$ROAD

Construction Partners, Inc.

CIK:0001718227|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 999,418	$ 779,277	$ 2,578,083	$ 1,912,507
Cost of revenues	831,030	647,467	2,189,342	1,632,776
Gross profit	168,388	131,810	388,741	279,731
General and administrative expenses	(63,145)	(51,026)	(188,242)	(141,954)
Acquisition-related expenses	(1,771)	(1,816)	(15,880)	(22,174)
Gain on sale of property, plant and equipment, net	5,912	3,975	12,557	8,437
Operating income	109,384	82,943	197,176	124,040
Interest expense, net	(30,292)	(25,239)	(83,252)	(64,961)
Other income	44	246	67	508
Income before provision for income taxes and earnings from investment in joint venture	79,136	57,950	113,991	59,587
Provision for income taxes	19,581	13,903	28,050	14,364
Loss from investment in joint venture	0	0	(1)	(12)
Net income	59,555	44,047	85,940	45,211
Other comprehensive income (loss), net of tax
Unrealized (loss) on interest rate swap contract, net	(431)	(1,996)	(1,583)	(2,017)
Unrealized gain (loss) on restricted investments, net	(22)	102	(144)	0
Other comprehensive loss	(453)	(1,894)	(1,727)	(2,017)
Comprehensive income	$ 59,102	$ 42,153	$ 84,213	$ 43,194
Net income per share attributable to common stockholders:
Basic (in dollars per share)	$ 1.07	$ 0.80	$ 1.54	$ 0.82
Diluted (in dollars per share)	$ 1.06	$ 0.79	$ 1.53	$ 0.82
Weighted average number of common shares outstanding:
Basic (in shares)	55,906,306	55,164,260	55,876,027	54,853,715
Diluted (in shares)	56,269,949	55,654,653	56,187,735	55,302,958

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 85,940	$ 45,211
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation, depletion, accretion and amortization	135,278	107,741
Amortization of deferred debt issuance costs	2,004	3,379
Provision for bad debt	556	260
Gain on sale of property, plant and equipment	(12,557)	(8,437)
Realized loss on sales, calls and maturities of restricted investments	18	81
Share-based compensation expense	31,195	27,961
Distribution of earnings from investment in joint venture	71	0
Loss from investment in joint venture	1	12
Deferred income tax expense (benefit)	22,658	(300)
Other non-cash adjustments	(617)	(665)
Changes in operating assets and liabilities, net of business acquisitions:
Contracts receivable including retainage	(13,859)	6,159
Costs and estimated earnings in excess of billings on uncompleted contracts	(11,298)	(22,577)
Inventories	(18,279)	(4,880)
Prepaid expenses and other current assets	(1,905)	5,422
Other assets	1,496	(3,119)
Accounts payable	16,028	15,975
Billings in excess of costs and estimated earnings on uncompleted contracts	8,510	(9,481)
Accrued expenses and other current liabilities	(578)	17,543
Other long-term liabilities	(3,803)	(967)
Net cash provided by operating activities, net of business acquisitions	240,859	179,318
Cash flows from investing activities:
Purchases of property, plant and equipment	(144,239)	(104,886)
Proceeds from sale of property, plant and equipment	24,398	11,250
Proceeds from sales, calls and maturities of restricted investments	16,022	8,351
Business acquisitions, net of cash acquired	(337,429)	(935,663)
Purchase of restricted investments	(3,753)	(12,182)
Net cash used in investing activities	(445,001)	(1,033,130)
Cash flows from financing activities:
Proceeds from revolving credit facility	263,500	218,438
Proceeds from issuance of long-term debt, net of debt issuance costs	294,923	833,524
Settlement of stock awards	(2,490)	0
Repayments of long-term debt	(386,375)	(137,726)
Purchase of treasury stock	(29,772)	(20,803)
Net cash provided by financing activities	139,786	893,433
Net change in cash, cash equivalents and restricted cash	(64,356)	39,621
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period	159,015	76,684
Cash, cash equivalents and restricted cash, end of period	94,659	116,305
Supplemental cash flow information:
Cash paid for interest	80,230	58,151
Cash paid for income taxes	5,204	3,576
Cash paid for operating lease liabilities	23,315	11,699
Non-cash items:
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	47,180	17,620
Property, plant and equipment financed with accounts payable	9,849	5,693
Amounts payable to sellers in business combinations, net	$ 673	$ 64,938

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
Current assets:
Cash and cash equivalents	$ 94,547	$ 156,062
Restricted cash	112	2,953
Contracts receivable including retainage, net	593,468	549,884
Costs and estimated earnings in excess of billings on uncompleted contracts	60,849	45,340
Inventories	185,273	155,133
Prepaid expenses and other current assets	27,024	25,459
Total current assets	961,273	934,831
Property, plant and equipment, net	1,295,692	1,153,070
Operating lease right-of-use assets	104,845	76,355
Goodwill	1,139,332	943,309
Intangible assets, net	74,368	79,230
Investment in joint venture	0	72
Restricted investments	10,870	23,176
Other assets	25,628	28,813
Total assets	3,612,008	3,238,856
Current liabilities:
Accounts payable	319,886	284,218
Billings in excess of costs and estimated earnings on uncompleted contracts	149,337	129,300
Current portion of operating lease liabilities	30,340	19,867
Current maturities of long-term debt	41,500	38,500
Accrued expenses and other current liabilities	72,950	110,163
Total current liabilities	614,013	582,048
Long-term liabilities:
Long-term debt, net of current maturities and deferred debt issuance costs	1,744,666	1,573,614
Operating lease liabilities, net of current portion	75,078	57,201
Deferred income taxes, net	102,279	80,079
Other long-term liabilities	35,236	33,951
Total long-term liabilities	1,957,259	1,744,845
Total liabilities	2,571,272	2,326,893
Stockholders’ equity:
Preferred stock, par value $0.001; 10,000,000 shares authorized and no shares issued and outstanding at June 30, 2026 and September 30, 2025	0	0
Additional paid-in capital	615,510	541,179
Accumulated other comprehensive income, net	2,642	4,369
Retained earnings	502,931	416,991
Total stockholders’ equity	1,040,736	911,963
Total liabilities and stockholders’ equity	3,612,008	3,238,856
Class A Common Stock
Stockholders’ equity:
Common stock	48	47
Treasury stock	(63,574)	(34,589)
Class B Common Stock
Stockholders’ equity:
Common stock	12	12
Treasury stock	$ (16,833)	$ (16,046)