Construction Partners, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsConstruction Partners, Inc. is a vertically integrated civil infrastructure company building and maintaining roadways across the Sunbelt, with a stated goal of exceeding $6 billion in revenue by fiscal 2030.
What they do
Construction Partners, Inc. specializes in the construction and maintenance of roadways, including highways, roads, bridges, airports, and commercial and residential developments. The company is vertically integrated, manufacturing and distributing hot mix asphalt (HMA), performing paving and site development, mining aggregates, and distributing liquid asphalt cement for both internal use and third-party sales. It operates in Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee, and Texas.
Revenue drivers
- Public infrastructure projects — Approximately 65% of fiscal 2025 construction revenue came from public projects funded by federal, state, and local governments, including roads, highways, bridges, and airports.
- Private construction projects — Provides site work and HMA paving services to commercial and residential developers and local businesses, contributing the remainder of revenue.
- Hot mix asphalt (HMA) manufacturing and distribution — Produces and sells HMA to third parties and uses it internally; added 27 HMA plants in fiscal 2025 through acquisitions and eight more in October 2025.
Recent performance
In the fiscal third quarter ended June 30, 2026, revenue was $999.4 million, up 28.2% year-over-year. Net income was $59.6 million, up from $44.0 million in the prior-year quarter. Adjusted EBITDA was $163.0 million, up 23.8%. Backlog reached a record $3.36 billion. For fiscal 2025, revenue was $2.81 billion and net income was $101.8 million.
Strategy
The company is executing 'ROAD 2030,' a plan to exceed $6 billion in revenue by fiscal 2030 through organic growth and strategic acquisitions. In fiscal 2025, it completed five acquisitions across four states for about $1.5 billion, adding plants and terminals. Subsequent to fiscal year-end, it acquired assets from Vulcan Materials in Houston and P&S Paving in Florida, and in fiscal 2026, it acquired GMJ Paving and Ellsworth Construction. The company also expanded its credit facilities to support growth.
Risks
- Economic slowdown in the Sunbelt — A decline in economic conditions in Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee, or Texas could reduce demand for infrastructure projects.
- Government funding cuts — Reductions in federal, state, or local government spending on public infrastructure could negatively impact results, as public projects account for roughly 65% of construction revenue.
- Acquisition integration risk — The company has made several large acquisitions; failure to integrate operations or achieve expected synergies could harm performance.
- Weather and cost inflation — Extremely wet weather and energy cost inflation have already impacted quarterly results and could continue to affect margins and project timelines.
Outlook
Management raised fiscal 2026 guidance: revenue in the range of $3.640 billion to $3.680 billion, net income of $165.0 million to $168.0 million, and Adjusted EBITDA of $559.0 million to $569.0 million. The company expects continued revenue growth and profitability expansion toward its ROAD 2030 goals.