Financial Analysis

2. Acquisitions We accounted for our recent acquisitions in accordance with ASC Topic 805, Business Combinations (ASC 805). The preliminary purchase prices were allocated to assets acquired and liabilities assumed based on their estimated fair values as of the respective acquisition dates. The purchase price allocations for Cinderlite, Warren Paving and Papich Construction are preliminary and have not been finalized due to the recent timing of these acquisitions, as certain information is pending as of the date of this filing to finalize estimates of fair value of certain assets acquired and liabilities assumed. As we continue to integrate the acquired businesses, we may obtain additional information on the acquired tangible and identifiable intangible net assets which, if significant, may require revisions to preliminary valuation assumptions, estimates and the resulting fair values presented herein. We expect to finalize purchase price accounting in the 12 months following each acquisition. Cinderlite Trucking Corporation On October 3, 2025, we completed the acquisition of Cinderlite, for $58.5 million in cash, subject to customary closing adjustments. We purchased all of the outstanding equity interest of Cinderlite, which is a construction materials, landscape supply, and transportation company in Carson City, Nevada. This acquisition aligns with our strategy of enhancing our vertical integration by strengthening an existing home market. Based on the preliminary purchase …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

16. Employee Benefit Plans Granite Construction Profit Sharing and 401(k) Plan: The Granite Construction Profit Sharing and 401(k) Plan (the 401(k) Plan) is a defined contribution plan covering all employees, except those employees covered by collective bargaining agreements, employees located in Guam, and certain employees of our CCJVs, LRC/MSG and D&B. Our 401(k) matching contributions can be up to 6% of an employees gross pay at the discretion of the Board of Directors. Our 401(k) matching contributions to the 401(k) Plan for the years ended December 31, 2025, 2024 and 2023 were $24.5 million, $20.0 million, and $18.6 million, respectively. Profit sharing contributions from us may be made to the 401(k) Plan in an amount determined by the Board of Directors. We made no profit sharing contributions during the years ended December 31, 2025, 2024 and 2023. Lehman-Roberts/Memphis Stone & Gravel 401(k) Retirement Plan: The Lehman-Roberts Company sponsored a defined contribution plan for the benefit of its employees. Matching contributions to this plan were immaterial for the years ended December 31, 2025 and December 31, 2024, as well as the period between our acquisition of LRC/MSG (see Note 2) and December 31, 2023. This plan also covered the employees of D&B from the date of acquisition (see Note 2). In January 2026, this plan was merged with the 401(k) Plan. Non-Qualified Deferred Compensation Plan : We offer a Non-Qualified Deferred Compensation Plan (NQDC Plan) …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

The following table presents our revenue disaggregated by reportable segment, by customer type for our Construction segment and product line for our Materials segment: Years ended December 31, (in thousands) 2025 2024 2023 Construction segment revenue: Public $ 2,608,431 $ 2,531,379 $ 2,064,078 Private 1,046,449 883,846 928,176 Total Construction segment revenue 3,654,880 3,415,225 2,992,254 Materials segment revenue: Aggregates 308,781 196,232 176,564 Asphalt 458,836 395,798 339,608 Other 1,882 319 712 Total Materials segment revenue 769,499 592,349 516,884 Total revenue $ 4,424,379 $ 4,007,574 $ 3,509,138

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8. Fair Value Measurement The following tables summarize significant assets and liabilities measured at fair value in the consolidated balance sheets on a recurring basis for each of the fair value measurement levels (in thousands): Fair Value Measurement at Reporting Date Using December 31, 2025 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 231,865 $ $ $ 231,865 Other current assets: Interest rate swaps $ $ 830 $ $ 830 Total assets $ 231,865 $ 830 $ $ 232,695 Accrued and other current liabilities: Heating oil swaps $ $ 122 $ $ 122 Total liabilities $ $ 122 $ $ 122 December 31, 2024 Cash equivalents: Money market funds $ 73,031 $ $ $ 73,031 Total assets $ 73,031 $ $ $ 73,031 Accrued and other current liabilities: Heating oil swaps 531 531 Diesel collars 177 177 Total liabilities $ $ 708 $ $ 708 Interest Rate Swaps In September 2025, we entered into two interest rate swaps designated as cash flow hedges with an effective date of January 2026. The two cash flow hedges had a combined initial notional amount of $350 million and mature in January of 2029. The interest rate swaps are designed to convert the interest rate on our Term Loan (as defined below) under our Fifth Amended and Restated Credit Agreement (the Credit Agreement) (See Note 14) from a variable interest rate of Secured Overnight Financing Rate (SOFR) plus an applicable margin to a fixed rate of 3.218% plus the same applicable margin. The interest rate swap is measured at fair value on the con …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

12. Intangible Assets Goodwill The following table presents the goodwill balance by reportable segment: (in thousands) Construction Materials Total Balance as of December 31, 2023 $ 130,569 $ 24,435 $ 155,004 Acquisitions (1) 4,400 55,400 59,800 Foreign currency and other adjustments 8 (347) (339) Balance as of December 31, 2024 134,977 79,488 214,465 Acquisitions (1) 66,595 119,421 186,016 Foreign currency and other adjustments (61) 394 333 Balance as of December 31, 2025 $ 201,511 $ 199,303 $ 400,814 (1) See Note 2 for additional information on our recent acquisitions. Identifiable Intangible Assets The following table presents the net identifiable intangible assets: (in thousands) December 31, 2025 December 31, 2024 Gross Value Accumulated Amortization Net Value Gross Value Accumulated Amortization Net Value Customer relationships $ 114,867 $ (10,656) $ 104,211 $ 97,867 $ (5,424) $ 92,443 Permits 60,559 (21,248) 39,311 32,559 (18,252) 14,307 Trademarks/trade name 36,900 (9,213) 27,687 27,200 (6,548) 20,652 Backlog 11,300 (3,324) 7,976 7,100 (6,731) 369 Indefinite lived assets 359 359 109 109 Favorable contracts 50 (46) 4 50 (44) 6 Total $ 224,035 $ (44,487) $ 179,548 $ 164,885 $ (36,999) $ 127,886 The increase in the 2025 identifiable intangible assets balance was primarily related to the Warren Paving, Papich Construction and Cinderlite acquisitions (see Note 2) which contributed $66.0 million of identifiable intangible assets, including $28.0 million of permits and $17.0 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

19. Income Taxes The following is a summary of income before income taxes (in thousands): Years Ended December 31, 2025 2024 2023 Domestic $ 275,706 $ 195,059 $ 92,552 Foreign and U.S. territories 13,121 1,133 (32,698) Total income before income taxes $ 288,827 $ 196,192 $ 59,854 The following is a summary of the provision for income taxes (in thousands): Years Ended December 31, 2025 2024 2023 Federal: Current $ 27,092 $ 29,754 $ 1,579 Deferred 23,999 11,803 23,331 Total federal 51,091 41,557 24,910 State: Current 15,274 10,612 3,565 Deferred 198 2,363 1,362 Total state 15,472 12,975 4,927 Foreign and U.S. territories: Current 2,309 1,824 (1,432) Deferred (396) (607) 1,862 Total foreign and U.S. territories 1,913 1,217 430 Total provision for income taxes $ 68,476 $ 55,749 $ 30,267 The following is a reconciliation of our provision for income taxes based on the Federal statutory tax rate to our effective tax rate (dollars in thousands): Years Ended December 31, 2025 (1) 2024 (2) 2023 (2) U.S. Federal Statutory Tax Rate $ 60,654 21.0 % $ 41,200 21.0 % $ 12,569 21.0 % State and Local income Tax, Net of Federal (National) Income Tax Effect (3) 12,264 4.3 10,746 5.5 4,180 7.0 Foreign and U.S. territories Tax Effects: Mexico: Nondeductible goodwill 4,987 8.3 Change in valuation allowances 587 0.2 1,666 0.8 2,807 4.7 Other items (351) (0.1) (743) (0.4) (541) (0.9) All other foreign jurisdictions (168) (0.1) 396 0.2 1,444 2.4 Effect of Cross-Border Tax Laws 13 579 0.3 (134) (0.2) T …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

20. Contingencies - Legal Proceedings Liabilities relating to legal proceedings and government inquiries, to the extent that we have concluded such liabilities are probable and the amounts of such liabilities are reasonably estimable, are recorded in the consolidated balance sheets. It is possible that future developments in our legal proceedings and inquiries could require us to (i) adjust or reverse existing accruals, or (ii) record new accruals that we did not originally believe to be probable or that could not be reasonably estimated. Such changes could be material to our financial condition, results of operations and/or cash flows in any particular reporting period. In addition, disclosure is required when a material loss is probable but not reasonably estimable, a material loss is reasonably possible but not probable, or when it is reasonably possible that the amount of a loss will exceed the amount recorded. The total liabilities for legal proceedings were immaterial as of December 31, 2025 and 2024. The total range of possible loss related to (i) matters considered reasonably possible, and (ii) reasonably possible amounts in excess of accrued losses recorded for probable loss contingencies, including those related to liquidated damages, could have a material impact on our consolidated financial statements if they become probable and the reasonably estimable amount is determined. Ordinary Course Legal Proceedings In the ordinary course of business, we and our affiliate …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

15. Leases We have leases for office and shop space, as well as for equipment primarily utilized in our construction projects. As of December 31, 2025, our lease contracts were primarily classified as operating leases and had terms ranging from month-to-month to 99 years. As of December 31, 2025 and 2024, right of use assets and long term lease liabilities were separately presented and short term lease liabilities of $32.7 million and $20.2 million, respectively, were included in accrued expenses and other current liabilities in our consolidated balance sheets. As of December 31, 2025, we had no lease contracts that had not yet commenced but created significant rights and obligations. Lease expense was $35.6 million, $24.5 million, $21.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024 our weighted-average remaining lease term was 8.3 years and 8.4 years, respectively, and the weighted-average discount rate was 5.43% and 5.34%, respectively. As of December 31, 2025, the lease liability is equal to the present value of the remaining lease payments, discounted using the incremental borrowing rate on our secured debt, using one maturity discount rate that is updated quarterly, as it is not materially different than the discount rates applied to each of the leases in the portfolio. The following table summarizes the maturities of our undiscounted lease liabilities outstanding as of December 31, 2025 (in thousands): 2026 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

14. Debt (in thousands) December 31, 2025 December 31, 2024 3.25% Convertible Notes due 2030 $ 373,750 $ 373,750 3.75% Convertible Notes due 2028 373,750 373,750 Credit Agreement - Term Loan 600,000 Credit Agreement - Revolver Debt issuance costs and other (8,371) (8,452) Total debt $ 1,339,129 $ 739,048 Less: current maturities 375,896 1,109 Total long-term debt $ 963,233 $ 737,939 Credit Agreement On August 5, 2025, we entered into the Credit Agreement. The Credit Agreement consists of (1) a $600.0 million senior secured revolving credit facility (the Revolver), (2) a $600.0 million senior secured term loan (the Initial Term Loan) and (3) an additional $75.0 million senior secured term loan (the Delayed Draw Term Loan and together with the Initial Term Loan, the Term Loans). The Delayed Draw Term Loan may be borrowed from the closing date of the Credit Agreement until six months after the closing date (the Term Loan Availability Period), subject to voluntary termination by the Company of the Delayed Draw Term Loan commitments and termination of the Delayed Draw Term Loan commitments upon the occurrence of an Event of Default (as defined in the Credit Agreement) at the request of or with the consent of the required lenders. The Company borrowed $75.0 million under the Delayed Draw Term Loan on October 2, 2025. The Company repaid the amount outstanding under the Delayed Draw Term Loan on October 31, 2025. The Credit Agreement also includes an accordion feature that allows us …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Pronouncements: We closely monitor all ASUs issued by the FASB and other authoritative guidance. In November 2024, the FASB issued ASU 2024-03 , Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which requires public companies to disclose additional information about certain expenses in the notes to financial statements, enhancing transparency and providing more detailed insights for investors and other stakeholders. This ASU is effective commencing with our annual report for the year ending December 31, 2027, and quarterly periods thereafter. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-04 , Induced Conversions of Convertible Debt Instruments . The new guidance clarifies the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible debt when changes are made to conversion features as part of an offer to settle the instrument. The guidance is effective for fiscal years beginning after December 15, 2025, with early adoption permitted, and it can be adopted either on a prospective or retrospective basis. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures. In May 2025, the FASB issued ASU 2025-03, Business Combin …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

6. Contract Assets and Liabilities As a result of changes in contract transaction price related to performance obligations that were satisfied or partially satisfied prior to the end of the periods we recognized revenue of $169.1 million, $220.7 million and $147.4 million during the years ended December 31, 2025, 2024 and 2023, respectively. The changes in contract transaction price were from items such as executed or estimated change orders, contract modifications and claims. As of December 31, 2025 and 2024, the aggregate claim recovery estimates included in contract asset and liability balances were $19.4 million and $46.6 million, respectively. The components of the contract asset balances as of the respective dates were as follows: (in thousands) December 31, 2025 December 31, 2024 Costs in excess of billings and estimated earnings $ 73,079 $ 139,436 Contract retention 163,800 188,917 Total contract assets $ 236,879 $ 328,353 The decrease in contract assets is primarily due to decreased costs in excess of billings and estimated earnings mainly resulting from resolution of claims. The balances in costs in excess of billings and estimated earnings relate to disputed work on certain ongoing projects. In addition, contract retention decreased primarily due to the collection of $29.2 million from Brightline Trains Florida LLC in the first quarter of 2025. As of December 31, 2025 and December 31, 2024, no contract retention receivable individually exceeded 10% of total contrac …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

21. Reportable Segment Information We manage our operations under two reportable segments, Construction and Materials, which are distinguished by differences in business activities. Our reportable segments are the same as our operating segments and correspond with how our chief operating decision maker, or decision-making group (our CODM) regularly reviews financial information to allocate resources and assess performance. We identified our CODM as our Chief Executive Officer (CEO). We previously identified our CODM as our CEO and Chief Operating Officer (COO). Following our COO's retirement on July 4, 2025, our CEO assumed sole responsibility as the CODM. This change did not impact our reportable segments. The Construction segment focuses on construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure and site development for use by the general public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities and energy companies. It also provides construction of various complex projects including infrastructure / site development, mining, public safety, tunnel, solar, battery storage and other power-related projects. The Materials segment focuses on production of aggregates, asphalt concrete, liquid asphalt and recycled materials production for internal use in our construction projects and for sale to third parties. The accounting polici …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

17. Shareholders Equity Stock-based Compensation: On June 2, 2021, our stockholders approved the 2021 Equity Incentive Plan (the 2021 Plan), which replaced the Amended and Restated 2012 Equity Incentive Plan (the 2012 Plan) and no further awards may be granted under the 2012 Plan. The 2021 Plan provides for the issuance of restricted stock, RSUs and stock options to eligible employees and to members of our Board of Directors. As of December 31, 2025, 546,506 shares are issuable if target performance is met pursuant to LTIP awards outstanding under the 2021 Plan (or 1,093,012 shares if maximum performance is met). During the years ended December 31, 2025, 2024 and 2023, we did not grant any stock options or restricted stock awards and as of December 31, 2025, there were no stock options or restricted stock awards outstanding. On June 5, 2024, our stockholders approved the 2024 Equity Incentive Plan (the 2024 Plan), which replaced the 2021 Plan and no further awards may be made under the 2021 Plan. The 2024 Plan provides for the issuance of restricted stock, RSUs and stock options to eligible employees and to members of our Board of Directors. During the year ended December 31, 2025, we did not grant any stock options or restricted stock awards and as of December 31, 2025, there were no stock options or restricted stock awards outstanding. A total of 2,142,923 shares remained available for issuance under the 2024 Plan as of December 31, 2025. Restricted Stock Units: RSUs are is …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Acquisitions We accounted for our recent acquisitions in accordance with Accounting Standards Codification (ASC) Topic 805, Business Combinations. The preliminary purchase prices were allocated to assets acquired and liabilities assumed based on their estimated fair values as of the respective acquisition dates. The purchase price allocations for KSC Utah Investments, Inc. (Kenny Seng Construction), Cinderlite Trucking Corporation (Cinderlite), Slats Lucas, LLC and Warren Paving, Inc. (collectively, Warren Paving), and Papich Construction Company, Inc. (Papich Construction) are preliminary and have not been finalized due to the recent timing of these acquisitions, as certain information is pending as of the date of this filing to finalize estimates of fair value of certain assets acquired and liabilities assumed. As we continue to integrate the acquired businesses, we may obtain additional information on the acquired tangible and identifiable intangible net assets which, if significant, may require revisions to preliminary valuation assumptions, estimates and the resulting fair values presented herein. We expect to finalize purchase price accounting in the 12 months following each acquisition. K enny Seng Construction On April 23, 2026, we completed the acquisition of Kenny Seng Construction, for $164.1 million in cash, subject to customary closing adjustments. We purchased all of the issued and outstanding common stock of Kenny Seng Construction, which is a provider of const …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents our revenue disaggregated by reportable segment, by customer type for our Construction segment and product line for our Materials segment: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Construction segment revenue: Public $ 946,182 $ 651,923 $ 1,494,504 $ 1,047,808 Private 261,297 285,503 479,029 504,236 Total Construction segment revenue $ 1,207,479 $ 937,426 $ 1,973,533 $ 1,552,044 Materials segment revenue: Aggregates $ 115,763 $ 59,643 $ 206,736 $ 100,045 Asphalt 131,864 128,625 187,302 173,063 Other 766 270 766 359 Total Materials segment revenue $ 248,393 $ 188,538 $ 394,804 $ 273,467 Total revenue $ 1,455,872 $ 1,125,964 $ 2,368,337 $ 1,825,511

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Fair Value Measurement The following tables summarize significant assets and liabilities measured at fair value on a recurring basis in the Condensed Consolidated Balance Sheets for each of the fair value measurement levels (in thousands): Fair Value Measurement at Reporting Date Using June 30, 2026 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 190,793 $ $ $ 190,793 Other current assets: Interest rate swaps $ $ 6,025 $ $ 6,025 Heating oil derivatives 1,077 1,077 Total assets $ 190,793 $ 7,102 $ $ 197,895 Current liabilities: Embedded conversion option derivative liability $ $ $ 630,473 $ 630,473 Total liabilities $ $ $ 630,473 $ 630,473 Fair Value Measurement at Reporting Date Using December 31, 2025 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 231,865 $ $ $ 231,865 Other current assets: Interest rate swaps $ $ 830 $ $ 830 Total assets $ 231,865 $ 830 $ $ 232,695 Accrued and other current liabilities: Heating oil derivatives $ $ 122 $ $ 122 Total liabilities $ $ 122 $ $ 122 Interest Rate Swaps In September 2025, we entered into two interest rate swaps designated as cash flow hedges with an effective date of January 2026. The two cash flow hedges had a combined initial notional amount of $350 million and mature in January of 2029. The interest rate swaps are designed to convert the interest rate on our Term Loan (as defined below) under our Fifth Amended and Restated Credit Agreement (the Credit Agreement) (See Note 14) from a var …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The following table presents the provision for income taxes for the respective periods: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2026 2025 2026 2025 Provision for income taxes $ 32,248 $ 27,214 $ 20,129 $ 15,458 Effective tax rate (13.5 %) 25.3 % (7.0 %) 22.9 % Our effective tax rate for the three and six months ended June 30, 2026 is lower than the prior period primarily due to nondeductible losses on convertible debt transactions and the related amortization of convertible debt discount, as described in Note 15 of Notes to the Condensed Consolidated Financial Statements. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Contingencies - Legal Proceedings Liabilities relating to legal proceedings and government inquiries, to the extent that we have concluded such liabilities are probable and the amounts of such liabilities are reasonably estimable, are recorded in the consolidated balance sheets. Disclosure is required when a material loss is probable but not reasonably estimable, a material loss is reasonably possible but not probable, or when it is reasonably possible that the amount of a loss will exceed the amount recorded. The total liabilities recorded in our condensed consolidated balance sheets for legal proceedings and government inquiries were immaterial as of June 30, 2026 and December 31, 2025. It is possible that future developments in our legal proceedings and inquiries could require us to (i) adjust or reverse existing accruals, or (ii) record new accruals that we did not originally believe to be probable or that could not be reasonably estimated. Such changes could be material to our financial condition, results of operations and/or cash flows in any particular reporting period. Ordinary Course Legal Proceedings In the ordinary course of business, we and our affiliates are involved in various legal proceedings alleging, among other things, liability issues or breach of contract or tortious conduct in connection with the performance of services and/or materials provided, the various outcomes of which often cannot be predicted with certainty. For information on our accounting pol …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

Debt (in thousands) June 30, 2026 December 31, 2025 6.375% Senior Notes due 2034 $ 600,000 $ 3.25% Convertible Notes due 2030 373,750 373,750 3.75% Convertible Notes due 2028 273,747 373,750 Credit Agreement - Term Loan 600,000 600,000 Debt discount on 3.75% Convertible Notes conversion (270,236) Debt issuance costs and other (18,609) (8,371) Total debt $ 1,558,652 $ 1,339,129 Less: current maturities 381,008 375,896 Total long-term debt $ 1,177,644 $ 963,233 6.375% Senior Notes On June 2, 2026, we issued $600.0 million aggregate principal amount of the 6.375% Senior Notes. The 6.375% Senior Notes mature on June 15, 2034 and bear interest at a rate of 6.375% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning December 15, 2026. The 6.375% Senior Notes are guaranteed on a senior unsecured basis by each of our existing and future domestic subsidiaries that is a borrower or guarantor under the Credit Agreement, subject to certain exceptions. We may redeem the 6.375% Senior Notes, in whole or in part, at any time on or after June 15, 2029 at specified redemption prices plus accrued and unpaid interest. If redeemed on or after June 15, 2029, the redemption prices, as a percentage of the principal of the 6.375% Senior Notes to be redeemed are as follows: (i) on or after June 15, 2029, 103.188%; (ii) on or after June 15, 2030, 101.594%; and (iii) on or after June 15, 2031, 100.000%. At any time prior to June 15, 2029, we may also redeem up to …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Contract Assets and Liabilities As a result of changes in contract transaction price related to performance obligations that were satisfied or partially satisfied prior to the end of the periods, we recognized revenue of $92.4 million and $68.8 million during the three months ended June 30, 2026 and 2025, respectively, and $148.5 million and $118.3 million during the six months ended June 30, 2026 and 2025, respectively. The changes in contract transaction price for the three and six months ended June 30, 2026 and 2025 were from items such as executed or estimated change orders, contract modifications and claims. As of June 30, 2026 and December 31, 2025, the aggregate claim recovery estimates included in contract asset and liability balances were $19.6 million and $19.4 million, respectively. The components of the contract asset balances as of the respective dates were as follows: (in thousands) June 30, 2026 December 31, 2025 Costs in excess of billings and estimated earnings $ 115,146 $ 73,079 Contract retention 168,045 163,800 Total contract assets $ 283,191 $ 236,879 As of June 30, 2026 and December 31, 2025, no contract retention receivables individually exceeded 10% of total contract assets. The majority of the contract retention balance is expected to be collected within one year. As work is performed, revenue is recognized and the corresponding contract liabilities are reduced. We recognized revenue of $105.9 million and $105.1 million during the three months ended J …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Reportable Segment Information We manage our operations under two reportable segments, Construction and Materials, which are distinguished by differences in business activities. Our reportable segments are the same as our operating segments and correspond with how our chief operating decision maker (CODM) regularly reviews financial information to allocate resources and assess performance. We identified our CODM as our Chief Executive Officer. Our CODM evaluates segment performance and makes business decisions based on operating income, which excludes non-operating income or expense. Segment assets include property and equipment, intangibles, goodwill, inventory and equity in construction joint ventures. Summarized segment information is as follows (in thousands): Three months ended June 30, Construction Materials Total 2026 Total revenue from reportable segments $ 1,207,479 $ 364,849 $ 1,572,328 Elimination of intersegment revenue (116,456) (116,456) Revenue 1,207,479 248,393 1,455,872 Cost of revenue 1,008,785 208,316 1,217,101 Gross profit 198,694 40,077 238,771 Selling, general and administrative expenses 61,267 8,928 70,195 (Gain) loss on sales of property and equipment, net (2,062) 86 (1,976) Operating income from reportable segments $ 139,489 $ 31,063 $ 170,552 Depreciation, depletion and amortization $ 17,472 $ 27,379 $ 44,851 2025 Total revenue from reportable segments $ 937,426 $ 251,856 $ 1,189,282 Elimination of intersegment revenue (63,318) (63,318) Revenue 937,4 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing