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Construction Partners (ROAD) investor relations material
Construction Partners Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Nov, 2025
Executive summary
Fiscal 2025 saw revenue rise 54% to $2.81 billion, driven by five major acquisitions and 8.4% organic growth, with entry into Texas, Oklahoma, and Tennessee.
Adjusted EBITDA surged 92% to $423.7 million, with margin expanding to 15.1% from 12.1% in the prior year.
Net income increased 48% to $101.8 million; adjusted net income rose 73% to $122 million.
Record project backlog reached $3.03 billion at year-end, reflecting strong demand and successful expansion.
Road 2030 strategic plan targets doubling revenue to over $6 billion and expanding EBITDA margin to 17% by 2030.
Financial highlights
Q4 revenue reached $900 million, up 67% year-over-year, with 10.4% organic growth; adjusted EBITDA doubled to $154 million, with a 17.1% margin.
Fiscal 2025 revenue was $2.812 billion, up from $1.824 billion in 2024; gross profit rose 70% to $439.1 million, with gross margin improving to 15.6%.
Net income: $101.8 million (up from $68.9 million in 2024); adjusted net income: $122.0 million (up from $70.4 million in 2024).
Adjusted EBITDA: $423.7 million (up from $220.6 million in 2024); margin improved to 15.1%.
Cash flow from operations was $291 million, up from $209 million in 2024.
Outlook and guidance
Fiscal 2026 revenue guidance: $3.4–$3.5 billion; net income: $150–$155 million; adjusted net income: $158.1–$164.2 million; adjusted EBITDA: $520–$540 million; margin: 15.3%–15.4%.
Expect 23% revenue growth in 2026, with 80–85% of next 12 months' contract revenue covered by backlog.
EBITDA to cash flow conversion expected at 75–85% in 2026; capital expenditures projected at $165–$185 million.
Targeting leverage ratio reduction to 2.5x by late 2026.
Management cites strong Sunbelt market fundamentals and robust infrastructure investment as key growth drivers.
FY26 M&A strategy given deleveraging goal
Drivers of 2026 EBITDA margin expansion
Surface Transportation bill delay impact
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Next Construction Partners earnings date
Q1 20266 Feb, 2026
Next Construction Partners earnings date
Q1 20266 Feb, 2026
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Frequently asked questions
Construction Partners Inc is a civil infrastructure company specializing in the construction and maintenance of roadways, highways, and airports. It provides construction services and produces materials such as asphalt and aggregates. The company is headquartered in Dothan, Alabama, and its shares are listed on the NASDAQ.
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