Construction Partners (NASDAQ:ROAD) accelerated into fiscal 2026 on Thursday, reporting record first-quarter revenue and a massive expansion in its project backlog as federal infrastructure funding and strategic acquisitions fuel a building boom across the Sunbelt.
The civil infrastructure firm reported revenue of $809.5 million, a 44% year-over-year increase that blew past the analyst consensus of approximately $740 million.
While GAAP net income was $17.2 million ($0.31 per share), the company’s "adjusted" earnings—which exclude one-time acquisition-related costs—reached $0.47 per share.
This performance was bolstered by a record first-quarter adjusted EBITDA margin of 13.9%, the highest in the company's history for this period.
The quarter’s momentum was largely driven by the successful integration of recent high-growth acquisitions.
During the period, ROAD completed strategic entries into Daytona Beach, Florida, and Houston, Texas, and just this week announced another acquisition in the Houston area (GMJ Paving).
These moves have propelled the company’s total project backlog to a record $3.09 billion, up from $2.66 billion a year ago.
Encouraged by the backlog and recent deal-making, the company raised its full-year 2026 revenue guidance to a range of $3.48 billion to $3.56 billion (up from $3.40B–$3.50B) and boosted its adjusted EBITDA outlook to between $534 million and $550 million.