Cash flow generation is heavily impacted by working capital swings, as demonstrated by a $151.4 million variance in 2025Q4, which hinders consistent capital planning and liquidity management.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 465.27M | 468.92M | 456.34M | 183.71M | 55.65M | 21.93M | 268.46M | 111.44M | 86.39M | 146.19M | 73.15M | 66.98M | 43.14M | 5.38M | 91.79M | 92.34M | 29.32M | 64.3M | 257.34M | 234.79M | 259.64M | 146.5M | 148.95M | 77.59M | 104.05M | 124.63M | 74.85M | 100M | 96M | 63.8M | 61.4M |
| Operating CF Margin % | - | 10.6% | 11.39% | 5.24% | 1.69% | 0.63% | 7.54% | 3.82% | 2.6% | 4.89% | 2.91% | 2.82% | 1.9% | 0.24% | 4.41% | 4.6% | 1.66% | 3.27% | 9.62% | 8.58% | 8.74% | 5.55% | 6.97% | 4.21% | 5.9% | 8.05% | 5.55% | 7.53% | 7.83% | 6.21% | 6.61% |
| Operating CF Growth % | 102.5% | 2.76% | 148.41% | 230.13% | 153.74% | -91.83% | 140.91% | 28.99% | -40.91% | 99.87% | 9.21% | 55.25% | 701.9% | -94.14% | -0.6% | 214.98% | -54.41% | -75.01% | 9.6% | -9.57% | 77.23% | -1.64% | 91.97% | -25.43% | -16.52% | 66.52% | -25.15% | 4.17% | 50.47% | 3.91% | -11.78% |
| Net Income | 184.96M | 193M | 140.44M | 43.6M | 78.86M | 2.41M | -166.18M | -56.7M | 53.74M | 75.8M | 66.2M | 68.25M | 35.88M | -44.77M | 59.92M | 66.08M | -62.45M | 100.2M | 122.4M | 112.06M | 80.51M | 83.15M | 57.01M | 60.5M | 49.28M | 50.53M | 55.81M | 52.9M | 46.5M | 27.8M | 27.3M |
| Depreciation & Amortization | 132.26M | 162.43M | 126.33M | 92.27M | 82.57M | 30.79M | 112.96M | 213.89M | 122.39M | 69.69M | 50.12M | 12.65M | 3.11M | -11.99M | 31.89M | 0 | 165.8M | 55.17M | 91.56M | 82.16M | 69.18M | 71.76M | 68.47M | 71.64M | 64.47M | 54.99M | 50.52M | 42.4M | 38.1M | 38.2M | 37.8M |
| Stock-Based Compensation | 6.93M | 39.15M | 19.59M | 10.48M | 7.76M | 6.41M | 6.38M | 10.21M | 14.78M | 15.76M | 13.38M | 8.76M | 11.16M | 13.44M | 11.47M | 12.15M | 13.04M | 10.77M | 7.46M | 7.34M | 0 | 0 | 6.01M | 5.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 23.8M | 13.65M | 26.56M | 5.45M | 16.6M | 8.82M | -22.92M | 20.01M | -4.82M | 9.84M | 28.26M | 14.91M | -19.56M | 6.01M | 0 | -39.29M | 21.11M | 1.19M | -7.82M | -29.46M | -8.84M | -5.87M | 4.09M | -3.31M | 5.67M | 2.25M | 1M | 200K | 700K | 4M |
| Other Non-Cash Items | -86.5M | -9.99M | 41.48M | 9.65M | -3.92M | 9.45M | 163.07M | 4.02M | 4.92M | -939K | -12.79M | -1.04M | -2.64M | 44.73M | -3.09M | 57.89M | -10.61M | 3.1M | 40.85M | 16.78M | 5.45M | 12.43M | 49.12M | -28.46M | 2M | -14.21M | -2.5M | 7.4M | -200K | 1.5M | 1.6M |
| Working Capital Changes | 170.8M | 60.52M | 114.83M | 1.16M | -115.07M | -43.73M | 143.42M | -37.06M | -129.45M | -9.3M | -53.6M | -49.9M | -19.27M | 23.52M | -14.42M | -43.79M | -37.17M | -126.04M | -6.13M | 31.64M | 133.96M | -12M | -25.79M | -36.14M | -8.39M | 27.65M | -31.24M | -3.7M | 11M | -4.4M | -9.3M |
| Change in Receivables | -75.26M | 83.3M | 91.42M | -78.41M | 59.62M | -11.32M | 130.51M | -58.95M | -4.58M | -60.27M | -75.76M | -32.88M | 3.55M | 12.24M | 9.41M | -74.95M | -36.84M | -91.48M | 100.53M | 0 | 0 | 0 | -28.22M | -22.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 20.26M | -746K | -2.86M | -1.43M | -14.31M | 774K | 5.14M | 380K | -2.12M | -7.25M | 308K | 13.37M | -6.45M | -2.69M | -8.56M | 43K | -8.21M | 6.33M | -10.81M | -9.91M | -8.37M | -1.45M | -1.83M | 106K | -1.35M | -3M | -2.62M | -100K | -500K | 1.2M | -3.3M |
| Change in Payables | 120.1M | -20.37M | 420K | 66.83M | -9.78M | 7.4M | -41M | 140.03M | -26.73M | 36.72M | 37.73M | 8.36M | -12.67M | -34.05M | -9.47M | 28.96M | -1.87M | -43.48M | -38.96M | 0 | 0 | 0 | 38.43M | 16.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -814.91M | -993.72M | -228.56M | -359.29M | -11M | -21.48M | -41.26M | -40.32M | -39.6M | -59.19M | -96.39M | -30.71M | 780K | -31.65M | -42.55M | -27.73M | -60.44M | -129.88M | -18.26M | -166.74M | -183.68M | -64.78M | -41.43M | -33.04M | -134.11M | -97.12M | -58.97M | -54.2M | -87.2M | -49.2M | -35.9M |
| Capital Expenditures | -106.06M | -138.27M | -136.41M | -140.38M | -121.61M | -94.81M | -93.25M | -106.83M | -111.1M | -67.69M | -90.97M | -44.18M | -43.43M | -43.68M | -37.62M | -45.03M | -37M | -87.64M | -94.14M | -118.61M | -116.24M | -102.83M | -89.64M | -62.8M | -57.41M | -65.27M | -52.45M | -82M | -52.5M | -48.4M | -46.1M |
| CapEx % of Revenue | 2.29% | 3.13% | 3.4% | 4% | 3.68% | 2.71% | 2.62% | 3.66% | 3.35% | 2.26% | 3.62% | 1.86% | 1.91% | 1.93% | 1.81% | 2.24% | 2.1% | 4.46% | 3.52% | 4.33% | 3.91% | 3.89% | 4.2% | 3.4% | 3.25% | 4.22% | 3.89% | 6.17% | 4.28% | 4.71% | 4.96% |
| Acquisitions | -775.27M | -777.52M | -134.36M | -294.02M | 140.58M | 114.93M | 5M | -6.23M | -7.21M | 10.2M | 12.95M | 13.15M | 28.61M | -8.38M | -79.64M | 1.46M | -1.66M | -4.97M | 6.26M | -76.43M | 16.4M | 25.01M | 24.39M | 8.5M | -36.03M | -11.4M | 4.69M | 9.1M | 5.4M | 4.7M | 8M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 106.82M | 35.21M | 15.19M | 44.85M | 19.13M | 83.33M | 21.99M | 5.64M | 13.67M | 2.85M | 6.32M | 1.03M | 569K | 26.69M | 34.2M | 29.62M | 21.56M | 24.81M | 10.66M | -14.06M | -3M | -3.83M | 7.55M | 20.36M | 23.42M | 5.34M | -19.48M | 6M | 500K | -20.6M | -8.9M |
| Cash from Financing | 267.16M | 475.69M | -67.12M | 299.25M | -164.31M | -24.45M | -57.66M | -81.64M | -1.87M | -42.62M | -40.27M | -39.4M | -17.08M | -66.6M | 15.76M | -59.65M | -55.82M | -56.31M | -130.67M | 79.5M | -70.95M | -43.46M | -15.81M | -26.66M | -43.08M | 39.91M | -19.95M | -46.4M | -700K | 1.1M | -7.6M |
| Debt Issued (Net) | 599.16M | 598.89M | 63.25M | 373.63M | -75.16M | -8.92M | -33.43M | -214.08M | 49.33M | -20M | -15.03M | -16.76M | -1.23M | -12.15M | 58.74M | -14.79M | -17.91M | -8.11M | -13.37M | 190.66M | -36M | -15.4M | 18.56M | -11.03M | -19.65M | 54.95M | -5.82M | -10.8M | 8.6M | 10.5M | 300K |
| Equity Issued (Net) | -33M | -48.21M | -50.63M | -4.12M | -70.9M | -2.73M | -885K | -36.9M | -16.56M | -6.98M | -5.23M | -3.78M | -5.12M | -5.9M | -4.85M | -4.03M | -3.64M | -3.43M | -45.54M | -98.01M | -4.78M | -5.26M | -6.27M | -1.27M | -10.23M | -2.46M | -2.42M | -25M | -1.6M | -2.9M | -1.4M |
| Dividends Paid | -17.07M | -22.72M | -22.81M | -22.81M | -23.27M | -23.8M | -23.71M | -24.32M | -22.42M | -20.69M | -20.56M | -20.45M | -20.32M | -20.21M | -20.12M | -20.12M | -20.15M | -46.08M | -20.05M | -16.76M | -16.72M | 0 | -16.64M | -15.76M | -13.2M | -12.59M | -11.71M | -10.6M | -7.7M | -6.6M | -6.6M |
| Share Repurchases | -33M | -48.21M | -50.63M | -4.12M | -70.9M | -2.73M | -885K | -36.9M | -16.56M | -6.98M | -5.23M | -3.78M | -5.12M | -5.9M | -4.85M | -4.03M | -3.64M | -3.43M | -45.54M | -98.01M | -7.38M | -5.26M | -6.43M | -1.32M | -13.19M | -2.46M | -2.85M | -25M | -2.4M | -3.1M | -2.1M |
| Other Financing | -281.94M | -52.27M | -56.93M | -47.44M | 5.02M | 11.01M | 372K | 193.66M | -12.22M | 5.04M | 549K | 1.59M | 9.59M | -28.35M | -18.01M | -20.72M | -14.12M | 1.3M | -51.71M | 3.61M | -13.45M | -22.8M | -11.47M | 1.4M | 0 | 0 | 0 | 0 | 0 | 100K | 100K |
| Net Change in Cash | 150.15M | -49.11M | 160.67M | 123.67M | -119.66M | -23.99M | 169.54M | -10.52M | 44.92M | 44.38M | -63.51M | -3.13M | 26.84M | -92.87M | 65M | 4.97M | -86.93M | -121.89M | 108.41M | 147.54M | 5.01M | 38.25M | 91.71M | 17.89M | -73.14M | 67.42M | -4.07M | -700K | -700K | 1.1M | -6.1M |
| Free Cash Flow | 359.2M | 330.65M | 319.94M | 43.32M | -65.97M | -72.88M | 175.21M | 4.61M | -24.71M | 78.5M | -17.82M | 22.8M | -286K | -38.3M | 54.17M | 47.31M | -7.69M | -23.34M | 163.2M | 116.18M | 143.41M | 43.67M | 59.31M | 14.78M | 46.63M | 59.37M | 22.39M | 18M | 43.5M | 15.4M | 12.1M |
| FCF Margin % | 7.75% | 7.47% | 7.98% | 1.23% | -2% | -2.08% | 4.92% | 0.16% | -0.74% | 2.63% | -0.71% | 0.96% | -0.01% | -1.69% | 2.6% | 2.35% | -0.44% | -1.19% | 6.1% | 4.24% | 4.83% | 1.65% | 2.78% | 0.8% | 2.64% | 3.84% | 1.66% | 1.35% | 3.55% | 1.5% | 1.3% |
| FCF Growth % | 21.69% | 3.35% | 638.49% | 165.68% | 9.49% | -141.6% | 3700.59% | 118.66% | -131.48% | 540.42% | -178.18% | 8071.68% | 99.25% | -170.71% | 14.5% | 715.53% | 67.08% | -114.3% | 40.48% | -18.99% | 228.37% | -26.37% | 301.18% | -68.3% | -21.45% | 165.12% | 24.4% | -58.62% | 182.47% | 27.27% | -63.22% |
| FCF per Share | 8.25 | 6.22 | 6.09 | 0.82 | -1.26 | -1.59 | 3.84 | 0.10 | -0.56 | 1.94 | -0.44 | 0.57 | -0.01 | -0.99 | 1.39 | 1.23 | -0.20 | -0.62 | 4.28 | 2.81 | 3.46 | 1.06 | 1.45 | 0.36 | 1.15 | 1.46 | 0.55 | 0.45 | 1.06 | 0.38 | 0.30 |
| FCF Conversion (FCF/Net Income) | 1.94x | 2.43x | 3.61x | 4.21x | 0.67x | 2.17x | -1.85x | -1.85x | 148.44x | 4.29x | 1.28x | 1.11x | 1.70x | -0.15x | 2.03x | 1.80x | -0.50x | 0.87x | 2.10x | 2.10x | 3.23x | 1.76x | 2.61x | 1.28x | 2.11x | 2.47x | 1.34x | 1.89x | 2.06x | 2.29x | 2.25x |
| Interest Paid | 13.34M | 0 | 26.07M | 15.64M | 11.51M | 14.59M | 18.75M | 17.32M | 14.86M | 11.45M | 13.39M | 14.6M | 14.67M | 14.62M | 11.48M | 16.24M | 15.71M | 22.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 26.7M | 0 | 31.94M | 15.38M | 3.77M | 2.07M | 2.81M | 11.9M | 19.07M | 33.95M | 29.87M | 4.3M | 2.33M | 4.12M | 24.62M | 24.78M | 3.86M | 54.08M | 68.49M | 66.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Seasonal working capital volatility
According to recent financial disclosures, GVA exhibits extreme quarterly variance in cash conversion, with OCF/NI ratios swinging from negative values in Q1 periods to as high as 5.75 in 2023Q4, suggesting that reported net income is a poor proxy for immediate cash generation capabilities.
The significant disconnect between net income and operating cash flow appears driven by the company's heavy reliance on percentage-of-completion accounting and seasonal project milestones. Investors should monitor whether this volatility reflects genuine operational timing differences or potential aggressive revenue recognition practices that may require future cash-side adjustments.
Based on reported quarterly figures, Granite's free cash flow trajectory is highly erratic, oscillating between a peak of $257.5 million in 2025Q3 and negative outflows during the first and second quarters, which underscores the company's susceptibility to seasonal construction cycles and project-based cash flow timing.
The inability to generate consistent positive free cash flow throughout the fiscal year suggests that the company's capital structure must remain highly liquid to bridge seasonal troughs. This pattern warrants further investigation into whether the current strategic shift toward smaller projects will successfully dampen this extreme quarterly cash flow variance.
As reported in recent filings, working capital changes are the primary engine of cash flow volatility, with swings as large as $151.4 million in 2025Q4, indicating that the company's cash position is heavily tethered to the timing of project billings and the seasonal accumulation of construction materials.
The substantial inflows and outflows related to working capital suggest that Granite's cash flow is highly sensitive to the efficiency of its accounts receivable collections and inventory management. Analysts should interpret these fluctuations as a structural feature of the business rather than a temporary operational anomaly.
Based on the provided cash flow statements, Granite has utilized significant capital for acquisitions, including a $703 million outlay in 2025Q3, while maintaining consistent dividend payments, suggesting a management focus on inorganic growth despite the inherent volatility of the underlying construction and materials business model.
The aggressive use of cash for acquisitions appears to be an attempt to consolidate market share in core regions, though this strategy carries execution risk. Investors should monitor whether these capital deployments generate sufficient returns to offset the cyclical nature of the company's core construction operations.
Quick answers to the most common questions about buying GVA stock.
Granite Construction Incorporated (GVA) generated $468.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Granite Construction Incorporated (GVA) generated $330.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Granite Construction Incorporated (GVA) spent $138.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Granite Construction Incorporated (GVA) returned $22.7M to shareholders via cash dividends and spent $48.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.