Short answer
Construction Partners, Inc. (ROAD) filed its fiscal 2025 10-K annual report with the SEC on Nov 25, 2025. It reported revenue of $2.8B (+54.2% year over year) and net income of $102M.
- Top risk flagged: Cybersecurity risk managed by Senior VP IT with 30+ years experience and Director of Info Security with 20+ years and US Air Force background
FY2025 key financial metrics · XBRL
- Revenue
- $2.8B
- +54.2% YoY
- Net income
- $102M
- +47.6% YoY
- Operating margin
- 8.0%
- +1.9 pp YoY
- Gross margin
- 15.6%
- +1.5 pp YoY
- EPS (diluted)
- $1.84
- +40.5% YoY
- ROE
- 11.2%
- −0.9 pp YoY
- Operating cash flow
- $291M
- +39.3% YoY
Source: XBRL data from the Construction Partners, Inc. (ROAD) FY2025 10-K on SEC EDGAR. USD.
Construction Partners, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: vertically integrated civil infrastructure construction specializing in asphalt paving, HMA production, aggregates mining, and site development in the U.S. Sunbelt
- New strategic plan “ROAD 2030” targeting revenues over $6 billion by fiscal 2030, emphasizing aggressive growth and expansion
- Fiscal 2025 acquisitions: 5 deals adding 27 HMA plants, 4 aggregate facilities, liquid asphalt and rail terminals; $1.5 billion aggregate consideration
- Contract backlog increased 50% to $3.0 billion from $2.0 billion in prior year, with 78% expected completion within 12 months
- Employee count as of Sept 2025: 6,412 total, with hourly workforce up to 4,773 amid seasonal fluctuations
Management Discussion & Analysis
- Revenue $2.81B, up 54.2% YoY from $1.82B; $835.2M from acquisitions, $153.2M organic growth
- Gross profit $439.1M (15.6% margin) vs $258.3M (14.2% margin); operating income $224.8M (8.0%) vs $111.2M (6.1%)
- Best segment: acquisitions adding 27 asphalt plants, 4 aggregates facilities; worst impact from rising interest expense $90.4M vs $19.1M
- Cash flow: operating $291.3M up from $209.1M; investing -$1.28B due to acquisitions; financing activities $1.07B from debt issuance, net of repayments, $23.5M buybacks
- Outlook: increased leverage with Term Loan B $850M drawn Nov 2024; risk from weather seasonality and commodity price fluctuations impacting margins
Risk Factors
- Cybersecurity risk managed by Senior VP IT with 30+ years experience and Director of Info Security with 20+ years and US Air Force background
- Board Audit Committee oversees IT security controls and receives periodic cybersecurity risk reports from management and third-party providers
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.