Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 282

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 5
Chunk 282
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 represent our five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other.  This structure is generally focused on broad end-user markets for our labor-based construction services.

In the first quarter of 2025, we made changes to our Communications and Power Delivery segment structure to more closely align with our segments’ end markets and to better correspond with the operational management reporting structure of both segments.  These changes included moving a component with utility operations previously reported in our Communications segment to our Power Delivery segment.  These changes did not impact our consolidated financial statements, but did impact our reportable segments, including historical financial information.  See Note 10 – Segments and Related Information and Note 11 – Commitments and Contingencies in the notes to the consolidated financial statements, which are incorporated by reference, for additional information regarding our segment reporting and significant customer concentrations.

Backlog

Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options.  Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures.  Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers.  Based on current expectations of our customers’ requirements, we anticipate that we will realize approximately 23% of our estimated September 30, 2025 backlog in 2025.  The following table presents 18-month estimated backlog by reportable segment as of the periods indicated:

Reportable Segment (in millions):September 30, 2025June 30, 2025September 30, 2024 (a)Communications$5,055 $5,008 $4,416 Clean Energy and Infrastructure5,026 4,922 4,141 Power Delivery5,128 5,062 4,599 Pipeline Infrastructure1,571 1,460 702 Other— — — Estimated 18-month backlog$16,780 $16,452 $13,858 

(a)    Recast to reflect first quarter of 2025 segment changes.  See Note 10