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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.
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Q2 2025 earnings summary7 Aug, 2025

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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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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