Granite Construction (GVA) financial statements
Granite Construction reported revenue of $4.4B in fiscal 2025, up 6.5% a year over 9 years.
Net income was $193M and the operating margin 6.4%, against 3.7% in 2016.
Free cash flow was $331M, and the company returned $23M in dividends and $48M in net buybacks.
The diluted share count rose 32% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Granite Construction's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5B | $3.0B | $3.3B | $2.9B | $3.6B | $3.5B | $3.3B | $3.5B | $4.0B | $4.4B |
| Cost of revenue | $2.2B | $2.7B | $3.0B | $2.7B | $3.2B | $3.1B | $2.9B | $3.1B | $3.4B | $3.7B |
| Gross profit | $301M | $279M | $335M | $190M | $345M | $363M | $369M | $396M | $573M | $711M |
| Selling, general and admin | $217M | $220M | $273M | $238M | $316M | $303M | $273M | $294M | $334M | $408M |
| Operating income | $92M | $63M | $8M | -$42M | -$158M | $25M | $85M | $80M | $207M | $282M |
| Interest expense | $12M | $11M | $15M | $18M | $24M | $21M | $13M | $18M | $29M | $47M |
| Pre-tax income | $96M | $68M | $8M | -$40M | -$166M | $22M | $92M | $60M | $196M | $289M |
| Income tax | $30M | $26M | -$3M | -$12M | -$282,000 | $20M | $13M | $30M | $56M | $68M |
| Net income | $57M | $34M | $582,000 | -$60M | -$145M | $10M | $83M | $44M | $126M | $193M |
| EPS (diluted) | $1.42 | $0.84 | $0.01 | -$1.29 | -$3.18 | $0.21 | $1.70 | $0.97 | $2.62 | $3.86 |
| Diluted shares | 40M | 40M | 44M | 47M | 46M | 48M | 52M | 53M | 53M | 53M |
| Gross margin | 12.0% | 9.4% | 10.2% | 6.5% | 9.7% | 10.4% | 11.2% | 11.3% | 14.3% | 16.1% |
| Operating margin | 3.7% | 2.1% | 0.2% | -1.4% | -4.4% | 0.7% | 2.6% | 2.3% | 5.2% | 6.4% |
| Net margin | 2.3% | 1.2% | 0.0% | -2.1% | -4.1% | 0.3% | 2.5% | 1.2% | 3.2% | 4.4% |
Balance sheet
Fiscal years, from Granite Construction's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $254M | $301M | $273M | $262M | $436M | $396M | $333M | $454M | $586M | $600M |
| Receivables | — | $480M | $485M | $547M | $438M | $465M | $464M | $599M | $512M | $630M |
| Inventory | $55M | $62M | $89M | $89M | $62M | $62M | $87M | $104M | $108M | $143M |
| Total current assets | $1.1B | $1.2B | $1.3B | $1.4B | $1.5B | $1.8B | $1.3B | $1.6B | $1.7B | $1.8B |
| Property, plant and equipment | $407M | $407M | $550M | $542M | $421M | $434M | $509M | $663M | $716M | $1.3B |
| Goodwill | $54M | $54M | $259M | $264M | $54M | $54M | $74M | $155M | $214M | $401M |
| Total assets | $1.7B | $1.9B | $2.4B | $2.5B | $2.4B | $2.5B | $2.2B | $2.8B | $3.0B | $4.0B |
| Total current liabilities | $530M | $655M | $737M | $842M | $943M | $1.1B | $798M | $1.0B | $1.0B | $1.5B |
| Long-term debt | $229M | $178M | $335M | $356M | $331M | $331M | $287M | $615M | $738M | $963M |
| Total liabilities | $849M | $951M | $1.1B | $1.3B | $1.4B | $1.5B | $1.2B | $1.8B | $1.9B | $2.8B |
| Shareholders' equity | $886M | $945M | $1.2B | $1.1B | $976M | $968M | $953M | $977M | $1.0B | $1.2B |
| Net debt | $55M | -$9M | $110M | $102M | -$97M | -$56M | -$6M | $237M | $161M | $810M |
Cash flow
Fiscal years, from Granite Construction's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $73M | $146M | $86M | $111M | $268M | $22M | $56M | $184M | $456M | $469M |
| Capital spending | $91M | $68M | $111M | $107M | $93M | $95M | $122M | $140M | $136M | $138M |
| Free cash flow | -$18M | $78M | -$25M | $5M | $175M | -$73M | -$66M | $43M | $320M | $331M |
| Stock-based compensation | $13M | $16M | $15M | $10M | $6M | $6M | $8M | $10M | $20M | $39M |
| Dividends paid | $21M | $21M | $22M | $24M | $24M | $24M | $23M | $23M | $23M | $23M |
| Share buybacks (net) | -$5M | -$7M | -$17M | -$37M | -$885,000 | -$3M | -$71M | -$4M | -$51M | -$48M |
| Net borrowing | -$45M | -$45M | -$154M | -$313M | -$83M | -$9M | -$125M | -$305M | -$310M | -$86M |
| Free cash flow margin | -0.7% | 2.7% | -0.8% | 0.2% | 4.9% | -2.1% | -2.0% | 1.2% | 8.0% | 7.5% |
| Dividends per share | $0.51 | $0.51 | $0.51 | $0.52 | $0.52 | $0.50 | $0.44 | $0.43 | $0.43 | $0.43 |
Questions
What was Granite Construction's revenue in 2025?
$4.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Granite Construction generate?
$331M in fiscal 2025 (operating cash flow minus capital spending).
From Granite Construction's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.