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GVA

Granite Construction Incorporated

GVA

Granite Construction Incorporated • NYSE
$107.53 ▲ 0.92% (+0.98)
Market Cap $4.69 B
52w High $112.16
52w Low $69.08
Dividend Yield 0.52%
P/E 29.38
Volume 281.42K
Outstanding Shares 43.66M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.433B ▲ $116.897M ▲ $102.929M ▲ 7.18% ▲ $2.36 ▲ $209.139M ▲
Q2-2025 $1.126B ▲ $95.534M ▼ $71.7M ▲ 6.368% ▲ $1.64 ▲ $150.683M ▲
Q1-2025 $699.547M ▼ $123.6M ▲ $-33.656M ▼ -4.811% ▼ $-0.77 ▼ $-2.155M ▼
Q4-2024 $977.303M ▼ $90.208M ▼ $41.483M ▼ 4.245% ▼ $0.95 ▼ $108.075M ▼
Q3-2024 $1.276B $98.651M $78.951M 6.19% $1.81 $151.166M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $547.241M ▲ $4.145B ▲ $2.94B ▲ $1.156B ▲
Q2-2025 $538.756M ▼ $3.106B ▲ $1.992B ▲ $1.063B ▲
Q1-2025 $574.281M ▼ $2.907B ▼ $1.869B ▼ $993.529M ▼
Q4-2024 $726.569M ▲ $3.026B ▼ $1.946B ▼ $1.015B ▲
Q3-2024 $616.53M $3.131B $2.061B $1.007B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $102.929M ▲ $284.174M ▲ $-740.538M ▼ $576.151M ▲ $119.787M ▲ $257.466M ▲
Q2-2025 $80.345M ▲ $1.791M ▼ $-50.945M ▲ $-7.903M ▲ $-57.057M ▲ $-27.025M ▲
Q1-2025 $-33.656M ▼ $3.647M ▼ $-156.31M ▼ $-46.593M ▼ $-199.256M ▼ $-28.559M ▼
Q4-2024 $41.483M ▼ $172.794M ▼ $-17.449M ▲ $-39.301M ▼ $116.044M ▲ $144.556M ▼
Q3-2024 $78.951M $261.465M $-157.485M $-8.44M $95.54M $220.159M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Construction
Construction
 $820.00M ▲$610.00M ▼$940.00M ▲$1.16Bn ▲
Materials
Materials
 $160.00M ▲$80.00M ▼$190.00M ▲$270.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Granite’s income statement shows a business that has moved from a difficult period to healthier profitability. Sales have grown steadily over the last couple of years, reaching their highest level in the period shown. Profit margins have improved as well: the company has shifted from a loss a few years ago to solid operating and net profits more recently. That said, earnings have been somewhat up and down from year to year, which reflects the project‑based and sometimes unpredictable nature of large construction work. Overall, the trend is toward better efficiency and stronger earnings, but with some volatility that is typical for this industry.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid but more geared toward growth. Total assets have expanded, suggesting investment in capacity, projects, and acquisitions. Cash on hand has increased in recent years, which supports day‑to‑day needs and provides a cushion. At the same time, debt has risen notably, meaning the company is relying more on borrowing to fund its strategy. Shareholder equity has inched up, indicating that the business has been rebuilding its capital base after earlier challenges. The key watchpoint is that higher debt brings more financial obligations, so the balance between growth and caution will matter going forward.

Cash Flow

Cash Flow Cash generation has strengthened meaningfully. A few years ago, cash from operations was quite thin and free cash flow occasionally dipped into negative territory, signalling a tighter cash position. More recently, operating cash flow has improved and free cash flow has turned clearly positive, even after ongoing spending on equipment and facilities. Capital spending has been steady and manageable rather than aggressive. This pattern suggests the company is now converting its profits into cash more effectively, though investors would still want to see this newer, stronger cash performance hold up across different project cycles.

Competitive Edge

Competitive Edge Granite appears to hold a sturdy position in its niche of heavy civil construction and materials. Its “home market” focus—concentrating on regions where it has long relationships, local knowledge, and a stable workforce—helps it choose projects more carefully and manage risks better than a pure national bidder. Vertical integration, especially owning key aggregate and asphalt sources, supports cost control, reliability of supply, and pricing power in those regions. Recent acquisitions that expand materials reserves and production deepen this advantage. On top of that, expertise in complex areas like tunneling, renewable energy projects, and pavement preservation broadens what it can offer public and private clients. The flip side is that the company still operates in a highly competitive, cyclical industry that depends heavily on government infrastructure budgets and careful execution on large, risky projects.

Innovation and R&D

Innovation and R&D Granite’s innovation is very much “on the jobsite” rather than in a lab, but it looks meaningful. The Construction Technology Center of Excellence is pushing adoption of modern tools: advanced project management software, GPS‑guided equipment, modeling software, drones, and early uses of AI. The company is also automating its materials facilities, which can lift productivity and reduce labor and safety risks. Lean process improvements and data‑driven decision‑making are being used to tighten operations and reduce waste. Sustainability is woven into this innovation push—recycled materials, energy efficiency, and support for renewable projects—which also helps win work from environmentally focused clients. The main question is how consistently these tools are rolled out across all regions and projects, and how much they ultimately move margins over time.

Summary

Granite Construction today looks like a company that has worked through a tough stretch and is now in a stronger phase, supported by more disciplined project selection, better margins, and improved cash generation. The financial statements show a clear recovery in profitability and cash flow, backed by a growing asset base and a strategy that leans on local market strength and control of key materials. However, this has come with a higher debt load and the ongoing realities of a cyclical, project‑based industry where execution risk is always present. Its focus on technology, automation, and sustainability, combined with bolt‑on acquisitions, gives it tools to reinforce its competitive position. Future performance will hinge on maintaining margin gains, managing debt prudently, integrating acquisitions smoothly, and continuing to turn project wins into consistent, high‑quality cash earnings.

NEWS

November 6, 2025 · 6:45 AM UTC

Granite Reports Third Quarter 2025 Results

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November 4, 2025 · 4:30 PM UTC

Granite Selected for I-290 Drainage Improvements Under IDOT's First CM/GC Contract

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November 3, 2025 · 4:30 PM UTC

Granite Launches GMP 4 at Tucson International Airport, Expanding Airfield Safety Enhancement Program

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October 22, 2025 · 6:45 AM UTC

Granite Announces Timing of Earnings Release and Investor Conference Call

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October 21, 2025 · 4:30 PM UTC

Granite Embarks on Rehabilitation of Historic Lake Street Bascule Bridge

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