Large Contractors Report Construction Revenue Gains for 2025

Despite a tumultuous year, four of the largest publicly traded contractors operating in the U.S. — Granite Construction, Fluor, Skanska and Tutor Perini — reported growth in construction-specific revenue in 2025.

Granite Construction

In its fourth quarter, Granite Construction reported revenue rose 19.2% year-over-year to $1.2 billion. For the full 2025 fiscal year, Granite reported a 10.4% increase in revenue to $4.4 billion.

For its construction segment, Granite saw a 14.5% increase in fourth-quarter revenue to $940.3 million, and a 7% increase in full year revenue to $3.7 billion. Construction gross income was up 11.4% in the fourth quarter to $142.7 million and up 16.9% in the full year to $574.2 million.

Granite’s materials business saw similar increases in revenue and gross profit. In the fourth quarter, revenue rose 44.3% to $225.1 million, and gross profit rose 10.4% to $25 million. For the full year 2025, revenue was up 29.9% to $769.5 million, and gross profit increased 67.7% to $137 million.

Net income was up in both the fourth quarter and the full year, rising 25.3% to $58.9 million and 56.9% to $220.4 million, respectively.

For its 2026 fiscal year, Granite Construction forecasts full year revenue between $4.9 billion and $5.1 billion.

Fluor

Revenue for Fluor’s Urban Solutions division, which encompasses its engineering, procurement and construction services, rose 31.6% in the fourth quarter to $2.6 billion and was up 27.1% to $9.2 billion for the full year.

The revenue rise, however, could not lift profits. Urban Solutions' profit came in at $44 million for the fourth quarter, down 45.7% year-over-year from $81 million. For the full year, profit fell 32.6% to $205 million.

New awards for the Urban Solutions segment fell 46.1% to $742 million in the fourth quarter and fell 8.5% to $8.7 billion in the full year. 

Companywide, the fourth quarter brought a total revenue decline of 2% to $4.2 billion, and full year revenue was down 5% to $15.5 billion.

Fluor’s fourth quarter saw a $1.6 billion profit loss versus the $1.9 billion in net earnings reported in last year’s fourth quarter. For the full year 2025, Fluor reported a $51 million loss compared to $2.2 billion in net earnings in 2024.

Fluor has not released a 2026 revenue or profit forecast, but the company expects earnings before interest, taxes, depreciation and amortization to land between $525 million and $585 million.

Skanska

Construction revenue in Skanska’s fourth quarter was down 6.5% year-over-year to $4.7 billion but up 1.5% for the full year to $18.4 billion. 

Operating income in Skanska’s construction segment rose 16.6% to $266.8 million in the fourth quarter and was up 21.2% for the full year to $763 million.

Construction order bookings came in at $4.7 billion in the fourth quarter, down 3% year-over-year when adjusted for currency effects.

Total revenue in Skanska’s fourth quarter was down 3.7% year-over-year to $5.2 billion, while total operating income was up 8.4% to $320.9 million. For the full year, total revenue rose 1.2% to $19.3 billion, while operating income rose 2.2% to $779.5 million.

For its 2026 fiscal year, Skanska expects the U.S. civil segment will be its strongest market but considers the U.S. building market to be “fragmented, with both weak and strong segments and sectors.”

Tutor Perini

In its fourth quarter 2025, Tutor Perini reported $1.5 billion in total revenue, a 41.2% year-over-year increase. Full year revenue increased 28.1% to $5.5 billion.

Fourth-quarter revenue in Tutor Perini’s civil segment rose 33.5% to $799.8 million, while Specialty Contractors revenue was up 62.9% to $263.3 million. For 2025, civil segment revenue rose 36.2% to $3.1 billion, while Specialty Contractor revenue grew 42.8% to $844 million.

Construction operations income for the fourth quarter came in at $50.1 million compared to an $86.3 million loss in last year’s fourth quarter. Construction operations income for the full year totaled $232 million, though Tutor Perini reported a $103.8 million loss in its full year 2024.

Total gross profit came in at $147.7 million in the fourth quarter and $647.5 million for the entire year.

Looking ahead at 2026, Tutor Perini expects to see double-digit revenue growth and strong earnings.

Currency conversions as of March 8, 2026.