Granite Construction Incorporated (NYSE:GVA) delivered fourth-quarter results ahead of Wall Street expectations on Thursday, supported by robust revenue growth and expanding margins across its operations.
Shares were little changed in premarket trading, slipping 0.13% following the release.
The infrastructure builder reported adjusted earnings per share of $1.40, comfortably above the $1.13 consensus estimate. Revenue climbed 19% year over year to $1.2 billion, exceeding analyst projections of $1.14 billion.
“With our fourth quarter results, we achieved another record year for Granite,” said Kyle Larkin, Granite President and Chief Executive Officer. “Our disciplined approach to project selection, combined with sustained strength in public market funding, drove CAP to an all time high.”
Committed and Awarded Projects (CAP) reached a record $7.0 billion, marking a 32% increase from a year earlier. In the quarter, construction segment revenue rose 14.5% to $940.3 million, while the materials segment posted a sharp 44.3% jump in revenue to $225 million.
For full-year 2025, Granite generated $4.4 billion in revenue, up 10% from the prior year. Net income surged 53% to $193 million, and adjusted EBITDA increased 31% to $527 million.
Looking ahead to fiscal 2026, the company expects revenue in the range of $4.9 billion to $5.1 billion, above the $4.88 billion consensus estimate. Adjusted EBITDA margin is forecast between 12.0% and 13.0%.
“We are operating from a position of strength, and I am confident our teams will continue to execute at a high level and deliver long term value for our shareholders in 2026 and beyond,” Larkin added.
Granite highlighted its materials business as a key growth engine, noting significant margin expansion and revenue gains as prior investments begin to generate scale benefits.