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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2025
Business Combination [Abstract] |
Schedule of Purchase Price and Assumed Liabilities | The following table presents the preliminary purchase price allocation:
(in thousands) |
Assets: |
Cash and cash equivalents | $ | 4,217 |
Receivables | 39,120 |
Contract assets | 609 |
Inventories | 28,425 |
Other current assets | 112 |
Property and equipment | 419,079 |
Right of use assets | 55,767 |
Other noncurrent assets | 4,436 |
Total tangible assets | 551,765 |
Identifiable intangible assets | 46,600 |
Liabilities: |
Accounts payable | 19,139 |
Contract liabilities | 2,218 |
Accrued expenses and other current liabilities | 14,682 |
Long-term lease liabilities | 47,353 |
Deferred income taxes, net | 103,760 |
Other long-term liabilities | 7,000 |
Total liabilities assumed | 194,152 |
Total tangible and identifiable net assets acquired | 404,213 |
Goodwill | 137,749 |
Preliminary purchase price (1) | $ | 541,962 |
(1)The preliminary purchase price includes customary closing adjustments.
Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class | The following table lists identifiable intangible assets from the Warren Paving acquisition that are included in intangible assets in the condensed consolidated balance sheets as of September 30, 2025 (in thousands):
| Useful Lives (Years) |  | Gross Value |  | Accumulated Amortization |  | Net Value
Customer relationships | 20 |  | $ | 12,500 |  |  | $ | (104) |  |  | $ | 12,396 |
Trademarks/trade name | 10 |  | 9,700 |  |  | (162) |  |  | 9,538 |
Permits | 10 |  | 20,000 |  |  | (333) |  |  | 19,667 |
Backlog | 1 |  | 4,400 |  |  | (518) |  |  | 3,882 |
Total intangible assets |  |  | $ | 46,600 |  |  | $ | (1,117) |  |  | $ | 45,483 |
Business Combination, Pro Forma Information | The unaudited pro forma financial information in the table below summarizes the combined results of operations of Granite and Warren Paving as though the companies had been combined as of January 1, 2024. The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2024, nor does it intend to be a projection of future results.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(unaudited, in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue | $ | 1,464,436 |  |  | $ | 1,337,974 |  |  | $ | 3,408,831 |  |  | $ | 3,210,608 |
Net income attributable to Granite Construction Incorporated | $ | 111,068 |  |  | $ | 74,902 |  |  | $ | 147,580 |  |  | $ | 61,114 |
The unaudited pro forma financial information in the table below summarizes the combined results of operations of Granite and Papich Construction as though the companies had been combined as of January 1, 2024. The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2024, nor does it intend to be a projection of future results.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(unaudited, in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue | $ | 1,452,705 |  |  | $ | 1,319,863 |  |  | $ | 3,364,348 |  |  | $ | 3,133,256 |
Net income attributable to Granite Construction Incorporated | $ | 104,014 |  |  | $ | 79,401 |  |  | $ | 148,374 |  |  | $ | 87,475 |

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