GRANITE CONSTRUCTION INC

Listed Company

GVACIK 0000861459NYSELarge AcceleratedHeavy Construction Other Than Bldg Const - ContractorsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$193.00M

Total Assets

$4.03B

Equity

$1.18B

Shares Out

43.75M

Op. Cash Flow

$468.92M

Business

GRANITE CONSTRUCTION INC delivers infrastructure solutions as a diversified, vertically integrated civil contractor and construction materials producer primarily serving public and private clients in the United States. It provides construction services and materials including road, highway, bridge, tunnel and water-related construction, site preparation, mining services, asphalt, aggregates and construction materials sold to third parties. Its operations are organized into Construction and Materials reportable segments, with specialized national divisions for Tunnels, Rail, Federal, Industrial & Energy and Layne water services. Granite distributes services and materials across regional home markets and national projects through direct contracting, joint ventures and third‑party sales channels.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	4,424	4,008	3,509	3,301	3,502
Cost of revenue	3,713	3,435	3,113	2,932	3,139
Gross profit	711	573	396	369	363
Selling, general and administrative expenses	408	334	294	273	303
Other costs, net	41	40	50	24	101
Gain on sales of property and equipment, net	−20	−9	−28	−13	−66
Operating income	282	207	80	85	25
Loss on debt extinguishment	0	28	51	0	0
Interest income	−27	−24	−18	−7	−1
Interest expense	47	29	18	13	—
Equity in income of affiliates, net	−15	−17	−26	−14	−13
Other income, net	−12	−4	−6	1	−4
Total other (income) expense, net	−6	11	20	−6	3
Income before income taxes	289	196	60	92	22
Provision for income taxes	68	56	30	13	20
Net income	220	140	30	79	2
Amount attributable to non-controlling interests	−27	−14	14	4	8
Net income attributable to Granite Construction Incorporated	193	126	44	83	10
Basic earnings per share (USD per share)	4.42	2.88	0.99	1.87	0.22
Diluted earnings per share (USD per share)	3.86	2.62	0.97	1.7	0.21
Basic (shares)	44	44	44	44	46
Diluted (shares)	53	53	53	52	48

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-09-30
Cash and cash equivalents	529	578	418	294	255
Short-term marketable securities	71	7	36	39	40
Receivables, net	630	512	599	464	618
Contract assets ($34,057 and $115,834 related to CCJVs)	237	328	263	242	237
Inventories	143	108	104	87	81
Equity in unconsolidated construction joint ventures	135	141	171	184	185
Other current assets ($3,255 and $3,982 related to CCJVs)	67	42	53	37	157
Total current assets	1,812	1,717	1,643	1,347	1,574
Property and equipment, net ($4,961 and $6,792 related to CCJVs)	1,261	716	663	509	501
Long-term marketable securities	50	0	0	27	22
Investments in affiliates	97	94	93	81	79
Goodwill	401	214	155	74	74
Intangible assets	180	128	117	9	—
Right of use assets	153	90	78	49	50
Other noncurrent assets	78	67	56	50	58
Total assets	4,030	3,026	2,814	2,168	2,403
Current maturities of long-term debt	376	1	40	1	1
Accounts payable ($46,708 and $74,745 related to CCJVs)	430	407	408	334	398
Contract liabilities ($63,500 and $80,096 related to CCJVs)	327	300	244	173	191
Accrued expenses and other current liabilities ($2,922 and $4,706 related to CCJVs)	348	324	338	288	461
Total current liabilities	1,482	1,032	1,030	798	1,052
Long-term debt	963	738	615	287	287
Long-term lease liabilities	126	74	64	32	33
Deferred income taxes, net	141	14	4	2	—
Other long-term liabilities	97	89	75	64	61
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding	0	0	0	0	0
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 43,496,781 shares as of December 31, 2025 and 43,424,646 shares as of December 31, 2024	435,000	434,000	439,000	437,000	437,000
Additional paid-in capital	402	411	474	470	469
Accumulated other comprehensive income (loss)	2	−582,000	881,000	788,000	535,000
Retained earnings	775	605	502	481	465
Total Granite Construction Incorporated shareholders equity	1,179	1,015	977	953	935
Non-controlling interests	42	64	50	32	36
Total equity	1,222	1,079	1,027	985	970
Total liabilities and equity	4,030	3,026	2,814	2,168	2,403

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, depletion and amortization	162	126	92	83	109
Amortization related to long-term debt	5	5	2	2	9
Non-cash loss on debt extinguishment	0	28	51	0	0
Gain on sales of property and equipment, net	−20	−9	−28	−13	−66
Deferred income taxes	24	14	27	5	17
Stock-based compensation	39	20	10	8	6
Equity in net (income) loss from unconsolidated joint ventures	−8	5	19	20	765,000
Other non-cash adjustments	863,000	4	6	222,000	0
Receivables	−39	103	−128	60	−11
Contract assets, net	122	−11	50	−113	12
Inventories	−746,000	−3	−1	−14	774,000
Contributions to unconsolidated construction joint ventures	−9	−8	−21	−54	−62
Distributions from unconsolidated construction joint ventures and affiliates	12	34	29	19	22
Other assets, net	−28	10	−18	17	−12
Accounts payable	−20	420,000	67	−10	7
Accrued expenses and other liabilities, net	23	16	24	−19	−882,000
Net cash provided by operating activities	469	456	184	56	22
Purchases of marketable securities	−238	−11	−10	−94	−10
Maturities of marketable securities	125	38	40	45	0
Purchases of property and equipment	−138	−136	−140	−122	−95
Proceeds from sales of property and equipment	33	14	38	26	95
Acquisitions of businesses, net of cash acquired (see Note 2)	−778	−134	−294	0	—
Other investing activities	2	1	7	6,000	9
Net cash used in investing activities	−994	−229	−359	−11	−21
Proceeds from issuance of convertible notes	0	374	374	0	0
Proceeds from long-term debt	685	0	305	50	0
Debt principal repayments	−86	−310	−305	−125	−9
Capped call transactions	0	−46	−53	0	0
Redemption of warrants	0	−497,000	−13	0	0
Debt issuance costs	−3	−10	−11	0	0
Cash dividends paid	−23	−23	−23	−23	−24
Repurchases of common stock	−48	−51	−4	−71	−3
Contributions from non-controlling partners	3	24	43	13	20
Distributions to non-controlling partners	−53	−26	−14	−9	−10
Other financing activities, net	436,000	2	583,000	439,000	398,000
Net cash provided by (used in) financing activities	476	−67	299	−164	−24
Net increase (decrease) in cash and cash equivalents	−49	161	124	−120	−24
Right of use assets obtained in exchange for lease obligations	37	32	39	18	23
Operating lease liabilities	34	24	21	23	23
Interest	36	26	16	12	15
Federal	31	19	8	—	—
Total income tax paid, net of refunds received	49	30	15	4	2
Performance guarantees	−21	−2	−7	—	—
Deferred taxes related to capped call transactions	0	12	13	0	0
RSUs issued, net of forfeitures	40	21	12	9	8
Contributions from non-controlling partners	902,000	2	2	4	9

Filings

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