On this page of StockholderLetter.com we present the latest annual shareholder letter from MASTEC INC — ticker symbol MTZ. Reading current and past MTZ letters to shareholders can bring important insights into the investment thesis.
800 S. Douglas Road, 12th Floor Coral Gables, Florida 33134 (305) 599-1800 April 9, 2026 Dear Fellow Shareholders: I could have asked any of the artificial intelligence AI platforms to write this letter on my behalf, a thought that would not have even occurred to me as recently as last year when I sat down to pen my annual letter to our shareholders. As a matter of fact, in just these past few months I have relied on AI to book my business trips, help me manage my calendar, and respond to the daily deluge of emails I receive. The speed at which AI is evolving and transforming our lives is unprecedented. That said, what AI cannot do, and I suspect it may never be able to do, is the incredible work that the more than 35,000 MasTec team members executed in 2025. We constructed over 15,000 miles of telecommunications networks, laid over 1,000 miles of oil and gas pipelines, strung or buried more than 14,000 miles of power transmission and distribution lines, and installed more than 3.6 gigawatts of renewable energy. At MasTec we build the energy and telecommunications backbone that make AI a reality. Our 2025 results speak for themselves. Revenue grew by 16% to $14.3 billion, Net Income grew by 112% to $422 million, Adjusted EBITDA grew by 14% to $1.2 billion, and our 18-month backlog stood at $19.0 billion at year end. 1 Once again, we are raising the bar in 2026 because, as I say every year, when it comes to success, we are never satisfied. We will strive to continue to exceed your expectations and to set new operating records, while maintaining our enduring core values of family, integrity and hard work. At MasTec, we always believe that the best is yet to come. Once again, thank you for your continued support. Sincerely, Jorge Mas Chairman of the Board MasTec, Inc. 1 Adjusted EBITDA is a non-GAAP measure. A reconciliation of this non-GAAP financial measure to its nearest GAAP comparable financial measure is included in the Non-U.S. GAAP Financial Measures section of our 2025 Annual Report on Form 10-K filed with the SEC on February 26, 2026.
 • shareholder letter icon 4/9/2026 Letter Continued (Full PDF)
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MTZ Shareholder/Stockholder Letter Transcript:

800 S. Douglas Road, 12th Floor
Coral Gables, Florida 33134
(305) 599-1800
April 9, 2026
Dear Fellow Shareholders:
I could have asked any of the artificial intelligence    AI    platforms to write this letter on my behalf,
a thought that would not have even occurred to me as recently as last year when I sat down to pen my
annual letter to our shareholders. As a matter of fact, in just these past few months I have relied on AI to
book my business trips, help me manage my calendar, and respond to the daily deluge of emails I receive.
The speed at which AI is evolving and transforming our lives is unprecedented. That said, what AI cannot
do, and I suspect it may never be able to do, is the incredible work that the more than 35,000 MasTec team
members executed in 2025. We constructed over 15,000 miles of telecommunications networks, laid over
1,000 miles of oil and gas pipelines, strung or buried more than 14,000 miles of power transmission and
distribution lines, and installed more than 3.6 gigawatts of renewable energy. At MasTec we build the
energy and telecommunications backbone that make AI a reality.
Our 2025 results speak for themselves. Revenue grew by 16% to $14.3 billion, Net Income grew
by 112% to $422 million, Adjusted EBITDA grew by 14% to $1.2 billion, and our 18-month backlog
stood at $19.0 billion at year end. 1
Once again, we are raising the bar in 2026 because, as I say every year, when it comes to success,
we are never satisfied. We will strive to continue to exceed your expectations and to set new operating
records, while maintaining our enduring core values of family, integrity and hard work. At MasTec, we
always believe that the best is yet to come.
Once again, thank you for your continued support.
Sincerely,
Jorge Mas
Chairman of the Board
MasTec, Inc.
1
Adjusted EBITDA is a non-GAAP measure. A reconciliation of this non-GAAP financial measure to its nearest
GAAP comparable financial measure is included in the    Non-U.S. GAAP Financial Measures    section of our 2025
Annual Report on Form 10-K filed with the SEC on February 26, 2026.


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