Short answer
GRANITE CONSTRUCTION INC (GVA) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $4.4B (+10.4% year over year) and net income of $193M.
- Top risk flagged: Regulatory risk: timing of long-term federal, state, and local infrastructure funding releases affecting project financing
FY2025 key financial metrics · XBRL
- Revenue
- $4.4B
- +10.4% YoY
- Net income
- $193M
- +52.8% YoY
- Operating margin
- 6.4%
- +1.2 pp YoY
- Gross margin
- 16.1%
- +1.8 pp YoY
- EPS (diluted)
- $3.86
- +47.3% YoY
- ROE
- 16.4%
- +3.9 pp YoY
- Operating cash flow
- $469M
- +2.8% YoY
Source: XBRL data from the GRANITE CONSTRUCTION INC (GVA) FY2025 10-K on SEC EDGAR. USD.
GRANITE CONSTRUCTION INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Heavy civil construction and aggregate materials production
- Emphasis on navigating increasingly stringent environmental, health, and safety regulations impacting operations
- Strategic focus on managing challenges in securing aggregate reserves amid tighter permitting regulations
- Notable regulatory risk related to potential significant remediation or restoration expenditures for contamination
- Risk of material adverse financial impact from more difficult permitting and finite aggregate reserve properties
Management Discussion & Analysis
- Operating cash flow $468.9M in 2025, up $12.6M YoY, driven by $93.0M net income increase offset by $57.4M working capital decrease
- Capital expenditures $138.3M in 2025, slightly up from $136.4M in 2024; 2026 guidance $140M-$160M including $50M strategic materials investments
- Financing cash flow $475.7M positive in 2025 vs -$67.1M in 2024, due to $589.9M higher net debt issuance; share repurchase $157.6M authorization remains
- Cash, equivalents and marketable securities $649.8M at 12/31/2025, up from $585.6M in 2024; $600M term loan outstanding, $583.2M revolver availability
- No direct revenue or margin data disclosed; management confident liquidity sufficient for short and long-term needs despite market uncertainties
Risk Factors
- Regulatory risk: timing of long-term federal, state, and local infrastructure funding releases affecting project financing
- Macroeconomic threat: budget deficits and low tax revenues limiting government infrastructure project funding exposure
- Operational risk: fixed-price contracts exposing project cost overruns risk specific to Granite Construction
- Competitive risk: competition from larger firms in public works amid limited government funding reducing awards and margins
- Financial risk: exposure to decreases in residential and commercial construction activity intensifying competition for public sector work
Generated from the filing text; verify against the original. How to read a 10-K
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