MasTec, Inc. reported significant financial growth in its latest quarterly results, with total revenue reaching $3.97 billion for the three months ended September 30, 2025, a 22% increase from $3.25 billion in the same period last year. For the nine months ending September 30, 2025, revenue also rose to $10.36 billion, up 16.4% from $8.90 billion in 2024. The company's net income for the third quarter was $166.5 million, a 58% increase compared to $105.4 million in the prior year, while net income attributable to MasTec, Inc. was $160.7 million, reflecting a 68.7% increase from $95.2 million.
The company's operational performance was bolstered by growth across all segments, particularly in Communications, which saw a revenue increase of 33%, and Clean Energy and Infrastructure, which grew by 20%. The Power Delivery segment also contributed with a 17% increase in revenue. However, the Pipeline Infrastructure segment experienced a decline of 12% in revenue, attributed to reduced project activity. Overall, the increase in revenue was accompanied by a rise in costs, with costs of revenue excluding depreciation and amortization increasing by 22.9% to $3.43 billion, leading to a slight increase in the cost of revenue as a percentage of total revenue.
MasTec has also made strategic moves, including acquisitions aimed at expanding its market presence. In 2025, the company acquired a telecommunications construction company and a roadway infrastructure firm, enhancing its capabilities in the Communications and Pipeline Infrastructure segments. The total purchase price for these acquisitions was approximately $19 million in cash. Additionally, MasTec's backlog as of September 30, 2025, was estimated at $16.78 billion, reflecting a 21% increase from the previous year, indicating strong future revenue potential.
Operationally, MasTec reported an increase in employee headcount to approximately 38,000, up from 34,000 a year earlier, and expanded its geographic footprint with 810 locations. The company also noted a significant increase in accounts receivable, totaling approximately $3.7 billion, driven by higher revenue levels and changes in billing timing. Despite the increase in working capital needs, MasTec's liquidity remains strong, with cash and cash equivalents totaling $231 million as of September 30, 2025.
Looking ahead, MasTec anticipates continued growth, although it acknowledges potential challenges from economic and regulatory conditions, including inflation and changes in trade policies. The company expects to realize approximately 23% of its estimated backlog in 2025, with ongoing monitoring of market conditions to adapt its strategies accordingly.
About MASTEC INC
MasTec is a North American infrastructure construction company specializing in communications, clean energy, power delivery, pipeline, and civil infrastructure. It provides engineering, construction, maintenance, and environmental services to industries such as telecommunications, renewable energy, utilities, and transportation. With a diversified customer base, extensive geographic reach, and expertise in sustainable infrastructure, MasTec supports the nation’s transition to low-carbon energy and modernized, resilient infrastructure.
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