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Construction Partners (NASDAQ: ROAD) is more focused on road construction and materials in local Sunbelt markets; Granite Construction (NYSE: GVA) works across a wider range of civil infrastructure, alongside its materials business. Granite reported more revenue in the quarter ended June 30, 2026, but that does not establish which company is the better contractor for a particular project. Compare local capacity and relevant experience for procurement; compare earnings, cash flow, financing and risk separately for investment analysis.
How the companies differ
Construction Partners: roadway-centered, regional operations
Construction Partners describes itself as a vertically integrated civil infrastructure company focused on road construction and maintenance in local Sunbelt markets. Its work includes public roads, highways, bridges and airports; private large-site work and hot-mix asphalt (HMA) paving; and production of HMA, aggregates and liquid asphalt cement for its own work and outside customers. Its reported backlog excludes external sales of those materials, so backlog does not capture all of its commercial activity. Construction Partners’ 2025 Form 10-K
Recent expansion matters when interpreting growth. An October 2025 acquisition added eight Houston-area asphalt plants and related crews and equipment. The company’s July 2026 acquisition of Ellsworth Construction expanded its Oklahoma footprint and data-center construction capabilities. Reported growth therefore includes acquired operations as well as activity in existing markets. Construction Partners’ Form 10-Q for the quarter ended June 30, 2026
Granite: broader civil construction and materials
Granite reports Construction and Materials segments. Its disclosed construction work spans roads and pavement preservation, bridges, rail, airports, marine ports, dams, reservoirs, aqueducts, site development, water infrastructure, tunnels, mining, solar, battery storage and other power-related projects. Its Materials segment produces and delivers aggregates, asphalt concrete, liquid asphalt and recycled materials for company projects and outside customers. Granite also reports national specialty businesses in tunnel, rail, federal, industrial and energy work, plus Layne water-well and related services. Granite’s FY2025 Form 10-K
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In FY2025, which ended December 31, Granite reported $4.424 billion in total revenue: $3.655 billion in Construction and $769.5 million in Materials after intersegment eliminations. Construction Partners’ FY2025 ended September 30, 2025, so these annual periods do not align and include different seasonal timing. Treat them as historical context rather than a like-for-like annual comparison.
What the latest aligned quarter shows
Both companies reported for periods ending June 30, 2026, although their fiscal-quarter labels differ. The following figures are company-reported:
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| Measure | Construction Partners | Granite Construction | How to read it |
|---|---|---|---|
| Revenue for quarter ended June 30, 2026 | $999.4 million, up 28.2% year over year | $1.456 billion; Granite reported 29% headline growth | Both companies’ growth included acquisitions. Construction Partners attributed $151.0 million of revenue growth to acquisitions and $69.1 million to existing markets. |
| Reported pipeline at June 30, 2026 | $3.36 billion contract backlog | $7.4 billion committed and awarded projects (CAP) | These are differently defined company measures, not guaranteed revenue; see the pipeline section below. |
| Adjusted EBITDA for the quarter | $163.0 million; 16.3% margin | $186 million, up 22% year over year | Both are non-GAAP measures. Company-specific adjustments and definitions limit direct margin comparisons. |
| Reported earnings issue | Acquisition-related growth and higher interest expense were disclosed in the Q3 filing. | GAAP Q2 net loss was driven by a $360 million non-operating loss on convertible-debt transactions. | Consider the underlying explanation before drawing conclusions from growth or GAAP earnings alone. |
Sources: Construction Partners’ Form 10-Q and Granite’s July 30, 2026 Q2 results. Revenue and EBITDA are reported figures, not independent measures of project suitability or future performance.
Why backlog and CAP are not interchangeable
Construction Partners’ contract backlog
At June 30, 2026, Construction Partners reported $3.36 billion in backlog: $2.7 billion of uncompleted work on contracts underway or executed and $0.7 billion of low-bid/no-contract work. Its policy may include executed change orders, certain pending change orders and claims it considers probable. The company says customers can cancel or modify substantially all backlog contracts, and awards and completions can occur between reporting dates. The company’s estimate that approximately 78% of backlog would be completed in the following 12 months applied to its September 30, 2025 backlog, not the June 2026 figure. Q3 2026 Form 10-Q; FY2025 Form 10-K
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Granite’s committed and awarded projects
Granite reported $7.4 billion in CAP at June 30, 2026, up $250 million sequentially and $1.4 billion year over year. The company defines CAP as expected future revenue on executed contracts plus other awards. Its definition specifies treatment for consolidated and unconsolidated joint ventures and for construction-management or progressive-design-build scopes subject to contract execution and probable funding. Granite cautions that backlog may not be realized or result in profits; CAP includes unearned revenue and other awards. Q2 2026 results; FY2025 Form 10-K
The headline values do not mean Granite has twice as much comparable backlog: the labels, inclusion rules and composition differ. For either company, ask what is executed, what remains an award or low bid, what funding is assumed, and how timing, cancellation rights and change orders affect the work.
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How to compare them for a road project
- Confirm local capacity. Identify the project’s state and metro area, then verify nearby plants, crews, equipment, material supply and references for that location. A broad footprint or Sunbelt presence does not prove availability for your schedule.
- Match experience to the scope. Road paving and maintenance overlap, but the companies disclose different breadths of specialist work. Request references for projects with comparable scope, complexity and contract form—not simply general company credentials.
- Check materials and logistics. Both companies have asphalt and aggregates operations. Compare plant proximity, supply availability, third-party materials activity and how material costs are handled in the specific bid.
- Examine the bid and delivery terms. Compare schedule, pricing assumptions, change-order provisions, funding status, cancellation terms, safety qualifications and contract documents. These project-level details matter more than corporate revenue or pipeline totals.
- Verify qualification directly. Review local licensing, safety record, crew availability and references, and confirm that the proposed team—not merely the corporate parent—has the required experience.
How to compare the stocks instead
Company scale or a large reported pipeline is not a buy signal. Investors should compare the businesses on the same reporting periods and inspect GAAP gross profit and operating income, cash flow, debt, margins, acquisition effects and valuation. Reconcile each company’s non-GAAP measures before comparing adjusted EBITDA. Account for Granite’s unusual convertible-debt transaction loss in Q2 2026 and Construction Partners’ acquisition-driven growth and higher interest expense; neither headline revenue growth nor one quarter’s earnings figure tells the whole story.
- Separate acquired growth from performance in existing markets.
- Assess whether pipeline projects are funded, executed and likely to convert, rather than ranking raw backlog and CAP totals.
- Consider weather, execution, public-funding dependence, material input costs, acquisition integration and financing risk.
This comparison uses public filings and company-issued releases; it does not establish local site conditions, customer experience, bid competitiveness or investment value. A procurement decision requires project-specific checks, while an investment decision also requires valuation and risk analysis.
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
