Revenue growth accelerated to 34.5% in 2026Q1, yet operating margins remain constrained at 3.7%, highlighting the difficulty of scaling profitability in a competitive construction environment.
| 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 | 15.28B | 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 % | 22.59% | 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 | 13.43B | 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 % | 12.1% | 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 | 1.02B | 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 | 761.05M | 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 | 2M | 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 | 862.93M | 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 % | 5.65% | 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 | 1.22B | 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 % | 8.01% | 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 % | 29.42% | 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) | 361.68M | 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 | 775.22M | 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 | -177.41M | -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 | 177.41M | 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 | -265.03M | -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 | 597.91M | 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 % | 3.91% | 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 | 74.98M | 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 % | 12.54% | 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 | 458.8M | 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% | 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 % | 114.52% | 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) | 522.93M | 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 | 120.57M | 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) | 5.82 | 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 % | 109.93% | 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 | 78.78M | 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 | 77.95M | 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% | - |
Project execution and margin volatility
As reported in recent financial filings, MasTec achieved a notable 34.5% revenue growth in 2026Q1, signaling a significant acceleration in project activity compared to the flat performance observed in 2024Q3, likely driven by the ongoing integration of large-scale infrastructure contracts and favorable federal energy transition spending cycles.
The recent surge in top-line growth suggests that the company is successfully capturing demand within its Clean Energy and Power Delivery segments. However, investors should monitor whether this growth is sustainable or merely a reflection of lumpy, project-based revenue recognition that may face future headwinds if permitting bottlenecks persist.
Based on the provided income statement data, MasTec's gross margins have struggled to maintain consistency, fluctuating between a low of 6.2% in 2024Q1 and a peak of 14.2% in 2024Q3, which highlights the inherent difficulty in managing fixed-price contracts within a highly competitive and inflationary construction environment.
The inability to consistently expand gross margins despite strong revenue growth suggests that the company faces significant pricing pressure or cost overruns on its turnkey projects. This volatility appears to be a structural feature of their business model, necessitating a shift toward more favorable contract structures to improve long-term profitability.
According to the quarterly income statement, operating income has failed to scale linearly with revenue, as evidenced by the 2026Q1 operating margin of 3.7% despite a 34.5% increase in revenue, indicating that SG&A expenses and project-related costs are currently offsetting the benefits of increased operational scale.
The lack of meaningful operating leverage suggests that the company's overhead and labor-intensive cost structure are not yet optimized for its current revenue base. Analysts should investigate whether this is a temporary byproduct of recent acquisition integrations or a more permanent limitation of the company's current operational footprint.
As indicated by the financial statements, MasTec's net income has exhibited extreme sensitivity to quarterly project outcomes, with net margins ranging from a negative 1.5% in 2024Q1 to a 4.0% peak in 2025Q3, suggesting that reported EPS may not always reflect the underlying cash-generating capability of the business.
The reliance on percentage-of-completion accounting introduces significant subjectivity into earnings, which warrants caution regarding the quality of reported net income. Investors should look past headline EPS figures to evaluate the consistency of cash flows, as non-operating items and integration costs appear to frequently distort the bottom line.
While the company's revenue growth is accelerating, the persistent margin compression and historical reliance on debt-funded acquisitions, as noted in recent filings, raise concerns about the company's ability to convert top-line expansion into meaningful shareholder value without encountering significant project-related write-downs or further operational integration challenges.
Short-term performance gains may be masking underlying inefficiencies in legacy segments that could become more apparent if the current infrastructure spending cycle cools. The market's optimistic valuation may be vulnerable if the company fails to demonstrate a clear path toward sustained margin expansion and improved capital allocation discipline.
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.