Granite Construction is one of the largest civil infrastructure contractors and construction materials producers in the U.S. Granite builds and rehabilitates horizontal infrastructure — roads, highways, bridges, airports, tunnels, dams, and water facilities — primarily for public sector clients like state DOTs and federal agencies. The California DOT (Caltrans) is Granite's single largest customer. Granite operates primarily across the Western U.S., with a growing presence in the Southeast and national specialty businesses in tunneling, federal civil, industrial/energy, and water well drilling. The company runs two segments: Construction (~80%+ of revenue) and Materials (~15-20%). In Construction, Granite bids for and wins contracts, then builds using its own crews, equipment, and materials. Most contracts are fixed unit price or lump sum. In Materials, Granite mines aggregates and produces asphalt, selling them internally to its own job sites and externally to third parties. Vertical integration — owning the materials that go into projects it builds — is central to Granite's competitive strategy, reducing material costs and improving supply reliability. Granite has been shifting its Construction portfolio toward "best value" procurement (now ~48-50% of its backlog), where contracts are awarded on qualifications rather than pure price, and being more selective about which markets it enters. M&A is a core growth driver; Granite targets vertically integrated, materials-focused companies in existing or new geographies, acquiring roughly 2-3 businesses per year. Profitability is seasonal, with most revenue and cash generated in Q2 and Q3.