Construction Partners (ROAD) financial statements
Construction Partners reported revenue of $2.8B in fiscal 2025, up 22.1% a year over 8 years.
Net income was $102M and the operating margin 8.0%, against 8.2% in 2017.
Free cash flow was $153M, and the company returned $24M in net buybacks.
The diluted share count rose 33% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Construction Partners's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $568M | $680M | $783M | $786M | $911M | $1.3B | $1.6B | $1.8B | $2.8B |
| Cost of revenue | $477M | $581M | $665M | $663M | $791M | $1.2B | $1.4B | $1.6B | $2.4B |
| Gross profit | $91M | $100M | $118M | $122M | $120M | $139M | $196M | $258M | $439M |
| Selling, general and admin | $48M | $55M | $63M | $69M | $92M | $108M | $127M | $148M | $199M |
| Operating income | $47M | $61M | $57M | $55M | $30M | $35M | $82M | $111M | $225M |
| Interest expense | — | — | — | — | $1M | — | $17M | $19M | $90M |
| Pre-tax income | $41M | $60M | $56M | $52M | $29M | $28M | $65M | $92M | $135M |
| Income tax | $15M | $11M | $14M | $13M | $8M | $7M | $16M | $23M | $33M |
| Net income | $26M | $51M | $43M | $40M | $20M | $21M | $49M | $69M | $102M |
| EPS (diluted) | $0.63 | $1.11 | $0.84 | $0.78 | $0.39 | $0.41 | $0.94 | $1.31 | $1.84 |
| Diluted shares | 42M | 46M | 51M | 52M | 52M | 52M | 52M | 53M | 55M |
| Gross margin | 16.0% | 14.6% | 15.1% | 15.6% | 13.2% | 10.7% | 12.6% | 14.2% | 15.6% |
| Operating margin | 8.2% | 9.0% | 7.3% | 7.0% | 3.3% | 2.7% | 5.2% | 6.1% | 8.0% |
| Net margin | 4.6% | 7.5% | 5.5% | 5.1% | 2.2% | 1.6% | 3.1% | 3.8% | 3.6% |
Balance sheet
Fiscal years, from Construction Partners's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $28M | $99M | $81M | $148M | $57M | $36M | $48M | $75M | $156M |
| Inventory | $17M | $25M | $34M | $39M | $54M | $74M | $84M | $107M | $155M |
| Total current assets | $175M | $267M | $280M | $332M | $300M | $417M | $473M | $585M | $935M |
| Property, plant and equipment | $116M | $179M | $206M | $237M | $405M | $481M | $505M | $630M | $1.2B |
| Goodwill | $31M | $33M | $39M | $46M | $85M | $129M | $159M | $232M | $943M |
| Total assets | $329M | $496M | $532M | $628M | $807M | $1.1B | $1.2B | $1.5B | $3.2B |
| Total current liabilities | $115M | $135M | $128M | $136M | $158M | $226M | $279M | $380M | $582M |
| Long-term debt | $47M | $48M | $42M | $79M | $206M | $363M | $361M | $487M | $1.6B |
| Total liabilities | $176M | $197M | $188M | $243M | $398M | $640M | $703M | $968M | $2.3B |
| Shareholders' equity | $152M | $299M | $344M | $401M | $409M | $456M | $517M | $574M | $912M |
| Net debt | $30M | -$36M | -$31M | -$56M | $159M | $340M | $327M | $439M | $1.5B |
Cash flow
Fiscal years, from Construction Partners's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $47M | $66M | $55M | $105M | $48M | $16M | $157M | $209M | $291M |
| Capital spending | $24M | $43M | $42M | $53M | $56M | $69M | $98M | $88M | $138M |
| Free cash flow | $23M | $23M | $13M | $53M | -$8M | -$52M | $59M | $121M | $153M |
| Stock-based compensation | $513,000 | $975,000 | $957,000 | $2M | $4M | $8M | $11M | $14M | $37M |
| Dividends paid | $31M | $0 | — | — | — | — | — | — | — |
| Share buybacks (net) | — | — | — | $0 | $0 | -$39,000 | -$139,000 | -$11M | -$24M |
| Net borrowing | -$11M | $10M | -$13M | $42M | $124M | $159M | -$125,000 | $137M | $1.1B |
| Free cash flow margin | 4.0% | 3.4% | 1.6% | 6.7% | -0.9% | -4.0% | 3.8% | 6.6% | 5.5% |
| Dividends per share | $0.75 | — | — | — | — | — | — | — | — |
Questions
What was Construction Partners's revenue in 2025?
$2.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Construction Partners generate?
$153M in fiscal 2025 (operating cash flow minus capital spending).
From Construction Partners's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.