GVA

GRANITE CONSTRUCTION INC

NYSE · INDUSTRIALS · HEAVY CONSTRUCTION OTHER THAN BLDG CONST - CONTRACTORS

123.62

+1.93 +1.59%

USD · close Oct 30

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MKT CAP $5.4BP/E —DIV YIELD 0.63%FCF YIELD 8.72%REV TTM $5B +21.8%NET INCOME −$164.9M −204.1%NET DEBT $681.5M52W 98.50 – 160.39SEC XBRL · TTM TO Invalid Date

How GVA rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

66%

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Added

new sentences

Dropped

118

sentences removed

Length

−810

words, now 17,259

New in FY2025

We have vertically integrated operations across Alaska, Arizona, California, Kentucky, Louisiana, Mississippi, Nevada, Oregon, Tennessee, Utah and Washington in addition to regional civil construction home markets in the Midwest, Florida and Texas.
Our Construction segment also operates national businesses within the Tunnel division and the Federal division, which performs civil construction across the continental United States and Guam, the Industrial & Energy division, which primarily focuses on commercial solar construction projects, and the Layne division, which performs water well drilling, rehabilitation services and mineral exploration services.
We previously identified our CODM as our Chief Executive Officer (“CEO”) and our Chief Operating Officer (“COO”).
Following our COO's retirement on July 4, 2025, our CEO assumed sole responsibility as the CODM.
The Materials segment focuses on production and delivery of aggregates, asphalt concrete, liquid asphalt and recycled materials for internal use in our construction projects and for sale to third parties.
The majority of our customers are located in the United States.
During the years ended December 31, 2025, 2024 and 2023, our largest volume customer, including both prime and subcontractor arrangements, was the California Department of Transportation (“Caltrans”).
Revenue recognized from contracts with Caltrans during the years ended December 31, 2025, 2024 and 2023 represented $446.6 million (10.1% of total revenue), $567.6 million (14.2% of total revenue) and $458.2 million (13.1% of total revenue), respectively, which was primarily in the Construction segment.
Other than Caltrans, none of our customers, including both prime and subcontractor arrangements, had revenue that individually exceeded 10% of total revenue during the years ended December 31, 2025, 2024 or 2023.
In 2025, we continued to strengthen and expand our vertically integrated home markets with acquisitions of Slats Lucas, LLC and Warren Paving, Inc.
(collectively, “Warren Paving”), a vertically-integrated asphalt contractor and aggregate producer with operations along the Gulf Coast and Mississippi River; Papich Construction Company, Inc.
(“Papich Construction”), a provider of construction services and materials in California’s Central Coast and Central Valley regions; and Cinderlite Trucking Corporation (“Cinderlite”), a construction materials, landscape supply and transportation company in Carson City, Nevada.
Significant resources are employed to attract, develop and retain extraordinary talent and optimize each employee’s capabilities.
On December 31, 2025, we employed approximately 2,500 salaried employees who work in project, functional and business unit management, estimating and administrative capacities, plus approximately 3,300 hourly employees.
During 2025, the number of hourly employees ranged from approximately 2,500 to 5,200.
The majority of both our salaried and hourly personnel were located in the United States during 2025.
As of December 31, 2025, four of our wholly-owned subsidiaries were parties to craft collective bargaining agreements in many areas in which they operate (see Note 16 of the “Notes to the Consolidated Financial Statements”).
Culture and Performance: Our culture and performance are underpinned by our core values, including an unwavering commitment to inclusion.
We have established an employee-led community that welcomes our entire employee population and is designed to foster a sense of belonging and engagement by offering forums and events that support professional development and personal interests.
We strive to achieve a workforce, including leadership, that is reflective of the communities in which we operate.
In an effort to do so, we broadened our pool of potentially qualified applicants by increasing the number of colleges and universities that we recruit from and worked to identify and address any impediments to employment that may exist.
In 2025, we employed 243 interns from 95 colleges and universities.
We remain fully committed to fairness and nondiscrimination in our employment practices by ensuring that employment and promotion decisions are based purely on merit and without consideration of race, gender or other protected characteristics.
Employee Development and Training: The development of our employees is critical to our success and a key factor in our ability to attract and retain talent.
In 2025, our employees completed over 35,000 training courses and more than 200 employees, ranging from emerging leaders to senior leaders, graduated from our multi-level leadership development program.
We have a robust talent and succession planning process and have established specialized programs to accelerate the development of our talent pipeline for critical roles in general management, engineering and project management.
These include corporate culture assessments, as well as real-time feedback on employee engagement and well-being, which includes physical, emotional, social and financial health.
We also periodically conduct pay analyses to support our commitment to legally-compliant pay practices for similar job functions.
Within these frameworks, we have selected industry-specific metrics that align with stakeholder expectations and reflect the impact areas most relevant to our business.
Substantially all of the contracts in CAP may be canceled or modified at the election of the customer; however, we have not been materially adversely affected by contract cancellations or modifications in the past (see “Contract Provisions and Subcontracting” below).
Our CAP wa s $7.0 billion and $5.3 billion a s of December 31, 2025 and 2024, respectively.
Approximat ely $3.0 billion of the December 31, 2025 unearned revenue is expected to be completed during 2026.
Significant barriers to entry exist in many markets due to stringent zoning and permitting regulations.
Government Procurement: Approximately 70% of our Construction Segment revenue in 2025 was derived from contracts funded by federal, state and local government agencies and authorities.
In addition, certain of our contracts with government agencies may contain minimum Disadvantaged Business Enterprise (“DBE”) participation clauses.
The percentage of fixed unit price contracts in our unearned revenue was 56.9% and 59.1% at December 31, 2025 and 2024, respectively.
While the fixed unit price contract shifts the risk of estimating the quantity of units required for a particular project to the customer, any increase in our unit cost over the expected unit cost in the bid, whether due to inflation, tariffs, inefficiency, incorrect estimates or assumptions or other factors, is borne by us unless otherwise provided in the contract.
Fixed price contracts are priced on a lump-sum basis under which we bear the risk that we may not be able to perform the work for the specified contract amount and any increase in our cost over budget, whether due to inflation, tariffs, inefficiency, incorrect estimates or assumptions or other factors, will reduce our profit on the project.
The percentage of fixed price contracts in our unearned revenue was 34.6% and 33.2% at December 31, 2025 and 2024, respectively.
All other contract types represented 8.5% and 7.7% of our unearned revenue at December 31, 2025 and 2024, respectively.

and 55 more.

Gone since FY2024

We have vertically integrated operations across Alaska, Arizona, California, Mississippi, Nevada, Oregon, Tennessee, Utah and Washington in addition to regional civil construction home markets in Illinois, Florida and Texas.
Our Construction segment also operates national businesses within the Tunnel division, the Rail division, the Federal division, which performs civil construction across the continental United States and Guam, the Industrial & Energy division, which primarily focuses on commercial solar construction projects, and the Layne division, which performs water well drilling, rehabilitation services and mineral exploration services.
We identified our CODM as our Chief Executive Officer and our Chief Operating Officer.
The Materials segment focuses on production of aggregates, asphalt concrete, liquid asphalt and recycled materials for internal use in our construction projects and for sale to third parties.
During the first quarter of 2024, we reorganized our operational structure to more closely align with our two reportable segments, Construction and Materials.
Previously, leaders within our three former operating groups of California, Central and Mountain managed both Construction and Materials operations within each group.
This change allows us to better leverage our expertise within each reportable segment with leadership having direct oversight of their respective segment operations.
As a result of the reorganization, we will no longer disclose financial information by operating group.
There were no material impacts to our consolidated financial statements and no changes to our reportable segments.
The majority of both our public and private customers are located in the United States.
During the years ended December 31, 2024, 2023 and 2022, our largest volume customer, including both prime and subcontractor arrangements, was the California Department of Transportation (“Caltrans”).
Revenue recognized from contracts with Caltrans during the years ended December 31, 2024, 2023 and 2022 represented $567.6 million (14.2% of total revenue), $458.2 million (13.1% of total revenue) and $348.0 million (10.5% of total revenue), respectively, which was primarily in the Construction segment.
Other than Caltrans, none of our customers, including both prime and subcontractor arrangements, had revenue that individually exceeded 10% of total revenue during the years ended December 31, 2024, 2023 or 2022.
We expanded our vertically integrated home markets with the 2024 acquisition of Dickerson & Bowen, Inc.
("D&B"), an aggregates, asphalt and highway construction company serving central and southern Mississippi.
Significant resources are employed to attract, develop and retain extraordinary and diverse talent and optimize each employee’s capabilities.
On December 31, 2024, we employed approximately 2,300 salaried employees who work in project, functional and business unit management, estimating and administrative capacities, plus approximately 2,100 hourly employees.
During 2024, the number of hourly employees ranged from approximately 2,100 to 4,300.
The majority of both our salaried and hourly personnel were located in the United States during 2024.
As of December 31, 2024, three of our wholly-owned subsidiaries, Granite Construction Company, Layne Christensen Company and Granite Industrial, Inc., were parties to craft collective bargaining agreements in many areas in which they operate (see Note 16 of the “Notes to the Consolidated Financial Statements”).
Inclusion: Our culture is underpinned by our core values, including an unwavering commitment to inclusion as exemplified by strategies that address our guiding belief that diverse backgrounds, perspectives and experiences enhance creativity and innovation.
We have established employee resource groups that serve employees from a variety of backgrounds and we periodically conduct pay analyses to support our commitment to legally-compliant pay practices for similar job functions.
We continued to execute on our five-year strategic plan regarding inclusion, which was established in 2020, working toward increased representation of women and minorities throughout the organization (including in leadership) to be reflective of the communities in which we operate.
In 2024, we continued to make progress through broadening the diversity of our pool of potential qualified applicants and identifying and addressing any impediments to employment opportunity that may exist.
We also increased the number of colleges and universities we are targeting for our pool of qualified applicants.
In 2024, we employed 241 interns from 108 colleges and universities.
We remain fully committed to fairness and nondiscrimination in our employment practices by ensuring that the decision on who to hire and promote are based purely on merit and made without consideration of race, gender or other protected characteristic.
Employee Development and Training: The development of our employees is critical to our success and is a key factor in our ability to attract and retain talent.
In 2024, our employees completed over 30,000 training courses and more than 300 employees ranging from emerging leaders to senior leaders graduated from our multi-level leadership development program.
We have a robust talent and succession planning process and have established specialized programs to accelerate the development of our talent pipeline for critical roles in general management, engineering, project management and operations.
These include corporate culture assessments, as well as real-time feedback on employee engagement and on employee well-being which includes physical, emotional, social and financial health.
Within these frameworks, we have selected industry-specific metrics that align with stakeholder expectations, are relevant to our business, and will have the most significant impact.
Substantially all of the contracts in CAP may be canceled or modified at the election of the customer; however, we have not been materially adversely affected by contract cancellations or modifications in the past (see “Contract Provisions and Subcontracting”).
Our CAP wa s $5.3 billion and $5.5 billion a s of December 31, 2024 and 2023, respectively.
Approximat ely $2.6 billion of the December 31, 2024 unearned revenue is expected to be completed during 2025.
Significant barriers to entry exist in most markets due to stringent zoning and permitting regulations.
Government Procurement: Approximately 75% of our Construction Segment revenue in 2024 was derived from contracts funded by federal, state and local government agencies and authorities.
In addition, certain of our contracts with government agencies contain minimum Disadvantaged Business Enterprise (“DBE”) participation clauses.
The percentage of fixed unit price contracts in our unearned revenue was 59.1% and 63.5% at December 31, 2024 and 2023, respectively.
While the fixed unit price contract shifts the risk of estimating the quantity of units required for a particular project to the customer, any increase in our unit cost over the expected unit cost in the bid, whether due to inflation, inefficiency, incorrect estimates or assumptions or other factors, is borne by us unless otherwise provided in the contract.

and 78 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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