| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 1.4K | 27.3% | 12.4% |
| Total Income | 1.4K | 27.3% | 12.4% |
| Expenditure | 1.3K | 26.2% | 10.1% |
| PBT | 147.53 | 37.2% | 34.8% |
| Net Profit | 102.93 | 43.6% | 30.4% |
| OPM | 10.02% | 0.82pp | 1.84pp |
| NPM | 7.18% | 0.81pp | 0.99pp |
| EPS | 2.35 | 43.3% | 29.8% |
Granite Reports Q3 2025 Results: Revenue Up 12% to $1.43 Billion
04 May 2026 · 4 May, 7:40 am
Summary
Granite announced its third quarter 2025 results, with revenue increasing by 12% year-over-year to $1.43 billion. Net income rose by 30% to $103 million, and adjusted EBITDA increased by 44% to $216 million. The company's Committed and Awarded Projects (CAP) reached a record $6.3 billion. Management is updating the 2025 fiscal year revenue guidance to a range of $4.35 billion to $4.45 billion and increasing the adjusted EBITDA margin range to 11.50% to 12.50%.
Key Highlights
- 1
Committed and Awarded Projects (CAP) increased sequentially by $273 million to reach $6.3 billion.
- 2
Third quarter revenue increased by 12% year-over-year to $1.43 billion.
- 3
Net income for the third quarter increased by 30% year-over-year to $103 million.
- 4
Adjusted net income for the third quarter increased by 36% year-over-year to $124 million.
- 5
Third quarter diluted EPS increased 26% year-over-year to $1.98, while adjusted diluted EPS increased 32% year-over-year to $2.70.
- 6
Adjusted EBITDA for the third quarter increased 44% year-over-year to $216 million.
- 7
Revenue for the nine months ended September 30, 2025, increased $229 million to $3.26 billion compared to the same period in the prior year.
Management Comments
Kyle Larkin
Our third quarter results demonstrate solid progress toward our 2027 financial targets. Our CAP reached $6.3 billion, which is a new record, with a number of projects ramping up in the third quarter that should accelerate growth in the fourth quarter and into 2026. Year-over-year gross profit margin gains in both segments were led by exceptional results in the Materials segment. In addition, we continued to execute on our strategy to support and strengthen our existing vertically-integrated home markets with the acquisition of Cinderlite, a business that should bolster our Nevada operations. Robust public and private markets, disciplined project selection and execution, and strategic M&A opportunities position Granite to finish 2025 strong and achieve top- and bottom-line growth in 2026 in line with our financial targets.
Staci Woolsey
In the third quarter, we saw an increase in materials orders and we continued to expand our high quality project portfolio. We expect a busy fourth quarter and continuation into 2026. Some anticipated project start ups shifted later into the second half of 2025, prompting a revision to our revenue range for 2025. Importantly, with our strong performance in both segments, we are increasing our full year adjusted EBITDA margin range.
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