Granite Construction
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Granite Construction (GVA) investor relations material

Granite Construction Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved record Committed and Awarded Projects (CAP) of $7 billion at year-end 2025, up 32% year-over-year, driven by disciplined project selection and strong public funding.

  • Strategic focus on high-margin, best value projects, home markets, and targeted M&A expanded geographic footprint and improved profitability.

  • Integration of three acquisitions (Warren Paving, Papich Construction, Cinderlite) outperformed expectations, strengthening core markets and supporting Southeast and Western growth.

  • Continued investment in materials business and vertical integration supported organic growth and margin expansion.

  • Both Construction and Materials segments contributed to strong revenue and earnings growth through organic expansion and acquisitions.

Financial highlights

  • FY 2025 revenue increased 10% year-over-year to $4.4 billion; Q4 revenue up 19% to $1.2 billion.

  • Adjusted net income for FY 2025 was $276 million (+29% YOY); adjusted diluted EPS $6.07 (+26% YOY).

  • Adjusted EBITDA for FY 2025 was $527 million (+31% YOY), with margin at 11.9%.

  • Operating cash flow for FY 2025 was $469 million (10.6% of revenue), benefiting from non-recurring collections.

  • Gross profit for the year increased $138 million to $711 million; SG&A expenses rose to $408 million (9.2% of revenue).

Outlook and guidance

  • 2026 revenue guidance: $4.9–$5.1 billion, with organic growth at the high end of 2027 CAGR target (6–8%).

  • Adjusted EBITDA margin expected at 12–13% for 2026, progressing toward 2027 target of 12.5–14.5%.

  • CapEx planned at $140–$160 million, including $50 million for strategic materials investments.

  • SG&A expense projected at 8.5–9% of revenue in 2026.

  • Continued focus on organic growth, margin expansion, and acquisitions.

Detail 2025 acquisition synergies and market impact
Impact of public vs private CAP mix shift on strategy
How will $50M materials CapEx drive value creation?
When to expect details on next federal infrastructure bill
Expected returns from 2026 materials CapEx
How is border infrastructure contract risk changing?
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Frequently asked questions

Granite Construction Inc is a civil construction company engaged in infrastructure development and construction materials production. The company undertakes projects in transportation, water infrastructure, and mineral exploration markets, offering services such as heavy civil construction, site development, and design-build solutions. Granite Construction also produces construction materials, including aggregates, asphalt, and ready-mix concrete, which support its project operations and are sold to third-party customers. Its client base includes public agencies, utilities, and private sector entities. The company is headquartered in Watsonville, California, and its shares are listed on the NYSE.

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