90 basis points to 9.9% Segment Performance Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $836.9M | $591.1M | +41.6% | | **EBITDA** | $82.6M | $53.1M | +55.5% | | **EBITDA Margin** | 9.9% | 9.0% | +90 bps | - Revenue growth was primarily fueled by increased levels of wireless and wireline project activity, which was partially offset by lower install-to-the-home project work[11](index=11&type=chunk) [Clean Energy and Infrastructure](index=2&type=section&id=Clean%20Energy%20and%20Infrastructure) Clean Energy and Infrastructure revenue grew 20.1% to $1,131.4 million in Q2 2025, with EBITDA margin expanding 230 basis points to 7.4% Segment Performance Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $1,131.4M | $942.3M | +20.1% | | **EBITDA** | $83.3M | $47.4M | +75.7% | | **EBITDA Margin** | 7.4% | 5.0% | +230 bps | - The substantial increase in EBITDA margin was due to a combination of positive effects from certain renewable project close-outs and improved productivity on other projects[14](index=14&type=chunk) [Power Delivery](index=3&type=section&id=Power%20Delivery) Power Delivery revenue grew 20.4% to $1,045.6 million in Q2 2025, with EBITDA margin contracting 50 basis points to 8.7% due to reduced efficiencies Segment Performance Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $1,045.6M | $868.4M | +20.4% | | **EBITDA** | $91.3M | $80.1M | +14.0% | | **EBITDA Margin** | 8.7% | 9.2% | -50 bps | - The decrease in EBITDA margin was mainly caused by reduced efficiencies at certain project sites, which was partially offset by the positive impact of higher volume[16](index=16&type=chunk) [Pipeline Infrastructure](index=3&type=section&id=Pipeline%20Infrastructure) Pipeline Infrastructure revenue declined 5.7% to $539.7 million in Q2 2025 due to project completion, with EBITDA margin sharply decreasing 1,210 basis points to 11.5% Segment Performance Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $539.7M | $572.4M | -5.7% | | **EBITDA** | $62.1M | $135.1M | -54.0% | | **EBITDA Margin** | 11.5% | 23.6% | -1,210 bps | - The revenue decrease was primarily driven by the completion of the Mountain Valley Pipeline in the prior year period[17](index=17&type=chunk) - The sharp decline in EBITDA margin was attributed to reduced efficiencies and investments made to support future growth[18](index=18&type=chunk) [Updated 2025 Financial Guidance](index=3&type=section&id=Updated%202025%20Financial%20Guidance) MasTec raised its full-year 2025 guidance, projecting revenue of $13.9-$14.0 billion and Adjusted Diluted EPS of $6.23-$6.44, with Q3 2025 revenue anticipated at $3.9 billion Financial Guidance Estimates | Metric | 3Q'25 Estimate | Full Year 2025 Estimate | | :--- | :--- | :--- | | **Revenue** | $3,900M | $13,900M - $14,000M | | **GAAP Net Income** | $156M | $388M - $408M | | **Adjusted EBITDA** | $370M | $1,130M - $1,160M | | **Adjusted EBITDA Margin** | 9.5% | 8.1% - 8.3% | | **GAAP Diluted EPS** | $1.87 | $4.61 - $4.82 | | **Adjusted Diluted EPS** | $2.28 | $6.23 - $6.44 | - The updated full-year guidance represents a ~4% increase in the midpoint for Adjusted Diluted EPS and a 60% year-over-year increase[5](index=5&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) MasTec's unaudited consolidated financial statements as of June 30, 2025, are presented, covering operations, balance sheet, cash flows, and a detailed segment backlog [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 revenue increased to $3,544.7 million from $2,961.1 million, with net income attributable to MasTec, Inc. rising significantly to $85.8 million, or $1.09 per diluted share Consolidated Statements of Operations Key Figures | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Revenue** | $3,544,705 | $2,961,086 | | **Income before income taxes** | $120,793 | $63,112 | | **Net income** | $90,133 | $43,768 | | **Net income attributable to MasTec, Inc.** | $85,766 | $33,988 | | **Diluted earnings per share** | $1.09 | $0.43 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, MasTec's total assets were $9,132.2 million and total liabilities were $6,117.8 million, reflecting a slight increase from year-end 2024 Consolidated Balance Sheet Key Figures | (In thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $3,746,999 | $3,652,530 | | **Total assets** | $9,132,156 | $8,975,275 | | **Total current liabilities** | $3,067,658 | $2,999,699 | | **Long-term debt** | $2,096,775 | $2,038,017 | | **Total liabilities** | $6,117,791 | $5,987,932 | | **Total equity** | $3,014,365 | $2,987,343 | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities for the six months ended June 30, 2025, was $84.0 million, a sharp decline from $372.2 million in 2024, with cash equivalents at $191.1 million Consolidated Statements of Cash Flows Key Figures | (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $84,011 | $372,199 | | **Net cash used in investing activities** | ($86,653) | ($24,470) | | **Net cash used in financing activities** | ($207,274) | ($579,078) | | **Cash and cash equivalents - end of period** | $191,052 | $297,586 | [Backlog Details](index=5&type=section&id=Backlog%20Details) MasTec's 18-month backlog reached a record $16,452 million at Q2 2025, up 23.3% year-over-year, with all segments contributing to the growth Backlog Details by Segment | (In millions) | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | :--- | | **Communications** | $5,008 | $4,906 | $4,448 | | **Clean Energy and Infrastructure** | $4,922 | $4,416 | $3,666 | | **Power Delivery** | $5,062 | $5,024 | $4,424 | | **Pipeline Infrastructure** | $1,460 | $1,534 | $800 | | **Total 18-month backlog** | **$16,452** | **$15,880** | **$13,338** | [Non-GAAP Reconciliations and Supplemental Disclosures](index=6&type=section&id=Non-GAAP%20Reconciliations%20and%20Supplemental%20Disclosures) This section details reconciliations of non-GAAP financial measures to GAAP, including Adjusted EBITDA by segment and reconciliations for Adjusted Net Income, Adjusted Diluted EPS, Net Debt, and Free Cash Flow [Segment Revenue and Adjusted EBITDA (Q2 2025)](index=6&type=section&id=Segment%20Revenue%20and%20Adjusted%20EBITDA%20%28Q2%202025%29) Q2 2025 segment performance details revenue and Adjusted EBITDA, with Clean Energy and Infrastructure as the largest revenue segment at $1,131.4 million, and Power Delivery as the largest Adjusted EBITDA contributor Segment Revenue and Adjusted EBITDA Breakdown | Q2 2025 (In millions) | Revenue | Adjusted EBITDA | Adj. EBITDA Margin | | :--- | :--- | :--- | :--- | | **Communications** | $836.9 | $82.6 | 9.9% | | **Clean Energy and Infrastructure** | $1,131.4 | $83.3 | 7.4% | | **Power Delivery** | $1,045.6 | $91.3 | 8.7% | | **Pipeline Infrastructure** | $539.7 | $62.1 | 11.5% | | **Segment Total** | **$3,265.0** | **$326.5** | **9.2%** | [Reconciliation of Non-GAAP Measures (Q2 2025)](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures%20%28Q2%202025%29) Q2 2025 GAAP Net Income of $90.1 million is reconciled to non-GAAP measures, resulting in Adjusted EBITDA of $274.8 million and Adjusted Diluted EPS of $1.49 after adjustments Reconciliation of Non-GAAP Measures | Reconciliation (Q2 2025, in millions) | Amount | | :--- | :--- | | **Net income** | **$90.1** | | Interest expense, net | $43.9 | | Provision for income taxes | $30.7 | | Depreciation | $69.9 | | Amortization of intangible assets | $32.7 | | **EBITDA** | **$267.3** | | Non-cash stock-based compensation | $9.4 | | Other adjustments | ($1.8) | | **Adjusted EBITDA** | **$274.8** | [Reconciliation of Financial Guidance (Q3 & FY 2025)](index=8&type=section&id=Reconciliation%20of%20Financial%20Guidance%20%28Q3%20%26%20FY%202025%29) MasTec provides reconciliation for Q3 and full-year 2025 guidance, detailing how GAAP Net Income and Diluted EPS are adjusted to derive non-GAAP Adjusted EBITDA and Adjusted Diluted EPS Full Year 2025 Guidance Reconciliation | FY 2025 Guidance Reconciliation (In millions) | Low End | High End | | :--- | :--- | :--- | | **Net income** | **$388** | **$408** | | Interest, Taxes, D&A | ~$609 | ~$619 | | **EBITDA** | **$1,097** | **$1,127** | | Non-cash stock-based comp & other | ~$33 | ~$33 | | **Adjusted EBITDA** | **$1,130** | **$1,160** | Q3 2025 Guidance Reconciliation | Q3 2025 Guidance Reconciliation (In millions) | Amount | | :--- | :--- | | **Net income** | **$156** | | Interest, Taxes, D&A | ~$204 | | **EBITDA** | **$360** | | Non-cash stock-based comp & other | ~$10 | | **Adjusted EBITDA** | **$370** | [Company Information and Disclaimers](index=3&type=section&id=Company%20Information%20and%20Disclaimers) This section outlines MasTec's four primary business segments, provides investor call details, and includes legal disclaimers regarding non-GAAP measures and forward-looking statements - MasTec is a leading North American infrastructure engineering and construction company operating under four main segments: - **Communications:** Wireless and wireline/fiber infrastructure - **Power Delivery:** Utility transmission and distribution - **Pipeline Infrastructure:** Natural gas pipeline installation and maintenance - **Clean Energy and Infrastructure:** Renewable energy, heavy civil, and industrial markets[22](index=22&type=chunk) - The report contains forward-looking statements regarding future financial performance and business outlook, which are subject to significant risks and uncertainties detailed in the company's SEC filings[46](index=46&type=chunk) - The company uses non-GAAP measures like EBITDA, Adjusted EBITDA, and Free Cash Flow to evaluate performance, believing they provide a better understanding of underlying business trends. Reconciliations to GAAP measures are provided[44](index=44&type=chunk)