Income Taxes

9 Months Ended

Sep. 30, 2025

The following table presents the provision for income taxes for the respective periods:


	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2025			2024			2025			2024
Provision for income taxes	$	38,128		$	25,469		$	53,586		$	36,636
Effective tax rate	25.8		%	23.3		%	24.9		%	28.2		%

Our effective tax rate for the three months ended September 30, 2025 is higher than the prior period primarily due to an increase in state income taxes and less benefit related to income from affiliates. Our effective tax rate for the nine months ended September 30, 2025 is lower than the prior period primarily due to non-deductible debt extinguishment costs incurred in the prior year.

On July 4, 2025, Public Law No. 119-21 known as the “One Big Beautiful Bill Act” (“OBBBA”) was signed into law. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act of 2017. For 2025, we expect to realize a current year benefit associated with accelerated depreciation but do not expect any material impact on our effective tax rate.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

GRANITE CONSTRUCTION INC 10-Q