Construction Partners
22 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Customers
State Departments of Transportation (DOTs)
earns from · 43.4% of our revenuesnamed as a riskDuring the fiscal year ended September 30, 2025, projects performed for all state DOTs accounted for 43.4% of our revenues, and no individual DOT accounted for more than 10% of our revenues.Risk factors (Item 1A)
Also named by STRL
Publicly funded infrastructure projects
earns from · approximately 65%named as a riskDuring the fiscal year ended September 30, 2025, we generated approximately 65% of our construction contract revenues from publicly funded construction projects and the sale of construction materials to public customers at the federal, state and local levels.Risk factors (Item 1A)
Partners and platforms
Term Loan B Credit Agreement (Bank of America, N.A.)
depends on · $843.6 million of principal was outstandingnamed as a riskOur debt consists primarily of our borrowings under our (i) Term Loan A / Revolver Credit Agreement, which provides for a senior first lien term loan facility, under which $592.5 million of principal was outstanding as of September 30, 2025 (the “Term Loan A”) and a $500.0 million Revolving Credit Facility and (ii) the Term Loan B Credit Agreement (together with the Term Loan A / Revolver Credit Agreement, the “Credit Agreements”), providing for the Term Loan B, under which $843.6 million of principal was outstanding as of September 30, 2025.Risk factors (Item 1A)
Surety bonding market
depends onnamed as a riskIf we are unable to obtain or renew a sufficient level of bonding, or if bonding costs were to increase, we may be precluded from bidding on certain projects or successfully contracting with certain customers, which could limit the aggregate dollar amount of contracts that we are able to pursue.Risk factors (Item 1A)
Also named by STRL
Other companies
SunTx Capital Partners
approximately 61.2% of the combined voting powernamed as a riskAs of November 20, 2025, the SunTx Group beneficially owned shares of Class A common stock and Class B common stock collectively representing approximately 61.2% of the combined voting power of our outstanding common stock.Risk factors (Item 1A)
Lone Star Paving (Asphalt Inc., LLC)
$850.0 millionProceeds from the Term Loan B were used to (i) fund the cash portion of the consideration for our acquisition of Asphalt Inc., LLC (doing business as Lone Star Paving) (“Lone Star Paving”), (ii) repay our outstanding borrowings under our revolving credit facility, and (iii) pay fees and expenses incurred in connection with the related financing transactions and the Lone Star Acquisition.Business (Item 1)
Vulcan Materials Company
In October 2025, we acquired eight HMA plants and related crews and equipment in the Houston, Texas metro area from affiliates of Vulcan Materials Company, and acquired all of the outstanding equity interests of P&S Paving, LLC, an HMA manufacturing and construction business headquartered in Daytona Beach, Florida, with two HMA plants serving northeast and central Florida.Business (Item 1)
Also named by MLM
Places
U.S. Sunbelt
concentrated innamed as a riskA significant slowdown or decline in economic conditions or uncertainty regarding the economic outlook in the United States generally, or in any of these states particularly, could reduce demand for infrastructure projects.Risk factors (Item 1A)
Texas
operates inIn October 2025, we acquired eight HMA plants and related crews and equipment in the Houston, Texas metro area from affiliates of Vulcan Materials Company, and acquired all of the outstanding equity interests of P&S Paving, LLC, an HMA manufacturing and construction business headquartered in Daytona Beach, Florida, with two HMA plants serving northeast and central Florida.Business (Item 1)
Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more
Hazards
Hurricanes and tropical storms
operates innamed as a riskOur construction operations occur outdoors in an area of the country in which weather events such as hurricanes, tornadoes and tropical storms are common and snow frequently occurs in certain markets in the winter.Risk factors (Item 1A)
Also named by MLM
Commodities and inputs
SOFR
exposed to its price · $16.3 million change in our annual interest expensenamed as a riskHolding other factors constant and absent the interest rate swap agreements described above, a hypothetical 1% change in our borrowing rates would result in a $16.3 million change in our annual interest expense based on our variable rate debt outstanding at September 30, 2025.Market risk (Item 7A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
Diesel fuel
exposed to its pricenamed as a riskto the extent not covered by contractual cost escalators, variability in, and our inability to predict, the costs of diesel fuel, liquid asphalt and cement;Risk factors (Item 1A)
Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more
Natural gas
exposed to its pricenamed as a riskThe availability and pricing of these resources are subject to market forces that are beyond our control, such as unavailability due to refinery turnarounds, higher prices charged for petroleum-based products and other factors.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Liquid asphalt
exposed to its pricenamed as a riskIn our production and distribution processes, we consume significant amounts of natural gas, electricity, diesel fuel, liquid asphalt and other petroleum-based resources.Risk factors (Item 1A)
Aggregates
depends onnamed as a riskStrict governmental regulations and the limited number of properties containing useful aggregates reserves have made it increasingly challenging and costly to obtain sufficient aggregates to support our business, both with respect to internal use and third-party sales.Risk factors (Item 1A)
Also named by STRL
Trucking capacity
depends onnamed as a riskReduced availability of trucking capacity due to shortages of drivers and increased fuel costs has caused an increase in the cost of transportation for us and our suppliers.Risk factors (Item 1A)
Regulators
U.S. Environmental Protection Agency
subject tonamed as a riskNumerous government authorities, such as the U.S. Environmental Protection Agency and analogous state agencies, have the power to enforce compliance with these laws and the permits issued under them.Risk factors (Item 1A)
Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more
Laws and programs
Infrastructure Investment and Jobs Act (IIJA)
earns from · nearly $400 billion in new spending over five yearsnamed as a riskCurrently, federal funding for infrastructure spending is driven primarily by the Infrastructure Investment and Jobs Act (the “IIJA”), which was signed into law in November 2021.Business (Item 1)
Also named by APG, AWK, CTOS, HASI, J, MLM, MTZ, NWPX and 3 more
False Claims Act
subject tonamed as a riskIn addition, we may also be subject to qui tam litigation brought by private individuals on behalf of the government under the federal False Claims Act, which could include claims for treble damages.Risk factors (Item 1A)
Also named by ACN, ASTS, CDW, CHE, CI, CVS, DGX, FLR and 13 more
Highway Trust Fund
earns fromnamed as a riskIn recent years, the Highway Trust Fund has faced insolvency as outlays have outpaced revenues, and annual shortfalls have been addressed primarily by short-term measures.Risk factors (Item 1A)