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Mastec cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$180M in Q3 2026 · $405M over twelve months

Operating cash flow$267M
Capital spending−$87.3M
Free cash flow+$180M
Cash / net income1.6×
Cash conversion cycle6 days

Analysis

In Q3 2026, Mastec generated $267M of operating cash flow and spent $87.3M on capital projects, leaving free cash flow of $180M. That is $160M more than in Q3 2025 ($20.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $761M; the largest uses were acquisitions ($1.7B), capital spending ($356M), partners ($37.4M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.0B), other financing ($510M); the cash balance rose by $250M.

Operating cash flow was $267M against net income of $168M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: receivables −$307M, payables +$306M, contract assets −$247M.

Its cash conversion cycle was 6 days (receivables 38 + inventory 2 − payables 35).

Free cash flow

Mastec: free cash flow by quarterMastec: free cash flow by quarter$423MQ4 2024$31.1MQ1 2025−$58.2MQ2 2025$20.3MQ3 2025$293MQ4 2025$2.1MQ1 2026−$70.1MQ2 2026$180MQ3 2026
Operating cash flow less capital spending.
Mastec: operating cash flow against capital spendingMastec: operating cash flow against capital spendingOperating cash flowCapital spending$472M$48.3MQ4 2024$78.4M$47.3MQ1 2025$5.6M$63.8MQ2 2025$89.0M$68.7MQ3 2025$373M$80.2MQ4 2025$98.9M$96.8MQ1 2026$21.5M$91.5MQ2 2026$267M$87.3MQ3 2026
Latest (Q3 2026): Operating cash flow $267M, Capital spending $87.3M.

Capital allocation, year by year

Mastec: where the cash came from (up) and went (down), by fiscal yearMastec: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $793MFY2021: Net borrowing $532MFY2021: Asset sales $65.3MFY2021: Capital spending −$170MFY2021: Acquisitions −$1.2B$1.4BFY2021FY2022: Operating cash flow $352MFY2022: Net borrowing $642MFY2022: Asset sales $81.5MFY2022: Capital spending −$263MFY2022: Acquisitions −$636MFY2022: Buybacks −$81.3M$1.1BFY2022FY2023: Operating cash flow $687MFY2023: Net borrowing −$299MFY2023: Asset sales $84.1MFY2023: Capital spending −$193MFY2023: Acquisitions −$69.4M$771MFY2023FY2024: Operating cash flow $1.1BFY2024: Net borrowing −$982MFY2024: Asset sales $66.0MFY2024: Capital spending −$149MFY2024: Acquisitions −$79.9M$1.2BFY2024FY2025: Operating cash flow $546MFY2025: Net borrowing −$105MFY2025: Asset sales $56.3MFY2025: Capital spending −$260MFY2025: Acquisitions −$71.0MFY2025: Buybacks −$77.3M$602MFY2025
Over these 5 years operating cash flow totalled $3.5B; the largest uses were acquisitions ($2.1B) and net borrowing ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$482M
Debt$4.2B
Net debt$3.7B
Due within a year$154M

Mastec funds itself: free cash flow was $405M over the last twelve months, and $482M of cash and investments stands against $4.2B of debt ($154M due within a year, 3.1× covered by cash).

Mastec: debt maturities by year (FY2025)Mastec: debt maturities by year (FY2025)$154MYear 1$108MYear 2$1.3BYear 3$668MYear 4$130MYear 5$500KAfter year 5
Principal due in each year as disclosed in the annual report, against $482M of cash and investments now.

Where the cash came from and went

Mastec: sources (+) and uses (−) of cash, Q3 2026Mastec: sources (+) and uses (−) of cash, Q3 2026Acquisitions−$1.4BNet borrowing (+) / repaid (−)$784MOther financing$559MOperating cash flow$267MCash drawn (+) / kept (−)−$166MCapital spending−$87.3MAsset & business sales$26.0MPartners−$13.6MOther investing−$1.2MExchange rates−$220KTaxes on employees’ shares−$37K
Mastec: sources (+) and uses (−) of cash, TTM to Q3 2026Mastec: sources (+) and uses (−) of cash, TTM to Q3 2026Acquisitions−$1.7BNet borrowing (+) / repaid (−)$1.0BOperating cash flow$761MOther financing$510MCapital spending−$356MCash drawn (+) / kept (−)−$250MAsset & business sales$60.3MPartners−$37.4MTaxes on employees’ shares−$19.1MOther investing$8.6MExchange rates−$152K

From profit to cash

Mastec: net income to operating cash flow, Q3 2026Mastec: net income to operating cash flow, Q3 2026Net income$168MDepreciation & amortization$169MStock-based pay$11.3MDeferred taxes$4.9MOther non-cash−$1.6MReceivables−$307MInventory−$2.6MPayables$306MDeferred revenue$155MContract assets−$247MPrepaid and other assets$1.6MOther liabilities$35.2MOperating cash flow$267M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026382356
Q2 2026353334
Q1 2026373355
Q4 2025383346
Q3 2025363346
Q2 2025363327
Q1 20254343710
Q4 2024383338

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$267M−$87.3M−$1.4B—$784M−$166M$180M
Q2 2026$21.5M−$91.5M——$137M−$42.0M−$70.1M
Q1 2026$98.9M−$96.8M−$267M—$143M$122M$2.1M
Q4 2025$373M−$80.2M−$46.6M—−$59.5M−$165M$293M
Q3 2025$89.0M−$68.7M−$17.2M—$47.6M−$40.4M$20.3M
Q2 2025$5.6M−$63.8M−$2.5M−$50.5M−$42.1M$155M−$58.2M
Q1 2025$78.4M−$47.3M−$4.7M−$26.8M−$51.5M$54.2M$31.1M
Q4 2024$472M−$48.3M−$46.1M—−$149M−$219M$423M

Mastec: income statement and cash flow

Mastec, Q3 2026: revenue $5.2B (+30% year over year), operating margin 5.3%. The chart follows the revenue to costs, profit and cash.

Mastec: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.