GVA
Granite Construction Incorporated116.65
+0.94+0.81%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Federal outlook, pricing details added.
Q&A largely reaffirmed prepared remarks on record $7B CAP and 2026 guidance, but added color on federal funding with IIJA spend at 50% and bipartisan talks for larger successor by March-April. Management highlighted a $40B border program—pursuing amid larger contracts requiring discipline, with one $200M award already underway, excluded from guidance. Materials pricing eyes mid-single-digit aggregate gains, legacy costs flat YoY; 2025 acquisitions outperforming. No CAP execution concerns. Confident on 2027 targets. Investors watch federal awards, M&A pace.
Key Stats
Market Cap
5.11BP/E (TTM)
31.87Basic EPS (TTM)
3.66Dividend Yield
0%Recent Filings
8-K
Repurchases $100M convertible notes
Granite Construction entered Exchange Agreements on February 18, 2026, to repurchase $100 million principal of its 3.75% Convertible Notes due 2028 for ~$283 million cash (assuming $128.61 stock price), entirely in cash unless stock averages over $140 in the 15-day period. It also unwound related capped calls for cash. Post-exchange, $273.75 million notes remain; deal removes ~2.2 million diluted shares. Closing hinges on conditions.
10-K
FY2025 results
Granite Construction's FY2025 revenue hit $4.4B, up 10% y/y, with Construction at $3.7B (up 7%) fueled by acquisitions like Warren Paving and Papich, while Materials surged 30% to $769M on higher volumes. Gross profit jumped to $711M (16.1% margin) from better execution and claim settlements; Q4 momentum showed in $7.0B CAP, up 32% y/y with $3.0B for 2026. Acquisitions added vertical integration but carried purchase accounting charges. Strong cash flow funded $138M capex and buybacks. Government funding delays risk quarterly momentum.
8-K
Record backlog, strong earnings
Granite crushed FY2025 estimates with revenue up 10% to $4.4B and net income surging 53% to $193M, fueled by record $7.0B CAP backlog up 32% YoY. Materials segment exploded 30% revenue while construction gained 7%. Backlog hit record highs. 2026 guides $4.9B-$5.1B revenue, 12-13% adjusted EBITDA margin.
8-K
Q3 revenue +12%, net income +30%
Granite crushed Q3 with revenue up 12% to $1.43 billion and net income surging 30% to $103 million, fueled by Materials segment's 39% revenue jump and 111% gross profit leap. Record $6.3 billion CAP backlog sets up Q4 acceleration. Adjusted EBITDA hit $216 million, up 44%. 2025 revenue guidance narrowed to $4.35-$4.45 billion, but EBITDA margin lifted to 11.5-12.5%.
10-Q
Q3 FY2025 results
Granite Construction's 10-Q for Q3 ended September 30, 2025 lacks financial statements, so topline revenue, profitability momentum, margins, EPS, cash flow, and debt figures are not disclosed. No y/y or q/q deltas, segment drivers, non-GAAP metrics, M&A details, or liquidity posture appear in the provided filing. Balance sheet and operations data for nine months YTD are absent. Risk Factors are referenced but unspecified here. Numbers missing.
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