MTZMEDIUM SIGNALFINANCIAL10-K

MTZ delivered exceptional net income growth of 145% alongside 16% revenue growth, but operating cash flow declined significantly by 51%.

The dramatic improvement in profitability suggests either improved operational efficiency or favorable one-time items that warrant investigation. The substantial decline in operating cash flow despite strong earnings growth raises questions about cash conversion and working capital management that investors should monitor closely.

Comparing 2026-02-26 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

MTZ showed strong top-line growth with revenue increasing 16% to $14.3B and remarkable bottom-line performance with net income surging 145% to $399M. However, the 51% decline in operating cash flow to $545.7M creates a concerning disconnect between reported earnings and cash generation. The company expanded its balance sheet with 19% growth in current assets and moderate increases in debt and equity, while doubling capital expenditures, suggesting investment in growth but highlighting the need to scrutinize cash flow dynamics.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+145.1%
$162.8M→$399.0M

Net income grew 145.1% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
+136%
$30.4M→$71.7M

Capital expenditure jumped 136% — major investment cycle underway; assess returns on deployment.

Operating Cash Flow
Cash Flow
-51.3%
$1.1B→$545.7M

Operating cash flow fell 51.3% — earnings quality concerns; investigate working capital changes and non-cash items.

Total Debt
Balance Sheet
+19.9%
$412.6M→$494.9M

Debt rose 19.9% — additional borrowing for investment or operations; monitor coverage ratios.

Current Assets
Balance Sheet
+18.5%
$3.7B→$4.3B

Current assets grew 18.5% — improving short-term liquidity or inventory/receivables build.

Revenue
P&L
+16.2%
$12.3B→$14.3B

Revenue growing 16.2% — solid top-line momentum, watch margins for quality of growth.

Stockholders Equity
Balance Sheet
+11.9%
$2.9B→$3.3B

Equity base grew 11.9% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Accounts Receivable
Balance Sheet
+11.5%
$1.4B→$1.5B

Receivables grew 11.5% — monitor days sales outstanding for collection efficiency.

Total Assets
Balance Sheet
+10.6%
$9.0B→$9.9B

Asset base grew 10.6% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+10%
$6.0B→$6.6B

Liabilities increased 10% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-28
ADDED
As of December 31, 2025, we had approximately 36,000 employees and 810 locations.
In the first quarter of 2025, we made changes to our Communications and Power Delivery segment structure to more closely align with our segments end markets and to better correspond with the operational management reporting structure of both segments.
These changes included moving a component with utility operations previously reported in our Communications segment to our Power Delivery segment.
These changes did not impact our consolidated financial statements, but did impact our reportable segments, including historical financial information.
The segments are reported on a comparable basis for all periods presented.
+7 more — sign up free →
REMOVED
BUSINESS We are a leading infrastructure construction company operating mainly throughout North America across a range of industries.
For the twelve month period ended December 31, 2024, we had an average of approximately 33,000 employees and 780 locations, and as of December 31, 2024, we had approximately 32,000 employees and 770 locations.
During the fourth quarter of 2024, we renamed our Oil and Gas segment as the Pipeline Infrastructure segment to better represent the nature of the segment s operations, end markets and customer characteristics.
There was no change to the composition of the segment or its historical results.
Our Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications infrastructure, primarily for wireless and wireline/fiber communications, wireless integration and optimization and install-to-the-home services, as well as infrastructure for utilities, among others.
+7 more — sign up free →
MORE FINANCIAL SIGNALS
PNRGHIGHPNRG achieved exceptional profitability improvement with net income surging 2,21...
2026-04-16
BNAIHIGHBNAI underwent a dramatic reverse stock split that reduced share count by 86% wh...
2026-04-16
LAKEHIGHLAKE's financial performance deteriorated significantly with operating losses wo...
2026-04-16
NXXTHIGHNextNRG experienced massive financial deterioration with operating losses explod...
2026-04-16
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →