Q3 25 EPS
$0.81
MISS 1.42%
Est. $0.82
Q3 25 Revenue
$779.3M
MISS 0.55%
Est. $783.6M
vs S&P Since Q3 25
-2.3%
TRAILING MARKET
ROAD +20.0% vs S&P +22.3%
Market Reaction
Did ROAD Beat Earnings? Q3 2025 Results
Construction Partners delivered a mixed fiscal third quarter for 2025, narrowly missing Wall Street expectations as weather disruptions weighed on execution despite explosive top-line growth. Revenue of $779.28 million fell just 0.55% short of the $7… Read more Construction Partners delivered a mixed fiscal third quarter for 2025, narrowly missing Wall Street expectations as weather disruptions weighed on execution despite explosive top-line growth. Revenue of $779.28 million fell just 0.55% short of the $783.56 million consensus, while adjusted diluted EPS of $0.81 came in 1.42% below the $0.82 estimate, even as both metrics reflected a dramatic year-over-year transformation, with revenue climbing 50.5% driven largely by acquisition activity, particularly the Lone Star Paving deal. The single most telling headwind was weather, as management noted May ranked as the second-wettest month on record across the Southeast, delaying projects and pressuring fixed asset cost recoveries. The acquisition strategy did lift Adjusted EBITDA margins to a record 16.9%, up from 14.1% a year ago, though interest expense ballooned to $25.24 million from just $4.67 million, reflecting the debt cost of rapid expansion. Project backlog reached $2.94 billion, reinforcing demand visibility as the company held its full-year revenue guidance of $2.77 billion to $2.83 billion.
Key Takeaways
- • Acquisitions contributed approximately 46% revenue growth, with approximately 5% organic growth
- • Record Adjusted EBITDA margin of 16.9%, up from 14.1% year-over-year
- • G&A expenses as a percentage of revenue decreased 70 basis points to 6.6%
- • Record project backlog of $2.94 billion
- • Strong publicly funded and commercial project demand across Sunbelt markets
ROAD YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“We are pleased to report strong performance and excellent year-over-year growth across our key financial metrics this quarter. Despite persistent weather-related delays, including record or near-record rainfall across many of our Sunbelt markets, our teams executed with discipline and delivered robust operational results, generating significant cash flow from operations and driving a record high Adjusted EBITDA margin of 16.9%. In the Southeast alone, May marked the second-wettest month on record, leading to project delays and impacting fixed asset cost recoveries. Our family of companies, now more than 6,200 employees in eight states, worked through these challenges with resilience and operational excellence, while also building a record project backlog of $2.94 billion. CPI remains well-positioned for continued success as we move through the busy construction season to close out our fiscal year and build out this record backlog.”
— Fred J. Smith III, Q3 2025 Earnings Press Release
ROAD Earnings Trends
ROAD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ROAD EPS Trend
Earnings per share: estimate vs actual
ROAD Revenue Trend
Quarterly revenue: estimate vs actual
ROAD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 BEAT Adjusted net income excludes $1.373 million in transformative acquisition expenses, net of $336 thousand tax impact | $1.01 | $1.08 | +6.75% | $999.4M | +5.34% |
| Q2 26 BEAT | $-0.03 | $0.18 | +774.16% | $769.2M | +13.37% |
| Q1 26 BEAT | $0.31 | $0.31 | +0.94% | $809.5M | +8.93% |
| Q4 25 MISS FY | $1.08 | $1.02 | -5.20% | $899.8M | +0.02% |
| FY Full Year | — | $1.84 | — | $2.81B | — |
| Q3 25 MISS | $0.82 | $0.81 | -1.42% | $779.3M | -0.55% |