Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 393

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 7
Chunk 393
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 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 – Segments and Related Information in the notes to the consolidated financial statements, which is incorporated by reference, for additional information.

As of September 30, 2025, 48% of our backlog is estimated to be attributable to amounts under master service or other service agreements, pursuant to which our customers are not contractually committed to purchase a minimum amount of services.  Most of these agreements can be canceled on short or no advance notice.  Timing of revenue for construction and installation projects included in our backlog can be subject to change as a result of customer, regulatory or other delays or cancellations, including from factors relative to “General Economic, Market and Regulatory Conditions” mentioned above.  These effects, among others, could cause