Granite Construction Incorporated provides infrastructure solutions for public and private clients in the United States. It operates through Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure and site development, mining, public safety, tunnel, solar, battery storage, and power related projects. The Materials segment produces and delivers aggregates, asphalt concrete, liquid asphalt, and recycled materials for internal use in construction projects and sale to third parties. It also provides site preparation, mining, and infrastructure services for railways, residential development, energy development, and commercial and industrial sites; produces construction materials; and provides construction management professional services, as well as owns and leases aggregate reserves and processing plants. The company serves federal agencies, state departments of transportation, local transit authorities, county and city public works departments, school districts and developers, utilities, contractors, landscapers, manufacturers of products requiring aggregate materials, retailers, homeowners, farmers, brokers, and private owners of industrial, commercial, and residential sites. Granite Construction Incorporated was incorporated in 1922 and is headquartered in Watsonville, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.4B | $498M | $193M | $331M | 16.4% | 10.4% | 52.8% |
| 2024 | $4.0B | $352M | $126M | $320M | 12.4% | 14.2% | 189.8% |
| 2023 | $3.5B | $171M | $44M | $43M | 4.5% | 6.3% | -47.7% |
| 2022 | $3.3B | $187M | $83M | $-66M | 8.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,301.26 | 3,509.14 | 4,007.57 | 4,424.38 |
| Operating Revenue | - | 3,301.26 | 3,509.14 | 4,007.57 | 4,424.38 |
| Cost Of Revenue | - | 2,931.76 | 3,112.74 | 3,434.88 | 3,713.16 |
| Gross Profit | - | 369.49 | 396.40 | 572.70 | 711.22 |
| Operating Expense | - | 296.73 | 344.68 | 374.10 | 448.98 |
| Selling General And Administration | - | 272.61 | 294.47 | 334.16 | 407.56 |
| Total Expenses | - | 3,228.49 | 3,457.42 | 3,808.98 | 4,162.14 |
| Operating Income | - | 72.76 | 51.72 | 198.60 | 262.24 |
| Total Operating Income As Reported | - | 85.38 | 80.06 | 207.36 | 282.45 |
| EBITDA | - | 187.01 | 170.59 | 351.71 | 498.48 |
| Normalized EBITDA | - | 174.39 | 193.29 | 370.50 | 478.28 |
| EBIT | - | 104.44 | 78.32 | 225.38 | 336.05 |
| Interest Income | - | 6.53 | 17.54 | 24.35 | 26.88 |
| Interest Expense | - | 12.62 | 18.46 | 29.19 | 47.22 |
| Net Interest Income | - | -6.10 | -0.92 | -4.84 | -20.34 |
| Other Non Operating Income Expenses | - | -1.04 | 6.02 | 4.24 | 11.77 |
| Other Income Expense | - | 25.15 | 9.06 | 2.43 | 46.93 |
| Interest Income Non Operating | - | 6.53 | 17.54 | 24.35 | 26.88 |
| Interest Expense Non Operating | - | 12.62 | 18.46 | 29.19 | 47.22 |
| Net Non Operating Interest Income Expense | - | -6.10 | -0.92 | -4.84 | -20.34 |
| Pretax Income | - | 91.82 | 59.85 | 196.19 | 288.83 |
| Tax Provision | - | 12.96 | 30.27 | 55.75 | 68.48 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 1.78 | -4.77 | -5.34 | 4.79 |
| Net Income Continuous Operations | - | 78.86 | 29.59 | 140.44 | 220.35 |
| Net Income From Continuing And Discontinued Operation | - | 83.30 | 43.60 | 126.35 | 193 |
| Net Income From Continuing Operation Net Minority Interest | - | 83.30 | 43.60 | 126.35 | 193 |
| Net Income | - | 83.30 | 43.60 | 126.35 | 193 |
| Net Income Common Stockholders | - | 83.30 | 43.60 | 126.35 | 193 |
| Net Income Including Noncontrolling Interests | - | 78.86 | 29.59 | 140.44 | 220.35 |
| Normalized Income | - | 72.46 | 61.54 | 139.80 | 177.59 |
| Diluted NI Availto Com Stockholders | - | 83.30 | 43.60 | 126.35 | 193 |
| Basic Average Shares | - | 44.48 | 43.88 | 43.85 | 43.65 |
| Diluted Average Shares | - | 52.33 | 52.56 | 52.51 | 53.13 |
| Reconciled Depreciation | - | 82.57 | 92.27 | 126.33 | 162.43 |
| Reconciled Cost Of Revenue | - | 2,931.76 | 3,112.74 | 3,434.88 | 3,713.16 |
| Total Unusual Items | - | 12.62 | -22.71 | -18.79 | 20.21 |
| Total Unusual Items Excluding Goodwill | - | 12.62 | -22.71 | -18.79 | 20.21 |
| Minority Interests | - | 4.44 | 14.01 | -14.10 | -27.35 |
| Net Income Discontinuous Operations | 10.67 | - | - | - | - |
| Special Income Charges | - | 12.62 | -22.71 | -18.79 | 20.21 |
| Other Special Charges | - | - | 51.05 | 27.55 | - |
| Write Off | 0 | 0 | - | - | - |
| General And Administrative Expense | - | 272.61 | 294.47 | 334.16 | 407.56 |
| Other Gand A | - | 88.74 | 98.11 | 112.41 | 119.16 |
| Salaries And Wages | - | 183.87 | 196.36 | 221.76 | 288.40 |
| Gain On Sale Of Ppe | - | 12.62 | 28.35 | 8.76 | 20.21 |
| Other Operating Expenses | - | 24.12 | 50.22 | 39.94 | 41.42 |
| Selling And Marketing Expense | 4.63 | 8.63 | 5.96 | - | - |
| Earnings From Equity Interest | - | 13.57 | 25.75 | 16.98 | 14.96 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Granite Construction Incorporatedthis co. | GVA | $6.2B | 32.09β premium | 5.25 | 16.4% | 14.37 |
| Pool Corporation | POOL | $6.7B | 16.43 | 5.63 | 34.3% | 12.83 |
| Gates Industrial Corporation plc | GTES | $6.6B | 26.38 | 1.99 | 7.5% | 12.16 |
| Federal Signal Corporation | FSS | $6.6B | 26.69 | 4.76 | 17.8% | 16.97 |
| JBT Marel Corporation | JBTM |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $6.5B |
| -129.10 |
| 1.46 |
| -1.1% |
| 25.87 |
| Armstrong World Industries, Inc. | AWI | $6.5B | 21.12 | 7.24 | 34.3% | 12.46 |
| Schneider National, Inc. | SNDR | $6.5B | 62.71 | 2.15 | 3.4% | 10.77 |
| Arcosa, Inc. | ACA | $6.1B | 29.22 | 2.31 | 7.9% | 12.91 |
| Amentum Holdings, Inc. | AMTM | $5.7B | 86.21 | 1.26 | 1.5% | 9.54 |
| Peer Median | - | 26.54 | 2.23 | 7.7% | 12.65 | |