GVA earnings analysis
What we found in GVA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Granite Construction (NYSE: GVA) reported a strong first quarter for 2026, with revenue of $912 million, surpassing the expected $782.26 million. The company reported an adjusted EPS of $0.26, recovering from a diluted loss per share of $0.77 a year prior. Management anticipates continued growth supported by strong infrastructure funding and a robust backlog, despite challenges including high SG&A expenses and macro-economic uncertainties.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Increased 30% Year-over-Year
- Revenue grew from $699.5 million in Q1 2025 to $912.5 million in Q1 2026, marking a 30.4% increase.
- Adjusted EPS Turnaround
- The adjusted diluted EPS for Q1 2026 was $0.26 compared to a loss of $0.77 in Q1 2025.
- Strong Segment Growth
- Construction segment revenue rose 24.6%, hitting $766.1 million, while materials surged 72.4% to $146.4 million.
- CAP Reached $7.2 Billion
- The Committed and Awarded Projects (CAP) increased by $199.8 million or 2.9% from the previous quarter.
- Cash Flow from Investing Improved
- Cash provided by investing activities was $22.5 million compared to cash used of $156.3 million in Q1 2025.
- SG&A as a % of Revenue Decreased
- SG&A expenses were 15.4% of revenue in Q1 2026, down from 16.6% in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Net Loss
- Net loss attributable to the company was $41.7 million in Q1 2026, increasing from $33.7 million in Q1 2025.
- High SG&A Expenses
- SG&A expenses rose to $140.9 million, which is a $25 million increase from the previous year.
- Interest Expense Spike
- Interest expenses jumped to $16.3 million from $7.8 million in the same quarter last year.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.26
- Gross margin
- 12.0%
- Operating margin
- -3.4%
- Segment
- Construction: $766M
- Segment
- Materials: $146M
What they said about what is next.
Management expects continued momentum driven by strong infrastructure funding.
The filing reads better than the one before it.
What came before.
- 10-K · February 13, 2026
- Granite’s 2025 10‑K shows backlog and government project exposure expanding: Committed and Awarded Projects (CAP) grew to $7.0 billion (from $5.3 billion in 2024) with about $3.0 billion of unearned revenue expected to…
- 10-Q · November 6, 2025
- Granite reported Q3 revenue of $1,433,498,000, up from $1,275,510,000 in the year‑ago quarter, with gross profit increasing to $260,548,000 and operating income to $143,651,000. Diluted EPS rose to $1.98 from $1.57 a…
- 10-Q · May 1, 2025
- Granite reported Q1 revenue of $699.5M, up from $672.3M a year ago, driven by Construction (private) and Materials growth. Gross profit improved to $83.8M (implying ~12.0% gross margin) but the company still recorded an…
- 10-K · February 14, 2025
- Granite reorganized operations in Q1 2024 around two reportable segments (Construction and Materials), completed the 2024 acquisition of Dickerson & Bowen, Inc., and entered 2025 with $5.3 billion of Committed and…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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