Revenue

Not explicitly quantified but reached $571.65M

Revenue reached $571.65M in Q2 2025, reflecting a strong market demand and effective growth initiatives compared to the previous period, though a specific percentage change wasn’t provided. "

Operating Income

Not explicitly quantified

Operating income improved to $27.29M with a margin of about 4.8%, indicating that despite increased costs, operational efficiencies and revenue growth helped drive profitability relative to the prior period. "

Net Income

Turnaround from a loss of $1.124M to a profit of $4.215M

The company reversed its performance, moving from a loss in Q2 2024 to a net income of $4.215M in Q2 2025, suggesting stronger operational performance and the elimination or mitigation of previous adverse one‑time expenses. " "

Gross Profit

Not explicitly quantified

Gross profit of $71.35M and a margin of roughly 12.4% hint at a moderate improvement in profitability; however, the pressure on margins may stem from cost increases that remain a challenge compared to the prior period. "

Net Cash from Operating Activities

Increased by 206% from $18.17M to $55.63M

A 206% YoY increase in cash provided by operations underscores improvements in cash collection and working capital management, allowing the company to generate far more operating cash than in Q2 2024. " "

Depreciation Expense

Increased approximately 63% (from $22.84M to $37.26M)

The 63% increase in depreciation expense reflects higher asset utilization and additional capital investments in new or upgraded assets, consistent with the growth and expansion initiatives noted in the period. " "

Total Assets

Increased by over 100% (from $1,313.40M to $2,753.53M)

The significant increase in total assets (more than a 100% rise) indicates major asset acquisitions and possibly strategic investments aimed at future growth, aligning with the company's broader expansion efforts compared to Q2 2024. " "

Long-term Debt

Expanded by 211% (from $423.39M to $1,319.33M)

The 211% YoY increase in long-term debt suggests that the company has leveraged additional financing to support its asset expansion and strategic growth initiatives, highlighting a shift in its capital structure compared to the prior period. " "

Revenue

FY 2025

$2.66B to $2.74B "

No guidance provided

no current guidance

Net Income

FY 2025

$93M to $105.6M "

No guidance provided

no current guidance

Adjusted Net Income

FY 2025

$109.5M to $122.1M "

No guidance provided

no current guidance

Adjusted EBITDA

FY 2025

$375M to $400M "

No guidance provided

no current guidance

Adjusted EBITDA Margin

FY 2025

14.1% to 14.6% "

No guidance provided

no current guidance

Capital Expenditures

FY 2025

$130M to $140M "

No guidance provided

no current guidance

Infrastructure Funding and Policy Dynamics

In Q1 2025, management highlighted strong state and federal funding and discussions around IIJA reauthorization. " " " In Q4 2024, the call emphasized IIJA’s early-stage impact and state supplemental funding. " In Q3 2024, there was a focus on robust public project funding and the positive impact of IIJA investments. " "

Q2 2025 continued the positive sentiment with Secretary Duffy’s remarks on reauthorization, healthy federal and state funding, and a record backlog. " " "

Consistently positive outlook with continued emphasis on reauthorization and increased funding support.

Contract Awards Growth and Emerging Project Pipeline

In Q1 2025, contract awards in Florida and across the eight-state footprint were strong with a record backlog of $2.66B. " In Q3 2024, the backlog was $1.86B with 80–85% of next year’s revenue booked. " Q4 2024 did not address this topic.

Q2 2025 reported contract awards up 15–16% over the previous year and highlighted a healthy bid list in key states. "

Consistent and robust growth in contract awards with a strong emerging pipeline; note the absence of discussion in Q4 2024.

Strategic Acquisitions and Their Financial Implications

In Q1 2025, acquisitions like Overland Corporation and Mobile Asphalt were discussed with an active pipeline. " " In Q3 2024, acquisitions contributed significantly to revenue growth and supported the ROAD-Map 2027 goals. " " In Q4 2024, eight acquisitions – notably Lone Star Paving – drove margin and revenue improvements. " "

Q2 2025 stressed the continuing role of platform acquisitions in expanding coverage, contributing 47% of total revenue growth, and improving margins. " " "

Ongoing strategic acquisitions remain a key growth driver with strong financial contributions and margin enhancements.

Project Backlog Growth and Sustainability Concerns

Q1 2025 reported a record backlog of $2.66B grown over 17 quarters. " " Q3 2024 noted 15 consecutive quarters of growth and a backlog of $1.86B (with shifts in public versus private mix). " " Q4 2024 reported a record $1.96B backlog, emphasizing sustained demand. " "

Q2 2025 presented a backlog of $2.84B with comments on seasonal patterns and a mix of acquisition and organic growth. " "

An upward trend in backlog growth with sustainable demand and a normalization of seasonal fluctuations.

Organic Growth and Margin Expansion Initiatives

Q1 2025 highlighted a 200-basis point margin improvement driven by organic growth and effective integration of acquisitions. " " Q3 2024 underscored 14.1% margins along with significant organic contribution. " " Q4 2024 noted achieving 110 basis points of margin growth and progress toward Roadmap 2027 goals. "

Q2 2025 reported organic growth rates of 11% in Q1 and 7% in Q2 with the highest Q2 adjusted EBITDA margin of 12.1%, reflecting strong project performance. " " "

Consistent organic growth paired with continuous margin expansion, reinforced by operational improvements and acquisition integration.

Financial Leverage and Debt-Driven Risks

Q1 2025 mentioned a debt-to-EBITDA ratio of 2.88x with plans to reach 2.5x over 4–5 quarters, acknowledging a slight tick from acquisitions. " " Q3 and Q4 2024 did not address this topic.

Q2 2025 reaffirmed the target of a 2.5x leverage ratio within the next four quarters and detailed using 80–85% EBITDA conversion to reduce debt. " " "

A clear focus on deleveraging with improved debt management strategies from Q1 to Q2 indicating reduced financial risk.

Cost Inflation and Material Price Pressures

Q1 2025 anticipated a typical construction inflation of 4–5% and planned to pass these increases on through bids. " Q3 and Q4 2024 did not discuss these factors.

Q2 2025 reported a stable cost environment with tariffs not affecting inputs and only modest changes in liquid asphalt and diesel prices. " "

A shift from anticipated inflation in Q1 to confirmed stability in Q2, indicating effective cost management.

Weather-Related Operational Risks

Q1 2025 discussed how exceptional weather negatively impacted outflows and cash collections, with expectations for improvements later. " Q3 and Q4 2024 did not mention weather issues.

Q2 2025 did not mention weather-related risks, suggesting these issues have subsided.

A reduction in weather-related operational concerns compared to Q1, indicating improved seasonal conditions.

Competitive Pressure in Public Sector Projects

In Q3 2024, management noted steady competition in public projects with balanced opportunities between public and private sectors. " Q1 and Q4 2024 did not address competitive pressures.

Q2 2025 did not mention competitive pressures, implying this issue remains a low concern.

The absence in current discussions suggests that competitive pressure in the public sector continues to be manageable.

Decline in Asset Disposal Proceeds

Q4 2024 noted by Gregory Hoffman that asset disposal proceeds are expected to trend down due to healed supply chains. " Q1 2025 and Q3 2024 did not mention this topic.

Q2 2025 did not raise the subject of asset disposal proceeds.

The topic is no longer mentioned in current discussions, indicating reduced focus as supply chain issues have improved.