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Sep 30
Granite Q3 2025 Earnings Report
Granite delivered strong Q3 2025 results, achieving double-digit growth in revenue, net income, and adjusted EBITDA.
Key Takeaways
Granite posted a solid third quarter with 12% revenue growth and significant profit margin expansion, especially in the Materials segment. Adjusted EBITDA surged 44% year-over-year, and the company set a new record for Committed and Awarded Projects (CAP).
Q3 2025 revenue reached $1.43 billion, up from $1.28 billion in Q3 2024
Net income grew 30% YoY to $103 million; adjusted net income was $124 million
Adjusted EBITDA jumped 44% YoY to $216 million
CAP hit a record $6.3 billion, up $273 million sequentially
Granite
Granite
Granite Revenue by Segment
Revenue by Segment
Construction Revenue
CapyFin.comMaterials Revenue
CapyFin.com Forward Guidance
Granite narrowed its full-year revenue guidance but raised its adjusted EBITDA margin outlook, driven by strong segment performance and CAP growth.
Positive Outlook
- Adjusted EBITDA margin guidance raised to 11.5%–12.5%
- Strong CAP growth supports future revenue visibility
- Materials segment posted over 100% YoY gross profit growth
- Improved pricing and volume in aggregates and asphalt
- Recent acquisitions contributed $46 million in Q3 materials revenue
Challenges Ahead
- Revenue guidance range narrowed due to delayed project starts
- SG&A expenses increased to $101.6 million in Q3
- Q3 revenue outlook lowered from previous high-end of $4.55B
- Free cash flow not provided in guidance
- Amortization and integration costs impacted margins
Revenue & Expenses
Visualization of income flow from segment revenue to net income