GRANITE CONSTRUCTION INC (GVA) FY2025 10-K Annual Report
GRANITE CONSTRUCTION INC (GVA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 13, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
GRANITE CONSTRUCTION INC FY2025 10-K Analysis
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
GRANITE CONSTRUCTION INC FY2025 Key Financial MetricsXBRL
Revenue
$4.4B
▲ +10.4% YoY
Net Income
$193M
▲ +52.8% YoY
Gross Margin
16.1%
▲ +178bp YoY
Operating Margin
6.4%
▲ +121bp YoY
Net Margin
4.4%
▲ +121bp YoY
ROE
16.4%
▲ +392bp YoY
Total Assets
$4.0B
▲ +33.2% YoY
EPS (Diluted)
$3.86
▲ +47.3% YoY
Operating Cash Flow
$469M
▲ +2.8% YoY
Source: XBRL data from GRANITE CONSTRUCTION INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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