Granite Construction Incorporated is a U.S.-focused civil infrastructure contractor and construction-materials producer. It earns money in two connected ways: its Construction segment is paid to plan and build public and private infrastructure, while its Materials segment sells aggregates, asphalt and other products to outside customers and supplies some Granite projects. For the fiscal year ended December 31, 2025, Granite reported $4.424 billion in consolidated revenue.
The figures in this guide come from Granite Construction’s 2025 Form 10-K, filed February 12, 2026. They describe the latest complete fiscal year in that filing, not a 2026 year-to-date run rate. Because the company acquired businesses during the period, the year-over-year increase should not be treated as entirely organic growth.
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What Granite Construction does
Granite delivers infrastructure solutions for public and private clients primarily in the United States. It is not only a road builder. Its operating model combines a large project-construction business with production and sale of the basic materials used in civil work.
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For public-sector customers, Granite performs work on streets, roads and highways; mass-transit systems; airports; bridges; dams; power-related facilities; utilities; tunnels; and water-well drilling. A public customer may be a federal, state or local government, a transportation authority or another public entity. The work can involve building new infrastructure, expanding existing facilities or carrying out related civil construction services.
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Private and industrial development
Granite also serves private customers. Its private-sector activities include site preparation, mining and infrastructure services for commercial and industrial sites, railways, residential developments and energy developments. It provides construction-management professional services as well. These assignments broaden the company beyond government-funded transportation projects and expose it to development activity from private owners.
A company statement in its own filing
Granite describes its purpose in the 2025 Form 10-K as: “We deliver infrastructure solutions for public and private clients primarily in the United States.” That description captures both the customer mix and the company’s geographic emphasis without implying that every project is in the same market or uses the same contract structure.
How the two business segments fit together
Granite reports two operating segments: Construction and Materials. Construction is the larger segment and records revenue from project customers. Materials records external sales of construction products and also transfers products to Granite’s own construction operations. Those internal transactions are removed when the company reports consolidated revenue.
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| Segment | What it sells | 2025 reported revenue basis | 2025 amount |
|---|---|---|---|
| Construction | Civil infrastructure projects and construction-management services for public and private customers | Segment customer revenue | $3,654.9 million |
| Materials | Aggregates, asphalt and other construction materials sold to third parties | External segment revenue | $769.5 million |
| Consolidated Granite | Construction and external Materials revenue after eliminating intersegment transactions | Company-wide revenue | $4,424.4 million |
Construction represented about 82.6% of consolidated revenue on these rounded 2025 figures, while Materials external revenue represented about 17.4%. The percentages are arithmetic comparisons of the reported amounts; they are not separate company guidance.
How Granite makes money from construction projects
1. Winning work from public and private customers
The Construction segment’s economic starting point is a customer project. Public customers account for the larger share of Construction revenue, but private owners also provide a substantial book of work. Granite’s capabilities cover transportation, utilities, airports, water-related work, power facilities, industrial sites and other civil assignments rather than a single project type.
2. Performing the contracted work
Granite converts a project award into revenue as it performs construction services under the applicable customer agreement. The company’s filing attributes the 2025 improvement in Construction gross profit primarily to higher revenue and improved project execution across its project portfolio. That is management’s explanation of the reported result, not an independent measurement of the contribution from each individual project.
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3. Managing changes and claims
Large infrastructure projects can involve design changes, schedule issues, differing site conditions or disputes over scope. Granite reported more net increases from revisions in estimates related to claim settlements in 2025 than in the prior year. The filing presents those settlements and estimate revisions as part of the explanation for the year’s Construction results. They should not be interpreted as a recurring annual revenue source.
4. Providing construction-management services
In addition to physical site work, Granite provides construction-management professional services. These services can add fee-based work around a project even when the company is not performing every trade or activity itself. The filing identifies construction management as part of the private-sector and broader service offering, but it does not provide a separate 2025 revenue line for that service.
How Granite makes money from materials
Aggregates
Aggregates include bulk materials such as crushed stone, sand and gravel used in roads, concrete, asphalt and site work. Granite owns or leases aggregate reserves and operates processing plants. In 2025, its Materials product-line information reported aggregate sales of 24.629 million tons at an average selling price of $17.63 per ton.
Asphalt
Asphalt is sold to outside customers and can also support Granite’s paving projects. The 2025 product-line disclosure reported asphalt sales of 8.450 million tons at an average selling price of $82.45 per ton. Asphalt generated more external revenue than aggregates in 2025, although the two products serve different applications and have different unit economics.
Other materials
The Materials segment reported $1.9 million of other external revenue in 2025 in addition to aggregates and asphalt. This small category is included in the segment total but is not large enough in the filing to change the basic description of the business as an aggregates-and-asphalt producer.
Why internal material sales matter
Granite’s plants can supply materials to its own construction projects, which can improve coordination between a project team and a nearby source of aggregates or asphalt. Materials also sells to third parties, creating an external market business. The Materials segment recorded $409.3 million of internal product-line revenue in 2025, but that amount is eliminated in consolidated reporting because Granite cannot count a sale to itself as revenue from the outside economy.
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Granite’s 2025 revenue breakdown
The following table uses the fiscal year ended December 31, 2025 and rounds the Form 10-K figures to millions for readability. Construction public and private amounts add to the Construction segment total. Materials product amounts add to external Materials revenue, not to a broader total that includes internal transfers.
| Revenue source | 2025 revenue | Relationship to consolidated revenue |
|---|---|---|
| Construction: public customers | $2,608.4 million | Customer revenue included in Construction |
| Construction: private customers | $1,046.4 million | Customer revenue included in Construction |
| Total Construction segment | $3,654.9 million | Reported segment revenue |
| Materials: aggregates | $308.8 million | External product revenue |
| Materials: asphalt | $458.8 million | External product revenue |
| Materials: other | $1.9 million | External product revenue |
| Total Materials external revenue | $769.5 million | External segment revenue |
| Consolidated revenue | $4,424.4 million | After intersegment eliminations |
Granite’s consolidated revenue was $4,424.379 million in 2025, compared with $4,007.6 million in 2024 and $3,509.1 million in 2023. The increase from 2024 to 2025 was approximately $416.8 million, or 10.4%, using the rounded figures. The filing also discusses acquisitions, including Warren Paving and Papich Construction, so the change includes acquired activity and should not be labeled purely organic.
What Granite’s profit figures mean
Revenue is the top line, not the amount Granite keeps. The 2025 Form 10-K reports several different measures:
| Measure | 2025 amount | What it represents |
|---|---|---|
| Consolidated revenue | $4,424.379 million | Sales recognized across the company after intersegment eliminations |
| Consolidated gross profit | $711.216 million | Revenue remaining after cost of revenue |
| Operating income | $282.446 million | Profit after operating expenses |
| Net income attributable to Granite Construction Incorporated | $193.003 million | Income attributable to Granite’s shareholders after other items and noncontrolling interests |
Dividing the rounded amounts gives an approximate consolidated gross margin of 16.1%, operating margin of 6.4% and net margin attributable to Granite of 4.4% for 2025. These are calculations from the reported figures, not additional measures separately stated by the company. A reader comparing Granite with another contractor should use the same definition and period on both sides.
What changed in 2025
Construction performance
Granite said Construction gross profit improved primarily because of higher revenue and better project execution across its portfolio. It also reported more net increases from revisions in estimates associated with claim settlements than in 2024. Because those explanations come from management’s annual filing, they describe the company’s attribution of the change rather than proving that one factor caused a specific percentage of profit growth.
Materials performance
Materials gross profit increased primarily because of higher volumes and sales prices in both aggregates and asphalt, according to the filing. Materials reported $137.0 million of gross profit and a 17.8% gross margin in 2025. The segment’s product-line volumes and prices show why revenue can rise through a combination of tons sold and the price realized per ton; neither metric alone explains the whole segment result.
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Acquired operations
Granite’s 2025 results include acquired businesses discussed in the filing, including Warren Paving and Papich Construction. The reported $4.424 billion is therefore the company’s consolidated accounting result for the year, not a clean measure of growth from the businesses Granite owned throughout every comparable period.
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Unit data can make the Materials business easier to understand, but the figures require careful reading.
- Aggregates: 24.629 million tons sold at an average selling price of $17.63 per ton in 2025.
- Asphalt: 8.450 million tons sold at an average selling price of $82.45 per ton in 2025.
- The aggregate average-price calculation excludes specified barge-delivery revenue in 2025.
- Aggregate and asphalt are different products, so their prices per ton are not directly comparable as if they were identical goods.
- Product-line revenue includes internal activity in the segment disclosure; external Materials revenue is the figure to use when reconciling to consolidated sales.
For that reason, a statement such as “Granite sells materials at an average price of X per ton” is incomplete unless it identifies the product, year and calculation method. The company’s reported averages are useful operating indicators, but they are not a universal price list for every location or customer.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What Granite builds and supplies, by customer need
Readers often encounter Granite through a project category rather than through its segment names. The following map connects the company’s disclosed activities to the type of customer need involved.
| Customer need | Examples of Granite’s disclosed work | Primary business area |
|---|---|---|
| Movement of people and goods | Streets, roads, highways, bridges, railways and mass transit | Construction, supported by Materials |
| Air and water infrastructure | Airport infrastructure, dams, utilities, tunnels and water-well drilling | Construction |
| Energy and industrial capacity | Power-related facilities, energy development, mining and industrial site infrastructure | Construction |
| Land development | Site preparation for commercial, industrial and residential projects | Construction |
| Bulk inputs for civil work | Aggregates and asphalt sold to third parties or used on Granite projects | Materials |
The table describes categories, not a promise that Granite performs every type of work on every project. Actual scope depends on the customer, contract and location.
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How vertical integration changes the business model
Owning or leasing aggregate reserves and operating processing plants gives Granite a supply-side position in addition to its contracting role. The same company can bid on a civil project, produce or source some of the materials needed for it, and sell excess product to other customers. That combination can make the Materials segment both an external business and an internal supplier.
- Resource access: Granite owns or leases reserves that can provide aggregate feedstock.
- Processing: Plants process materials into products such as aggregates and asphalt.
- Project supply: Construction teams may use those products on Granite-delivered infrastructure work.
- Third-party sales: Materials sells products to customers outside Granite.
- Accounting elimination: Internal transfers are removed from consolidated revenue so the company reports only sales to external customers at the consolidated level.
Vertical integration does not mean every project uses Granite-produced material, nor does it mean internal transfers create additional consolidated sales. Its importance is that the company operates across both project delivery and a portion of the material supply chain.
Public versus private revenue
Construction’s 2025 customer mix was reported as $2,608.431 million from public customers and $1,046.449 million from private customers. Public work therefore accounted for about 71.4% of Construction revenue, while private work accounted for about 28.6%, based on rounded arithmetic.
| Construction customer type | 2025 revenue | Approximate share of Construction revenue | Typical disclosed work |
|---|---|---|---|
| Public | $2,608.4 million | 71.4% | Transportation, transit, airports, bridges, dams, utilities and other public infrastructure |
| Private | $1,046.4 million | 28.6% | Commercial and industrial sites, mining, railways, residential and energy development |
These percentages describe the reported 2025 Construction mix. They do not forecast the next year’s mix, and they should not be confused with the percentage of total Granite revenue unless the denominator is changed to consolidated revenue.
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How to read Granite’s revenue disclosures without mixing bases
Use external revenue for a consolidated comparison
When comparing the two segments with consolidated revenue, use Construction segment revenue and Materials external revenue. Those amounts sum to the $4,424.379 million consolidated total after the company’s intersegment accounting treatment.
Keep internal Materials sales separate
The Materials disclosure also shows $409.3 million of internal product-line revenue. Adding that amount to the $4,424.4 million consolidated total would double-count activity because the products were transferred within Granite rather than sold to an outside customer.
Do not substitute profit for revenue
Gross profit, operating income and net income answer different questions. Revenue measures recognized sales; gross profit subtracts cost of revenue; operating income also reflects operating expenses; and net income attributable to Granite reflects additional items and ownership allocations. A claim that Granite “made” $4.424 billion should therefore be described as revenue, not profit.
State the period
The latest full-year numbers discussed here are for fiscal 2025, ended December 31, 2025. They are not a current 2026 quarterly result or a guaranteed annualized pace. Anyone needing 2026 year-to-date performance should consult the relevant quarterly filing instead of extrapolating from this annual figure.
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Several conclusions follow directly from the reported structure:
- Granite is diversified across project construction and materials production rather than relying on a single road-building activity.
- Construction is the economic center of the company, with $3.655 billion of 2025 segment revenue.
- Public customers supplied the majority of Construction revenue, but private customers contributed more than $1 billion.
- Materials generated $769.5 million of external revenue, with asphalt contributing $458.8 million and aggregates $308.8 million.
- Internal Materials transfers support the integrated operating model but do not increase consolidated revenue.
- The company’s reported 2025 profitability must be read separately from its top-line growth and in light of acquisitions and management-attributed project and pricing factors.
In practical terms, Granite earns revenue when it delivers construction work for an owner and when its Materials operations sell products outside the company. Its integrated structure links those activities operationally, while consolidated accounting keeps internal transactions from being counted twice.
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