Construction Partners, Inc. recently released its 10-Q report. The company is a civil infrastructure contractor focused on building and maintaining roadways and related transportation assets across Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee and Texas. It also produces and sells hot mix asphalt, aggregates and liquid asphalt cement, and performs paving, site development and mining activities tied to public and private projects.
In Item 2, Management’s Discussion and Analysis says the company’s results should be read alongside its unaudited quarterly financial statements and the 2025 Form 10-K. Management also says it uses non-GAAP measures, including Adjusted EBITDA and Adjusted net income, to assess performance, and presents reconciliations to GAAP in the filing.
At March 31, 2026, contract backlog was $3.1 billion. Of that total, $2.6 billion was uncompleted work on contracts in progress or not yet started, and $0.5 billion was low bid/no contract backlog. The company said backlog includes awarded work where funding is probable, plus certain change orders and claims the company believes are collectible.
The company also disclosed several acquisitions. On October 3, 2025, it bought asphalt manufacturing and construction assets from affiliates of Vulcan Materials in the Houston metro area, adding eight HMA plants and related crews and equipment in southeastern Texas. On October 20, 2025, it acquired P&S Paving, LLC, adding two HMA plants in northeast and central Florida. On January 30, 2026, it acquired substantially all of the assets of GMJ Paving Company, LLC, adding an HMA plant in Baytown, Texas. On April 1, 2026, it acquired substantially all of the assets of Four Star Paving, LLC, adding crews and equipment in middle Tennessee.
For the quarter ended March 31, 2026, revenue was $769.2 million, up from $571.7 million a year earlier. Net income rose to $9.2 million from $4.2 million. Adjusted EBITDA increased to $93.3 million from $69.3 million, while Adjusted EBITDA margin held at 12.1%. Adjusted net income was $10.4 million, compared with $4.4 million in the prior-year quarter.
For the six months ended March 31, 2026, revenue was $1.58 billion, up from $1.13 billion. Net income increased to $26.4 million from $1.2 million. Adjusted EBITDA rose to $205.5 million from $138.1 million, and Adjusted net income was $36.8 million versus $17.7 million a year earlier.
Interest expense, net was $25.6 million in the quarter, up from $21.6 million, and $53.0 million for the six-month period, up from $39.7 million. Depreciation, depletion, accretion and amortization increased to $46.3 million in the quarter from $37.3 million, and to $91.3 million for the half-year from $68.4 million. Share-based compensation expense was $7.8 million in the quarter and $13.5 million for the six months, both above the prior-year periods.
Transformative acquisition expenses were $1.6 million in the quarter and $12.9 million for the six months, compared with $0.2 million and $18.7 million, respectively, in the prior-year periods. Financing fees related to transformative acquisitions were $0.9 million for the six months ended March 31, 2026, versus $3.1 million a year earlier. As a result of these announcements, the company's shares have moved 12.56% on the market, and are now trading at a price of $147.86. For the full picture, make sure to review Construction's 10-Q report.
