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Granite Construction Incorporated (GVA) is a leading diversified civil contractor and construction materials producer in the United States. The company provides infrastructure solutions for public and private clients, focusing on construction and rehabilitation of various infrastructure projects. GVA sells construction services and materials, including aggregates and asphalt, to support its projects and third-party sales.
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Construction Segment - Engages in the construction and rehabilitation of infrastructure projects such as roads, bridges, rail lines, airports, and water-related facilities for municipal and commercial clients.
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Materials Segment - Produces and sells aggregates, asphalt concrete, liquid asphalt, and recycled materials for internal use and third-party sales.
- Aggregate - Includes aggregates and recycled materials used in construction projects.
- Asphalt - Comprises asphalt concrete and liquid asphalt for paving and construction purposes.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Kyle T. Larkin ExecutiveBoard | President and Chief Executive Officer | Kyle T. Larkin has been CEO of Granite Construction Incorporated since June 2021 and President since September 2020, while also serving as a director on the Board of Directors since June 2021. | View Report → | |
Bradley J. Williams Executive | Senior Vice President, Construction | Bradley J. Williams serves as the Senior Vice President, Construction at GVA since February 1, 2025 and has built an extensive career with roles including Large Project Engineer, Estimator/Project Manager, Environmental Construction Manager, and Manager in Utah. He earned his B.S. in Civil Engineering from Ohio Northern University, underlining his expertise in the construction field. | ||
Bradly J. Estes Executive | Senior Vice President, Construction Materials | Bradly J. Estes has been serving as Senior Vice President, Construction Materials at Granite Construction since June 2023. Previously, he held sequential leadership roles such as Vice President of Construction Materials from January 2018 to June 2023, showcasing his long-term contribution to the company. | ||
Brian A. Dowd Executive | Senior Vice President, Construction | Brian A. Dowd is the Senior Vice President, Construction at GVA since January 2024. He has held various leadership roles at GVA since 1986, including roles such as Senior Vice President and California Group Manager and Vice President positions. | ||
Michael G. Tatusko Executive | Senior Vice President, Construction | Michael G. Tatusko serves as Senior Vice President, Construction at GVA since January 2024. He has previously held senior leadership roles such as Senior Vice President and Group Manager from January 2020 to January 2024. | ||
Staci M. Woolsey Executive | Executive Vice President and Chief Financial Officer | Staci M. Woolsey has been serving as the Executive Vice President and Chief Financial Officer at GVA since September 16, 2024, after previously serving as Chief Accounting Officer from January 2022 to September 2024. Her progression at the company underscores her extensive expertise in financial leadership within the construction sector. | ||
Alan P. Krusi Board | Director | Board of SSR Mining Inc. | Alan P. Krusi has been a Director at GVA since 2018 while serving on the Audit/Compliance Committee and as Chair of the Risk Committee; he brings extensive leadership experience from his previous roles at AECOM, Earth Tech, and Obrien Kreitzberg. | |
Carlos M. Hernandez Board | Director | Board Member at PG&E; Board Member at Steward Health Care System | Carlos M. Hernandez has been a Director at GVA since 2024 and serves on the Audit/Compliance and Risk Committees. Previously, he held several leadership roles including CEO at Fluor Corporation (2019-2020) and executive positions at ArcelorMittal and Fleming Companies. | |
Celeste B. Mastin Board | Director at Granite Construction Incorporated (GVA) | President and Chief Executive Officer of H.B. Fuller Company | Celeste B. Mastin has been a Director at Granite Construction Incorporated (GVA) since 2017 and serves on the Compensation Committee and the Nominating and Corporate Governance Committee. She is also the President and Chief Executive Officer of H.B. Fuller Company since December 2022. | |
Laura M. Mullen Board | Director | Board Director at SSR Mining Inc. | Laura M. Mullen has been a Director at Granite Construction Incorporated since 2021 and serves as the Chair of the Audit/Compliance Committee. She built her expertise during a 37-year tenure at KPMG LLP until her retirement in 2020. | |
Louis E. Caldera Board | Director | Senior Lecturer at Harvard Business School; Senior Advisor to Belay Associates, LLC and Everest Consolidator Acquisition Corp; Member of the Board of Directors of DallasNews Corp., Meritage Homes Corporation, and the Latino Corporate Directors Association | Louis E. Caldera has been a Director at Granite Construction Incorporated (GVA) since 2021. He serves on the Risk Committee and the Nominating and Corporate Governance Committee and has an extensive background in leadership, law, and public service including his role as a Senior Lecturer at Harvard Business School since July 2023. | |
Michael F. McNally Board | Chairman of the Board | Michael F. McNally serves as the Chairman of the Board at Granite Construction Incorporated (GVA) since February 13, 2025 and has been a Director since 2016. He is an independent director noted for his leadership in safety initiatives and governance. | ||
Molly C. Campbell Board | Director | Infrastructure Advisor, US Treasury, Office of Technical Assistance (May 2020); Non-Executive Advisor, Boston Consulting Group (March 2022); Board Member, East West Bank | Molly C. Campbell has been a Director at GVA since 2019 and serves on both the Audit/Compliance and Compensation Committees of the Board. She simultaneously holds external roles, including Infrastructure Advisor with the US Treasury (since May 2020) and Non-Executive Advisor for Boston Consulting Group (since March 2022). |
- Based on the record CAP increase in Q1 and ongoing bidding momentum, how do you plan to sustain this growth amid macroeconomic uncertainties and potential tariff impacts on pricing?
- Given the strong improvement in Construction segment margins despite slower top-line growth due to weather, can you detail the operational strategies and cost controls driving these gains and their sustainability?
- With the observed divergence between bid build and best value project trends, how do you expect the contract mix to evolve in 2025 and what measures are in place to mitigate the faster burn rate of bid build projects?
- Considering your noted success in federal markets like Guam and Texas, how might current federal initiatives and potential future policy changes influence the volume and pricing of contracts in these segments?
- In light of the significant strides in cash gross profit margins within the Materials segment, can you explain which cost-saving measures and efficiency improvements are most impactful and how you plan to maintain these gains against competitive pressures?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
California Department of Transportation (Caltrans) | Prime and subcontractor arrangements | Construction | 2024: $567.6 million (14.2% total revenue) ; 2023: $458.2 million (13.1% total revenue) ; 2022: $348.0 million (10.5% total revenue) |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Dickerson & Bowen, Inc. | 2024 | Completed on August 9, 2024, this deal was valued at an estimated $124.2 million in cash and expanded Granite Construction’s footprint in central and southern Mississippi by adding four asphalt plants, three sand and gravel pits, and significant assets such as property and equipment, customer relationships, and goodwill. |
Granite Infrastructure Canada, Ltd. | 2024 | Acquired on April 24, 2023 (with a subsequent name change in May 2024), this acquisition of the British Columbia-based construction aggregate producer operating on Malahat First Nation land was integrated into the Materials segment and included arrangements for royalty payments, without materially impacting financial statements. |
Lehman-Roberts Company | 2023 | Completed on November 30, 2023, with a total purchase price of $278.0 million financed via a $150 million senior secured term loan, a $100 million revolver draw, and cash on hand, this acquisition expanded Granite’s presence in the Memphis market with a network of strategic asphalt plants. |
Memphis Stone & Gravel Company | 2023 | Finalized on November 30, 2023 as part of the $278.0 million transaction, this acquisition brought in three sand and gravel mines (plus one under construction) and exclusive rights to substantial aggregate reserves, further bolstering Granite's footprint in the greater Memphis and northern Mississippi markets. |
Greenfield Aggregate Operation, Utah | 2022 | Aligned with Granite’s vertical integration strategy, this acquisition secured a new quarry with 99 million tons of recoverable rock near Salt Lake City, with production expected to begin in 2022 and ramp up to full capacity in 2023, thereby enhancing long-term resource availability in a high-demand market. |
Recent press releases and 8-K filings for GVA.
- The company filed an 8-K on May 16, 2025, reporting the retirement of Executive Vice President, Chief Operating Officer, James A. Radich, effective July 4, 2025.
- The filing confirms a management change that could impact operational leadership moving forward.
- Granite Construction reported Q1 2025 revenue of $700M driven by the Construction ($615M) and Materials ($85M) segments .
- Achieved a record project backlog with CAP rising by $444M to $5.7B, fueled by a robust bidding environment and increased public funding .
- Delivered adjusted EBITDA of $28M at a 4% margin, with a 54% jump in gross profit and $4M in operating cash flow despite seasonal weather challenges .
- Improved adjusted net income to $224K ($0.01 per diluted share), marking a turnaround from the previous period .
- Reported a net loss of $34M ($0.77 per diluted share) for the quarter .
- Confirmed 2025 guidance of $4.2–$4.4B in revenue and plans for 2–3 accretive M&A deals, supported by strong liquidity with $513M in cash and marketable securities .
- The Materials segment delivered enhanced performance with new product-level disclosures for aggregates and asphalt, boosting operational efficiencies .