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…
Earnings analysis · 10-Q
GVA earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.26
What stood out
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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.
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Adjusted EPS Turnaround
The adjusted diluted EPS for Q1 2026 was $0.26 compared to a loss of $0.77 in Q1 2025.
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Strong Segment Growth
Construction segment revenue rose 24.6%, hitting $766.1 million, while materials surged 72.4% to $146.4 million.
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CAP Reached $7.2 Billion
The Committed and Awarded Projects (CAP) increased by $199.8 million or 2.9% from the previous quarter.
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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.
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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.
What to watch
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Significant Net Loss
Net loss attributable to the company was $41.7 million in Q1 2026, increasing from $33.7 million in Q1 2025.
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High SG&A Expenses
SG&A expenses rose to $140.9 million, which is a $25 million increase from the previous year.
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Interest Expense Spike
Interest expenses jumped to $16.3 million from $7.8 million in the same quarter last year.
Management's outlook
Management expects continued momentum driven by strong infrastructure funding.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.