Granite Construction Incorporated

Granite Construction Incorporated is a U.S.-focused civil infrastructure contractor and construction materials producer founded in 1922. It builds and maintains public infrastructure and private-site projects, while also owning aggregate reserves and processing plants that supply materials to its own jobs and third parties.

10,1 %

16,1 %

4,4 %

+10,4 %

1.22

1.13

— Granite Construction Incorporated
%
Construction82.6% Civil infrastructure and private-site construction projects delivered under public and private contracts.
Materials17.4% Aggregates, asphalt and related construction materials sold internally and to third parties.

Granite sells mainly to public-sector owners such as state DOTs, transit authorities, local public works agencies and...

  • Public infrastructure ownersprimary

    State, local and federal agencies buy roads, bridges, transit, water and utility projects because Granite has the scale and project execution capability for large civil works.

  • Private development and industrial clientssecondary

    Developers, utilities, rail, energy and industrial owners buy site preparation and infrastructure services for new builds and expansions.

  • Materials customerssecondary

    Contractors, landscapers, manufacturers, retailers, farmers and brokers buy aggregates and asphalt for construction and related uses.

  • Internal construction operationsprimary

    Granite's own projects consume materials from its Materials segment, supporting vertical integration and margin control.

Granite's business is overwhelmingly U.S.-based, with the majority of customers located in the United States...

  • Revenue is primarily generated in the United States
  • Core operating states include CA, AZ, NV, UT, WA, OR and others
  • Regional home markets also include the Midwest, Florida and Texas
  • National businesses serve the continental U.S. and Guam
  • 2025 acquisitions expanded presence in Gulf Coast and Mississippi River markets

Granite's strategy is to grow selectively within existing home markets, expand into adjacent geographies through...

01
Selective bidding and project disciplineshort-term

Protects margins and reduces execution risk in a highly competitive contracting market.

02
Vertical integration expansionmedium-term

Owning reserves and plants improves supply reliability and creates materials earnings.

03
Geographic expansion through acquisitionsmedium-term

Adds growth markets while leveraging existing operating capabilities and materials network.

Granite is exposed to public funding cycles, macroeconomic weakness, inflation, interest rates and supply-chain...

high

Dependence on government infrastructure spending

A large share of revenue comes from public-sector projects funded by federal, state and local budgets.

Scope
Delays, deficits or funding constraints can reduce project volume and timing.
Materiality
high
high

Project execution and estimate risk

Revenue and profit depend on long-duration contract estimates for labor, materials and productivity.

Scope
Weather, design changes, subcontractor issues and delays can hurt margins.
Materiality
high
high

Commodity and input cost volatility

Aggregates, asphalt, fuel, labor and subcontractor costs affect both construction and materials margins.

Scope
Higher input costs may not be fully recoverable in fixed-price contracts.
Materiality
high
medium

Acquisition integration risk

Recent acquisitions must be integrated into operations, systems and controls without disrupting performance.

Scope
Could lead to lost customers, higher costs, liabilities or underperformance.
Materiality
high
medium

Cybersecurity and IT disruption

The company relies on outsourced software and infrastructure for critical business systems.

Scope
Ransomware, data loss or vendor failure could interrupt operations and increase costs.
Materiality
medium
Revenue recognition on long-term construction contracts
Affects revenue timing, gross margin and project-level profitability
Critical estimates for project costs and claims
Can cause reversals or additions to previously recognized profit
Goodwill and intangible asset impairment
Potential non-cash charges if acquired businesses underperform
Acquired mineral reserve valuation
Can affect asset carrying values and depreciation/amortization

: 28/04/2026