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1月前
Granite Reports First Quarter 2026 ResultsApril 30, 2026 6:45 AM
Business Wire
Q1 revenue increased 30% year-over-year to $912 million
Q1 net loss of $42 million compared to a net loss of $34 million for the same period in the prior year and adjusted net income (1) of $12 million compared to adjusted net income of $0.2 million for the same period in the prior year
Q1 diluted EPS of $(0.96) compared to diluted EPS of $(0.77) for the same period in the prior year and adjusted diluted EPS (1) of $0.26 compared to adjusted diluted EPS of $0.01 for the same period in the prior year
Q1 adjusted EBITDA (1) increased 106% year-over-year to $58 million
Committed and Awarded Projects (“CAP”) (2) increased sequentially $200 million to $7.2 billion
Completed the acquisition of Kenny Seng Construction on April 23, 2026, expanding our vertically-integrated home market in Utah
Raised 2026 fiscal year guidance
Granite (NYSE: GVA) today announced results for the quarter ended March 31, 2026.
First Quarter 2026 Results
Net loss attributable to Granite totaled $42 million, or $(0.96) per diluted share, compared to net loss attributable to Granite of $34 million, or $(0.77) per diluted share, for the same period in the prior year. Adjusted net income attributable to Granite (1) totaled $12 million, or $0.26 per diluted share, compared to adjusted net income attributable to Granite of $0.2 million, or $0.01 per diluted share, for the same period in the prior year.
Revenue increased $212 million to $912 million compared to $700 million for the same period in the prior year.
Gross profit increased $26 million to $110 million compared to $84 million for the same period in the prior year.
Selling, general, and administrative (“SG&A”) expenses increased $25 million to $141 million, or 15.4% of revenue, compared to $116 million, or 16.6% of revenue, for the same period in the prior year.
Adjusted EBITDA increased $30 million to $58 million compared to $28 million for the same period in the prior year.
“Building on our momentum from the fourth quarter, we are off to a strong start across both our construction and materials segments,” said Kyle Larkin, Granite President and Chief Executive Officer. “In construction, our teams across key federal, state and local and private end markets have been highly active, driving CAP to a new record of $7.2 billion. Our markets remain healthy, with robust pipelines that provide clear opportunities to continue to grow CAP. Our materials segment is also performing well. Demand for both aggregates and asphalt has been strong, resulting in volume growth and pricing increases that have met our expectations year-to-date. In addition, we recently announced the acquisition of Kenny Seng Construction in Utah, which continues our strategy of strengthening and expanding our home markets by adding high-quality businesses to our portfolio. We continue to actively evaluate and pursue M&A opportunities and expect to complete several acquisitions this year.”
“Given our first quarter performance and recent project awards, including tactical infrastructure for the U.S. Customs and Border Protection, as well as the acquisition of Kenny Seng Construction, we are increasing our fiscal year 2026 guidance. We expect 2026 to be a year of meaningful growth and believe Granite is positioned for continued growth in 2027.”
(1)
Adjusted net income/loss, adjusted diluted earnings/loss per share, earnings before interest, taxes, depreciation, and amortization (“EBITDA”), EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP measures. Please refer to the description and reconciliation of non-GAAP measures in the attached tables.
(2)
CAP is comprised of revenue we expect to record in the future on executed contracts, including 100% of our consolidated joint venture contracts and our proportionate share of unconsolidated joint venture contracts, as well as the general construction portion of construction manager/general contractor, construction manager/at risk and progressive design build contracts to the extent contract execution and funding is probable.
Three Months ended March 31, 2026 (Unaudited - dollars in thousands)
Construction Segment
Three Months Ended March 31,
2026
2025
Change
Revenue
$
766,054
$
614,618
$
151,436
24.6
%
Gross profit
$
102,180
$
85,438
$
16,742
19.6
%
Gross profit as a % of revenue
13.3
%
13.9
%
Revenue increased year-over-year, driven primarily by higher CAP entering the quarter and $43 million from our recently acquired businesses, Warren Paving and Papich Construction. Gross profit increased year-over-year as a result of the increase in revenue and improved execution across our project portfolio. Gross profit as a percent of revenue decreased primarily due to a claim settlement which did not recur in the current year.
CAP increased $200 million sequentially to $7.2 billion, an increase of $1.4 billion year-over-year. As of March 31, 2026, CAP included $640 million of tactical infrastructure projects for U.S. Customs and Border Protection that should be substantially realized over 2026 and 2027.
Materials Segment
Three Months Ended March 31,
2026
2025
Change
Revenue
$
146,411
$
84,929
$
61,482
72.4
%
Gross profit (loss)
$
7,725
$
(1,589
)
$
9,314
(586.2
)%
Gross profit (loss) as a % of revenue
5.3
%
(1.9
)%
Cash gross profit(1)
$
25,800
$
10,477
$
15,323
146.3
%
Cash gross profit as a % of revenue(1)
17.6
%
12.3
%
(1)
Materials segment cash gross profit and cash gross profit as a percent of revenue are non-GAAP measures. Please refer to the description and reconciliation of non-GAAP measures in the attached tables.
Revenue, gross profit and cash gross profit improved year-over-year primarily driven by revenue from our recently acquired businesses, Warren Paving, Papich Construction and Cinderlite, of $50 million. Gross profit margin and cash gross profit margin increased year-over-year leading to a segment level improvement of 720 basis points and 530 basis points, respectively.
Outlook
We are updating our 2026 fiscal year guidance as noted below:
Revenue raised to a range of $5.2 billion to $5.4 billion from a range of $4.9 billion to $5.1 billion
Adjusted EBITDA margin raised to a range of 12.25% to 13.25% from a range of 12.0% to 13.0%
SG&A expense as a percent of revenue lowered to a range of 8.25% to 8.75% from a range of 8.5% to 9.0% of revenue, inclusive of an estimated $48 million of stock-based compensation expense
Effective tax rate for adjusted net income unchanged in the mid-20s
Capital expenditures unchanged with a range of approximately $140 million to $160 million, including approximately $50 million in planned strategic materials investments.
“Based on our strong performance to date, recent additions to CAP and the addition of Kenny Seng Construction, we are raising our full-year 2026 guidance for revenue and adjusted EBITDA margin,” said Staci Woolsey, Executive Vice President and Chief Financial Officer. “Our increased guidance reflects disciplined execution across our businesses, improved SG&A leverage, and sustained demand in our markets, while maintaining our previously communicated outlook for capital deployment and tax assumptions.”
We do not provide a reconciliation of forward-looking adjusted EBITDA margin or the most directly comparable forward-looking GAAP measure of net income attributable to Granite because we cannot predict with a reasonable degree of certainty and without unreasonable efforts certain components or excluded items that are inherently uncertain and depend on various factors. For these reasons, we are unable to assess the potential significance of the unavailable information.
Conference Call
Granite will conduct a conference call today, April 30, 2026, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to discuss the results of the quarter ended March 31, 2026. The Company invites investors to listen to a live audio webcast of the investor conference call on its Investor Relations website, https://investor.graniteconstruction.com. The investor conference call will also be available by calling 1-877-328-5503; international callers may dial 1-412-317-5472. An archive of the webcast will be available on Granite's Investor Relations website approximately one hour after the call. A replay will be available after the live call through May 7, 2026, by calling 1-855-669-9658, replay access code 9616718; international callers may dial 1-412-317-0088.
About Granite
Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified vertically-integrated civil contractors and construction materials producers in the United States. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, X, Facebook and Instagram.
Forward-looking Statements
Any statements contained in this news release that are not based on historical facts, including statements regarding future events, occurrences, opportunities, circumstances, activities, performance, growth, demand, strategic plans, shareholder value, outcomes, outlook, robust pipelines that provide clear opportunities to continue to grow CAP, actively evaluating and pursuing M&A opportunities, our expectation of completing several acquisitions this year, increasing our fiscal year 2026 guidance, our expectation that 2026 will be a meaningful year of growth and our belief that Granite is positioned for continued growth in 2027, tactical infrastructure projects should be substantially realized over 2026 and 2027, 2026 fiscal year guidance, including revenue, adjusted EBITDA margin, SG&A expense, including estimated stock-based compensation expense, effective tax rate, capital expenditures, including estimated planned strategic materials investments, CAP and results constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “future,” “outlook,” “assumes,” “believes,” “expects,” “estimates,” “anticipates,” “intends,” “plans,” “appears,” “may,” “will,” “should,” “could,” “would,” “continue,” "guidance" and the negatives thereof or other comparable terminology or by the context in which they are made. These forward-looking statements are based on management’s current beliefs, assumptions and estimates. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, those described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this news release and, except as required by law; we undertake no obligation to revise or update any forward-looking statements for any reason.
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands, except share and per share data)
March 31, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
265,714
$
529,220
Short-term marketable securities
49,191
71,021
Receivables, net
636,513
630,392
Contract assets
283,979
236,879
Inventories
168,789
143,129
Equity in unconsolidated construction joint ventures
126,857
134,670
Other current assets
73,663
66,920
Total current assets
1,604,706
1,812,231
Property and equipment, net
1,242,501
1,260,823
Long-term marketable securities
32,616
49,534
Investments in affiliates
97,985
96,764
Goodwill
400,536
400,814
Intangible assets, net
174,496
179,548
Right of use assets
149,438
152,678
Other noncurrent assets
77,361
78,001
Total assets
$
3,779,639
$
4,030,393
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt
$
379,794
$
375,896
Accounts payable
430,306
430,298
Contract liabilities
356,860
327,372
Accrued expenses and other current liabilities
311,882
348,179
Total current liabilities
1,478,842
1,481,745
Long-term debt
861,187
963,233
Long-term lease liabilities
122,753
125,733
Deferred income taxes, net
143,458
141,489
Other long-term liabilities
92,359
96,660
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding
—
—
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 43,746,424 shares as of March 31, 2026 and 43,496,781 shares as of December 31, 2025
437
435
Additional paid-in capital
301,499
402,391
Accumulated other comprehensive income
2,995
1,581
Retained earnings
727,190
774,641
Total Granite shareholders’ equity
1,032,121
1,179,048
Non-controlling interests
48,919
42,485
Total equity
1,081,040
1,221,533
Total liabilities and equity
$
3,779,639
$
4,030,393
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - in thousands, except per share data)
Three Months Ended March 31,
2026
2025
Revenue
$
912,465
$
699,547
Cost of revenue
802,560
615,698
Gross profit
109,905
83,849
Selling, general and administrative expenses
140,950
115,911
Other costs, net
3,037
9,426
Gain on sales of property and equipment, net
(2,949
)
(1,737
)
Operating loss
(31,133
)
(39,751
)
Other (income) expense:
Interest income
(5,849
)
(6,268
)
Interest expense
16,332
7,757
Equity in income of affiliates, net
(3,473
)
(1,094
)
Other (income) expense, net
10,365
(63
)
Total other expense, net
17,375
332
Loss before income taxes
(48,508
)
(40,083
)
Benefit from income taxes
(12,119
)
(11,756
)
Net loss
(36,389
)
(28,327
)
Amount attributable to non-controlling interests
(5,310
)
(5,329
)
Net loss attributable to Granite
$
(41,699
)
$
(33,656
)
Net loss per share attributable to common shareholders:
Basic
$
(0.96
)
$
(0.77
)
Diluted
$
(0.96
)
$
(0.77
)
Weighted average shares outstanding:
Basic
43,529
43,463
Diluted
43,529
43,463
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - in thousands)
Three Months Ended March 31,
2026
2025
Operating activities:
Net loss
$
(36,389
)
$
(28,327
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization
42,012
30,171
Amortization related to long-term debt
2,305
1,081
Convertible debt inducement expense and related charges
9,704
—
Gain on sales of property and equipment, net
(2,949
)
(1,737
)
Stock-based compensation
41,186
32,217
Equity in net income from unconsolidated construction joint ventures
(1,387
)
(1,246
)
Net income from affiliates
(3,473
)
(1,094
)
Other non-cash adjustments
(447
)
164
Changes in assets and liabilities
(81,434
)
(27,582
)
Net cash provided by (used in) operating activities
$
(30,872
)
$
3,647
Investing activities:
Purchases of marketable securities
—
(134,653
)
Maturities of marketable securities
39,000
7,100
Purchases of property and equipment
(26,141
)
(32,206
)
Proceeds from sales of property and equipment
8,646
3,449
Other investing activities
992
—
Net cash provided by (used in) investing activities
$
22,497
$
(156,310
)
Financing activities:
Debt repayments
(288,798
)
(274
)
Proceeds from partial unwind of capped call
56,675
—
Cash dividends paid
(5,655
)
(5,652
)
Repurchases of common stock
(18,441
)
(15,209
)
Contributions from non-controlling partners
2,400
—
Distributions to non-controlling partners
(1,275
)
(25,450
)
Other financing activities, net
(37
)
(8
)
Net cash used in financing activities
$
(255,131
)
$
(46,593
)
Net decrease in cash and cash equivalents
(263,506
)
(199,256
)
Cash and cash equivalents at beginning of period
529,220
578,330
Cash and cash equivalents at end of period
$
265,714
$
379,074
Non-GAAP Financial Information
The tables below contain financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Specifically, we believe that non-GAAP financial measures such as EBITDA and EBITDA margin are useful in evaluating operating performance and are regularly used by securities analysts, institutional investors and other interested parties, and that such supplemental measures facilitate comparisons between companies that have different capital and financing structures and/or tax rates.
We are also providing adjusted EBITDA and adjusted EBITDA margin, non-GAAP measures, to indicate the impact of stock-based compensation expense, convertible debt inducement expense and related charges and other costs, net, which include strategic acquisition and integration expenses, and in 2025 legal fees for the defense of a former company officer in his now resolved civil litigation with the Securities and Exchange Commission and reorganization costs.
We provide adjusted income before income taxes, adjusted provision for (benefit from) income taxes, adjusted net income attributable to Granite, adjusted diluted weighted average shares of common stock and adjusted diluted earnings per share attributable to common shareholders, non-GAAP measures, to indicate the impact of the following:
Acquired intangible asset amortization and acquisition-related depreciation;
Stock-based compensation expense;
Convertible debt inducement expense and related charges; and
Other costs, net as described above.
We also provide cash gross profit and cash gross profit per ton for the materials segment and product lines to exclude the impact of non-cash costs from gross profit. Non-cash costs include depreciation, depletion and amortization, and, starting in the first quarter of 2026, unrealized gains and losses from the change in fair value of commodity derivative instruments included in cost of revenue. Cash gross profit and cash gross profit per ton are presented to illustrate the operational performance generated by the assets of the materials segment and its product lines. In addition, we exclude barge delivery revenue from our calculation of average selling price per ton to improve comparability with prior periods. The acquisition of Warren Paving introduced barge delivery revenue starting in the third quarter of 2025.
We believe that these additional non-GAAP financial measures are useful in evaluating operating performance, are regularly used by securities analysts, institutional investors and other interested parties, and facilitate comparisons to prior periods and between industry peer companies. Additionally, we use these non-GAAP financial measures in evaluating our performance. However, the reader is cautioned that any non-GAAP financial measures provided by us are provided in addition to, and not as alternatives for, our reported results prepared in accordance with GAAP. Items that may have a significant impact on our financial position, results of operations and cash flows must be considered when assessing our actual financial condition and performance regardless of whether these items are included in non-GAAP financial measures. The methods used by us to calculate non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures provided by us may not be comparable to similar measures provided by other companies.
GRANITE CONSTRUCTION INCORPORATED
EBITDA AND ADJUSTED EBITDA(1)
(Unaudited - dollars in thousands)
Three Months Ended March 31,
2026
2025
EBITDA:
Net loss attributable to Granite
$
(41,699
)
$
(33,656
)
Net loss margin(2)
(4.6
)%
(4.8
)%
Depreciation, depletion and amortization expense(3)
42,567
30,352
Benefit from income taxes
(12,119
)
(11,756
)
Interest expense, net
10,483
1,489
EBITDA(1)
$
(768
)
$
(13,571
)
EBITDA margin(1)(2)
(0.1
)%
(1.9
)%
ADJUSTED EBITDA:
Stock-based compensation
45,763
32,217
Convertible debt inducement expense and related charges
9,704
—
Other costs, net
3,037
9,426
Adjusted EBITDA(1)
$
57,736
$
28,072
Adjusted EBITDA margin(1)(2)
6.3
%
4.0
%
(1)
We define EBITDA as GAAP net income/loss attributable to Granite, adjusted for net interest expense, taxes, depreciation, depletion and amortization. Adjusted EBITDA and adjusted EBITDA margin exclude the impact of stock-based compensation, convertible debt inducement expense and related charges and other costs, net as described above.
(2)
Represents net income/loss, EBITDA and adjusted EBITDA divided by consolidated revenue of $912.5 million and $699.5 million for the three months ended March 31, 2026 and 2025, respectively.
(3)
Amount includes the sum of depreciation, depletion and amortization which are classified as cost of revenue and selling, general and administrative expenses in the condensed consolidated statements of operations.
GRANITE CONSTRUCTION INCORPORATED
ADJUSTED NET INCOME RECONCILIATION
(Unaudited - in thousands, except per share data)
Three Months Ended March 31,
2026
2025
Loss before income taxes
$
(48,508
)
$
(40,083
)
Acquired intangible asset amortization and acquisition-related depreciation
10,558
3,987
Stock-based compensation
45,763
32,217
Convertible debt inducement expense and related charges
9,704
—
Other costs, net
3,037
9,426
Adjusted income before income taxes
$
20,554
$
5,547
Benefit from income taxes
$
(12,119
)
$
(11,756
)
Tax effect of adjusting items(1)
15,285
11,750
Adjusted provision for (benefit from) income taxes
$
3,166
$
(6
)
Net loss attributable to Granite
$
(41,699
)
$
(33,656
)
After-tax adjusting items
53,777
33,880
Adjusted net income attributable to Granite
$
12,078
$
224
Diluted weighted average shares of common stock
43,529
43,463
Add: dilutive effect of restricted stock units and Convertible Notes
9,957
9,012
Less: dilutive effect of Convertible Notes(2)
(6,607
)
(8,068
)
Adjusted diluted weighted average shares of common stock
46,879
44,407
Diluted net loss per share attributable to common shareholders
$
(0.96
)
$
(0.77
)
After-tax adjusting items per share attributable to common shareholders
1.22
0.78
Adjusted diluted earnings per share attributable to common shareholders
$
0.26
$
0.01
(1)
The tax effect of adjusting items was calculated using our estimated annual statutory tax rate. The tax effect of adjusting items for the three months ended March 31, 2026 excludes the convertible debt inducement expense and related charges as they were non-tax deductible.
(2)
When calculating diluted net income attributable to common shareholders, GAAP requires that we include potential share dilution from the convertible notes when not antidilutive. We entered into capped call transactions relating to both the 3.25% and 3.75% convertible notes to offset the dilutive impact of the convertible notes. The impact of the capped call transactions was excluded from the GAAP diluted net income attributable to common shareholders calculation as the impact would be antidilutive. For the purpose of calculating our adjusted diluted net income per share attributable to common shareholders, the dilutive effect of the convertible notes up to the capped call price is removed to reflect the impact of the capped call transactions.
GRANITE CONSTRUCTION INCORPORATED
MATERIALS SEGMENT PRODUCT LINE INFORMATION
(Unaudited - in thousands, except per ton data)
Materials Product Line(1)
Other and Eliminations(2)
Total Materials Segment
Three Months Ended March 31, 2026
Aggregate
Asphalt
External revenue
$
90,973
$
55,438
$
—
$
146,411
Internal revenue(3)
26,703
33,199
(59,902
)
—
Total Revenue
$
117,676
$
88,637
$
(59,902
)
$
146,411
Sales tons
5,262
1,037
Average selling price per ton(4)
$
19.65
$
85.47
Gross profit
$
9,780
$
1,320
$
(3,375
)
$
7,725
Gross profit as a % of revenue
8.3
%
1.5
%
NM
5.3
%
Gross profit per ton
$
1.86
$
1.27
Non-cash costs(5)
15,272
4,201
(1,398
)
18,075
Cash gross profit
$
25,052
$
5,521
$
(4,773
)
$
25,800
Cash gross profit as a % of revenue
21.3
%
6.2
%
NM
17.6
%
Cash gross profit per ton
$
4.76
$
5.32
Materials Product Line(1)
Other and Eliminations(2)
Total Materials Segment
Three Months Ended March 31, 2025
Aggregate
Asphalt
External revenue
$
40,402
$
43,982
$
545
$
84,929
Internal revenue(3)
18,512
17,027
(35,539
)
—
Total Revenue
$
58,914
$
61,009
$
(34,994
)
$
84,929
Sales tons
3,768
733
Average selling price per ton(4)
$
15.64
$
83.23
Gross profit (loss)
$
3,740
$
(2,804
)
$
(2,525
)
$
(1,589
)
Gross profit (loss) as a % of revenue
6.3
%
(4.6
)%
NM
(1.9
)%
Gross profit (loss) per ton
$
0.99
$
(3.83
)
Non-cash costs(5)
8,320
3,670
76
12,066
Cash gross profit
$
12,060
$
866
$
(2,449
)
$
10,477
Cash gross profit as a % of revenue
20.5
%
1.4
%
NM
12.3
%
Cash gross profit per ton
$
3.20
$
1.18
NM - not meaningful
(1)
The Aggregate product line includes aggregates, barge delivery and recycled materials. The Asphalt product line includes asphalt concrete and liquid asphalt. External revenue includes freight and delivery costs that we pass along to our customers.
(2)
Represents our other product line which is comprised of immaterial amounts of products and services that are not considered core product lines, as well as unrealized gains and losses on commodity derivatives and eliminations of interproduct and intersegment transactions.
(3)
Includes both intersegment and interproduct revenues. Intersegment revenues for the three months ended March 31, 2026 and March 31, 2025 were $51.1 million and $20.7 million, respectively.
(4)
Aggregate average selling price per ton for the three months ended March 31, 2026 was calculated by dividing total aggregate revenue of $117.7 million, less $14.3 million of revenues associated with barge delivery, or $103.4 million, by sales tons for the period. There was no adjustment in the three months ended March 31, 2025.
(5)
Non-cash costs include depreciation, depletion and amortization, and, starting in the first quarter of 2026, unrealized gains and losses from the change in fair value of commodity derivative instruments included in cost of revenue. Unrealized gains and losses on commodity derivatives were immaterial in prior periods, and therefore cash gross profit is unchanged from what was previously presented.
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Original: Granite Reports First Quarter 2026 Results
US Market News
4月前
Granite Reports Fourth Quarter and Fiscal Year 2025 ResultsFebruary 12, 2026 6:45 AM
Business Wire
Committed and Awarded Projects (“CAP”) (1) increased 32% year-over-year to $7.0 billion, a new record
Q4 revenue increased 19% year-over-year to $1.2 billion, and fiscal year revenue increased 10% year-over-year to $4.4 billion
Q4 net income and adjusted net income (2) increased 25% and 17% year-over-year to $52 million and $65 million, respectively, and fiscal year net income and adjusted net income increased 53% and 29% year-over-year to $193 million and $276 million, respectively
Q4 diluted EPS and adjusted diluted EPS (2) increased 23% and 14% year-over-year to $1.03 and $1.40, respectively, and fiscal year diluted EPS and adjusted diluted EPS increased 47% and 26% year-over-year to $3.86 and $6.07, respectively
Q4 adjusted EBITDA (2) increased 21% year-over-year to $131 million, and fiscal year adjusted EBITDA increased 31% year-over-year to $527 million
Fiscal year operating cash flow totaled $469 million, or 10.6% of revenue
Granite (NYSE: GVA) today announced results for the quarter and year ended December 31, 2025.
Fourth Quarter 2025 Results
Net income totaled $52 million, or $1.03 per diluted share, compared to net income of $41 million, or $0.84 per diluted share, for the same period in the prior year. Adjusted net income totaled $65 million, or $1.40 per diluted share, compared to adjusted net income of $56 million, or $1.23 per diluted share, for the same period in the prior year.
Revenue increased $188 million to $1.2 billion compared to $1.0 billion for the same period in the prior year.
Gross profit increased $17 million to $168 million compared to $151 million for the same period in the prior year.
Selling, general and administrative (“SG&A”) expenses totaled $104 million, or 8.9% of revenue, compared to $84 million, or 8.6% of revenue, for the same period in the prior year.
Adjusted EBITDA increased $22 million to $131 million compared to $109 million for the same period in the prior year.
“With our fourth quarter results, we achieved another record year for Granite,” said Kyle Larkin, Granite President and Chief Executive Officer. “Our disciplined approach to project selection, combined with sustained strength in public-market funding, drove CAP to an all-time high. With record CAP entering 2026 and continued momentum in the market, we believe we are positioned to achieve our 2027 targets for both organic growth and margin expansion.
Our materials business was a standout contributor in 2025, delivering significant margin expansion and revenue growth as recent investments begin to scale. The pace of improvement from this team has been remarkable, and we see a long runway for further value creation through pricing, operational efficiencies, and vertical integration with our construction operations.
In 2025, we also leveraged our free cash flow and strong balance sheet to expand our geographic footprint with strategic acquisitions. Our acquisition pipeline remains robust, and we expect to acquire additional businesses in 2026 that will strengthen our vertically-integrated platform.
We are operating from a position of strength, and I am confident our teams will continue to execute at a high level and deliver long-term value for our shareholders in 2026 and beyond.”
(1) CAP is comprised of revenue we expect to record in the future on executed contracts, including 100% of our consolidated joint venture contracts and our proportionate share of unconsolidated joint venture contracts, as well as the general construction portion of construction manager/general contractor, construction manager/at risk and progressive design build contracts to the extent contract execution and funding is probable.
(2) Adjusted net income, adjusted diluted earnings per share, earnings before interest, taxes, depreciation, and amortization (“EBITDA”), EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP measures. Please refer to the description and reconciliation of non-GAAP measures in the attached tables.
Fiscal Year 2025 Results
Net income totaled $193 million, or $3.86 per diluted share, compared to net income of $126 million, or $2.62 per diluted share, in the prior year. Adjusted net income totaled $276 million, or $6.07 per diluted share, compared to adjusted net income of $214 million, or $4.82 per diluted share, in the prior year.
Revenue increased $417 million to $4.4 billion compared to $4.0 billion in the prior year.
Gross profit increased $138 million to $711 million compared to $573 million in the prior year.
SG&A expenses totaled $408 million, or 9.2% of revenue, compared to $334 million, or 8.3% of revenue, in the prior year. The increase in SG&A expenses primarily relates to stock-based compensation expense as well as salaries and related costs.
Adjusted EBITDA increased $125 million to $527 million compared to $402 million for the same period in the prior year.
Fourth Quarter and Fiscal Year 2025 Segment Results (Unaudited - dollars in thousands)
Construction Segment
Three Months Ended December 31,
Years Ended December 31,
2025
2024
Change
2025
2024
Change
Revenue
$
940,323
$
821,353
$
118,970
14.5
%
$
3,654,880
$
3,415,225
$
239,655
7.0
%
Gross profit
$
142,728
$
128,117
$
14,611
11.4
%
$
574,178
$
491,002
$
83,176
16.9
%
Gross profit as a percent of revenue
15.2
%
15.6
%
15.7
%
14.4
%
Construction revenue increased 14.5% and 7.0% year-over-year in the three months and year ended December 31, 2025, respectively. The revenue increase was driven by a strong market environment, increased CAP and revenue from acquired companies. Construction gross profit increased in both the three months and year ended December 31, 2025, respectively, due to higher revenue and improved execution across our higher quality project portfolio.
Committed and Awarded Projects
December 31, 2025
September 30, 2025
Change
December 31, 2024
Change
Public
$
6,058,998
$
5,268,799
$
790,199
15.0
%
$
4,120,821
$
1,938,177
47.0
%
Private
910,374
1,068,917
(158,543
)
(14.8
)%
1,175,246
(264,872
)
(22.5
)%
Total
$
6,969,372
$
6,337,716
$
631,656
10.0
%
$
5,296,067
$
1,673,305
31.6
%
CAP totaled $7.0 billion, an increase of $0.6 billion sequentially and an increase of $1.7 billion year-over-year. During the quarter, several significant public projects were added to CAP with bidding activity remaining robust.
Materials Segment
Three Months Ended December 31,
Years Ended December 31,
2025
2024
Change
2025
2024
Change
Revenue
$
225,047
$
155,950
$
69,097
44.3
%
$
769,499
$
592,349
$
177,150
29.9
%
Gross profit
$
24,992
$
22,635
$
2,357
10.4
%
$
137,038
$
81,695
$
55,343
67.7
%
Gross profit as a percent of revenue
11.1
%
14.5
%
17.8
%
13.8
%
Cash gross profit(1)
$
46,709
$
37,068
$
9,641
26.0
%
$
202,174
$
126,786
$
75,388
59.5
%
Cash gross profit as a percent of revenue(1)
20.8
%
23.8
%
26.3
%
21.4
%
(1) Materials segment cash gross profit and cash gross profit as a percent of revenue are non-GAAP measures. Please refer to the description and reconciliation of non-GAAP measures in the attached tables.
Materials revenue, gross profit and cash gross profit for the fourth quarter and fiscal year ended December 31, 2025, respectively, increased compared to the same periods in the prior year, driven primarily by acquired businesses and higher asphalt and aggregate prices.
Outlook
Our guidance for 2026 is described below:
Revenue in the range of $4.9 billion to $5.1 billion
Adjusted EBITDA margin in the range of 12.0% to 13.0%
SG&A expense in the range of 8.5% to 9.0% of revenue, inclusive of an estimated $48 million of stock-based compensation expense
Mid-20s effective tax rate for adjusted net income
Capital expenditures of approximately $140 million to $160 million, including approximately $50 million in planned strategic materials investments.
We do not provide a reconciliation of forward-looking adjusted EBITDA margin or the most directly comparable forward-looking GAAP measure of net income attributable to Granite because we cannot predict with a reasonable degree of certainty and without unreasonable efforts certain components or excluded items that are inherently uncertain and depend on various factors. For these reasons, we are unable to assess the potential significance of the unavailable information.
“We expect our top-line momentum to continue in 2026 driven by organic growth as we work through our record CAP and a full-year of contribution from our 2025 acquisitions,” said Executive Vice President and Chief Financial Officer, Staci Woolsey. “With a healthy market backdrop and a solid pipeline of bidding opportunities, we believe we are well positioned to continue expanding CAP in 2026. We also expect to improve gross profit margins and SG&A efficiencies as we work to drive adjusted EBITDA margin growth in line with our 2027 financial targets. Finally, we intend to continue investing in the business through acquisitions and capital expenditures in order to drive long-term shareholder value.”
Conference Call
Granite will conduct a conference call today, February 12, 2026, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to discuss the results of the quarter and fiscal year ended December 31, 2025. The Company invites investors to listen to a live audio webcast of the investor conference call on its Investor Relations website https://investor.graniteconstruction.com. The investor conference call will also be available by calling 1-877-328-5503; international callers may dial 1-412-317-5472. An archive of the webcast will be available on Granite's Investor Relations website approximately one hour after the call. A replay will be available after the live call through February 19, 2026, by calling 1-855-669-9658, replay access code 3262359; international callers may dial 1-412-317-0088.
About Granite
Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified vertically-integrated civil contractors and construction materials producers in the United States. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, X, Facebook, and Instagram.
Forward-looking Statements
Any statements contained in this press release that are not based on historical facts, including statements regarding future events, occurrences, opportunities, circumstances, activities, performance, growth, demand, strategic plans, shareholder value, outcomes, outlook, that we are positioned to achieve our 2027 targets for both organic growth and margin expansion, our runway for further value creation, our acquisition pipeline remains robust, additional acquisitions that will strengthen our vertically integrated platform, executing at a high level and delivering long-term value for our shareholders in 2026 and beyond, our 2026 guidance for revenue, adjusted EBITDA margin, SG&A expense, estimated stock-based compensation expense, effective tax rate and capital expenditures, including planned strategic materials investments, top-line momentum to continue in 2026, continuing to expand CAP in 2026, improved gross margins and SG&A efficiencies as we work to drive adjusted EBITDA margin growth in line with our 2027 targets, investing in the business through acquisitions and capital expenditures to drive long-term shareholder value, CAP and results constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “future,” “outlook,” “assumes,” “believes,” “expects,” “estimates,” “anticipates,” “intends,” “plans,” “appears,” “may,” “will,” “should,” “could,” “would,” “continue,” "guidance" and the negatives thereof or other comparable terminology or by the context in which they are made. These forward-looking statements are based on management's current beliefs, assumptions and estimates. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, those described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this press release and, except as required by law; we undertake no obligation to revise or update any forward-looking statements for any reason.
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands, except share and per share data)
December 31, 2025
December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
529,220
$
578,330
Short-term marketable securities
71,021
7,311
Receivables, net
630,392
511,742
Contract assets
236,879
328,353
Inventories
143,129
108,175
Equity in unconsolidated construction joint ventures
134,670
140,928
Other current assets
66,920
41,824
Total current assets
1,812,231
1,716,663
Property and equipment, net
1,260,823
716,184
Long-term marketable securities
49,534
—
Investments in affiliates
96,764
94,031
Goodwill
400,814
214,465
Intangible assets
179,548
127,886
Right of use assets
152,678
89,791
Other noncurrent assets
78,001
66,635
Total assets
$
4,030,393
$
3,025,655
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt
$
375,896
$
1,109
Accounts payable
430,298
407,223
Contract liabilities
327,372
299,671
Accrued expenses and other current liabilities
348,179
323,956
Total current liabilities
1,481,745
1,031,959
Long-term debt
963,233
737,939
Long-term lease liabilities
125,733
73,638
Deferred income taxes, net
141,489
13,874
Other long-term liabilities
96,660
88,882
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding
—
—
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 43,496,781 shares as of December 31, 2025 and 43,424,646 shares as of December 31, 2024
435
434
Additional paid-in capital
402,391
410,739
Accumulated other comprehensive income (loss)
1,581
(582
)
Retained earnings
774,641
604,635
Total Granite shareholders’ equity
1,179,048
1,015,226
Non-controlling interests
42,485
64,137
Total equity
1,221,533
1,079,363
Total liabilities and equity
$
4,030,393
$
3,025,655
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - in thousands, except per share data)
Three Months Ended
December 31,
Years Ended
December 31,
2025
2024
2025
2024
Total revenue
$
1,165,370
$
977,303
$
4,424,379
$
4,007,574
Total cost of revenue
997,650
826,551
3,713,163
3,434,877
Gross profit
167,720
150,752
711,216
572,697
Selling, general and administrative expenses
104,118
84,467
407,561
334,162
Other costs, net
2,718
10,158
41,416
39,936
Gain on sales of property and equipment, net
(14,097
)
(4,417
)
(20,207
)
(8,764
)
Operating income
74,981
60,544
282,446
207,363
Other (income) expense:
Loss on debt extinguishment
—
—
—
27,552
Interest income
(8,863
)
(6,534
)
(26,878
)
(24,349
)
Interest expense
18,172
7,863
47,223
29,188
Equity in income of affiliates, net
(5,220
)
(4,061
)
(14,958
)
(16,982
)
Other income, net
(2,934
)
(2,888
)
(11,768
)
(4,238
)
Total other (income) expense, net
1,155
(5,620
)
(6,381
)
11,171
Income before income taxes
73,826
66,164
288,827
196,192
Provision for income taxes
14,890
19,113
68,476
55,749
Net income
58,936
47,051
220,351
140,443
Amount attributable to non-controlling interests
(6,906
)
(5,568
)
(27,348
)
(14,097
)
Net income attributable to Granite
$
52,030
$
41,483
$
193,003
$
126,346
Net income per share attributable to common shareholders:
Basic
$
1.19
$
0.95
$
4.42
$
2.88
Diluted
$
1.03
$
0.84
$
3.86
$
2.62
Weighted average shares outstanding:
Basic
43,603
43,642
43,649
43,846
Diluted
53,534
52,952
53,132
52,513
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - in thousands)
Years Ended December 31,
2025
2024
Operating activities:
Net income
$
220,351
$
140,443
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization
162,433
126,331
Amortization related to long-term debt
4,590
4,501
Non-cash loss on debt extinguishment
—
27,552
Gain on sales of property and equipment, net
(20,207
)
(8,764
)
Deferred income taxes
23,800
13,655
Stock-based compensation
39,150
19,595
Equity in net (income) loss from unconsolidated joint ventures
(7,622
)
5,102
Net income from affiliates
(14,958
)
(16,982
)
Other non-cash adjustments
863
3,958
Changes in assets and liabilities
60,516
140,952
Net cash provided by operating activities
$
468,916
$
456,343
Investing activities:
Purchases of marketable securities
(238,371
)
(10,977
)
Maturities of marketable securities
125,225
38,000
Purchases of property and equipment
(138,270
)
(136,405
)
Proceeds from sales of property and equipment
32,845
13,852
Acquisitions of businesses, net of cash acquired
(777,517
)
(134,361
)
Other investing activities
2,367
1,335
Net cash used in investing activities
$
(993,721
)
$
(228,556
)
Financing activities:
Proceeds from long-term debt
685,000
—
Proceeds from issuance of convertible notes
—
373,750
Debt principal repayments
(86,113
)
(310,498
)
Capped call transactions
—
(46,046
)
Redemption of warrants
—
(497
)
Debt issuance costs
(2,799
)
(10,474
)
Cash dividends paid
(22,719
)
(22,813
)
Repurchases of common stock
(48,208
)
(50,631
)
Contributions from non-controlling partners
3,345
24,000
Distributions to non-controlling partners
(53,247
)
(25,587
)
Other financing activities, net
436
1,676
Net cash provided by (used in) financing activities
$
475,695
$
(67,120
)
Net increase (decrease) in cash and cash equivalents
$
(49,110
)
$
160,667
Cash and cash equivalents at beginning of period
578,330
417,663
Cash and cash equivalents at end of period
$
529,220
$
578,330
Non-GAAP Financial Information
The tables below contain financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Specifically, management believes that non-GAAP financial measures such as EBITDA and EBITDA margin are useful in evaluating operating performance and are regularly used by securities analysts, institutional investors and other interested parties, and that such supplemental measures facilitate comparisons between companies that have different capital and financing structures and/or tax rates. We are also providing adjusted EBITDA and adjusted EBITDA margin, non-GAAP measures, to indicate the impact of stock-based compensation expense, loss on debt extinguishment in 2024 and other costs, net, which include legal fees for the defense of a former company officer in his civil litigation with the Securities and Exchange Commission, reorganization costs, strategic acquisition and integration expenses and, in 2024, non-cash impairment charges.
We provide adjusted income before income taxes, adjusted provision for income taxes, adjusted net income attributable to Granite, adjusted diluted weighted average shares of common stock and adjusted diluted earnings per share attributable to common shareholders, non-GAAP measures, to indicate the impact of the following:
Other costs, net as described above;
Acquired intangible asset amortization and acquisition-related depreciation;
Stock-based compensation expense; and
Loss on debt extinguishment.
We also provide Materials segment cash gross profit, Materials segment cash gross profit and cash gross profit per ton by product line and the related margins to exclude the impact of the segment’s and product line’s depreciation, depletion and amortization from the segment’s and product line’s gross profit. To better illustrate the operational performance generated by the assets of the Materials segment, and its product lines, our calculation adds back all depreciation, depletion and amortization to the Materials segment and its product lines and does not eliminate any in consolidation. In addition, we exclude barge delivery revenue from our calculation of average selling price per ton to improve comparability with prior periods. The acquisition of Warren Paving introduced barge delivery revenue starting in the third quarter of 2025. Management believes that non-GAAP financial measures such as Materials segment cash gross profit and Materials segment cash gross profit by product line and the related margins, cash gross profit per ton and average selling price per ton are useful in evaluating operating performance and are regularly used by securities analysts, institutional investors and other interested parties, and that such supplemental measures facilitate comparisons to prior periods and between companies that have different capital and financing structures.
Management believes that these additional non-GAAP financial measures facilitate comparisons between industry peer companies, and management uses these non-GAAP financial measures in evaluating performance. However, the reader is cautioned that any non-GAAP financial measures provided by us are provided in addition to, and not as alternatives for, our reported results prepared in accordance with GAAP. Items that may have a significant impact on our financial position, results of operations and cash flows must be considered when assessing our actual financial condition and performance regardless of whether these items are included in non-GAAP financial measures. The methods used by us to calculate non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures provided by us may not be comparable to similar measures provided by other companies.
GRANITE CONSTRUCTION INCORPORATED
EBITDA AND ADJUSTED EBITDA(1)
(Unaudited - dollars in thousands)
Three Months Ended
December 31,
Years Ended
December 31,
2025
2024
2025
2024
EBITDA:
Net income attributable to Granite
$
52,030
$
41,483
$
193,003
$
126,346
Net income margin(2)
4.5
%
4.2
%
4.4
%
3.2
%
Depreciation, depletion and amortization expense(3)
49,746
34,189
164,677
127,721
Provision for income taxes
14,890
19,113
68,476
55,749
Interest expense, net
9,309
1,329
20,345
4,839
EBITDA(1)
$
125,975
$
96,114
$
446,501
$
314,655
EBITDA margin(1)(2)
10.8
%
9.8
%
10.1
%
7.9
%
ADJUSTED EBITDA:
Other costs, net
$
2,718
$
10,158
$
41,416
$
39,936
Stock-based compensation
2,305
2,267
39,150
19,595
Loss on debt extinguishment
—
—
—
27,552
Adjusted EBITDA(1)
$
130,998
$
108,539
$
527,067
$
401,738
Adjusted EBITDA margin(1)(2)
11.2
%
11.1
%
11.9
%
10.0
%
(1)
We define EBITDA as GAAP net income attributable to Granite, adjusted for net interest expense, taxes, depreciation, depletion and amortization. Adjusted EBITDA and adjusted EBITDA margin exclude the impact of other costs, net, stock-based compensation and loss on debt extinguishment as described above.
(2)
Represents net income, EBITDA and adjusted EBITDA divided by consolidated revenue of $1.2 billion and $977 million, for the three months ended December 31, 2025 and 2024, respectively, and $4.4 billion and $4.0 billion for the fiscal year ended December 31, 2025 and 2024, respectively.
(3)
Amount includes the sum of depreciation, depletion and amortization which are classified as cost of revenue and selling, general and administrative expenses in the condensed consolidated statements of operations.
GRANITE CONSTRUCTION INCORPORATED
ADJUSTED NET INCOME RECONCILIATION
(Unaudited - in thousands, except per share data)
Three Months Ended
December 31,
Years Ended
December 31,
2025
2024
2025
2024
Income before income taxes
$
73,826
$
66,164
$
288,827
$
196,192
Other costs, net
2,718
10,158
41,416
39,936
Acquired intangible asset amortization and acquisition-related depreciation
12,261
6,059
27,653
21,436
Stock-based compensation
2,305
2,267
39,150
19,595
Loss on debt extinguishment
—
—
—
27,552
Adjusted income before income taxes
$
91,110
$
84,648
$
397,046
$
304,711
Provision for income taxes
$
14,890
$
19,113
$
68,476
$
55,749
Tax effect of adjusting items(1)
4,462
4,308
25,531
20,902
Adjusted provision for income taxes
$
19,352
$
23,421
$
94,007
$
76,651
Net income attributable to Granite
$
52,030
$
41,483
$
193,003
$
126,346
After-tax adjusting items
12,822
14,176
82,688
87,617
Adjusted net income attributable to Granite
$
64,852
$
55,659
$
275,691
$
213,963
Diluted weighted average shares of common stock
53,534
52,952
53,132
52,513
Less: dilutive effect of convertible notes(2)
(7,340
)
(7,830
)
(7,690
)
(8,103
)
Adjusted diluted weighted average shares of common stock
46,194
45,122
45,442
44,410
Diluted net income per share attributable to common shareholders
$
1.03
$
0.84
$
3.86
$
2.62
After-tax adjusting items per share attributable to common shareholders
0.37
0.39
2.21
2.20
Adjusted diluted net income per share attributable to common shareholders
$
1.40
$
1.23
$
6.07
$
4.82
(1)
The tax effect of adjusting items was calculated using our estimated annual statutory tax rate. The tax effect of adjusting items for the fiscal year ended December 31, 2025 excludes $9 million of acquisition costs in Other costs, net that were non-tax deductible and the fiscal year ended December 31, 2024 excludes $26 million loss on debt extinguishment as it was almost entirely non-tax deductible.
(2)
When calculating diluted net income attributable to common shareholders, GAAP requires that we include potential share dilution from the convertible notes when not antidilutive. We entered into capped call transactions relating to both the 3.75% and 3.25% convertible notes to offset the dilutive impact of the convertible notes. The impact of the capped call transactions was excluded from the GAAP diluted net income attributable to common shareholders calculation as the impact would be antidilutive. For the purpose of calculating our adjusted diluted net income per share attributable to common shareholders, the dilutive effect of the convertible notes up to the capped call price is removed to reflect the impact of the capped call transactions.
GRANITE CONSTRUCTION INCORPORATED
MATERIALS SEGMENT PRODUCT LINE INFORMATION
(Unaudited - in thousands, except per ton data)
Materials Product Line(1)
Total Materials Segment
Three Months Ended December 31, 2025
Aggregate
Asphalt
Other and Eliminations(2)
External revenue
$
107,887
$
116,483
$
677
$
225,047
Internal revenue(3)
46,431
62,539
(108,970
)
—
Total Revenue
$
154,318
$
179,022
$
(108,293
)
$
225,047
Sales tons
6,781
2,183
Average selling price per ton(4)
$
18.67
$
82.01
Gross profit
$
18,710
$
23,766
$
(17,484
)
$
24,992
Gross profit as a % of revenue
12.1
%
13.3
%
NM
11.1
%
Depreciation, depletion and amortization
17,252
4,404
61
21,717
Cash gross profit
$
35,962
$
28,170
$
(17,423
)
$
46,709
Cash gross profit as a % of revenue
23.3
%
15.7
%
NM
20.8
%
Cash gross profit per ton
$
5.30
$
12.90
Materials Product Line(1)
Total Materials Segment
Three Months Ended December 31, 2024
Aggregate
Asphalt
Other and Eliminations(2)
External revenue
$
48,710
$
107,955
$
(715
)
$
155,950
Internal revenue(3)
30,255
43,871
(74,126
)
—
Total Revenue
$
78,965
$
151,826
$
(74,841
)
$
155,950
Sales tons
5,032
1,943
Average selling price per ton(4)
$
15.69
$
78.14
Gross profit
$
11,863
$
18,791
$
(8,019
)
$
22,635
Gross profit as a % of revenue
15.0
%
12.4
%
NM
14.5
%
Depreciation, depletion and amortization
9,856
4,492
85
14,433
Cash gross profit
$
21,719
$
23,283
$
(7,934
)
$
37,068
Cash gross profit as a % of revenue
27.5
%
15.3
%
NM
23.8
%
Cash gross profit per ton
$
4.32
$
11.98
NM - not meaningful
(1)
The Aggregate product line includes aggregates, barge delivery and recycled materials. The Asphalt product line includes asphalt concrete and liquid asphalt. External revenue includes freight and delivery costs that we pass along to our customers.
(2)
Represents our other product line which is comprised of immaterial amounts of products and services that are not considered core product lines, as well as eliminations of interproduct and intersegment transactions.
(3)
Includes both intersegment and interproduct revenues. Intersegment revenues for the three months ended December 31, 2025 and December 31, 2024 were $85.7 million and $57.7 million, respectively.
(4)
Aggregate average selling price per ton for the three months ended December 31, 2025 was calculated by dividing total aggregate revenue of $154.3 million, less $27.7 million of revenues associated with barge delivery, or $126.6 million, by sales tons for the period. There was no adjustment in the three months ended December 31, 2024.
Materials Product Line(1)
Total Materials Segment
Year Ended December 31, 2025
Aggregate
Asphalt
Other and Eliminations(2)
External revenue
$
308,781
$
458,836
$
1,882
$
769,499
Internal revenue(3)
171,493
237,848
(409,341
)
—
Total Revenue
$
480,274
$
696,684
$
(407,459
)
$
769,499
Sales tons
24,629
8,450
Average selling price per ton(4)
$
17.63
$
82.45
Gross profit
$
76,988
$
112,046
$
(51,996
)
$
137,038
Gross profit as a % of revenue
16.0
%
16.1
%
NM
17.8
%
Depreciation, depletion and amortization
47,875
16,897
364
65,136
Cash gross profit
$
124,863
$
128,943
$
(51,632
)
$
202,174
Cash gross profit as a % of revenue
26.0
%
18.5
%
NM
26.3
%
Cash gross profit per ton
$
5.07
$
15.26
Materials Product Line(1)
Total Materials Segment
Year Ended December 31, 2024
Aggregate
Asphalt
Other and Eliminations(2)
External revenue
$
196,232
$
395,798
$
319
$
592,349
Internal revenue(3)
127,849
195,718
(323,567
)
—
Total Revenue
$
324,081
$
591,516
$
(323,248
)
$
592,349
Sales tons
20,284
7,456
Average selling price per ton(4)
$
15.98
$
79.33
Gross profit
$
52,274
$
79,433
$
(50,012
)
$
81,695
Gross profit as a % of revenue
16.1
%
13.4
%
NM
13.8
%
Depreciation, depletion and amortization
30,760
14,024
307
45,091
Cash gross profit
$
83,034
$
93,457
$
(49,705
)
$
126,786
Cash gross profit as a % of revenue
25.6
%
15.8
%
NM
21.4
%
Cash gross profit per ton
$
4.09
$
12.53
NM - not meaningful
(1)
The Aggregate product line includes aggregates, barge delivery and recycled materials. The Asphalt product line includes asphalt concrete and liquid asphalt. External revenue includes freight and delivery costs that we pass along to our customers.
(2)
Represents our other product line which is comprised of immaterial amounts of products and services that are not considered core product lines, as well as eliminations of interproduct and intersegment transactions.
(3)
Includes both intersegment and interproduct revenues. Intersegment revenues for the years ended December 31, 2025 and December 31, 2024 were $275.2 million and $246.8 million, respectively.
(4)
Aggregate average selling price per ton for the year ended December 31, 2025 was calculated by dividing total aggregate revenue of $480.3 million, less $46.1 million of revenues associated with barge delivery, or $434.2 million, by sales tons for the period. There was no adjustment in the year ended December 31, 2024.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260211900936/en/
Investors
Wenjun Xu, 831-761-7861
Or
Media
Erin Kuhlman, 831-768-4111
Original: Granite Reports Fourth Quarter and Fiscal Year 2025 Results
Penny Roger$
14年前
Granite Reports Fourth Quarter and Fiscal 2011 Results
Date : 02/22/2012 @ 7:49PM
Source : Business Wire
Stock : Granite Construction Incorporated (GVA)
Quote : 27.02 0.24 (0.90%) @ 8:00PM
Granite Reports Fourth Quarter and Fiscal 2011 Results
Print
Alert
Granite (NYSE:GVA)
Intraday Stock Chart
Today : Thursday 23 February 2012
Click Here for more Granite Charts.
Granite Construction Incorporated (NYSE: GVA) today reported a net income of $51 million for the full year 2011, compared to a net loss of $59 million the prior year. Diluted earnings per share (EPS) for the year was $1.31 compared to a loss per share of $(1.56) in 2010.
For the fourth quarter of 2011, Granite reported a net income of $19 million, compared to a net loss of $50 million for the fourth quarter of 2010. Diluted EPS for the quarter ended December 31, 2011 was $0.48 compared to a loss per share of $(1.32) in the prior year period. Included in the fourth quarter of 2010 were restructuring charges of $107 million associated with the Company’s Enterprise Improvement Plan.
“Our solid performance in 2011 is the result of our continued successful project execution, the tremendous efforts of our people to improve efficiencies throughout the company and the significant reductions we have made to our cost structure,” said James H. Roberts, president and chief executive officer.
Fiscal 2011 Highlights:
Total Company
Revenue totaled $2.0 billion compared with $1.8 billion in 2010, driven by increases in both Construction and Large Project Construction revenue.
Gross profit margin was 12 percent compared with 10 percent in 2010.
SG&A expenses decreased $29 million to $162 million primarily due to a workforce reduction in 2010 and restructuring of administrative services.
Operating income was $99 million in 2011 compared with an operating loss of $109 million in 2010. Fiscal 2010 includes restructuring charges of approximately $109 million.
Total other (expense) income decreased $13 million from 2010 due primarily to previously deferred income and impairment charges on other investments.
Net income attributable to noncontrolling interests was $15 million compared with a net loss attributable to noncontrolling interests of $4 million in 2010.
Total contract backlog at December 31, 2011, was $2.0 billion compared with $1.9 billion a year ago.
Construction
Construction revenue increased 11 percent to $1.0 billion driven by a higher volume of work and mild weather in the fourth quarter.
Gross profit margin was 12 percent compared with 10 percent a year ago reflecting successful execution on projects and improved cost management.
Large Project Construction
Large Project Construction revenue increased 24 percent to $725 million aided by the progress on several large projects.
Gross profit margin was 14 percent compared with 12 percent in 2010 reflecting an increase in the volume of projects that reached the profit recognition threshold during the year.
Construction Materials
Construction Materials revenue was $221 million compared with $222 million last year.
Gross profit on the sale of construction materials was 8 percent compared with 5 percent in 2010 driven by production efficiencies.
Fourth Quarter 2011 Highlights
Total Company
Revenue totaled $540 million compared with $417 million in 2010, driven by increases in both Construction and Large Project Construction revenue.
Gross profit margin was 15 percent compared with 11 percent in 2010.
Selling, general and administrative expenses for the fourth quarter increased $3 million to $43 million due to higher incentive compensation related to higher earnings.
Operating income for the quarter was $40 million compared with an operating loss of $99 million in the prior year. The fourth quarter 2010 includes restructuring charges of $107 million related to workforce reductions as well as real estate and fixed asset impairment charges.
Net income attributable to noncontrolling interests was $6 million compared with net loss attributable to noncontrolling interest of $15 million in 2010. The results for 2010 include $20 million associated with impairment charges related to the implementation of the company’s Enterprise Improvement Plan.
Construction
Construction revenue for the quarter increased 21 percent to $259 million due to relatively mild weather throughout the quarter.
Gross profit margin for the fourth quarter was 14 percent compared with 12 percent a year ago reflecting successful execution on projects and improved cost management.
Large Project Construction
Large Project Construction revenue for the quarter increased 37 percent to $212 million reflecting progress on several large projects across the country.
Gross profit margin for the quarter was 16 percent compared with 11 percent for the same period last year. During the fourth quarter, projects which reached profit recognition include the Houston Metro Light Rail project and the State Route 520 project in the Northwest.
Construction Materials
Construction Materials revenue for the quarter increased 19 percent to $56 million reflecting drier weather in the fourth quarter of 2011 compared to the fourth quarter of 2010.
Gross profit margin on the sale of construction materials was 11 percent compared with 5 percent in 2010.
Outlook
“I am very pleased with the quality of our backlog and the opportunities to grow it even further in all segments of our business throughout 2012,” commented Roberts. “Despite operating in an extremely competitive bidding environment, our teams continue to meet the challenge by being strategic about the work we bid, intensely focused on execution, and responsive to market conditions. ”
“Going forward, we will continue to aggressively manage expenses and drive efficiencies. We will also leverage our capabilities and experience to drive opportunities to grow our business. Our efforts this past eighteen months have set the stage for long-term profitability,” said Roberts. “In addition, we have renewed our focus on growing the business and are excited about the future for Granite. Our strategy is centered on several key initiatives including growing both our large projects and vertically integrated businesses, as well as diversifying our business model, and continually optimizing our asset portfolio. We are building momentum around these initiatives and looking forward to executing on our plan not only this year, but over the years to come.”
Conference Call
Granite will conduct a conference call tomorrow, February 23, 2012 at 8 a.m. Pacific time/11 a.m. Eastern time to discuss the results of the quarter and year ended December 31, 2011. Access to a live audio webcast is available at http://investor.graniteconstruction.com. The live conference call may be accessed by calling (877) 643-7158. The conference ID for the live call is 47718778. The call will be recorded and will be available for replay approximately two hours after the live audio webcast through May 15, 2012 by calling (855) 859-2056. The conference ID for the replay is 47718778.
About Granite
Granite is one of the nation’s leading infrastructure contractors and is member of the S&P 400 Midcap Index, the FTSE KLD 400 Social Index and the Russell 2000 Index. Through its wholly owned subsidiary, Granite is one of the nation’s largest diversified heavy civil contractors and construction materials producers serving public- and private-sector clients nationwide. In addition, Granite has one of the oldest and most robust ethics and compliance programs in the industry. The Company has been recognized by Ethisphere Institute as one of the World’s Most Ethical Companies for two straight years. For more information, please visit graniteconstruction.com.
Forward-looking Statements
Any statements contained in this news release that are not based on historical facts, including statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “future,” “outlook,” “assumes,” “believes,” “expects,” “estimates,” “anticipates,” “intends,” “plans,” “appears,” “may,” “will,” “should,” “could,” “would,” “continue,” and the negatives thereof or other comparable terminology or by the context in which they are made. These forward-looking statements are estimates reflecting the best judgment of senior management and reflect our current expectations regarding future events, occurrences, circumstances, activities, performance, outcomes and results. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, those described in greater detail in our filings with the Securities and Exchange Commission, particularly those specifically described in our Annual Report on Form 10-K and quarterly reports on Form 10-Q.
Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this news release and, except as required by law, we undertake no obligation to revise or update any forward-looking statements for any reason.
GRANITE CONSTRUCTION INCORPORATED
CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands, except share and per share data)
December 31,
2011 2010
ASSETS
Current assets
Cash and cash equivalents $ 256,990 $ 252,022
Short-term marketable securities 70,408 109,447
Receivables, net 251,838 243,986
Costs and estimated earnings in excess of billings 37,703 10,519
Inventories 50,975 51,018
Real estate held for development and sale 67,037 75,716
Deferred income taxes 38,571 53,877
Equity in construction joint ventures 101,029 74,716
Other current assets 35,171 42,555
Total current assets 909,722 913,856
Property and equipment, net 447,140 473,607
Long-term marketable securities 79,250 34,259
Investments in affiliates 31,071 31,410
Other noncurrent assets 80,616 82,401
Total assets $ 1,547,799 $ 1,535,533
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt $ 9,102 $ 8,359
Current maturities of non-recourse debt 23,071 29,760
Accounts payable 158,660 129,700
Billings in excess of costs and estimated earnings 90,845 120,185
Accrued expenses and other current liabilities 166,790 150,773
Total current liabilities 448,468 438,777
Long-term debt 208,501 217,014
Long-term non-recourse debt 9,912 25,337
Other long-term liabilities 49,221 47,996
Deferred income taxes 4,034 10,774
Equity
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding - -
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding 38,682,771 shares as of December 31, 2011 and 38,745,542 shares as of December 31, 2010 387 387
Additional paid-in capital 111,514 104,232
Retained earnings 687,296 656,412
Total Granite Construction Incorporated shareholders’ equity 799,197 761,031
Noncontrolling interests 28,466 34,604
Total equity 827,663 795,635
Total liabilities and equity $ 1,547,799 $ 1,535,533
GRANITE CONSTRUCTION INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - in thousands, except per share data)
Three Months Ended Years Ended
December 31, December 31,
2011 2010 2011 2010
Revenue
Construction $ 259,221 $ 214,127 $ 1,043,614 $ 943,245
Large project construction 211,565 154,781 725,043 584,406
Construction materials 55,500 46,677 220,583 222,058
Real estate 13,262 1,643 20,291 13,256
Total revenue 539,548 417,228 2,009,531 1,762,965
Cost of revenue
Construction 222,197 187,831 919,108 847,536
Large project construction 176,970 137,108 620,935 517,099
Construction materials 49,613 44,151 203,942 210,040
Real estate 11,642 1,921 17,583 10,506
Total cost of revenue 460,422 371,011 1,761,568 1,585,181
Gross profit
79,126 46,217 247,963 177,784
Selling, general and administrative expenses 42,536 39,766 162,302 191,593
Restructuring charges 670 107,297 2,181 109,279
Gain on sales of property and equipment 4,217 2,331 15,789 13,748
Operating income (loss) 40,137 (98,515) 99,269 (109,340)
Other (expense) income
Interest income 583 833 2,878 4,980
Interest expense (2,709) (2,446) (10,362) (9,740)
Equity in income of affiliates 750 933 2,193 756
Other (expense) income, net (2,594) 1,114 (4,545) 6,968
Total other (expense) income (3,970) 434 (9,836) 2,964
Income (loss) before provision for (benefit from) income taxes 36,167 (98,081) 89,433 (106,376)
Provision for (benefit from) income taxes 11,375 (32,695) 23,348 (43,928)
Net income (loss) 24,792 (65,386) 66,085 (62,448)
Amount attributable to noncontrolling interests (6,038) 15,367 (14,924) 3,465
Net income (loss) attributable to Granite Construction Incorporated $ 18,754 $ (50,019) $ 51,161 $ (58,983)
Net income (loss) per share attributable to common shareholders:
Basic (1) $ 0.48 $ (1.32) $ 1.32 $ (1.56)
Diluted (1) $ 0.48 $ (1.32) $ 1.31 $ (1.56)
Weighted average shares of common stock:
Basic 38,191 37,875 38,117 37,820
Diluted 38,607 37,875 38,473 37,820
Note:
(1) Computed using the two-class method, except when in a net loss position
GRANITE CONSTRUCTION INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - in thousands)
Years Ended December 31,
2011
2010
Operating activities
Net income (loss) $ 66,085 $ (62,448 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Restructuring impairment charges 1,678 93,862
Other impairment charges 5,067 821
Depreciation, depletion and amortization 60,546 74,435
Gain on sales of property and equipment (15,789 ) (13,748 )
Change in deferred income tax 8,566 (39,289 )
Stock-based compensation 12,155 13,040
Loss (gain) on company owned life insurance 18 (3,321 )
Equity in income of affiliates (2,193 ) (756 )
Changes in assets and liabilities, net of the effects of consolidations
(43,788 ) (33,278 )
Net cash provided by operating activities 92,345 29,318
Investing activities
Purchases of marketable securities (155,122 ) (121,626 )
Maturities of marketable securities 110,875 74,000
Proceeds from sale of marketable securities 33,268 15,000
Purchase of company owned life insurance (359 ) (8,195 )
Additions to property and equipment (45,035 ) (37,004 )
Proceeds from sales of property and equipment 27,959 21,148
Purchase of private preferred stock (50 ) (6,400 )
Contributions to (distributions from) affiliates, net 1,458 (1,658 )
Issuance of notes receivable (3,979 ) (1,313 )
Collection of notes receivable 1,599 3,126
Other investing activities, net 1,658 2,487
Net cash used in investing activities
(27,728 ) (60,435 )
Financing activities
Proceeds from long-term debt 2,122 1,918
Long-term debt principal payments (16,907 ) (19,829 )
Cash dividends paid (20,117 ) (20,150 )
Purchase of common stock (4,029 ) (3,641 )
Contributions from noncontrolling partners
519 7,321
Distributions to noncontrolling partners (21,581 ) (21,498 )
Other financing activities, net 344 62
Net cash used in financing activities (59,649 ) (55,817 )
Increase (decrease) in cash and cash equivalents 4,968 (86,934 )
Cash and cash equivalents at beginning of period 252,022 338,956
Cash and cash equivalents at end of period $ 256,990 $ 252,022
GRANITE CONSTRUCTION INCORPORATED
Business Segment Information
(Unaudited - dollars in thousands)
Three Months Ended December 31, Years Ended December 31,
Construction
Large Project
Construction
Construction
Materials
Real Estate Construction
Large Project
Construction
Construction
Materials
Real Estate
2011
Revenue $ 259,221 $ 211,565 $ 55,500 $ 13,262 $ 1,043,614 $ 725,043 $ 220,583 $ 20,291
Gross profit 37,024 34,595 5,887 1,620 124,506 104,108 16,641 2,708
Gross profit as a percent of revenue 14.3 % 16.4 % 10.6 % 12.2 % 11.9 % 14.4 % 7.5 % 13.3 %
2010
Revenue $ 214,127 $ 154,781 $ 46,677 $ 1,643 $ 943,245 $ 584,406 $ 222,058 $ 13,256
Gross profit (loss) 26,296 17,673 2,526 (278 ) 95,709 67,307 12,018 2,750
Gross profit (loss) as a percent of revenue 12.3 % 11.4 % 5.4 % -16.9 % 10.1 % 11.5 % 5.4 % 20.7 %
GRANITE CONSTRUCTION INCORPORATED
Contract Backlog by Segment
(Unaudited - dollars in thousands)
Contract Backlog by Segment December 31, 2011 December 31, 2010
Construction $ 513,624 25.4 % $ 465,271 24.5 %
Large project construction 1,508,830 74.6 % 1,433,899 75.5 %
Total $ 2,022,454 100.0 % $ 1,899,170 100.0 %
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