Construction Partners, Inc.

Listed Company

ROADCIK 0001718227NasdaqLarge AcceleratedHeavy Construction Other Than Bldg Const - ContractorsDelawareFY ends Sep 30

Period

FY 2025

Revenue

$2.81B

Net Income

$101.78M

Total Assets

$3.24B

Equity

$911.96M

Shares Out

19.18M

Op. Cash Flow

$291.30M

Business

Construction Partners, Inc. is a civil infrastructure company that constructs and maintains roadways and related transportation projects. It provides hot mix asphalt production and distribution, paving and roadway base construction, site development including utility and drainage installation, aggregate mining and liquid asphalt cement distribution. Its primary business operations are vertically integrated across asphalt manufacturing, paving and construction services, site development, aggregates mining and liquid asphalt distribution. The company serves public and private infrastructure projects across the Sunbelt, primarily through state and local DOT contracts and direct private developer engagements.

Summary from filing dated 2025-11-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Revenues	2,812	1,824	1,564	1,302	911
Cost of revenues	2,373	1,566	1,367	1,162	791
Gross profit	439	258	196	139	120
General and administrative expenses	−199	−148	−127	−108	−92
Acquisition-related expenses	−26	−4	−442,000	—	—
Gain on sale of property, plant and equipment	11	4	7	4	2
Gain on facility exchange	0	0	5	0	0
Operating income	225	111	82	35	30
Interest expense, net	−90	−19	−17	—	—
Other income (expense)	86,000	−70,000	875,000	600,000	819,000
Income before provision for income taxes and earnings from investment in joint venture	135	92	65	28	29
Provision for income taxes	33	23	16	7	8
Loss from investment in joint venture	−12,000	−3,000	0	−21,000	10,000
Net income	102	69	49	21	20
Unrealized (loss) gain on interest rate swap contract, net	−3	−12	1	18	−23,000
Unrealized gain (loss) on restricted investments, net	88,000	697,000	−223,000	−448,000	0
Other comprehensive (loss) income, net	−3	−11	1	18	−23,000
Comprehensive income	99	58	50	39	20
Basic (in dollars per share)	1.85	1.33	0.95	0.41	0.39
Diluted (in dollars per share)	1.84	1.31	0.94	0.41	0.39
Basic (in shares)	55	52	52	52	52
Diluted (in shares)	55	53	52	52	52

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	156	75	48	36	57
Restricted cash	3	2	800,000	0	0
Contracts receivable including retainage, net	550	351	304	265	158
Costs and estimated earnings in excess of billings on uncompleted contracts	45	26	27	29	23
Inventories	155	107	84	74	54
Prepaid expenses and other current assets	25	25	9	13	8
Total current assets	935	585	473	417	300
Property, plant and equipment, net	1,153	630	505	481	405
Operating lease right-of-use assets	76	39	14	14	7
Goodwill	943	232	159	129	85
Intangible assets, net	79	21	20	16	4
Investment in joint venture	72,000	84,000	87,000	87,000	100,000
Restricted investments	23	18	15	7	0
Other assets	29	18	33	31	6
Total assets	3,239	1,542	1,220	1,096	807
Accounts payable	284	183	151	130	86
Billings in excess of costs and estimated earnings on uncompleted contracts	129	120	79	52	34
Current portion of operating lease liabilities	20	9	2	2	1
Current maturities of long-term debt	39	27	15	13	10
Accrued expenses and other current liabilities	110	42	32	28	26
Total current liabilities	582	380	279	226	158
Long-term debt, net of current maturities and deferred debt issuance costs	1,574	487	361	363	206
Operating lease liabilities, net of current portion	57	31	13	12	5
Deferred income taxes, net	80	54	37	27	17
Other long-term liabilities	34	16	13	12	11
Total long-term liabilities	1,745	588	424	414	240
Total liabilities	2,327	968	703	640	398
Commitments and contingencies	—	—	—	—	—
Preferred stock, par value $0.001; 10,000,000 shares authorized at September 30, 2025 and September 30, 2024 and no shares issued and outstanding	0	0	0	0	0
Additional paid-in capital	541	278	267	257	249
Accumulated other comprehensive income, net	4	8	19	18	−23,000
Retained earnings	417	315	246	197	176
Total stockholders equity	912	574	517	456	409
Total liabilities and stockholders equity	3,239	1,542	1,220	1,096	807

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation, depletion, accretion and amortization	148	93	79	66	50
Amortization of deferred debt issuance costs	4	362,000	299,000	216,000	275,000
Unrealized loss on derivative instruments	0	184,000	342,000	−382,000	−3
Provision for bad debt	478,000	491,000	456,000	−947,000	784,000
Realized losses on restricted investments	84,000	53,000	30,000	0	0
Share-based compensation expense	37	14	11	8	4
Deferred income taxes	27	23	11	6	4
Other non-cash adjustments	−592,000	−300,000	−263,000	40,000	−46,000
Contracts receivable including retainage	−56	−7	−26	−97	−27
Costs and estimated earnings in excess of billings on uncompleted contracts	−11	6	3	−6	−15
Inventories	−5	−15	−7	−18	−4
Prepaid expenses and other current assets	7	−13	4	−5	−2
Other assets	−3	−522,000	−129,000	−955,000	−3
Accounts payable	47	13	17	41	20
Billings in excess of costs and estimated earnings on uncompleted contracts	−6	25	24	16	15,000
Accrued expenses and other current liabilities	10	5	2	−12	4
Other long-term liabilities	−602,000	804,000	2	1	2
Net cash provided by operating activities	291	209	157	16	49
Purchases of property, plant and equipment	−138	−88	−98	−69	−56
Proceeds from sale of property, plant and equipment	18	14	18	8	4
Proceeds from facility exchange	0	0	37	0	0
Business acquisitions, net of cash acquired	−1,155	−232	−92	−129	−211
Proceeds from the sale of restricted investments	10	4	3	0	0
Purchases of restricted investments	−15	−5	−11	−7	0
Net cash used in investing activities	−1,280	−308	−143	−197	−263
Proceeds from issuance of long-term debt, net of debt issuance costs	1,242	210	103	167	219
Principal payments of long-term debt	−147	−73	−103	−8	−95
Purchase of treasury stock	−24	−11	−139,000	−39,000	0
Net cash provided by (used in) financing activities	1,071	126	−264,000	159	124
Net change in cash, cash equivalents and restricted cash	82	28	14	−22	−91
Cash paid for interest	81	22	19	9	3
Cash paid for income taxes	6	5	1	1	6
Cash paid for operating lease liabilities	17	7	3	2	3
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	49	29	3	10	2
Property, plant and equipment financed with accounts payable	7	7	2	3	3
Amounts (receivable) payable to sellers in business combinations	57	−153,000	0	664,000	—

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