GRANITE CONSTRUCTION INC
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
GVA$124.81-0.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Years Ended December 31, | 2025 | 2024 | 2023 |
|---|---|---|---|
| Operating activities: | |||
| Net income | $220,351 | $140,443 | $29,587 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, depletion and amortization | 162,433 | 126,331 | 92,270 |
| Amortization related to long-term debt | 4,590 | 4,501 | 2,390 |
| Non-cash loss on debt extinguishment | — | 27,552 | 51,052 |
| Gain on sales of property and equipment, net | (20,207) | (8,764) | (28,346) |
| Deferred income taxes | 23,800 | 13,655 | 26,556 |
| Stock-based compensation | 39,150 | 19,595 | 10,477 |
| Equity in net (income) loss from unconsolidated joint ventures | (7,622) | 5,102 | 18,617 |
| Net income from affiliates | (14,958) | (16,982) | (25,748) |
| Other non-cash adjustments | 863 | 3,958 | 5,695 |
| Changes in assets and liabilities: | |||
| Receivables | (38,709) | 102,891 | (128,099) |
| Contract assets, net | 122,004 | (11,468) | 49,691 |
| Inventories | (746) | (2,862) | (1,430) |
| Contributions to unconsolidated construction joint ventures | (9,163) | (7,718) | (21,323) |
| Distributions from unconsolidated construction joint ventures and affiliates | 12,237 | 33,836 | 29,337 |
| Other assets, net | (27,685) | 9,534 | (17,718) |
| Accounts payable | (20,374) | 420 | 66,828 |
| Accrued expenses and other liabilities, net | 22,952 | 16,319 | 23,871 |
| Net cash provided by operating activities | $468,916 | $456,343 | $183,707 |
| Investing activities: | |||
| Purchases of marketable securities | (238,371) | (10,977) | (9,740) |
| Maturities of marketable securities | 125,225 | 38,000 | 40,000 |
| Purchases of property and equipment | (138,270) | (136,405) | (140,384) |
| Proceeds from sales of property and equipment | 32,845 | 13,852 | 38,109 |
| Acquisitions of businesses, net of cash acquired (see Note 2) | (777,517) | (134,361) | (294,018) |
| Other investing activities | 2,367 | 1,335 | 6,743 |
| Net cash used in investing activities | $(993,721) | $(228,556) | $(359,290) |
| Financing activities: | |||
| Proceeds from long-term debt | 685,000 | — | 305,000 |
| Proceeds from issuance of convertible notes | — | 373,750 | 373,750 |
| Debt principal repayments | (86,113) | (310,498) | (305,118) |
| Capped call transactions | — | (46,046) | (53,035) |
| Redemption of warrants | — | (497) | (13,201) |
| Debt issuance costs | (2,799) | (10,474) | (10,865) |
| Cash dividends paid | (22,719) | (22,813) | (22,811) |
| Repurchases of common stock (see Note 17) | (48,208) | (50,631) | (4,124) |
| Contributions from non-controlling partners | 3,345 | 24,000 | 43,300 |
| Distributions to non-controlling partners | (53,247) | (25,587) | (14,224) |
| Other financing activities, net | 436 | 1,676 | 583 |
| Net cash provided by (used in) financing activities | $475,695 | $(67,120) | $299,255 |
| Net increase (decrease) in cash and cash equivalents | (49,110) | 160,667 | 123,672 |
| Cash and cash equivalents at beginning of period | 578,330 | 417,663 | 293,991 |
| Cash and cash equivalents at end of period | $529,220 | $578,330 | $417,663 |
| Supplementary Information: | |||
|---|---|---|---|
| Right of use assets obtained in exchange for lease obligations | $36,771 | $32,095 | $39,361 |
| Cash paid during the period for: | |||
| Operating lease liabilities | $33,976 | $23,707 | $21,458 |
| Interest | $36,113 | $26,072 | $15,640 |
| Income taxes: | |||
| Federal | 31,411 | 18,617 | 7,571 |
| State: | |||
| California | 7,497 | 7,372 | 2,292 |
| Utah | 1,128 | 207 | 767 |
| All other states | 4,856 | 2,443 | 2,772 |
| Foreign and U.S. territories: | |||
| Guam | 3,415 | 1,050 | 950 |
| All other foreign jurisdictions | 737 | 776 | 516 |
| Total income tax paid, net of refunds received | 49,044 | 30,465 | 14,868 |
| Other non-cash operating activities: | |||
| Performance guarantees | $(21,215) | $(2,361) | $(6,854) |
| Deferred taxes related to capped call transactions | $— | $11,818 | $13,394 |
| Non-cash investing and financing activities: | |||
| RSUs issued, net of forfeitures | $39,995 | $20,873 | $11,649 |
| Dividends declared but not paid | $5,655 | $5,652 | $5,713 |
| Contributions from non-controlling partners | $902 | $1,959 | $2,475 |
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