The nation’s leading civil and infrastructure contractors closed out 2025 with another year of strong execution. Durable federal and state transportation funding, continued Sunbelt population growth, and accelerating investment tied to power, data centers, and logistics infrastructure supported robust bidding environments and record backlog levels across the group.
While transportation projects remain the foundation of demand, contractors are increasingly benefiting from mission-critical site development tied to data centers, electrification, and advanced manufacturing. Vertical integration across materials, disciplined acquisition activity, and selective project bidding continue to support margin expansion across the sector.
Sterling Infrastructure (NASDAQ: STRL)
Sterling delivered standout results in both the fourth quarter and full year 2025, driven by continued momentum in its E-Infrastructure platform and disciplined execution across transportation projects.
Fourth quarter revenue reached $756 million, increasing more than 50% year over year, supported in part by contributions from the recently acquired CEC electrical platform. For the full year, revenue grew more than 30%, alongside record profitability and cash flow generation.
Adjusted EBITDA margins exceeded 20% for the first time in company history as the company continues to shift toward higher-margin electrical and site infrastructure work tied to data center and power development. Backlog ended the year at approximately $3.0 billion, up nearly 80% year over year, with total project visibility approaching $4.5 billion when including unsigned awards and future phases.
Construction Partners, Inc. (NASDAQ: ROAD)
Construction Partners closed fiscal year 2025 (year ending September 30) with strong growth and continued margin expansion across its Sunbelt paving and materials platform.
Full year revenue reached approximately $2.8 billion, representing growth of more than 50% year over year. Adjusted EBITDA nearly doubled during the period, reflecting operating leverage and the benefits of vertical integration across aggregates, asphalt, and paving operations.
Backlog ended the fiscal year at a record ~$3.0 billion, providing strong visibility into fiscal 2026. Management highlighted continued demand for lane expansion, resurfacing, and maintenance work across high-growth Southeastern and Texas markets, while maintaining an active acquisition pipeline focused on deepening market density and materials integration.
Granite Construction (NYSE: GVA)
Granite reported record results for both the fourth quarter and full year 2025 as disciplined project selection and sustained infrastructure funding supported strong performance across its construction and materials segments.
Fourth quarter revenue increased nearly 20% year over year to approximately $1.2 billion, while full year revenue reached roughly $4.4 billion, representing growth of about 10%.
Adjusted EBITDA increased more than 30% for the year, supported by margin expansion and improved execution across both operating segments. Committed and Awarded Projects (CAP) ended the year at a record $7.0 billion, up more than 30% year over year, providing multi-year visibility entering 2026.
Looking Ahead
Entering 2026, the setup for civil and infrastructure contractors remains favorable. Record backlog levels, multi-year transportation funding programs, and sustained investment tied to power, data center development, and logistics infrastructure continue to support strong demand visibility.
At the same time, population growth across the Sunbelt is driving steady lane expansion, maintenance, and site development activity across transportation markets.
Leading contractors are reinforcing their competitive positions through disciplined bidding, vertical integration, and selective acquisitions. With balance sheets in strong shape and public funding programs firmly in place, the sector appears well positioned to sustain growth and margin expansion into 2026 and beyond.
