10-Q · April 30, 2026
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…
Earnings analysis · 10-Q
GVA earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Granite delivered strong Q3 operating performance, with revenue of $1.766 billion, adjusted diluted EPS of $3.81, and adjusted EBITDA of $283 million, while beating consensus estimates. However, reported GAAP EPS was…
Read full summary
Granite delivered strong Q3 operating performance, with revenue of $1.766 billion, adjusted diluted EPS of $3.81, and adjusted EBITDA of $283 million, while beating consensus estimates. However, reported GAAP EPS was only $0.07 because of $162 million in convertible-note settlement charges, making the earnings profile mixed. Management raised the low end of 2026 revenue guidance to $5.4 billion and disclosed ambitious 2029 growth and margin targets. The filing reported no material changes to previously disclosed risk factors.
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.
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
- $0.07
What stood out
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Revenue accelerated sharply
Q3 revenue was $1.766 billion, up from $1.46 billion in Q2 2026 and $1.43 billion in Q3 2025, representing approximately 21% sequential growth and 24% year-over-year growth.
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Adjusted profitability beat estimates
Adjusted diluted EPS was $3.81 versus the $3.30 consensus estimate, while adjusted EBITDA increased 32% to $283 million.
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Revenue outlook raised
2026 revenue guidance was raised to $5.4 billion-$5.5 billion from $5.3 billion-$5.5 billion, increasing the low end by $100 million.
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Long-term targets established
The company maintained adjusted EBITDA margin guidance of 12.25%-13.25% and established 2029 targets for 10%-12% organic revenue CAGR and a 14%-16% adjusted EBITDA margin.
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Share repurchases continued
The company repurchased 300,000 shares under its announced program during the quarter, with $120.994 million remaining available for repurchases at September 30, 2026.
What to watch
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Large convertible-note charge
GAAP diluted EPS was $0.07, compared with adjusted diluted EPS of $3.81, because of $162 million in convertible-note settlement charges. This creates substantial reported-earnings volatility despite stronger underlying results.
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GAAP earnings remain volatile
The quarterly diluted EPS comparison deteriorated from $1.98 in Q3 2025 and $-6.36 in Q2 2026 to reported GAAP EPS of $0.07, highlighting the effect of financing and other below-operating items on earnings.
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Margin execution remains a risk
The filing states there were no material changes to previously disclosed risk factors, but the company retained adjusted EBITDA margin guidance of 12.25%-13.25%, leaving exposure to margin pressure if project or materials costs increase.
Management's outlook
2026 revenue guidance was raised at the low end to $5.4 billion-$5.5 billion from $5.3 billion-$5.5 billion. Adjusted EBITDA margin guidance remains 12.25%-13.25%; the company also introduced 2029 targets of 10%-12% organic revenue CAGR and 14%-16% adjusted EBITDA margin.
Earlier filings 4
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…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.