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Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company rents and leases equipment and purchases certain supplies and servicing from CCI, an entity in which Juan Carlos Mas, who is an immediate family member of the Company’s CEO and its Chairman of the Board, serves as the chairman. Additionally, a member of management of a MasTec subsidiary and an entity that is owned by the Mas family are minority owners of CCI. For the years ended December 31, 2025, 2024 and 2023, MasTec paid CCI $6.4 million, $11.7 million and $7.3 million, respectively, for such services, and related amounts payable totaled approximately $0.8 million and $0.7 million as of December 31, 2025 and 2024, respectively. The Company also rents equipment to CCI and revenue from such rentals totaled approximately $0.3 million and $0.5 million for the years ended December 31, 2025 and 2024, respectively, and for the year ended December 31, 2023, there was no revenue from such arrangements.
MasTec has a subcontracting arrangement with an entity for the performance of construction services, the minority owners of which include an entity controlled by Jorge Mas and José R. Mas, along with two members of management of a MasTec subsidiary. For the years ended December 31, 2025, 2024 and 2023, MasTec incurred subcontracting expenses in connection with this arrangement of approximately $3.5 million, $5.8 million and $8.7 million, respectively. Related amounts payable were immaterial as of both December 31, 2025 and 2024.
MasTec has an aircraft leasing arrangement with an entity that is owned by Jorge Mas. For the years ended December 31, 2025, 2024 and 2023, MasTec paid approximately $5.6 million, $6.3 million and $2.7 million, respectively, related to this leasing arrangement.
MasTec performs construction services on behalf of a professional Miami soccer franchise (the “Franchise”) in which Jorge Mas and José R. Mas are majority owners. Construction services include, and have included, the construction of a soccer facility and stadium as well as utility and wireless infrastructure services. Construction services related to site preparation for a new soccer complex began in 2023. For the years ended December 31, 2025, 2024 and 2023, revenue under these arrangements totaled approximately $77.6 million, $24.9 million and $10.7 million, respectively, and related amounts receivable totaled approximately $37.5 million and $12.8 million as of December 31, 2025 and 2024, respectively. Payments for other expenses related to the Franchise totaled $1.0 million, $0.9 million and $1.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.
MasTec has a subcontracting arrangement to perform construction services for an entity in which José R. Mas had a minority interest, and a member of management of a MasTec subsidiary owned the remaining interest. On January 1, 2024, MasTec acquired José R. Mas’ interest in this entity for approximately $0.7 million.
The Company previously acquired a construction management firm specializing in steel building systems, of which Juan Carlos Mas was a minority owner at the time of acquisition. In 2023, the Company paid $16.1 million of contingent consideration in connection with the finalization of the earn-out arrangement, of which approximately 25% was paid to Juan Carlos Mas pursuant to the terms of the purchase agreement.
MasTec has an amended and restated split dollar life insurance agreement with (i) Jorge Mas, and José R. Mas and Juan Carlos Mas, as trustees of the Jorge Mas Irrevocable Trust (the “Jorge Mas trust”); and (ii) José R. Mas, and Jorge Mas, Juan Carlos Mas and Patricia Mas, as trustees of the José Ramon Mas Irrevocable Trust (the “José R. Mas trust”). The Company is the sole owner of each of the policies and is designated as the named fiduciary under each split dollar agreement, and the policies subject to the split dollar agreement may not be surrendered without the express written consent of the applicable trust. The total maximum face amount of the insurance policies subject to the split dollar agreements is capped at $200 million in the case of Jorge Mas and $75 million in the case of José R. Mas. Upon the death of the applicable executive or the survivor of the applicable executive and his wife, the Company is entitled to receive a portion of the death benefit under the policy equal to the greater of (i) premiums paid by the Company on the policy and (ii) the then cash value of the policy, excluding surrender charges or other similar charges or reductions, immediately before the triggering death. In addition, each executive is entitled to purchase the applicable policy under certain events, including a change in control of the Company. The Company paid approximately $0.4 million and $1.4 million, net, in connection with these agreements for the years ended December 31, 2024 and 2023, respectively. In 2025, no payments were made in connection with these agreements. Life insurance assets associated with these agreements, which amounts are included within other long-term assets, totaled approximately $27.5 million as of both December 31, 2025 and 2024.
In any given year, the Company may engage in certain transactions on behalf of or to former owners of acquired businesses (“former owners”) and/or entities in which members of subsidiary management have ownership or commercial interests (“related entities or entity”). A summary of these related party transactions for the years ended December 31, 2025, 2024 and 2023 is noted below.
MasTec purchases, rents and leases equipment and purchases various types of supplies and services used in its business, and from time to time, rents equipment to, sells certain supplies, or performs construction services on behalf of, related entities. For the years ended December 31, 2025, 2024 and 2023, payments to these related entities totaled approximately $36.0 million, $33.7 million and $42.5 million, respectively, and revenue from such arrangements totaled approximately $11.3 million, $18.4 million and $14.0 million, respectively. Payables associated with such arrangements totaled approximately $4.2 million and $2.8 million as of December 31, 2025 and 2024, respectively. As of both December 31, 2025 and 2024, accounts receivable, net, less deferred revenue related to these arrangements totaled a receivable of approximately $3.9 million.
The Company made advances of $0.3 million and $0.6 million on behalf of or to former owners during the years ended December 31, 2024 and 2023, respectively, which were obligated to be repaid under the provisions of the related purchase agreements. As of December 31, 2024, amounts receivable for such advances totaled approximately $0.2 million, which were repaid in 2025.
Additionally, the Company had certain arrangements with a related entity, including a fee arrangement in conjunction with a $15.0 million letter of credit issued by the Company on behalf of this entity. This letter of credit was cancelled as of March 31, 2025. Income recognized in connection with these arrangements totaled approximately $0.2 million for the year ended December 31, 2025, and for both the years ended December 31, 2024 and 2023, totaled approximately $0.8 million. As of December 31, 2024, related amounts receivable totaled approximately $0.4 million, which were repaid in 2025.
Non-controlling interests in entities consolidated by the Company represent ownership interests held by members of management of certain of the Company’s subsidiaries. The Company sold certain minority interests in these entities to members of management of a MasTec subsidiary for $7.1 million of notes receivable in a prior year. These notes, of which approximately $0.4 million and $3.2 million was outstanding as of December 31, 2025 and 2024, respectively, are recorded within other current or long-term assets, as appropriate, in the consolidated financial statements. The notes bear interest at a rate of 5.0% per annum. In 2023, the Company acquired the remaining 15% equity interests in one of its subsidiaries from two members of subsidiary management for $10.0 million in cash, plus 120,000 shares of MasTec common stock, valued at approximately $11.6 million. See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net for additional information.