Construction Partners (NASDAQ: ROAD) is more concentrated on roadway work in local Sunbelt markets; Granite Construction (NYSE: GVA) is a broader civil contractor and materials producer with work spanning roads and other complex infrastructure. Neither is categorically the better contractor. For a project, compare local capacity and relevant experience; for an investment, compare financial performance and risk using consistent periods and definitions.
How the companies differ
Construction Partners: roadway-focused, local-market operations
Construction Partners describes itself as a vertically integrated civil infrastructure company focused on constructing and maintaining roadways in local Sunbelt markets. Its work includes public roads, highways, bridges and airports; private large-site work and hot-mix asphalt (HMA) paving; and production of HMA, aggregates and liquid asphalt cement for its own projects and third-party customers. Its reported backlog excludes external sales of those materials, so it does not represent all of its commercial activity. Construction Partners’ FY2025 Form 10-K provides the company’s business description.
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Acquisitions also affect the footprint and reported growth. In October 2025, the company acquired Houston-area asphalt manufacturing and construction assets, adding eight HMA plants and related crews and equipment. In July 2026, it acquired Ellsworth Construction, expanding its Oklahoma footprint and data-center construction capabilities. Its recent expansion therefore reflects acquired operations as well as activity in existing markets.
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Granite reports Construction and Materials segments. Construction includes roads and pavement preservation as well as bridges, rail, airports, marine ports, dams, reservoirs, aqueducts, site development, water-related construction, tunnels, mining, solar, battery storage and other power-related work. Materials produces and delivers aggregates, asphalt concrete, liquid asphalt and recycled materials for Granite projects and third-party customers. Its national specialty businesses include tunnel, rail, federal, industrial and energy operations, as well as Layne water-well and related services. See Granite’s FY2025 Form 10-K.
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What the latest aligned quarter shows
Both companies reported for periods ending June 30, 2026, although their fiscal-quarter labels differ. The figures below are company-reported; revenue growth includes acquisition effects, and adjusted EBITDA is a non-GAAP measure.
| Measure | Construction Partners | Granite Construction |
| Quarterly revenue | $999.4 million; up 28.2% year over year | $1.456 billion; the company reported 29% headline growth |
| Pipeline disclosure at June 30, 2026 | $3.36 billion contract backlog | $7.4 billion committed and awarded projects (CAP) |
| Adjusted EBITDA | $163.0 million; 16.3% margin | $186 million, up 22% year over year |
| Notable context | $151.0 million of revenue growth came from acquisitions and $69.1 million from existing markets | GAAP net loss was driven by a $360 million non-operating loss on convertible-debt transactions |
Sources: Construction Partners’ Form 10-Q for the quarter ended June 30, 2026 and Granite’s July 30, 2026 Q2 results release. Adjusted EBITDA and its margin are company-defined non-GAAP measures; compare them only after reviewing each company’s adjustments and definitions. Granite’s unusual financing-related loss should be considered separately from operating performance.
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Why backlog and CAP are not a head-to-head ranking
Construction Partners reported $3.36 billion of backlog at June 30, 2026: $2.7 billion of uncompleted work on contracts underway or executed and $0.7 billion of low-bid/no-contract work. Its policy may include executed change orders and certain pending change orders and claims considered probable. Customers can cancel or modify substantially all backlog contracts, and work can be awarded and completed between reporting dates. The company’s older estimate that approximately 78% of its September 30, 2025 backlog would be completed in the next 12 months is not a June 2026 forecast.
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Granite’s $7.4 billion CAP at June 30, 2026, up $250 million sequentially and $1.4 billion year over year, represents expected future revenue on executed contracts plus other awards. Its definition specifies treatment for consolidated and unconsolidated joint ventures and certain construction-management or progressive-design-build scopes subject to contract execution and probable funding. Granite cautions that backlog may not be realized or produce profits; CAP includes both unearned revenue and other awards. Consult the Q2 2026 release and FY2025 Form 10-K for its definitions.
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Because inclusion rules and labels differ, Granite’s CAP is not simply a comparable, larger backlog. Neither figure is guaranteed, necessarily funded, or necessarily profitable future revenue.
How to choose between them for a project
- Pin down local capacity. Identify the project’s state and metro area, then verify nearby plants, material supply, crews, equipment availability and references for that location. A broad regional or national footprint does not establish that a contractor has capacity for your job.
- Match the work to demonstrated experience. Road paving and maintenance overlap, but Granite discloses a wider range of specialist infrastructure services. Check references and comparable completed work for the project’s scope, complexity and delivery method.
- Compare material logistics. Both companies have asphalt and aggregates operations. Ask about plant proximity, supply availability, third-party materials activity and how material costs will be managed under the proposed terms.
- Read the bid and schedule, not just the corporate profile. Compare scope, exclusions, price adjustments, schedule assumptions, change-order rules, funding status and contract terms. For proposed work, distinguish executed contracts from low bids or other awards.
- Verify qualifications for the specific job. Check local licensing, safety qualifications and record, insurance, project references, available crews and the actual bid documents directly with the contractor and relevant authorities.
How investors should compare them
A company’s scale or pipeline headline does not establish that it is the better investment. Granite reported FY2025 total revenue of $4.424 billion—$3.655 billion in Construction and $769.5 million in Materials after intersegment eliminations—for the year ended December 31, 2025. Construction Partners’ FY2025 ended September 30, 2025, so annual figures cover different periods and seasonal patterns. The aligned June 2026 quarter is more useful for a near-term comparison, but it does not remove differences in business mix or accounting.
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- Compare same-period GAAP gross profit and operating income, cash flow, debt and margins alongside revenue.
- Separate organic activity from acquisition contributions and account for acquisition integration and financing costs.
- Review company-specific reconciliations before comparing non-GAAP measures such as adjusted EBITDA.
- Assess exposure to weather, project execution, public funding, material input costs, acquisition integration and financing conditions.
- Interpret Granite’s Q2 2026 GAAP loss in light of its disclosed $360 million non-operating loss on convertible-debt transactions, and consider Construction Partners’ disclosed acquisition-related growth and higher interest expense.
These public disclosures describe reported businesses and results; they do not provide an independent assessment of project quality, customer satisfaction or investment valuation.
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