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Engineering & construction · Industrials · Fiscal year ends Dec 31
Granite Construction reported revenue of $4.4B in the fiscal year ended Dec 2025, up 10.4% from the year before. Operating income was $282M, an operating margin of 6.4%, and net income was $193M. Operating cash flow of $469M less capital expenditure of $138M left free cash flow of $331M. Net debt was $810M.
Ranks among the 23 engineering & construction companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,502 | 3,301 | 3,509 | 4,008 | 4,424 |
| Cost of revenue | 3,139 | 2,932 | 3,113 | 3,435 | 3,713 |
| Gross profit | 363 | 369 | 396 | 573 | 711 |
| Selling, general & admin | 303 | 273 | 294 | 334 | 408 |
| Operating income | 24.7 | 85.4 | 80.1 | 207 | 282 |
| Interest expense | 20.7 | 12.6 | 18.5 | 29.2 | 47.2 |
| Pre-tax income | 22.1 | 91.8 | 59.9 | 196 | 289 |
| Income tax | 19.7 | 13.0 | 30.3 | 55.7 | 68.5 |
| Net income | 10.1 | 83.3 | 43.6 | 126 | 193 |
| Diluted EPS | 0.21 | 1.70 | 0.97 | 2.62 | 3.86 |
| Diluted shares | 47.6 | 52.3 | 52.6 | 52.5 | 53.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 396 | 294 | 418 | 578 | 529 |
| Receivables | 465 | 464 | 599 | 512 | 630 |
| Inventory | 62.0 | 86.8 | 104 | 108 | 143 |
| Current assets | 1,827 | 1,347 | 1,643 | 1,717 | 1,812 |
| Net PP&E | 434 | 509 | 663 | 716 | 1,261 |
| Goodwill | 53.7 | 73.7 | 155 | 214 | 401 |
| Total assets | 2,495 | 2,168 | 2,814 | 3,026 | 4,030 |
| Payables | 324 | 334 | 408 | 407 | 430 |
| Deferred revenue | 200 | 173 | 244 | 300 | 327 |
| Current liabilities | 1,069 | 798 | 1,030 | 1,032 | 1,482 |
| Short-term debt | 8.7 | 1.4 | 39.9 | 1.1 | 376 |
| Long-term debt | 331 | 287 | 615 | 738 | 963 |
| Total liabilities | 1,499 | 1,183 | 1,787 | 1,946 | 2,809 |
| Shareholders' equity | 968 | 953 | 977 | 1,015 | 1,179 |
| Backlog (remaining obligations) | 2,595 | 2,877 | 3,597 | 3,584 | 4,123 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 21.9 | 55.6 | 184 | 456 | 469 |
| Capital expenditure | 94.8 | 122 | 140 | 136 | 138 |
| Free cash flow | −72.9 | −66.0 | 43.3 | 320 | 331 |
| Depreciation & amortisation | 109 | 82.6 | 92.3 | 126 | 162 |
| Stock-based compensation | 6.4 | 7.8 | 10.5 | 19.6 | 39.2 |
| Acquisitions | 0.0 | 0.0 | 294 | – | – |
| Share buybacks | 2.7 | 70.9 | 4.1 | 50.6 | 48.2 |
| Dividends paid | 23.8 | 23.3 | 22.8 | 22.8 | 22.7 |
| Dividend per share | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −5.7% | 6.3% | 14.2% | 10.4% |
| Operating income growth (YoY) | – | 245.4% | −6.2% | 159.0% | 36.2% |
| EPS growth (YoY) | – | 709.5% | −42.9% | 170.1% | 47.3% |
| Gross margin | 10.4% | 11.2% | 11.3% | 14.3% | 16.1% |
| Operating margin | 0.7% | 2.6% | 2.3% | 5.2% | 6.4% |
| Net margin | 0.3% | 2.5% | 1.2% | 3.2% | 4.4% |
| Return on equityBlank when equity is negative | 1.0% | 8.7% | 4.5% | 12.4% | 16.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.7% | 6.2% | 4.5% | 10.4% | 11.1% |
| Free cash flow margin | −2.1% | −2.0% | 1.2% | 8.0% | 7.5% |
| Cash conversion (CFO ÷ net income) | 2.17x | 0.67x | 4.21x | 3.61x | 2.43x |
| Receivable days | 48 | 51 | 62 | 47 | 52 |
| Inventory days | 7 | 11 | 12 | 11 | 14 |
| Payable days | 38 | 42 | 48 | 43 | 42 |
| Interest cover | 1.19x | 6.76x | 4.34x | 7.10x | 5.98x |
| Debt ÷ equity | 0.35x | 0.30x | 0.67x | 0.73x | 1.14x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −55.7 | −5.6 | 237 | 161 | 810 |
| Current ratio | 1.71x | 1.69x | 1.60x | 1.66x | 1.22x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.