Revenue growth accelerated to 23.4% year-over-year in 2026Q2, with gross margin expanding to 12.7% from 9.3% sequentially, driving EPS up 51.4% year-over-year.
MasTec, Inc. (MTZ) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 16.11B | 14.3B | 12.3B | 12B | 9.78B | 7.95B | 6.32B | 7.18B | 6.91B | 6.61B | 5.13B | 4.21B | 4.61B | 4.32B | 3.73B | 3.01B | 2.31B | 1.62B | 1.38B | 1.04B | 945.81M | 848.05M | 913.79M | 870.25M | 838.05M | 1.22B | 1.33B | 1.06B | 1.05B | 703.4M | 472.8M |
| Revenue Growth % | 23.46% | 16.22% | 2.56% | 22.68% | 22.97% | 25.8% | -12% | 3.96% | 4.58% | 28.67% | 22.01% | -8.81% | 6.71% | 16.05% | 23.86% | 30.37% | 42.16% | 17.76% | 32.85% | 9.72% | 11.53% | -7.2% | 5% | 3.84% | -31.45% | -8.1% | 25.62% | 0.96% | 49.12% | 48.77% | 170.79% |
| Cost of Goods Sold | 14.26B | 12.93B | 10.68B | 11.21B | 8.59B | 6.81B | 5.27B | 6.31B | 5.94B | 5.75B | 4.44B | 3.72B | 3.98B | 3.68B | 3.24B | 2.61B | 1.94B | 1.38B | 1.18B | 891.61M | 813.41M | 731.5M | 828.74M | 793.16M | 745.18M | 988.2M | 1.02B | 803.8M | 803.1M | 522.5M | 352.3M |
| COGS % of Revenue | - | 90.45% | 86.77% | 93.44% | 87.81% | 85.59% | 83.39% | 87.78% | 85.96% | 86.96% | 86.51% | 88.43% | 86.27% | 85.15% | 86.92% | 86.61% | 84.01% | 84.76% | 85.61% | 85.91% | 86% | 86.26% | 90.69% | 91.14% | 88.92% | 80.83% | 76.52% | 75.9% | 76.57% | 74.28% | 74.51% |
| Gross Profit | 1.85B | 1.37B | 1.63B | 786.81M | 1.19B | 1.15B | 1.05B | 877.46M | 970.11M | 861.67M | 692.58M | 487.03M | 633.54M | 642.42M | 487.59M | 402.89M | 369.15M | 247.38M | 198.35M | 146.17M | 132.4M | 116.54M | 85.05M | 77.09M | 92.88M | 234.38M | 312.42M | 255.2M | 245.8M | 180.9M | 120.5M |
| Gross Margin % | 11.47% | 9.55% | 13.23% | 6.56% | 12.19% | 14.41% | 16.61% | 12.22% | 14.04% | 13.04% | 13.49% | 11.57% | 13.73% | 14.85% | 13.08% | 13.39% | 15.99% | 15.24% | 14.39% | 14.09% | 14% | 13.74% | 9.31% | 8.86% | 11.08% | 19.17% | 23.48% | 24.1% | 23.43% | 25.72% | 25.49% |
| Gross Profit Growth % | - | -16.09% | 106.84% | -33.98% | 3.98% | 9.14% | 19.67% | -9.55% | 12.58% | 24.41% | 42.21% | -23.13% | -1.38% | 31.75% | 21.03% | 9.14% | 49.23% | 24.72% | 35.7% | 10.4% | 13.61% | 37.02% | 10.33% | -17% | -60.37% | -24.98% | 22.42% | 3.82% | 35.88% | 50.12% | 175.11% |
| Operating Expenses | 914.48M | 713.01M | 1.19B | 634.8M | 1.07B | 729.8M | 1.05B | 299.5M | 500.21M | 463.15M | 426.35M | 435.57M | 392.76M | 356.33M | 249.48M | 223.68M | 184.62M | 146.47M | 117.05M | 131.71M | 89.27M | 80.61M | 91.65M | 120.53M | 153.34M | 352.56M | 161.98M | 148M | 217.6M | 115.1M | 70.5M |
| OpEx % of Revenue | - | 4.99% | 9.68% | 5.29% | 10.91% | 9.18% | 16.61% | 4.17% | 7.24% | 7.01% | 8.3% | 10.35% | 8.51% | 8.24% | 6.69% | 7.43% | 8% | 9.02% | 8.49% | 12.69% | 9.44% | 9.5% | 10.03% | 13.85% | 18.3% | 28.84% | 12.18% | 13.98% | 20.75% | 16.36% | 14.91% |
| Selling, General & Admin | 790.86M | 713.01M | 684.51M | 634.8M | 559.44M | 306.97M | 302.98M | 299.5M | 287.28M | 275.1M | 261.43M | 265.91M | 238.31M | 215.4M | 157.52M | 148.43M | 126.66M | 96.93M | 88.58M | 114.72M | 74.61M | 64.27M | 74.55M | 91.75M | 117.39M | 290.04M | 98.52M | 91.9M | 174.3M | 91M | 58.5M |
| SG&A % of Revenue | - | 4.99% | 5.56% | 5.29% | 5.72% | 3.86% | 4.79% | 4.17% | 4.16% | 4.16% | 5.09% | 6.32% | 5.16% | 4.98% | 4.23% | 4.93% | 5.49% | 5.97% | 6.43% | 11.05% | 7.89% | 7.58% | 8.16% | 10.54% | 14.01% | 23.72% | 7.41% | 8.68% | 16.62% | 12.94% | 12.37% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 506.62M | 0 | 507.15M | 422.83M | 747.12M | 0 | 212.93M | 12.99M | 6.79M | 7.48M | 8.12M | 6.19M | -8.02M | 75.25M | 57.97M | 49.54M | 28.46M | 16.99M | 14.66M | 16.34M | 17.1M | 28.78M | 35.95M | 62.52M | 63.45M | 56.1M | 43.3M | 24.1M | 12M |
| Operating Income | 932.87M | 652.64M | 436.35M | 152.01M | 125.12M | 416.25M | 0 | 577.96M | 495.54M | 398.52M | 276.55M | 56.68M | 241.93M | 283.44M | 220.22M | 179.8M | 155.42M | 76.22M | 81.3M | 14.46M | 43.13M | 35.94M | 6.6M | 43.45M | 60.46M | 118.17M | 150.44M | 117.3M | 28.2M | 52.8M | 50M |
| Operating Margin % | 5.79% | 4.56% | 3.55% | 1.27% | 1.28% | 5.23% | - | 8.05% | 7.17% | 6.03% | 5.39% | 1.35% | 5.24% | 6.55% | 5.91% | 5.98% | 6.73% | 4.69% | 5.9% | 1.39% | 4.56% | 4.24% | 0.72% | 4.99% | 7.21% | 9.67% | 11.31% | 11.08% | 2.69% | 7.51% | 10.58% |
| Operating Income Growth % | - | 49.57% | 187.05% | 21.49% | -69.94% | - | -100% | 16.63% | 24.34% | 44.1% | 387.93% | -76.57% | -14.64% | 28.71% | 22.48% | 15.69% | 103.92% | -6.26% | 462.18% | -66.47% | 20.01% | 444.72% | -84.82% | -28.14% | -48.84% | -21.45% | 28.25% | 315.96% | -46.59% | 5.6% | 180.9% |
| EBITDA | 1.39B | 1.08B | 942.97M | 755.17M | 632.27M | 839.08M | 782.54M | 813.44M | 708.47M | 586.57M | 441.47M | 226.34M | 396.38M | 424.37M | 312.82M | 255.03M | 213.39M | 125.75M | 109.77M | 32.55M | 58.56M | 54.12M | 24.18M | 72.87M | 96.41M | 180.69M | 213.9M | 173.4M | 71.5M | 76.9M | 62M |
| EBITDA Margin % | 8.65% | 7.55% | 7.66% | 6.3% | 6.47% | 10.55% | 12.38% | 11.32% | 10.25% | 8.88% | 8.6% | 5.38% | 8.59% | 9.81% | 8.39% | 8.48% | 9.25% | 7.75% | 7.96% | 3.14% | 6.19% | 6.38% | 2.65% | 8.37% | 11.5% | 14.78% | 16.08% | 16.37% | 6.82% | 10.93% | 13.11% |
| EBITDA Growth % | 46.49% | 14.5% | 24.87% | 19.44% | -24.65% | 7.22% | -3.8% | 14.82% | 20.78% | 32.87% | 95.05% | -42.9% | -6.59% | 35.66% | 22.66% | 19.52% | 69.68% | 14.56% | 237.23% | -44.42% | 8.2% | 123.79% | -66.81% | -24.42% | -46.64% | -15.52% | 23.35% | 142.52% | -7.02% | 24.03% | 151.01% |
| D&A (Non-Cash Add-back) | 461.11M | 427.08M | 506.62M | 603.16M | 507.15M | 422.83M | 297.75M | 235.48M | 212.93M | 188.05M | 164.91M | 169.66M | 154.45M | 140.93M | 92.6M | 75.23M | 57.97M | 49.54M | 28.46M | 18.09M | 15.44M | 18.19M | 17.59M | 29.42M | 35.95M | 62.52M | 63.45M | 56.1M | 43.3M | 24.1M | 12M |
| EBIT | 851.57M | 688.38M | 444.23M | 151.7M | 155.31M | 483.49M | 484.79M | 587.97M | 469.9M | 432.84M | 276.55M | -19.69M | 249.2M | 277.81M | 230.5M | 186.68M | 140.67M | 100.91M | 82.23M | 14.46M | 44.44M | 38.2M | 1.47M | -8.86M | -58.59M | -120.37M | 150.44M | 107.2M | 28.2M | 57.4M | 50M |
| Net Interest Income | -180.72M | -172.99M | -193.27M | -234.41M | -112.25M | -53.41M | -59.63M | -77.03M | -82.57M | -61.01M | -50.73M | -48.05M | -50.77M | -46.44M | -37.38M | -34.5M | -29.2M | -24.69M | -14.76M | -9.24M | -10.02M | -19.23M | -19.48M | -19.83M | -18.17M | -14.65M | -13.31M | 0 | -29.6M | 0 | -11.4M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 400K | 400K | 600K | -95K | 0 | 0 | 0 | 0 | 0 | 0 | 369K | 1.07M | 5.78M | 4.97M | 0 | 0 | 0 | 0 |
| Interest Expense | 180.72M | 172.99M | 193.27M | 234.41M | 112.25M | 53.41M | 59.63M | 77.03M | 82.57M | 61.01M | 50.73M | 48.05M | 50.77M | 46.84M | 37.78M | 35M | 31.8M | 24.69M | 13.72M | 9.24M | 10.02M | 19.23M | 19.48M | 20.2M | 19.24M | 20.43M | 18.28M | 39.3M | 29.6M | 0 | 11.4M |
| Other Income/Expense | -262.02M | -137.25M | -185.39M | -234.72M | -82.06M | 13.82M | 425.16M | -67.02M | -104.6M | -26.69M | -40.41M | -306.66M | -42.65M | -45.88M | -46.09M | -5.52M | -70.45M | 2.92M | -13.83M | -5.72M | -782K | -12.89M | -18.88M | -12.29M | -228.94M | -267.58M | -39.42M | -29.2M | -29.5M | -1.8M | -4.3M |
| Pretax Income | 670.85M | 515.4M | 250.96M | -82.7M | 43.06M | 430.07M | 425.16M | 510.94M | 365.3M | 371.83M | 225.82M | -67.75M | 198.13M | 240.21M | 192.72M | 174.03M | 154M | 79.13M | 67.47M | 8.74M | 41.21M | 20.32M | -25.88M | -61.54M | -168.47M | -147.44M | 111.02M | 78M | -1.3M | 63.5M | 45.9M |
| Pretax Margin % | 4.16% | 3.6% | 2.04% | -0.69% | 0.44% | 5.41% | 6.73% | 7.11% | 5.29% | 5.63% | 4.4% | -1.61% | 4.29% | 5.55% | 5.17% | 5.78% | 6.67% | 4.87% | 4.89% | 0.84% | 4.36% | 2.4% | -2.83% | -7.07% | -20.1% | -12.06% | 8.35% | 7.37% | -0.12% | 9.03% | 9.71% |
| Income Tax | 92.31M | 93.38M | 51.54M | -35.41M | 9.17M | 99.35M | 102.47M | 116.84M | 106.07M | 22.94M | 91.78M | 11.96M | 76.27M | 92.54M | 76.08M | 68.06M | 63.61M | 8.38M | 870K | 9.04M | 75.34M | 27.7M | 23.17M | -9.24M | -65.47M | -54.86M | 45.88M | 33.3M | 12.6M | 21M | 15.7M |
| Effective Tax Rate % | 13.76% | 18.12% | 20.54% | 42.81% | 21.3% | 23.1% | 24.1% | 22.87% | 29.04% | 6.17% | 40.64% | -17.65% | 38.5% | 38.52% | 39.48% | 39.11% | 41.31% | 10.6% | 1.29% | 103.39% | 182.84% | 136.34% | -89.52% | 15.02% | 38.86% | 37.21% | 41.32% | 42.69% | -969.23% | 33.07% | 34.2% |
| Net Income | 503.15M | 399.04M | 162.79M | -49.95M | 33.35M | 328.83M | 322.85M | 392.33M | 259.66M | 347.21M | 131.26M | -79.11M | 115.64M | 140.95M | 107.43M | 106M | 90.53M | 70.75M | 65.79M | -7.33M | -50.35M | -14.62M | -49.44M | -52.3M | -128.81M | -92.35M | 65.15M | 44.7M | -13.9M | 42.6M | 30.1M |
| Net Margin % | 3.12% | 2.79% | 1.32% | -0.42% | 0.34% | 4.14% | 5.11% | 5.46% | 3.76% | 5.26% | 2.56% | -1.88% | 2.51% | 3.26% | 2.88% | 3.52% | 3.92% | 4.36% | 4.77% | -0.71% | -5.32% | -1.72% | -5.41% | -6.01% | -15.37% | -7.55% | 4.9% | 4.22% | -1.33% | 6.06% | 6.37% |
| Net Income Growth % | 89.41% | 145.13% | 425.91% | -249.75% | -89.86% | 1.85% | -17.71% | 51.1% | -25.22% | 164.52% | 265.92% | -168.41% | -17.96% | 31.21% | 1.34% | 17.09% | 27.96% | 7.54% | 997.76% | 85.45% | -244.47% | 70.44% | 5.47% | 59.4% | -39.47% | -241.76% | 45.74% | 421.58% | -132.63% | 41.53% | 5116.67% |
| Net Income (Continuing) | 578.53M | 422.01M | 199.42M | -47.3M | 33.89M | 330.73M | 322.7M | 394.1M | 259.23M | 348.88M | 134.03M | -79.7M | 122M | 147.67M | 116.64M | 105.97M | 90.39M | 70.75M | 66.6M | 6.28M | 40.05M | 21.33M | -17.74M | -20.79M | -107.24M | -93.73M | 65.15M | 44.7M | -13.9M | 34.7M | 30.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 123.02M | 75.21M | 75.49M | 15.11M | 3.86M | 4.05M | 3.6M | 4.47M | 2.13M | 2.55M | 7.1M | 3.82M | 4.41M | 4.97M | 4.76M | 52K | 81K | 0 | 0 | 312K | 2.31M | 0 | 0 | 434K | 1.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.38 | 5.07 | 2.06 | -0.64 | 0.42 | 4.45 | 4.38 | 5.17 | 3.26 | 4.22 | 1.61 | -0.98 | 1.34 | 1.66 | 1.31 | 1.23 | 1.05 | 0.90 | 0.96 | -0.11 | -0.77 | -0.29 | -1.02 | -1.08 | -2.69 | -1.93 | 1.37 | 1.05 | -0.34 | 0.86 | 0.80 |
| EPS Growth % | 85.5% | 146.12% | 421.88% | -252.38% | -90.56% | 1.6% | -15.28% | 58.59% | -22.75% | 162.11% | 264.29% | -173.13% | -19.28% | 26.72% | 6.5% | 17.14% | 16.67% | -6.25% | 972.73% | 85.71% | -165.52% | 71.57% | 5.56% | 59.85% | -39.38% | -240.88% | 30.48% | 408.82% | -139.53% | 7.5% | 5100% |
| EPS (Basic) | - | 5.12 | 2.09 | -0.64 | 0.45 | 4.54 | 4.43 | 5.22 | 3.30 | 4.29 | 1.63 | -0.98 | 1.45 | 1.83 | 1.37 | 1.29 | 1.19 | 0.93 | 0.97 | -0.11 | -0.79 | -0.30 | -1.02 | -1.09 | -2.69 | -1.93 | 1.37 | 1.07 | -0.34 | 0.88 | 0.81 |
| Diluted Shares Outstanding | 78.87M | 78.69M | 78.88M | 77.53M | 76.19M | 73.94M | 73.72M | 75.85M | 79.77M | 82.33M | 81.39M | 80.49M | 86.2M | 84.9M | 82.08M | 86.72M | 90.89M | 81.76M | 68.92M | 67.63M | 65.12M | 49.8M | 48.47M | 48.42M | 47.91M | 47.82M | 47.96M | 42.62M | 41.23M | 40.47M | 37.5M |
| Basic Shares Outstanding | 78.08M | 77.87M | 78.05M | 77.53M | 74.92M | 72.5M | 72.8M | 75.19M | 78.69M | 80.9M | 80.37M | 80.49M | 79.95M | 76.92M | 78.28M | 82.18M | 76.13M | 75.7M | 67.98M | 66.15M | 63.57M | 48.95M | 48.47M | 47.98M | 47.91M | 47.82M | 47.55M | 41.71M | 41.23M | 39.55M | 37.04M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 11.27% | - |
Quick answers to the most common questions about buying MTZ stock.
For fiscal year 2025, MasTec, Inc. (MTZ) reported total revenue of $14.30B. This represents a 2924.4% increase compared to $472.8M in 1996.
MasTec, Inc. (MTZ) is profitable, generating $399.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.8%.
MasTec, Inc. (MTZ) reported an operating income of $652.6M, resulting in an operating profit margin of 4.6%. This margin reflects the operational efficiency of the business before interest and taxes.
MasTec, Inc. (MTZ) generated $1.37B in gross profit for the year, representing a gross profit margin of 9.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue cyclicality and margin volatility
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates Sharply
MasTec's revenue growth accelerated to 23.4% year-over-year in 2026Q2, up from 19.7% in the prior quarter, according to the latest income statement data.
The sequential acceleration from 19.7% to 23.4% suggests strengthening demand across MasTec's end markets, likely driven by large-scale infrastructure and energy projects. The 34.5% growth in 2026Q1 further confirms this upward trajectory, indicating that the company is capturing a larger share of project awards. Investors should monitor whether this pace is sustainable given the lumpy nature of construction revenue recognition.
Gross Margin Expansion Signals Pricing Power
Gross margin improved to 12.7% in 2026Q2 from 9.3% in 2026Q1, as reported in the financial statements, reflecting better project mix and execution.
The 340 basis point sequential improvement in gross margin suggests that MasTec is benefiting from higher-margin work, possibly in renewable energy or technology infrastructure segments. Compared to peers like Quanta Services at 13.0%, MasTec's margin is now competitive, though still below Dycom's 20.6%. This expansion may indicate improved pricing power or cost controls, but investors should watch for sustainability given historical volatility.
Operating Leverage Drives Profitability
Operating income grew 45% sequentially in 2026Q2, with operating margin expanding to 5.2% from 3.7%, based on the latest quarterly data.
The operating leverage is evident as SG&A expenses remained relatively flat at $206.5M despite a 16% revenue increase, allowing operating income to outpace revenue growth. This suggests that MasTec is scaling efficiently, with fixed costs spread over a larger revenue base. The operating margin of 5.2% is still below the 9.0% achieved in 2025Q3, indicating room for further improvement if revenue growth persists.
Earnings Quality Strengthens with Lower SBC
Net income surged to $130.1M in 2026Q2, with EPS of $1.65, while stock-based compensation remained modest at $19.8M, per the income statement.
The EPS growth of 51.4% year-over-year is supported by a lower effective tax rate and improved operational performance, but the quality is enhanced by the fact that SBC is only 15% of net income, limiting dilution. The sequential jump from $0.77 to $1.65 EPS is notable, but investors should verify if this is driven by one-time items or sustainable operational gains. The absence of R&D expenses is typical for an E&C company, focusing on project execution.
COGS Efficiency Drives Margin Recovery
COGS as a percentage of revenue fell to 87.3% in 2026Q2 from 90.7% in 2026Q1, as per the income statement, indicating improved cost management.
The reduction in COGS ratio suggests that MasTec is managing project costs more effectively, possibly through better procurement or labor productivity. SG&A expenses have remained stable around $180-215M, indicating disciplined overhead control. However, the volatility in gross margin (from 6.2% to 14.2% over the past year) highlights the risk of cost overruns on fixed-price contracts, which warrants close monitoring.
2025Q3 Marks a Profitability Inflection
In 2025Q3, operating margin peaked at 9.0% and net margin at 4.0%, a significant jump from prior quarters, as shown in the income statement data.
The 2025Q3 quarter represented a clear inflection point where MasTec's margins reached their highest levels in the observed period, driven by a combination of strong revenue growth (22% YoY) and efficient cost management. This was followed by a dip in 2025Q4 and 2026Q1, but the subsequent recovery in 2026Q2 suggests that the company is stabilizing at higher profitability levels. The lasting impact is that MasTec has demonstrated its ability to achieve double-digit gross margins, which may attract more favorable project mix in the future.
What Could Invalidate the Base Case
Despite recent margin expansion, MasTec's gross margin has swung from 6.2% to 14.2% within a year, per the income statement, highlighting execution risk.
The extreme volatility in gross margins suggests that MasTec's profitability is highly sensitive to project mix and execution, which could lead to sudden compression if large fixed-price contracts encounter cost overruns. Additionally, the reliance on a few large infrastructure projects may make revenue growth lumpy, and any delays or cancellations could quickly reverse the current momentum. Investors should also consider that the 2026Q2 net margin of 3.0% is still below the peer average, indicating that MasTec may not have durable competitive advantages in pricing.