On this page of StockholderLetter.com we present the latest annual shareholder letter from Arcosa, Inc. — ticker symbol ACA. Reading current and past ACA letters to shareholders can bring important insights into the investment thesis.

 •  3/31/2026 Letter Continued (Full PDF)
 •  3/28/2023 ACA Stockholder Letter
 •  3/26/2024 ACA Stockholder Letter
 •  4/1/2025 ACA Stockholder Letter
 •  More "Industrial Machinery & Equipment" Category Stockholder Letters
 •  ACA Benford's Law Stock Score = 80

ACA Shareholder/Stockholder Letter Transcript:

2 02 5
ANNUAL REPORT
BUILD A
BETTER WORLD

Arcosa is a provider of
infrastructure-related
products and solutions
with leading brands
serving construction,
engineered structures, and
transportation markets.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking
statements as de   ned by the Private Securities
Litigation Reform Act of 1995. Forwardlooking statements are subject to risks and
uncertainties that could cause actual results
to differ materially from such forward-looking
statements. For more information on these risks
and uncertainties, please refer to    Risk Factors   
and the    Forward-Looking Statements    section
of    Management   s Discussion and Analysis of
Financial Condition and Results of Operations   
of the Form 10-K included in this Annual Report.
NON-GAAP FINANCIAL MEASURES
This document contains    nancial measures that
have not been prepared in accordance with
U.S. generally accepted accounting principles
(   GAAP   ). Reconciliations of non-GAAP
   nancial measures to the closest GAAP measure
are provided on pages 10-12.
2025 ANNUAL REPORT

ARCOSA
WE MOVE
INFRASTRUCTURE
FORWARD
ARCOSA BY THE NUMBERS
Year Ended 12.31.2025
Our individual businesses have built reputations
for quality, service, and operational excellence
over decades. Arcosa serves a broad spectrum of
infrastructure-related markets and is strategically
focused on driving organic and disciplined
acquisition growth to capitalize on the
fragmented nature of many of the industries
in which we operate.
With Arcosa   s current platform of businesses
and additional growth opportunities, we
are well-aligned with key market trends
such as the replacement and growth of
transportation infrastructure; the continued
shift to renewable power generation; and the
expansion of new transmission, distribution, and
telecommunications infrastructure.
$2.9B
Revenues
$208M
Net Income
$583M
Adjusted EBITDA
~6,390
Employees
70+
Years Operating
OUR THREE INFRASTRUCTURE-RELATED SEGMENTS
1
(1) The company has entered into an agreement to sell its Inland Barge business, which makes up the Transportation Products segment.
The transaction is expected to close in the second quarter of 2026.
PG. 01 | 2025 ANNUAL REPORT

DEAR FELLOW SHAREHOLDERS:
2025 was an outstanding one for Arcosa     one
in which we continued to deliver record    nancial
results by advancing our long-term strategy of
building a stronger, more resilient business. Our
progress re   ects disciplined execution across the
company and our ongoing commitment to value
creation.
DELIVERING RECORD
FINANCIAL PERFORMANCE
Arcosa achieved record revenues of $2.9 billion,
a 12% increase over the prior year, supported
by strong contributions from our Construction
Products and Engineered Structures segments.
We also delivered record Adjusted EBITDA of
$583 million, representing 30% year-over-year
growth, and an Adjusted EBITDA margin of 20.2%,
an expansion of 280 basis points. These results
re   ect robust execution, pricing discipline, and the
continued bene   ts of our transformation strategy.
We accomplished this performance while
achieving the lowest annual safety incident rate in
Arcosa   s history, demonstrating our commitment
to safety excellence.
SUSTAINING MOMENTUM ACROSS
OUR BUSINESSES
We continue to evolve our portfolio toward
businesses with attractive long-term fundamentals
and compelling market demand.
Construction Products grew revenues 19%,
supported by strong pricing dynamics and the
successful integration of the Stavola acquisition,
which accelerated growth and was highly
accretive to segment margin, re   ecting its premier
   nancial attributes and exposure to lower-volatility,
infrastructure-led end markets. Adjusted Segment
EBITDA increased 26% and margin expanded 170
basis points.
PG. 02 | 2025 ANNUAL REPORT
Engineered Structures also delivered another year
of meaningful progress with revenues up 14% and
Adjusted Segment EBITDA 38% higher, resulting in
320 basis points of margin improvement. Segment
growth was driven by organic expansion in our utility
structures business, which bene   ted from elevated
customer investment in grid modernization, along
with increased wind tower production at our recently
opened plant in New Mexico.
Within Transportation Products, the barge business
increased revenues 16% and Adjusted Segment
EBITDA by 21% due to higher tank barge volumes and
a more favorable product mix.
STRENGTHENING THE BALANCE SHEET
AND SIMPLIFYING THE PORTFOLIO
We maintained disciplined capital allocation and
ended the year with improved    nancial    exibility. With
strong free cash   ow generation, we decreased Net
Debt to Adjusted EBITDA to 2.3 times from 2.9 times
at the start of the year. Through a combination of
earnings growth and debt reduction, we achieved our
deleveraging goal following the Stavola acquisition
two quarters ahead of schedule.
In February 2026, we announced that we have
entered into a de   nitive agreement to sell our
barge business for $450 million in cash. We expect
the sale to close in the second quarter of 2026,
subject to regulatory approval and other customary
closing conditions, and intend to use the net aftertax proceeds to invest in the expansion of our core
growth platforms and reduce outstanding debt.
This transaction further reduces portfolio complexity
and cyclicality, raises our overall margin pro   le, and
enhances the long-term resiliency of the company.
Upon completion of the divestiture, Arcosa will
be fully focused on our key growth businesses    
construction materials and engineered structures
    with both well aligned to bene   t from long-term
infrastructure and power market tailwinds in the U.S.

POSITIONED FOR CONTINUED GROWTH IN
2026 AND BEYOND
We enter 2026 in our most resilient position to
date, supported by the attractive fundamentals
underpinning our North American infrastructure-led
businesses and the success of the strategic actions
we have executed to transform our portfolio.
For Construction Products, we anticipate positive
construction market activity supported by healthy
underlying demand and the long-term fundamentals
tied to infrastructure investment. IIJA funding,
combined with strong state    scal health, is expected
to support volume growth in 2026. Roughly half of
the IIJA funding has not been spent, and there is
progress being made in Congress on advancing a
multiyear surface transportation reauthorization to
bene   t future years.
Within Engineered Structures, we expect continued
acceleration in utility structures driven by energy
transition and grid modernization in the U.S., which
should more than compensate for a near-term stepdown in wind tower volume in 2026. Our    exible
manufacturing platform within the segment provides
Arcosa with a competitive advantage and allows us
to quickly and cost-effectively transition excess wind
tower capacity to support expanding demand for
utility structures.
We intend to invest both organically and inorganically
in our growth businesses as we continue to focus
on advancing our safety culture and operational
execution. Our pipeline of investment opportunities
is highly attractive, and we plan to allocate capital
in a balanced manner while recognizing the current
con   ict in the Middle East introduces near-term
uncertainty. In 2026 and beyond, we look forward
to building on the transformation we have achieved
over the past several years.
IN CLOSING
I am incredibly proud of what our team accomplished
in 2025. Their dedication and innovation continue to
strengthen Arcosa and enhance our ability to serve
customers across critical infrastructure markets.
I also want to thank our shareholders for your
continued trust and support as we remain focused
on delivering shareholder value creation. With
a streamlined company centrally focused on
construction materials and engineered structures,
we are in excellent shape as we continue to move
infrastructure forward.
Sincerely,
ANTONIO CARRILLO
President and
Chief Executive Officer
Arcosa, Inc.
12%
Consolidated
Revenue Growth
PG. 03 | 2025 ANNUAL REPORT
30%
Consolidated Adjusted
EBITDA Growth

3/31/2026 Letter Continued (Full PDF)

 

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