In the Q&A session, Gray acknowledged a geographic mix shift in backlog toward the Mountain and Central regions, while the West—typically a higher-margin region—has seen Oregon softness. He said California, Hawaii, and Alaska have strong funding and activity, including elevated public work and heightened military spending, while Oregon’s DOT budget for 2026 is comparable to 2025 with similar asphalt tonnage forecasts.The company entered 2026 with record backlog of approximately $1 billion , up 38% from the ...

Financial Data and Key Metrics Changes - In 2025, the company achieved a record Adjusted EBITDA of $497 million, representing a 7% increase year-over-year [4] - The fourth quarter saw a 47% increase in Adjusted EBITDA and a 340 basis point improvement in Adjusted EBITDA margin [18] - Gross profit for the fourth quarter increased by 27%, achieving a record gross margin of nearly 19% [18] Business Line Data and Key Metrics Changes - Aggregates volumes increased by 17% in the fourth quarter, with pricing up by 8% [18] - Ready Mix volumes rose by 20% in the fourth quarter, with gross margin lifting by 230 basis points [20] - Contracting services revenue grew by 15%, with the Mountain region experiencing nearly 20% growth [22] Market Data and Key Metrics Changes - The company entered 2026 with a record backlog of $1 billion, a 38% increase from the previous year [11] - Approximately 46% of IIJA funding remains to be disbursed across the company's 14 states, indicating strong public budgets [11] - The company anticipates continued growth in states with higher infrastructure spending, particularly in California, Alaska, and Hawaii [12] Company Strategy and Development Direction - The company focuses on four growth components: market positioning, vertical integration, self-help initiatives, and a strong corporate culture [6] - The acquisition program ramped up in 2025, with five deals completed and expectations for continued activity in 2026 [4][7] - The company aims to enhance margins through continuous improvement and operational excellence initiatives [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for growth, citing favorable market conditions and strong infrastructure funding [5][11] - The company expects consolidated revenue for 2026 to be between $3.3 billion and $3.5 billion, with Adjusted EBITDA between $520 million and $560 million [26] - Management highlighted the importance of cost control and dynamic pricing strategies to drive future profitability [38] Other Important Information - The company invested $789 million in growth initiatives in 2025, including acquisitions and organic projects [23] - Maintenance capital expenditures were in line with expectations at 6% of revenue [24] - The company ended the year with nearly $75 million in unrestricted cash and a net leverage position of 2.2 times [25] Q&A Session Summary Question: Opportunities to build on backlog in the West region - Management acknowledged a geographic shift in backlog but expressed confidence in funding and opportunities in California, Hawaii, and Alaska [32][33] Question: Potential levers to outperform aggregate pricing expectations - Management noted strong pricing performance in 2025 and highlighted the implementation of dynamic pricing strategies as a key lever for future pricing [34][38] Question: Margin outlook for 2026 - Management indicated expectations for modest margin improvement, driven by dynamic pricing and operational efficiencies [42][44] Question: Return to year-over-year growth in Oregon - Management expects Oregon's performance in 2026 to be in line with 2025 results, contingent on public funding clarity [46][48] Question: Contribution of acquisitions to 2026 growth - Management stated that the contributions from acquisitions would offset seasonal losses and emphasized organic growth in guidance [88][90] Question: Data centers and backlog conversion - Management reported significant opportunities in data centers, primarily in material supply, with a strong pipeline of pending work [78][80]

Knife River (NYSE:KNF) Q4 2025 Earnings call February 17, 2026 11:00 AM ET Speaker9Good morning, ladies and gentlemen, and welcome to the Knife River Corporation fourth quarter and full year 2025 results conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you need assistance, please press star zero for the operator. This call is being recorded on Tuesday, February 17th, 2026. I would now ...

Key Takeaways higher sales. Vulcan reported a soft fourth quarter, with earnings and revenues missing expectations despite Aggregates-led operations and steady execution supported results, though margin pressure remained a challenge.Management stayed positive on 2026, supported by public construction strength and improving private demand.Vulcan Materials Company (VMC) reported lower-than-expected fourth-quarter 2025 results, with adjusted earnings and revenues missing the Zacks Consensus Estimate. On a year ...

Vulcan Materials Company (NYSE:VMC) Q4 2025 Earnings call February 17, 2026 10:00 AM ET Company ParticipantsAdam Thalhimer - Director of ResearchAngel Castillo - Executive Director and Head of US Machinery and Construction Equity ResearchAsher Sohnen - Equity Research Senior AssociateBrian Brophy - DirectorDavid MacGregor - PresidentGarik Shmois - Managing DirectorIvan Yi - DirectorKathryn Thompson - Founding Partner and CEOMark Warren - VP of Investor RelationsMary Andrews Carlisle - Senior VP and CFOMicha ...

4Q and Full-Year 2025 Results Presentation February 17, 2026 Forward-Looking Statements The information in this presentation highlights the key growth strategies, projections and certain assumptions for the company and its subsidiaries, including with respect to the benefits of acquisitions. Many of these highlighted statements and other statements not historical in nature are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Although the comp ...

Vulcan Materials Company (NYSE:VMC) Q4 2025 Earnings call February 17, 2026 10:00 AM ET Speaker11Good morning. Welcome everyone to the Vulcan Materials Company fourth quarter 2025 earnings call. My name is Angela, and I will be your conference call coordinator today. Please be reminded that today's call is being recorded and will be available for replay later today at the company's website. All lines have been placed in a listen-only mode. After the company's prepared remarks, there will be a question-and-a ...

On February 12, Denver-based Towle & Co. reported in a Securities and Exchange Commission (SEC) filing that it fully exited its position in Delek US Holdings (NYSE:DK), selling 536,133 shares worth $17.30 million. What happened According to a filing with the Securities and Exchange Commission dated February 12, Towle & Co. reported selling all 536,133 shares of Delek US Holdings during the fourth quarter. The net position change was a decrease of $17.30 million. What else to know Top holdings after the ...

Q4 2025 Earnings Presentation © 2026 Granite Construction. All Rights Reserved. Safe Harbor Any statements contained in this presentation that are not based on historical facts, including statements regarding future events, occurrences, circumstances, opportunities, targets, activities, performance, growth, demand, strategy, strategic goals, shareholder value, outcomes, outlook, macro-economic uncertainties, Committed and Awarded Projects (CAP), results, our strategic update, including our home market strat ...

February 2026 Investor Presentation © 2026 Granite Construction. All Rights Reserved. Safe Harbor Any statements contained in this presentation that are not based on historical facts, including statements regarding future events, occurrences, circumstances, opportunities, targets, activities, performance, growth, demand, strategy, strategic goals, shareholder value, outcomes, outlook, macro-economic uncertainties, Committed and Awarded Projects (CAP), results, our strategic update, including our home market ...