Mastec (MTZ) risk factors, FY2025 10-K

Mastec's FY2025 10-K, filed Feb 26, 2026, lists 32 risk factors in 6 groups. Against the prior year's 36: 2 new, 6 dropped, 11 substantially reworded.

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Risk factors listed
326 groups
New this year
2vs 36 last year
Dropped
6since the prior 10-K
Substantially reworded
11of those kept
Section length
16k wordsItem 1A

What the changes say

  • MaMasTec added specific trade and tariff risks following recent Supreme Court rulings on IEEPA.
  • The company expanded acquisition due diligence and liability warnings.
  • Pipeline infrastructure risks now explicitly mention oil price drops from expanded supplies.

What changed since the prior 10-K

New

  • NewRisks Related to the Industries We Serve

    Tariff and trade actions by the United States and other countries could have a material adverse effect on our business, financial condition, and results of operations

    New trade tariffs on steel, concrete, and solar panels increase import costs and supply chain uncertainty following Supreme Court IEEPA rulings.

  • NewRisks Related to Strategic Transactions and Foreign Operations

    acquired business; (viii) diversion of management’s attention; and (ix) the availability of funding sufficient to meet increased capital needs, among others

    Acquisitions may expose MasTec to unknown liabilities, unprofitable projects, and insufficient indemnification from sellers.

Dropped

  • DroppedRisks Related to the Industries We Serve

    restrictions or legislation imposed by federal, state, local, or foreign governments, including from climate-related matters and/or any related changes in end-customer demand

    Renewable energy development dependence on IIJA, IRA, and federal tax credits.

  • DroppedRisks Related to the Industries We Serve

    All of the above factors could result in fewer projects than anticipated or a delay in the timing of these projects, which could negatively affect demand for our services and have a material adverse effect on our results of operations, cash flows and liquidity

    Macroeconomic conditions like inflation, interest rates, and geopolitical tensions reducing capital expenditures.

  • DroppedRisks Related to Our Business and Operations

    later than originally expected, or not at all. From time to time, we experience postponements, cancellations and reductions in expected future work due to changes in our customers’ spending plans, market volatility, changes in governmental permitting, regulatory delays and/or other factors

  • DroppedRisks Related to Our Business and Operations

    We could incur goodwill and intangible asset impairment charges, which could harm our profitability

  • DroppedRisks Related to Regulation and Compliance

    practices with respect to climate and/or ESG-related matters, we could suffer reputational risk or an increase in our cost of, or a reduction in the availability of, capital

  • DroppedRisks Related to Financing Our Business

    If our credit rating is downgraded, it could increase borrowing costs on our variable rate indebtedness, and/or increase the cost of renewing or obtaining new debt financing or make it more difficult to renew, obtain or issue new debt financing in the future

Reworded

  • 79% rewrittenRisks Related to Strategic Transactions and Foreign Operations

    Acquisitions and strategic investments involve risks, including from integration of acquired businesses into our operations, which, if unsuccessful, could negatively affect our operating results, cash flows and liquidity and may not enhance shareholder value

    Retained existing strategic acquisition risk factors with slight stylistic adjustments.

  • 75% rewrittenRisks Related to Regulation and Compliance

    We are subject to climate-related risks and risks associated with rapidly evolving regulatory and stakeholder focus and any related reporting obligations with respect to sustainability matters

    Replaced 'ESG matters' with 'sustainability matters' and updated wording on rapidly evolving regulatory expectations.

    Was: We are subject to climate-related risks and risks associated with rapidly evolving regulatory and stakeholder focus and any related reporting obligations with respect to ESG matters

  • 51% rewrittenRisks Related to Our Business and Operations

    Our financial results are based, in part, upon estimates and assumptions that may differ from actual results

    Added explicit warning that actual results differing from accounting estimates could materially affect operations, cash flows, and liquidity.

  • 50% rewrittenRisks Related to the Industries We Serve

    legislative and regulatory changes; and a variety of other factors that are beyond our control. Such market volatility can affect our customers’ investment decisions and subject us to project cancellations, deferrals or unexpected changes in the timing of project work

    Added specific mention of oil-producing nations' military actions and potential oil price reductions from expanded supplies impacting the Pipeline Infrastructure segment.

    Was: our control. Such market volatility can affect our customers’ investment decisions and subject us to project cancellations, deferrals or unexpected changes in the timing of project work

  • 44% rewrittenRisks Related to Our Business and Operations

    If we are unable to attract and retain skilled and qualified employees and key personnel, we will be unable to operate efficiently, which could reduce our revenue, profitability and liquidity

    Refined wording on labor shortages, training expenses, and potential impacts from U.S. immigration policy changes.

    Was: If we are unable to attract and retain qualified managers and skilled employees, we will be unable to operate efficiently, which could reduce our revenue, profitability and liquidity

  • 41% rewrittenRisks Related to Our Business and Operations

    Amounts included in our backlog may not result in actual revenue or translate into profits. Our backlog is subject to cancellation and unexpected adjustments and, therefore, is not necessarily an accurate representation of future operating results

    Minor stylistic phrasing updates regarding master service agreements and 18-month backlog estimates without altering core meaning.

  • 32% rewrittenRisks Related to the Industries We Serve

    The industries we serve are highly competitive and subject to rapid technological and regulatory changes, as well as customer consolidation, any of which could result in decreased demand for our services and adversely affect our results of operations, cash flows and liquidity

    Minor punctuation and phrasing polish regarding industry fragmentation and competitive bidding.

  • 29% rewrittenRisks Related to Our Common Stock

    The market price of our common stock has been, and may continue to be, highly volatile

    Removed climate-related matters from the list of factors affecting common stock price volatility.

  • 28% rewrittenRisks Related to Strategic Transactions and Foreign Operations

    Our participation in strategic arrangements, including joint ventures and equity investments, exposes us to numerous risks

  • 26% rewrittenRisks Related to Our Business and Operations

    Our business is seasonal and affected by the spending patterns of our customers, project schedules, weather conditions, climate-related events, regulatory matters, including timing of governmental permitting, and market conditions, all of which expose us to variations in quarterly results

    Was: Our business is seasonal and affected by the spending patterns of our customers, project schedules, weather conditions, climate-related events, regulatory matters, including timing of governmental permitting, and market conditions, all of which exposes us to variations in quarterly results

  • 23% rewrittenRisks Related to Our Business and Operations

    Our subcontractors and suppliers may fail or be unable to satisfy their obligations to us or other parties, or we may be unable to maintain these relationships, either of which could have a material adverse effect on our results of operations, cash flows and liquidity

All 32 risk factors

Headings as the filing states them, in filing order.

Risks Related to the Industries We Serve

  1. 01Tariff and trade actions by the United States and other countries could have a material adverse effect on our business, financial condition, and results of operationsNew
  2. 02legislative and regulatory changes; and a variety of other factors that are beyond our control. Such market volatility can affect our customers’ investment decisions and subject us to project cancellations, deferrals or unexpected changes in the timing of project work50% rewritten
  3. 03The industries we serve are highly competitive and subject to rapid technological and regulatory changes, as well as customer consolidation, any of which could result in decreased demand for our services and adversely affect our results of operations, cash flows and liquidity32% rewritten
  4. 04An impairment of the financial condition of one or more of our customers due to adverse market or other conditions could hinder their ability to pay us on a timely basis

Risks Related to Our Business and Operations

  1. 05Our business is seasonal and affected by the spending patterns of our customers, project schedules, weather conditions, climate-related events, regulatory matters, including timing of governmental permitting, and market conditions, all of which expose us to variations in quarterly results26% rewritten
  2. 06Our failure to recover adequately on claims against project owners, subcontractors or suppliers for payment or performance, or increases in warranty claims, could have a material adverse effect on our financial results
  3. 07We may not accurately estimate the costs associated with services provided under fixed price contracts, which could adversely affect our profitability, results of operations and cash flows
  4. 08Amounts included in our backlog may not result in actual revenue or translate into profits. Our backlog is subject to cancellation and unexpected adjustments and, therefore, is not necessarily an accurate representation of future operating results41% rewritten
  5. 09We maintain a workforce based upon current and anticipated workloads, and could incur significant costs and reduced profitability from underutilization of our workforce if the level of services we provide is significantly reduced, or if contract awards are delayed or not received
  6. 10If we are unable to attract and retain skilled and qualified employees and key personnel, we will be unable to operate efficiently, which could reduce our revenue, profitability and liquidity44% rewritten
  7. 11Our financial results are based, in part, upon estimates and assumptions that may differ from actual results51% rewritten
  8. 12Our business is subject to operational risk, including from occupational health and/or safety incidents due to operational, physical and/or environmental hazards, which could result in substantial liabilities and weaken our financial condition
  9. 13We are self-insured against several potential liabilities
  10. 14In the ordinary course of our business, we are subject to lawsuits, indemnity or other claims, which could materially and adversely affect our business, results of operations and cash flows
  11. 15We rely on information, communications and data systems in our operations. Systems and information technology interruptions and/or data security breaches could adversely affect our ability to operate, our operating results, our data security or our reputation
  12. 16Our subcontractors and suppliers may fail or be unable to satisfy their obligations to us or other parties, or we may be unable to maintain these relationships, either of which could have a material adverse effect on our results of operations, cash flows and liquidity23% rewritten
  13. 17The use of a unionized workforce and any related obligations could subject us to liabilities that could adversely affect our liquidity, cash flows and results of operations
  14. 18We may have additional tax liabilities associated with our operations
  15. 19A failure of our internal control over financial reporting could materially affect our business

Risks Related to Strategic Transactions and Foreign Operations

  1. 20Acquisitions and strategic investments involve risks, including from integration of acquired businesses into our operations, which, if unsuccessful, could negatively affect our operating results, cash flows and liquidity and may not enhance shareholder value79% rewritten
  2. 21acquired business; (viii) diversion of management’s attention; and (ix) the availability of funding sufficient to meet increased capital needs, among othersNew
  3. 22Our participation in strategic arrangements, including joint ventures and equity investments, exposes us to numerous risks28% rewritten
  4. 23Our operations in international markets, or future efforts to expand into additional international markets, may not be successful and could expose us to risks, including failure to comply with the U.S. Foreign Corrupt Practices Act and/or similar anti-bribery laws, which could harm our business and prospects

Risks Related to Regulation and Compliance

  1. 24A failure to comply with environmental laws could result in significant liabilities or harm our reputation, and new environmental laws or regulations could adversely affect our business
  2. 25Our operations could affect the environment or cause exposure to hazardous substances. In addition, our properties could have environmental contamination, which could result in material liabilities
  3. 26Our failure to comply with federal, state and local agencies that oversee compliance with safety and transportation regulations could reduce our revenue, profitability and liquidity
  4. 27We are subject to climate-related risks and risks associated with rapidly evolving regulatory and stakeholder focus and any related reporting obligations with respect to sustainability matters75% rewritten

Risks Related to Financing Our Business

  1. 28We may be unable to obtain sufficient bonding capacity to support certain service offerings, and the need for performance and surety bonds could reduce availability under our credit facility

Risks Related to Our Common Stock

  1. 29There may be future sales of our common stock or other dilution of our equity that could adversely affect the market price of our common stock and could dilute the ownership interests of our shareholders and/or lead to volatility in our common stock price
  2. 30The market price of our common stock has been, and may continue to be, highly volatile29% rewritten
  3. 31A small number of our existing shareholders have the ability to influence major corporate decisions
  4. 32Our articles of incorporation and certain provisions of Florida law contain anti-takeover provisions that may make it more difficult to effect a change in our control

Other Mastec 10-Ks

  • FY2024 10-K risk factors
    36 risks

    Initial filing with no prior year comparison. Risk factors concentrate heavily on macroeconomic conditions, project execution, and regulatory compliance. Key exposures include fixed-price contracts, union workforces, and environmental or climate regulations.

    Filed Feb 28, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.