Granite sees gains across the board in second quarter

Granite Construction shared its second-quarter financial results Thursday, with president and CEO Kyle Larkin voicing his pleasure with the company’s performance.

“In the second quarter, we capitalized on the strong bidding opportunities we are seeing in both the public and private markets and increased our CAP to $6.1 billion, which is a new record,” Larkin says. “I am pleased with each of our segments’ execution in the quarter, and we believe our continued focus on operational excellence should continue to produce margin expansion.”

In the second quarter of 2025, revenue, gross profit and cash gross profit all improved within Granite’s material segment year over year. Revenue was up $24 million to $188.5 million between April and June. Gross profit was up nearly $16.1 million to $45.4 million, and cash gross profit was up $19.7 million to $59 million.

Granite’s year over year revenue increase was driven primarily by the newly acquired Dickerson & Bowen business. Higher aggregate and asphalt volumes and higher aggregate sales prices contributed to the growth of the company’s revenue, gross profit and cash gross profit in its materials segment.

Larkin goes on to say the company’s recent acquisitions of Warren Paving in the Mississippi River and Gulf Coast region and Papich Construction in California set the company up well for the coming quarters.

“The acquisition in the Southeast gives us a significant, high-quality aggregate supply on the Mississippi River and provides us with many opportunities to further leverage the supply network to grow our Southeast platform,” Larkin says. “The acquisition in California strengthens our business in the central portion of the state with additional aggregates as we welcome a leading civil construction business into our portfolio. With our upsized credit facility and strong cash generation, I believe we will be able to continue to complete acquisitions to strengthen and expand our home markets in the upcoming quarters.”