Say what you will about the wisdom of investing in large public construction companies. For some investors, the business of erecting dirt structures that don’t yet exist is too risky.
For others, however, the construction business is fundamental, an aspect of civilization so fundamental that it’s hard to bet. After all, human beings have always manipulated their environment to their advantage, be it by building shelters, aqueducts, bridges, or even gladiatorial sites.
In the third quarter of 2025, there were some results from public contractors for both fields. Private development still languished, while the fundamentals of an ongoing infrastructure renaissance persisted. The rush to build data centers to support a different kind of infrastructure for the artificial intelligence boom didn’t hurt either.
Read on for our full recap of earnings coverage below.
