GVA · 10-K filed 13 Feb 2026 · year to 31 Dec 2025

Granite Construction

23 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. federal, state and local government agencies

earns from · approximately 70% of our construction revenuenamed as a risk

For the year ended December 31, 2025, approximately 70% of our construction revenue was funded by federal, state and local government agencies and authorities.Risk factors (Item 1A)

Also named by TTEK

California Department of Transportation (Caltrans)

earns from · $446.6 million (10.1% of total revenue)

Revenue recognized from contracts with Caltrans during the years ended December 31, 2025, 2024 and 2023 represented $446.6 million (10.1% of total revenue), $567.6 million (14.2% of total revenue) and $458.2 million (13.1% of total revenue), respectively, which was primarily in the Construction segment.Business (Item 1)

Also named by ACHR

Suppliers

Surety market

depends on · three suretiesnamed as a risk

To help mitigate this risk, we employ a co-surety structure involving three sureties.Business (Item 1)

Other companies

Fifth Amended and Restated Credit Agreement (SOFR-based term loan)

exposed to its price · $600 million outstanding on the Initial Term Loannamed as a risk

As of December 31, 2025, there was nothing drawn on the Revolver and $600 million outstanding on the Initial Term Loan.Market risk (Item 7A)

Also named by GAIN

Warren Paving, Inc.

In 2025, we continued to strengthen and expand our vertically integrated home markets with acquisitions of Slats Lucas, LLC and Warren Paving, Inc. (collectively, “Warren Paving”), a vertically-integrated asphalt contractor and aggregate producer with operations along the Gulf Coast and Mississippi River; Papich Construction Company, Inc. (“Papich Construction”), a provider of construction services and materials in California’s Central Coast and Central Valley regions; and Cinderlite Trucking Corporation (“Cinderlite”), a construction materials, landscape supply and transportation company in Carson City, Nevada.Business (Item 1)

Places

California

operates in

We have vertically integrated operations across Alaska, Arizona, California, Kentucky, Louisiana, Mississippi, Nevada, Oregon, Tennessee, Utah and Washington in addition to regional civil construction home markets in the Midwest, Florida and Texas.Business (Item 1)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Hazards

Weather (first and fourth quarters)

named as a risk

The impact of weather conditions has caused and may continue to cause variability in our quarterly revenues and profitability, particularly in the first and fourth quarters of the year.Risk factors (Item 1A)

Also named by AAP, CLX, CPRT, DASH, DECK, ENB, LII, LYV and 4 more

Commodities and inputs

SOFR

exposed to its price · approximately $2.3 millionnamed as a risk

If interest rates were to change by 1.0% and our variable rate indebtedness were to remain unchanged, interest expense would increase or decrease by approximately $2.3 million for the next twelve months.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Diesel fuel

exposed to its pricenamed as a risk

We are exposed to various commodity price risks relating to, among others, diesel fuel, natural gas, propane, steel, cement and liquid asphalt.Risk factors (Item 1A)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

Steel

exposed to its pricenamed as a risk

We also use steel and other commodities in our construction projects that can be subject to significant price fluctuations due to a number of factors, including inflation and tariffs.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Natural gas

exposed to its pricenamed as a risk

We are exposed to various commodity price risks relating to, among others, diesel fuel, natural gas, propane, steel, cement and liquid asphalt.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Cement

exposed to its pricenamed as a risk

We are exposed to various commodity price risks relating to, among others, diesel fuel, natural gas, propane, steel, cement and liquid asphalt.Risk factors (Item 1A)

Also named by DHI, MLM, NWPX, VMC

Liquid asphalt

exposed to its pricenamed as a risk

We use petroleum-based products, such as fuels, lubricants and liquid asphalt, to power or lubricate our equipment, operate our plants, and as a significant ingredient in the asphaltic concrete we manufacture for sale to third parties and use in our asphalt paving construction projects.Risk factors (Item 1A)

Also named by MLM, ROAD, VMC

Aggregate reserves

depends onnamed as a risk

Tighter regulations and the finite nature of property containing suitable aggregate reserves are making it increasingly challenging and costly to secure aggregate reserves.Risk factors (Item 1A)

Regulators

Occupational Safety and Health Administration

subject tonamed as a risk

Our operations are subject to various statutes and certain executive orders, as well as the rules and regulations promulgated by the Occupational Safety and Health Administration and the Mine Safety and Health Administration.Business (Item 1)

Also named by BLDR, CSW, CTOS, ECG, FIX, HLIO, IBP, PRIM and 7 more

Mine Safety and Health Administration

subject tonamed as a risk

Further, if we fail to comply with any of the regulations, requirements or statutes or if we have a substantial number of accumulated Occupational Safety and Health Administration, Mine Safety and Health Administration or other workplace safety violations, our existing government contracts could be terminated and we could be suspended from government contracting or subcontracting, including federally funded projects at the state level.Risk factors (Item 1A)

Also named by AESI, ARLP, BTU, CDE, HCC, HL, MLM, MP and 4 more

Laws and programs

Tariffs

exposed to its pricenamed as a risk

Our costs were and may continue to be subject to significant inflationary pressures and may be subject to tariff-related price increases, and we may not be able to fully offset such higher costs through price increases.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk

We may be exposed to liabilities under the FCPA and any determination that we or any of our subsidiaries has violated the FCPA could have a material adverse effect on our business.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

Federal Acquisition Regulation

subject tonamed as a risk

In addition, the Federal Acquisition Regulation and various state statutes provide for discretionary suspension and/or debarment in certain circumstances that might call into question a contractor’s willingness or ability to act responsibly, including as a result of being convicted of, or being found civilly liable for, fraud or a criminal offense in connection with obtaining, attempting to obtain or performing a public contract or subcontract.Risk factors (Item 1A)

Also named by ACN, AIR, ALSN, ASTS, AXON, BWXT, CACI, CDRE and 12 more

Comprehensive Environmental Response, Compensation and Liability Act (CERCLA)

subject tonamed as a risk

Certain environmental laws impose substantial penalties for non-compliance and others, such as the federal Comprehensive Environmental Response, Compensation and Liability Act, impose strict, retroactive, joint and several liability upon persons responsible for releases of hazardous substances.Business (Item 1)

Also named by ALSN, AME, BRK/B, BWA, CLH, CMI, DD, GIS and 10 more

Federal Civil False Claims Act

subject tonamed as a risk

Additionally, qui tam litigation brought by private individuals on behalf of the government under the Federal Civil False Claims Act could require us to pay treble damages.Risk factors (Item 1A)

Also named by TTEK

Disadvantaged Business Enterprise (DBE) program

subject tonamed as a risk

Although we have programs in place to ensure compliance, if we fail to complete these projects with the minimum DBE participation, we may be held responsible for breach of contract, which may include restrictions on our ability to bid on future projects as well as monetary damages.Risk factors (Item 1A)

Employee Retirement Income Security Act (ERISA) multi-employer pension plans

subject tonamed as a risk

Under ERISA, a contributor to a multi-employer plan may be liable, upon termination or withdrawal from a plan, for its proportionate share of a multi-employer plan’s unfunded vested liability.Risk factors (Item 1A)