GRANITE CONSTRUCTION (GVA) Company Report

Granite (GVA) reported strong Q3 2025 financial results, with Total Revenue of $1,433 million, a 12% year-over-year increase, and Adjusted Diluted EPS of $2.70, up $0.65 year-over-year.
The company's Adjusted EBITDA reached $216 million, with an Adjusted EBITDA Margin of 15.0%, reflecting a 330 basis point improvement year-over-year.
The Construction segment's Construction Awarded Projects (CAP) increased $273 million sequentially to a new record of $6.3 billion, supported by a robust public market bidding environment.
The Materials segment's revenue increased by $76 million year-over-year, driven by higher sales volumes and prices in both aggregates and asphalt, and recent acquisitions.
Granite provided updated 2025 guidance, projecting Revenue between $4.35 billion and $4.45 billion and an Adjusted EBITDA Margin of 11.5%-12.5%.

Nov 6, 2025, 4:00 PM

Presentation

Granite Construction Reports Strong Q3 2025 Results and Raises Full-Year EBITDA Margin Guidance

GVA

Earnings

Guidance Update

M&A

Granite Construction reported a strong third quarter of 2025, with revenue increasing by 12% and adjusted EBITDA improving by 45%.
The company revised its full-year 2025 revenue target to a range of $4.35 billion-$4.45 billion and increased its adjusted EBITDA margin guidance to 11.5%-12.5%.
Strategic acquisitions, including Cindolite and Warren Paving, significantly bolstered the materials segment, contributing to an increase in material segment cash gross profit margin from 18% in fiscal year 2022 to 29% through the first nine months of 2025.
Committed and Awarded Projects (CAP) reached a new record high of $6.3 billion, and the company expects an 8% organic growth rate in Q4 2025 and into 2026.
Operating cash flow through the first nine months of 2025 was $290 million, with expectations to surpass the annual target of 9% of revenue.

Nov 6, 2025, 4:00 PM

Transcript

Granite Reports Strong Q3 2025 Results and Updates Full-Year Guidance

GVA

Earnings

Guidance Update

M&A

Granite reported Q3 2025 revenue of $1.43 billion, a 12% increase year-over-year. Net income attributable to Granite increased 30% to $103 million, with diluted EPS at $1.98 and adjusted diluted EPS at $2.70.
Adjusted EBITDA for Q3 2025 grew 44% year-over-year to $216 million.
Committed and Awarded Projects (CAP) reached a record $6.3 billion, increasing $273 million sequentially.
The company updated its 2025 fiscal year guidance, narrowing revenue to a range of $4.35 billion to $4.45 billion and increasing the adjusted EBITDA margin to a range of 11.50% to 12.50%.
Granite continued to execute its strategy by acquiring Cinderlite, which is expected to bolster its Nevada operations.

Nov 6, 2025, 11:45 AM

8-K

Granite Reports Strong Third Quarter 2025 Results and Updates Full-Year Guidance

GVA

Earnings

Guidance Update

New Projects/Investments

Granite reported Q3 2025 revenue of $1.43 billion, an increase of 12% year-over-year, with net income rising 30% to $103 million and diluted EPS increasing 26% to $1.98.
Committed and Awarded Projects (CAP) reached a record $6.3 billion, a sequential increase of $273 million.
For the nine months ended September 30, 2025, revenue increased to $3.26 billion, with net income attributable to Granite totaling $141 million and diluted EPS at $2.83.
The company updated its 2025 fiscal year guidance, narrowing revenue to a range of $4.35 billion to $4.45 billion and increasing the adjusted EBITDA margin to a range of 11.50% to 12.50%.

Nov 6, 2025, 11:45 AM

Press Release

Granite Construction Reports Strong Q3 2025 Results and Updates Financial Guidance

GVA

Earnings

Guidance Update

New Projects/Investments

Granite Construction reported strong Q3 2025 results, with Total Revenue of $1,433 million, Adjusted Net Income of $124 million, and Adjusted Diluted EPS of $2.70, reflecting significant year-over-year growth.
The Construction segment achieved a record Aggregate Project (CAP) of $6.3 billion in Q3 2025, an increase of $718 million year-over-year, with revenue expected to accelerate in Q4 and into 2026.
The Materials segment demonstrated robust performance in Q3 2025, with Aggregate sales volume up 26.3% to 8,041 tons and Asphalt sales volume up 14.4% to 3,205 tons, accompanied by higher average selling prices.
The company provided updated 2025 guidance for Revenue between $4.35 billion and $4.45 billion and an Adjusted EBITDA Margin of 11.5% to 12.5%.
Granite also set 2027 financial targets including an Adjusted EBITDA Margin of 12.5% to 14.5% and a Free Cash Flow Margin of 6.5% to 8.5%, supported by a strategy focused on home markets, vertical integration, and targeted acquisitions.

Nov 5, 2025, 11:00 PM

Presentation

Granite awarded $70 million contract for Tucson International Airport project

GVA

New Projects/Investments

Granite (NYSE:GVA) has been awarded a $70 million contract by the Tucson Airport Authority (TAA) for the fourth Guaranteed Maximum Price (GMP 4) work package at Tucson International Airport (TUS).
This contract is a key part of TAA’s estimated $400 million multi-year Airfield Safety Enhancement (ASE) Program, which includes the construction of a third full commercial runway to improve operational capacity and airfield safety.
The project commenced in August 2025 and is expected to be completed by December 2026.
Granite's Swan Plant, located near the airport, will supply 77,000 tons of cement treated base and 135,000 tons of concrete aggregates for the project.

Nov 3, 2025, 9:30 PM

Press Release

Granite Construction Inc. Reports Strong Q2 2025 Results and Completes Strategic Acquisitions

GVA

Earnings

M&A

Guidance Update

Granite Construction Inc. reported strong Q2 2025 financial results, with total revenue of $1,126 million, Adjusted EBITDA of $152 million, and Adjusted Diluted EPS of $1.93, reflecting a 150 basis point increase in Adjusted EBITDA margin to 13.5% year-over-year.
The company completed the acquisition of Warren Paving and Papich Construction for a combined $710 million, which are expected to contribute $425 million in annual revenue and be immediately Adjusted EBITDA margin accretive, while also increasing aggregate reserves by 30%.
Granite achieved a new record for Committed and Awarded Projects (CAP) at $6.1 billion in Q2 2025, indicating a robust bidding environment and future growth opportunities in the Construction segment.
The company's Q2 2025 performance was in line with expectations, and it remains on track to meet its 2025 guidance, including targeting 9% operating cash flow as a percentage of revenue.

Aug 7, 2025, 3:00 PM

Presentation

Granite Construction Inc Announces Executive Retirement

GVA

Management Change

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.

May 16, 2025, 12:00 AM

8-K

Granite Construction Q1 2025 Results & Earnings Update

GVA

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

M&A

Guidance Update

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 .