Construction Partners, Inc.

constructionpartners.net

What Do They Do?

Builds and maintains roads, bridges and other infrastructure, and supplies asphalt and aggregates to public agencies, developers and businesses.

How Do They Make Money?

Public agencies and private customers pay for construction projects under unit-price or fixed-price contracts. Bills follow approved progress, milestones or agreed schedules, with final payment usually near completion; the company also sells hot-mix asphalt, aggregates and liquid asphalt cement to customers.

FY2025 revenue

Who Are Their Customers?

Public agencies buy through construction contracts, and private developers and businesses contract for paving and site development. The company acts as prime contractor on most construction projects.

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.

Operating income, FY2025

8% of revenue

▲ +102% vs FY2024 ($111.2M, 6%)

Net income, FY2025

4% of revenue

▲ +48% vs FY2024 ($68.9M, 4%)

Free cash flow, FY2025

5% of revenue

▲ +27% vs FY2024 ($121.1M, 7%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +28%; vs $779.3M in Q3 FY2025
Net income: ▲ +35%; vs $44M in Q3 FY2025

Aug 31, 2026 Acquired an Oklahoma liquid-asphalt supply and hauling business The acquisition adds a rail-served site and a fleet for transporting liquid asphalt in Oklahoma and northern Texas.
Aug 7, 2026 Raised fiscal 2026 financial outlook The revised revenue outlook is $3.640 billion to $3.680 billion; the net income outlook is $165.0 million to $168.0 million.
Jul 13, 2026 Acquired Ellsworth Construction in Oklahoma The business provides paving, sitework and utility services, including work on data center projects in the Tulsa and Oklahoma City areas.
Apr 1, 2026 Acquired Four Star Paving in Tennessee The commercial paving contractor serves municipal, industrial and commercial customers in middle Tennessee.

Growing. Revenue grew 3.1x in 4 years, from $910.7M in FY2021 to $2.8B in FY2025, about 33% a year.

Expanded aggregate sales The earlier report described mined aggregates as raw materials for HMA production; the latest report also says aggregates are sold to outside customers.

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