Granite Reports Fourth Quarter and Fiscal Year 2025 Results

WATSONVILLE, Calif--( BUSINESS WIRE)--Granite (NYSE: GVA) today announced results for the quarter and year ended December 31, 2025.

Fourth Quarter 2025 Results

Net income totaled $52 million, or $1.03 per diluted share, compared to net income of $41 million, or $0.84 per diluted share, for the same period in the prior year. Adjusted net income totaled $65 million, or $1.40 per diluted share, compared to adjusted net income of $56 million, or $1.23 per diluted share, for the same period in the prior year.

“With our fourth quarter results, we achieved another record year for Granite,” said Kyle Larkin, Granite President and Chief Executive Officer. “Our disciplined approach to project selection, combined with sustained strength in public‑market funding, drove CAP to an all‑time high. With record CAP entering 2026 and continued momentum in the market, we believe we are positioned to achieve our 2027 targets for both organic growth and margin expansion.

Our materials business was a standout contributor in 2025, delivering significant margin expansion and revenue growth as recent investments begin to scale. The pace of improvement from this team has been remarkable, and we see a long runway for further value creation through pricing, operational efficiencies, and vertical integration with our construction operations.

In 2025, we also leveraged our free cash flow and strong balance sheet to expand our geographic footprint with strategic acquisitions. Our acquisition pipeline remains robust, and we expect to acquire additional businesses in 2026 that will strengthen our vertically-integrated platform.

We are operating from a position of strength, and I am confident our teams will continue to execute at a high level and deliver long‑term value for our shareholders in 2026 and beyond.”

(1) CAP is comprised of revenue we expect to record in the future on executed contracts, including 100% of our consolidated joint venture contracts and our proportionate share of unconsolidated joint venture contracts, as well as the general construction portion of construction manager/general contractor, construction manager/at risk and progressive design build contracts to the extent contract execution and funding is probable.

(2) Adjusted net income, adjusted diluted earnings per share, earnings before interest, taxes, depreciation, and amortization (“EBITDA”), EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP measures. Please refer to the description and reconciliation of non-GAAP measures in the attached tables.

Fiscal Year 2025 Results

Net income totaled $193 million, or $3.86 per diluted share, compared to net income of $126 million, or $2.62 per diluted share, in the prior year. Adjusted net income totaled $276 million, or $6.07 per diluted share, compared to adjusted net income of $214 million, or $4.82 per diluted share, in the prior year.

Fourth Quarter and Fiscal Year 2025 Segment Results (Unaudited - dollars in thousands)

Construction Segment

Three Months Ended December 31,

Years Ended December 31,

2025

2024

Change

2025

2024

Change

Revenue

940,323

821,353

118,970

14.5

3,654,880

3,415,225

239,655

7.0

Gross profit

142,728

128,117

14,611

11.4

574,178

491,002

83,176

16.9

Gross profit as a percent of revenue

15.2

15.6

15.7

14.4

Construction revenue increased 14.5% and 7.0% year-over-year in the three months and year ended December 31, 2025, respectively. The revenue increase was driven by a strong market environment, increased CAP and revenue from acquired companies. Construction gross profit increased in both the three months and year ended December 31, 2025, respectively, due to higher revenue and improved execution across our higher quality project portfolio.

Committed and Awarded Projects

December 31, 2025

September 30, 2025

Change

December 31, 2024

Change

Public

6,058,998

5,268,799

790,199

15.0

4,120,821

1,938,177

47.0

Private

910,374

1,068,917

(158,543

)

(14.8

1,175,246

(264,872

)

(22.5

Total

6,969,372

6,337,716

631,656

10.0

5,296,067

1,673,305

31.6

CAP totaled $7.0 billion, an increase of $0.6 billion sequentially and an increase of $1.7 billion year-over-year. During the quarter, several significant public projects were added to CAP with bidding activity remaining robust.

Materials Segment

Three Months Ended December 31,

Years Ended December 31,

2025

2024

Change

2025

2024

Change

Revenue

225,047

155,950

69,097

44.3

769,499

592,349

177,150

29.9

Gross profit

24,992

22,635

2,357

10.4

137,038

81,695

55,343

67.7

Gross profit as a percent of revenue

11.1

14.5

17.8

13.8

Cash gross profit(1)

46,709

37,068

9,641

26.0

202,174

126,786

75,388

59.5

Cash gross profit as a percent of revenue(1)

20.8

23.8

26.3

21.4

(1) Materials segment cash gross profit and cash gross profit as a percent of revenue are non-GAAP measures. Please refer to the description and reconciliation of non-GAAP measures in the attached tables.

Materials revenue, gross profit and cash gross profit for the fourth quarter and fiscal year ended December 31, 2025, respectively, increased compared to the same periods in the prior year, driven primarily by acquired businesses and higher asphalt and aggregate prices.

Outlook

Our guidance for 2026 is described below:

We do not provide a reconciliation of forward-looking adjusted EBITDA margin or the most directly comparable forward-looking GAAP measure of net income attributable to Granite because we cannot predict with a reasonable degree of certainty and without unreasonable efforts certain components or excluded items that are inherently uncertain and depend on various factors. For these reasons, we are unable to assess the potential significance of the unavailable information.

“We expect our top-line momentum to continue in 2026 driven by organic growth as we work through our record CAP and a full-year of contribution from our 2025 acquisitions,” said Executive Vice President and Chief Financial Officer, Staci Woolsey. “With a healthy market backdrop and a solid pipeline of bidding opportunities, we believe we are well positioned to continue expanding CAP in 2026. We also expect to improve gross profit margins and SG&A efficiencies as we work to drive adjusted EBITDA margin growth in line with our 2027 financial targets. Finally, we intend to continue investing in the business through acquisitions and capital expenditures in order to drive long-term shareholder value.”

Conference Call

Granite will conduct a conference call today, February 12, 2026, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to discuss the results of the quarter and fiscal year ended December 31, 2025. The Company invites investors to listen to a live audio webcast of the investor conference call on its Investor Relations website https://investor.graniteconstruction.com. The investor conference call will also be available by calling 1-877-328-5503; international callers may dial 1-412-317-5472. An archive of the webcast will be available on Granite's Investor Relations website approximately one hour after the call. A replay will be available after the live call through February 19, 2026, by calling 1-855-669-9658, replay access code 3262359; international callers may dial 1-412-317-0088.

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified vertically-integrated civil contractors and construction materials producers in the United States. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, X, Facebook, and Instagram.

Forward-looking Statements

Any statements contained in this press release that are not based on historical facts, including statements regarding future events, occurrences, opportunities, circumstances, activities, performance, growth, demand, strategic plans, shareholder value, outcomes, outlook, that we are positioned to achieve our 2027 targets for both organic growth and margin expansion, our runway for further value creation, our acquisition pipeline remains robust, additional acquisitions that will strengthen our vertically integrated platform, executing at a high level and delivering long-term value for our shareholders in 2026 and beyond, our 2026 guidance for revenue, adjusted EBITDA margin, SG&A expense, estimated stock-based compensation expense, effective tax rate and capital expenditures, including planned strategic materials investments, top-line momentum to continue in 2026, continuing to expand CAP in 2026, improved gross margins and SG&A efficiencies as we work to drive adjusted EBITDA margin growth in line with our 2027 targets, investing in the business through acquisitions and capital expenditures to drive long-term shareholder value, CAP and results constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “future,” “outlook,” “assumes,” “believes,” “expects,” “estimates,” “anticipates,” “intends,” “plans,” “appears,” “may,” “will,” “should,” “could,” “would,” “continue,” "guidance" and the negatives thereof or other comparable terminology or by the context in which they are made. These forward-looking statements are based on management's current beliefs, assumptions and estimates. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, those described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this press release and, except as required by law; we undertake no obligation to revise or update any forward-looking statements for any reason.

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands, except share and per share data)

December 31, 2025

December 31, 2024

ASSETS

Current assets:

Cash and cash equivalents

529,220

578,330

Short-term marketable securities

71,021

7,311

Receivables, net

630,392

511,742

Contract assets

236,879

328,353

Inventories

143,129

108,175

Equity in unconsolidated construction joint ventures

134,670

140,928

Other current assets

66,920

41,824

Total current assets

1,812,231

1,716,663

Property and equipment, net

1,260,823

716,184

Long-term marketable securities

49,534

—

Investments in affiliates

96,764

94,031

Goodwill

400,814

214,465

Intangible assets

179,548

127,886

Right of use assets

152,678

89,791

Other noncurrent assets

78,001

66,635

Total assets

4,030,393

3,025,655

LIABILITIES AND EQUITY

Current liabilities:

Current maturities of long-term debt

375,896

1,109

Accounts payable

430,298

407,223

Contract liabilities

327,372

299,671

Accrued expenses and other current liabilities

348,179

323,956

Total current liabilities

1,481,745

1,031,959

Long-term debt

963,233

737,939

Long-term lease liabilities

125,733

73,638

Deferred income taxes, net

141,489

13,874

Other long-term liabilities

96,660

88,882

Commitments and contingencies

Equity:

Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding

—

Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 43,496,781 shares as of December 31, 2025 and 43,424,646 shares as of December 31, 2024

435

434

Additional paid-in capital

402,391

410,739

Accumulated other comprehensive income (loss)

1,581

(582

)

Retained earnings

774,641

604,635

Total Granite shareholders’ equity

1,179,048

1,015,226

Non-controlling interests

42,485

64,137

Total equity

1,221,533

1,079,363

Total liabilities and equity

4,030,393

3,025,655

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - in thousands, except per share data)

Three Months Ended

December 31,

Years Ended

December 31,

2025

2024

2025

2024

Total revenue

1,165,370

977,303

4,424,379

4,007,574

Total cost of revenue

997,650

826,551

3,713,163

3,434,877

Gross profit

167,720

150,752

711,216

572,697

Selling, general and administrative expenses

104,118

84,467

407,561

334,162

Other costs, net

2,718

10,158

41,416

39,936

Gain on sales of property and equipment, net

(14,097

)

(4,417

)

(20,207

)

(8,764

)

Operating income

74,981

60,544

282,446

207,363

Other (income) expense:

Loss on debt extinguishment

—

27,552

Interest income

(8,863

)

(6,534

)

(26,878

)

(24,349

)

Interest expense

18,172

7,863

47,223

29,188

Equity in income of affiliates, net

(5,220

)

(4,061

)

(14,958

)

(16,982

)

Other income, net

(2,934

)

(2,888

)

(11,768

)

(4,238

)

Total other (income) expense, net

1,155

(5,620

)

(6,381

)

11,171

Income before income taxes

73,826

66,164

288,827

196,192

Provision for income taxes

14,890

19,113

68,476

55,749

Net income

58,936

47,051

220,351

140,443

Amount attributable to non-controlling interests

(6,906

)

(5,568

)

(27,348

)

(14,097

)

Net income attributable to Granite

52,030

41,483

193,003

126,346

Net income per share attributable to common shareholders:

Basic

1.19

0.95

4.42

2.88

Diluted

1.03

0.84

3.86

2.62

Weighted average shares outstanding:

Basic

43,603

43,642

43,649

43,846

Diluted

53,534

52,952

53,132

52,513

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited - in thousands)

Years Ended December 31,

2025

2024

Operating activities:

Net income

220,351

140,443

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion and amortization

162,433

126,331

Amortization related to long-term debt

4,590

4,501

Non-cash loss on debt extinguishment

—

27,552

Gain on sales of property and equipment, net

(20,207

)

(8,764

)

Deferred income taxes

23,800

13,655

Stock-based compensation

39,150

19,595

Equity in net (income) loss from unconsolidated joint ventures

(7,622

)

5,102

Net income from affiliates

(14,958

)

(16,982

)

Other non-cash adjustments

863

3,958

Changes in assets and liabilities

60,516

140,952

Net cash provided by operating activities

468,916

456,343

Investing activities:

Purchases of marketable securities

(238,371

)

(10,977

)

Maturities of marketable securities

125,225

38,000

Purchases of property and equipment

(138,270

)

(136,405

)

Proceeds from sales of property and equipment

32,845

13,852

Acquisitions of businesses, net of cash acquired

(777,517

)

(134,361

)

Other investing activities

2,367

1,335

Net cash used in investing activities

(993,721

)

(228,556

)

Financing activities:

Proceeds from long-term debt

685,000

—

Proceeds from issuance of convertible notes

—

373,750

Debt principal repayments

(86,113

)

(310,498

)

Capped call transactions

—

(46,046

)

Redemption of warrants

—

(497

)

Debt issuance costs

(2,799

)

(10,474

)

Cash dividends paid

(22,719

)

(22,813

)

Repurchases of common stock

(48,208

)

(50,631

)

Contributions from non-controlling partners

3,345

24,000

Distributions to non-controlling partners

(53,247

)

(25,587

)

Other financing activities, net

436

1,676

Net cash provided by (used in) financing activities

475,695

(67,120

)

Net increase (decrease) in cash and cash equivalents

(49,110

)

160,667

Cash and cash equivalents at beginning of period

578,330

417,663

Cash and cash equivalents at end of period

529,220

578,330

Non-GAAP Financial Information

The tables below contain financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Specifically, management believes that non-GAAP financial measures such as EBITDA and EBITDA margin are useful in evaluating operating performance and are regularly used by securities analysts, institutional investors and other interested parties, and that such supplemental measures facilitate comparisons between companies that have different capital and financing structures and/or tax rates. We are also providing adjusted EBITDA and adjusted EBITDA margin, non-GAAP measures, to indicate the impact of stock-based compensation expense, loss on debt extinguishment in 2024 and other costs, net, which include legal fees for the defense of a former company officer in his civil litigation with the Securities and Exchange Commission, reorganization costs, strategic acquisition and integration expenses and, in 2024, non-cash impairment charges.

We provide adjusted income before income taxes, adjusted provision for income taxes, adjusted net income attributable to Granite, adjusted diluted weighted average shares of common stock and adjusted diluted earnings per share attributable to common shareholders, non-GAAP measures, to indicate the impact of the following:

We also provide Materials segment cash gross profit, Materials segment cash gross profit and cash gross profit per ton by product line and the related margins to exclude the impact of the segment’s and product line’s depreciation, depletion and amortization from the segment’s and product line’s gross profit. To better illustrate the operational performance generated by the assets of the Materials segment, and its product lines, our calculation adds back all depreciation, depletion and amortization to the Materials segment and its product lines and does not eliminate any in consolidation. In addition, we exclude barge delivery revenue from our calculation of average selling price per ton to improve comparability with prior periods. The acquisition of Warren Paving introduced barge delivery revenue starting in the third quarter of 2025. Management believes that non-GAAP financial measures such as Materials segment cash gross profit and Materials segment cash gross profit by product line and the related margins, cash gross profit per ton and average selling price per ton are useful in evaluating operating performance and are regularly used by securities analysts, institutional investors and other interested parties, and that such supplemental measures facilitate comparisons to prior periods and between companies that have different capital and financing structures.

Management believes that these additional non-GAAP financial measures facilitate comparisons between industry peer companies, and management uses these non-GAAP financial measures in evaluating performance. However, the reader is cautioned that any non-GAAP financial measures provided by us are provided in addition to, and not as alternatives for, our reported results prepared in accordance with GAAP. Items that may have a significant impact on our financial position, results of operations and cash flows must be considered when assessing our actual financial condition and performance regardless of whether these items are included in non-GAAP financial measures. The methods used by us to calculate non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures provided by us may not be comparable to similar measures provided by other companies.

GRANITE CONSTRUCTION INCORPORATED

EBITDA AND ADJUSTED EBITDA (1)

(Unaudited - dollars in thousands)

Three Months Ended

December 31,

Years Ended

December 31,

2025

2024

2025

2024

EBITDA:

Net income attributable to Granite

52,030

41,483

193,003

126,346

Net income margin(2)

4.5

4.2

4.4

3.2

Depreciation, depletion and amortization expense(3)

49,746

34,189

164,677

127,721

Provision for income taxes

14,890

19,113

68,476

55,749

Interest expense, net

9,309

1,329

20,345

4,839

EBITDA(1)

125,975

96,114

446,501

314,655

EBITDA margin(1)(2)

10.8

9.8

10.1

7.9

ADJUSTED EBITDA:

Other costs, net

2,718

10,158

41,416

39,936

Stock-based compensation

2,305

2,267

39,150

19,595

Loss on debt extinguishment

—

27,552

Adjusted EBITDA(1)

130,998

108,539

527,067

401,738

Adjusted EBITDA margin(1)(2)

11.2

11.1

11.9

10.0

(1)

We define EBITDA as GAAP net income attributable to Granite, adjusted for net interest expense, taxes, depreciation, depletion and amortization. Adjusted EBITDA and adjusted EBITDA margin exclude the impact of other costs, net, stock-based compensation and loss on debt extinguishment as described above.

(2)

Represents net income, EBITDA and adjusted EBITDA divided by consolidated revenue of $1.2 billion and $977 million, for the three months ended December 31, 2025 and 2024, respectively, and $4.4 billion and $4.0 billion for the fiscal year ended December 31, 2025 and 2024, respectively.

(3)

Amount includes the sum of depreciation, depletion and amortization which are classified as cost of revenue and selling, general and administrative expenses in the condensed consolidated statements of operations.

GRANITE CONSTRUCTION INCORPORATED

ADJUSTED NET INCOME RECONCILIATION

(Unaudited - in thousands, except per share data)

Three Months Ended

December 31,

Years Ended

December 31,

2025

2024

2025

2024

Income before income taxes

73,826

66,164

288,827

196,192

Other costs, net

2,718

10,158

41,416

39,936

Acquired intangible asset amortization and acquisition-related depreciation

12,261

6,059

27,653

21,436

Stock-based compensation

2,305

2,267

39,150

19,595

Loss on debt extinguishment

—

27,552

Adjusted income before income taxes

91,110

84,648

397,046

304,711

Provision for income taxes

14,890

19,113

68,476

55,749

Tax effect of adjusting items(1)

4,462

4,308

25,531

20,902

Adjusted provision for income taxes

19,352

23,421

94,007

76,651

Net income attributable to Granite

52,030

41,483

193,003

126,346

After-tax adjusting items

12,822

14,176

82,688

87,617

Adjusted net income attributable to Granite

64,852

55,659

275,691

213,963

Diluted weighted average shares of common stock

53,534

52,952

53,132

52,513

Less: dilutive effect of convertible notes(2)

(7,340

)

(7,830

)

(7,690

)

(8,103

)

Adjusted diluted weighted average shares of common stock

46,194

45,122

45,442

44,410

Diluted net income per share attributable to common shareholders

1.03

0.84

3.86

2.62

After-tax adjusting items per share attributable to common shareholders

0.37

0.39

2.21

2.20

Adjusted diluted net income per share attributable to common shareholders

1.40

1.23

6.07

4.82

(1)

The tax effect of adjusting items was calculated using our estimated annual statutory tax rate. The tax effect of adjusting items for the fiscal year ended December 31, 2025 excludes $9 million of acquisition costs in Other costs, net that were non-tax deductible and the fiscal year ended December 31, 2024 excludes $26 million loss on debt extinguishment as it was almost entirely non-tax deductible.

(2)

When calculating diluted net income attributable to common shareholders, GAAP requires that we include potential share dilution from the convertible notes when not antidilutive. We entered into capped call transactions relating to both the 3.75% and 3.25% convertible notes to offset the dilutive impact of the convertible notes. The impact of the capped call transactions was excluded from the GAAP diluted net income attributable to common shareholders calculation as the impact would be antidilutive. For the purpose of calculating our adjusted diluted net income per share attributable to common shareholders, the dilutive effect of the convertible notes up to the capped call price is removed to reflect the impact of the capped call transactions.

GRANITE CONSTRUCTION INCORPORATED

MATERIALS SEGMENT PRODUCT LINE INFORMATION

(Unaudited - in thousands, except per ton data)

Materials Product Line(1)

Total Materials Segment

Three Months Ended December 31, 2025

Aggregate

Asphalt

Other and Eliminations(2)

External revenue

107,887

116,483

677

225,047

Internal revenue(3)

46,431

62,539

(108,970

)

—

Total Revenue

154,318

179,022

(108,293

)

225,047

Sales tons

6,781

2,183

Average selling price per ton(4)

18.67

82.01

Gross profit

18,710

23,766

(17,484

)

24,992

Gross profit as a % of revenue

12.1

13.3

11.1

Depreciation, depletion and amortization

17,252

4,404

21,717

Cash gross profit

35,962

28,170

(17,423

)

46,709

Cash gross profit as a % of revenue

23.3

15.7

20.8

Cash gross profit per ton

5.30

12.90

Materials Product Line(1)

Total Materials Segment

Three Months Ended December 31, 2024

Aggregate

Asphalt

Other and Eliminations(2)

External revenue

48,710

107,955

(715

)

155,950

Internal revenue(3)

30,255

43,871

(74,126

)

—

Total Revenue

78,965

151,826

(74,841

)

155,950

Sales tons

5,032

1,943

Average selling price per ton(4)

15.69

78.14

Gross profit

11,863

18,791

(8,019

)

22,635

Gross profit as a % of revenue

15.0

12.4

14.5

Depreciation, depletion and amortization

9,856

4,492

14,433

Cash gross profit

21,719

23,283

(7,934

)

37,068

Cash gross profit as a % of revenue

27.5

15.3

23.8

Cash gross profit per ton

4.32

11.98

NM - not meaningful

(1)

The Aggregate product line includes aggregates, barge delivery and recycled materials. The Asphalt product line includes asphalt concrete and liquid asphalt. External revenue includes freight and delivery costs that we pass along to our customers.

(2)

Represents our other product line which is comprised of immaterial amounts of products and services that are not considered core product lines, as well as eliminations of interproduct and intersegment transactions.

(3)

Includes both intersegment and interproduct revenues. Intersegment revenues for the three months ended December 31, 2025 and December 31, 2024 were $85.7 million and $57.7 million, respectively.

(4)

Aggregate average selling price per ton for the three months ended December 31, 2025 was calculated by dividing total aggregate revenue of $154.3 million, less $27.7 million of revenues associated with barge delivery, or $126.6 million, by sales tons for the period. There was no adjustment in the three months ended December 31, 2024.

Materials Product Line(1)

Total Materials Segment

Year Ended December 31, 2025

Aggregate

Asphalt

Other and Eliminations(2)

External revenue

308,781

458,836

1,882

769,499

Internal revenue(3)

171,493

237,848

(409,341

)

—

Total Revenue

480,274

696,684

(407,459

)

769,499

Sales tons

24,629

8,450

Average selling price per ton(4)

17.63

82.45

Gross profit

76,988

112,046

(51,996

)

137,038

Gross profit as a % of revenue

16.0

16.1

17.8

Depreciation, depletion and amortization

47,875

16,897

364

65,136

Cash gross profit

124,863

128,943

(51,632

)

202,174

Cash gross profit as a % of revenue

26.0

18.5

26.3

Cash gross profit per ton

5.07

15.26

Materials Product Line(1)

Total Materials Segment

Year Ended December 31, 2024

Aggregate

Asphalt

Other and Eliminations(2)

External revenue

196,232

395,798

319

592,349

Internal revenue(3)

127,849

195,718

(323,567

)

—

Total Revenue

324,081

591,516

(323,248

)

592,349

Sales tons

20,284

7,456

Average selling price per ton(4)

15.98

79.33

Gross profit

52,274

79,433

(50,012

)

81,695

Gross profit as a % of revenue

16.1

13.4

13.8

Depreciation, depletion and amortization

30,760

14,024

307

45,091

Cash gross profit

83,034

93,457

(49,705

)

126,786

Cash gross profit as a % of revenue

25.6

15.8

21.4

Cash gross profit per ton

4.09

12.53

NM - not meaningful

(1)

(2)

(3)

Includes both intersegment and interproduct revenues. Intersegment revenues for the years ended December 31, 2025 and December 31, 2024 were $275.2 million and $246.8 million, respectively.

(4)

Aggregate average selling price per ton for the year ended December 31, 2025 was calculated by dividing total aggregate revenue of $480.3 million, less $46.1 million of revenues associated with barge delivery, or $434.2 million, by sales tons for the period. There was no adjustment in the year ended December 31, 2024.