Filing Flows › Granite Construction (GVA) › Q3 2025
Granite Construction (GVA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Granite Construction (GVA) reported revenue of $1.4B for the third quarter 2025 (Q3 2025), +12% from a year earlier and +27% from the quarter before. Operating margin was 10.0%, net earnings $103M (7.2% of revenue).
Granite Construction, Q3 2025: revenue $1.4B (+12% year over year), operating margin 10.0%, net earnings $103M, operating cash flow $284M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.4B | +27% | +12% |
| Gross profit | $261M | +31% | +28% |
| Operating profit | $144M | +39% | +38% |
| Net earnings | $103M | +44% | +30% |
| Operating cash flow | $284M | 159× | +9% |
| Free cash flow | $257M | — | +17% |
What changed
Revenue was $1.4B in Q3 2025, up 12% year over year and up 27% from the previous quarter. Construction was the largest line at 81% of revenue. Construction added $0.08B year over year (up 8%), 52% of the total change.
Gross margin was 18.2%, up 2.3 points from a year earlier. Operating profit was $0.14B, a 10.0% margin (up 1.8 points year over year). Of the extra revenue versus a year earlier, 25% reached operating profit, above the 8% margin then. Operating expenses grew 18% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+118%). Net earnings were $0.10B, up 30% year over year. The effective tax rate was 25.8%.
Operating cash flow was $0.28B (up 9% year over year), 260% of net income including minority interests. Non-cash charges added back $0.05B of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items added $0.12B. Capital expenditures of $0.03B left free cash flow of $0.26B.
Questions
What was Granite Construction's revenue in the third quarter 2025?
Granite Construction (GVA) reported revenue of $1.4B for the third quarter 2025 (Q3 2025), +12% from a year earlier and +27% from the quarter before.
Was Granite Construction profitable in the third quarter 2025?
Operating profit was $144M (10.0% of revenue) and net earnings $103M.