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Granite Construction (GVA) investor relations material
Granite Construction Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue rose 4% year-over-year to $1.13B, with net income up 95% to $72M and diluted EPS up 87% to $1.42; adjusted diluted EPS increased 12% to $1.93.
Announced and closed acquisitions of Warren Paving and Papich Construction for $710M, expected to add $425M in annual revenue, expand aggregate volumes by 27%, and be immediately accretive to margins.
Record Committed and Awarded Projects (CAP) reached $6.1B, up $324M sequentially, reflecting strong public sector demand and robust bidding pipeline.
Strategic focus on vertical integration, margin expansion, and disciplined M&A to strengthen home markets and enter new geographies.
Performance in line with expectations and on track to meet raised 2025 guidance.
Financial highlights
Q2 gross profit rose $34M year-over-year to $199M (17.7% margin); adjusted EBITDA up $22M to $152M (13.5% margin).
Q2 net income attributable to shareholders was $71.7M, up 94% year-over-year; diluted EPS was $1.42; adjusted net income up $9M (12%).
Construction segment Q2 revenue was $937M (up 2% YOY); Materials segment Q2 revenue was $189M (up 14.6% YOY).
Aggregate and asphalt volumes increased 11% and 8% year-over-year, respectively, driving improved cash gross profit margin.
Cash and marketable securities totaled $483M at quarter-end; YTD operating cash flow was $5M.
Outlook and guidance
2025 revenue guidance raised to $4.35B–$4.55B, including $150M from acquisitions; adjusted EBITDA margin guidance increased to 11.25%–12.25%.
2027 targets for adjusted EBITDA, operating cash flow, and free cash flow margins raised by 50 bps; organic revenue CAGR of 6%–8% through 2027.
2025 CAPEX guidance: $140M–$160M; SG&A as a percent of revenue: 9%; effective tax rate in the mid-20s%.
Expect to complete 2–3 acquisitions per year to further expand home markets.
Targeting 9% operating cash flow as a percentage of revenue in 2025.
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