Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 347

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 6
Chunk 347
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)(0.7)%(39.8)(0.4)%(32.6)81.9 %Net income$269.0 2.6 %$114.7 1.3 %$154.2 134.4 %Net income attributable to non-controlling interests12.6 0.1 %26.7 0.3 %(14.0)(52.6)%Net income attributable to MasTec, Inc.$256.3 2.5 %$88.0 1.0 %$168.3 191.1 %

NM - Percentage is not meaningful

Revenue.  On a consolidated basis, revenue increased by $1,459 million, or 16%, driven by our segment results as follows: revenue increased in our Communications segment by approximately $648 million, or 36%, in our Clean Energy and Infrastructure segment by approximately $577 million, or 20%, and in our Power Delivery segment by approximately $439 million, or 17%, and decreased in our Pipeline Infrastructure segment by approximately $210 million, or 12%.  See below for details of revenue by segment.

Costs of revenue, excluding depreciation and amortization.  Higher levels of revenue contributed an increase of $1,264 million in costs of revenue, excluding depreciation and amortization, and reduced productivity contributed an increase of approximately $102 million.  Costs of revenue, excluding depreciation and amortization, as a percentage of revenue increased by approximately 100 basis points to 87.6% of revenue for the nine months ended September 30, 2025 from 86.6% of revenue for the same period in 2024.  The basis point increase was due to a combination of project mix and reduced project efficiencies, primarily within our Pipeline Infrastructure and Power Delivery segments, offset, in part, by improved productivity and efficiencies within our Clean Energy and Infrastructure segment.

Depreciation.  As a percentage of revenue, depreciation decreased by approximately 120 basis points, due primarily to a net reduction related to a change in the depreciable lives of certain machinery and equipment to better align the respective assets’ lives with their expected useful lives, and, to a lesser extent, asset sales, offset, in part, by higher capital expenditures to support operational growth and the replacement of older machinery and equipment.

Amortization of intangible assets.  The decrease in amortization of intangible assets was due to a combination of the effects of timing of amort