Granite Construction reported a strong finish to fiscal year 2025, driven by record Committed and Awarded Projects (CAP) and robust performance in its materials business. The company demonstrated significant year-over-year growth in revenue, net income, and adjusted EBITDA, positioning itself for continued expansion and margin improvement in 2026.
Committed and Awarded Projects (CAP) reached a new record of $7.0 billion, up 32% year-over-year, indicating strong future revenue potential.
positiveQ4 revenue increased 19% year-over-year to $1.2 billion, and full-year revenue grew 10% to $4.4 billion.
positiveQ4 diluted EPS increased 23% year-over-year to $1.03, and full-year diluted EPS grew 47% to $3.86.
positiveMaterials segment revenue increased 44.3% in Q4 and 29.9% for the full year, driven by acquisitions and higher prices.
positiveSG&A expenses increased to 8.9% of revenue in Q4 and 9.2% for the full year, up from 8.6% and 8.3% respectively, primarily due to stock-based compensation and salaries.
attentionGross profit margin in the Materials segment decreased to 11.1% in Q4 2025 from 14.5% in Q4 2024, despite revenue growth.
attentionCash and cash equivalents decreased by $49.1 million year-over-year, from $578.3 million to $529.2 million.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Construction Segment | N/A | — | — | — |
Materials Segment | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Our disciplined approach to project selection, combined with sustained strength in public‑market funding, drove CAP to an all‑time high.
Our materials business was a standout contributor in 2025, delivering significant margin expansion and revenue growth as recent investments begin to scale.
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.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.