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Granite Construction Incorporated logo

Granite Construction Incorporated

graniteconstruction.com

What Do They Do?

Builds and repairs civil infrastructure for public agencies, utilities and private site owners, and produces aggregates and asphalt for construction customers.

How Do They Make Money?

Public and private customers pay for construction work as projects progress; buyers of construction materials pay when goods are delivered.

revenue
SegmentShareRevenue
Construction
Recurring

83%
FY2022: 85%
Materials
Sold outright

17%
FY2022: 15%

Who Are Their Customers?

Public agencies and private site owners are construction customers; contractors, retailers and other businesses and individuals buy materials, which are also used in Graniteโ€™s own projects.

Customers above 10% of revenue, FY2025
of revenue from one customer
FY2023: 13% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2025 and turned 7 cents into free cash flow.

Operating income, FY2025
6% of revenue
โ–ฒ +36% vs FY2024 ($207.4M, 5%)
Net income, FY2025
4% of revenue
โ–ฒ +53% vs FY2024 ($126.3M, 3%)
Free cash flow, FY2025
7% of revenue
โ–ฒ +3% vs FY2024 ($319.9M, 8%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
โ–ฒ +29%
vs $1.1B in Q2 FY2025
Net income
โ–ผ Now a loss
vs $71.7M in Q2 FY2025
Construction share of revenue vs 83.3% in Q2 FY2025

Growing. Revenue grew 26% in 4 years, from $3.5B in FY2021 to $4.4B in FY2025, about 6% a year.

Revenue over time
Construction Materials
$5B$2.5B$0

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