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Granite Construction (GVA) investor relations material
Granite Construction Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue rose 12% year-over-year to $1.43 billion, with net income up 30% to $103 million and adjusted net income up 36% to $124 million; both Construction and Materials segments contributed to growth.
Adjusted EBITDA for Q3 grew 44% year-over-year to $216 million, with a margin of 15.0%, up 330 basis points year-over-year.
Major acquisitions (Warren Paving, Papich Construction, Cinderlite) expanded geographic reach, aggregate reserves, and vertical integration, funded by new credit facilities and term loans.
Record Committed and Awarded Projects (CAP) reached $6.3 billion, up $273 million sequentially and $718 million year-over-year, driven by robust public market opportunities.
Year-to-date operating cash flow was $290 million, positioning the company to outperform its 9% operating cash flow target as a percent of revenue.
Financial highlights
Revenue increased by $158 million (12%) year-over-year; gross profit up $58 million (28%) to $261 million, with a margin of 18.2%.
Adjusted net income rose $33 million (36%) to $124 million; adjusted diluted EPS was $2.70, up from $2.05 in Q3 2024.
Construction segment revenue grew 7.6% to $1.16 billion; Materials segment revenue surged 39.1% to $271 million, with gross profit margin at 25.2%.
Aggregate and asphalt volumes increased 26% and 14% year-over-year; aggregate average selling price per ton rose to $20.54, asphalt to $84.00.
Cash and marketable securities at $617 million; debt outstanding at $1.3 billion; net cash provided by operating activities for nine months was $290 million.
Outlook and guidance
2025 revenue guidance narrowed to $4.35–$4.45 billion due to project start delays; adjusted EBITDA margin guidance raised to 11.5%–12.5%.
CapEx for the year expected at approximately $130 million (~3% of revenue); long-term CapEx target remains at 3% of revenue.
SG&A expense expected at ~9% of revenue, including $40 million in stock-based compensation.
Organic growth rate of 8% anticipated for Q4 and into 2026; 2027 targets include 6%–8% organic CAGR, 2–3 acquisitions annually, and adjusted EBITDA margin of 12.5%–14.5%.
Margin expansion in both construction and materials segments expected to continue, supporting 2027 financial targets.
Reconcile narrowed revenue with higher EBITDA margin
What sustains Materials segment margin expansion
Future M&A focus and funding strategy
Southeastern platform: Outperformance drivers & expansion
Best value projects: How to predict revenue conversion?
CapEx reduction: What strategic investments shifted?
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Next Granite Construction earnings date
Q4 202513 Feb, 2026
Next Granite Construction earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Granite Construction Inc is a civil construction company engaged in infrastructure development and construction materials production. The company undertakes projects in transportation, water infrastructure, and mineral exploration markets, offering services such as heavy civil construction, site development, and design-build solutions. Granite Construction also produces construction materials, including aggregates, asphalt, and ready-mix concrete, which support its project operations and are sold to third-party customers. Its client base includes public agencies, utilities, and private sector entities. The company is headquartered in Watsonville, California, and its shares are listed on the NYSE.
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