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Granite Construction
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Latest analysis
Updated Oct 29, 2026
Granite Construction posts record Q3 2026 revenue of $1.77B and $7.5B CAP on acquisition-driven growth, while convertible note restructuring generates $541M other expense YTD and a net loss of $317M through nine months.
Granite Construction's Q3 2026 revenue reached $1.77 billion, with CAP holding at $7.5 billion supported by a strong public funding environment and private market strength. The operating story is sound — Construction segment gross margin expanded to 18.6% in Q3 versus 16.5% a year prior, and operating cash flow grew to $404.3 million for the nine months ended September 30, 2026. However, the financial statements are dominated by non-cash and non-operating distortions from the 3.75% Convertible Notes restructuring, which generated $540.7 million of net other expense year-to-date and drove a net loss attributable to Granite of $316.7 million through nine months despite strong underlying construction performance.
Tone: mixedRevenue
$4.4B
GVA 10-K · FY 2025
Employees
5,800
Revenue FY2024
$4B
Founded
1922
Profile
GVA 10-K Item 1 · Feb 13, 2026Granite Construction Incorporated is one of the largest diversified, vertically integrated civil contractors and construction materials producers in the United States, incorporated in 1922. The company delivers infrastructure solutions to public and private clients across roads, highways, bridges, dams, tunnels, airports, and utilities, while also producing and selling aggregates, asphalt concrete, and related materials to third parties. Its two reportable segments are Construction and Materials.
Read filing description ↓ Collapse description ↑
We deliver infrastructure solutions for public and private clients primarily in the United States. We are one of the largest diversified, vertically integrated civil contractors and construction materials producers in the United States. Within the public sector, we primarily concentrate on infrastructure projects, including the construction of streets, roads, highways, mass transit facilities, airport infrastructure, bridges, dams, power-related facilities, utilities, tunnels, water well drilling and other infrastructure-related projects. Within the private sector, we perform various services such as site preparation, mining services and infrastructure services for commercial and industrial sites, railways, residential development, energy development, as well as provide construction management professional services. We own and lease aggregate reserves, and we own processing plants that are vertically integrated into our construction operations. We also produce construction materials for sale to third parties. We have vertically integrated operations across Alaska, Arizona, California, Kentucky, Louisiana, Mississippi, Nevada, Oregon, Tennessee, Utah and Washington in addition to regional civil construction home markets in the Midwest, Florida and Texas. Our Construction segment also operates national businesses within the Tunnel division and the Federal division, which performs civil construction across the continental United States and Guam, the Industrial & Energy division, which primarily focuses on commercial solar construction projects, and the Layne division, which performs water well drilling, rehabilitation services and mineral exploration services.
Primary products
- civil infrastructure construction
- roads and highways
- bridges
- tunnels
- dams and reservoirs
- airport infrastructure
Business segments
End markets
Geographies
Named customers
During the years ended December 31, 2025, 2024 and 2023, our largest volume customer, including both prime and subcontractor arrangements, was the California Department of Transportation ('Caltrans'). Revenue recognized from contracts with Caltrans during the years ended December 31, 2025, 2024 and 2023 represented $446.6 million (10.1% of total revenue), $567.6 million (14.2% of total revenue) and $458.2 million (13.1% of total revenue), respectively, which was primarily in the Construction segment. Other than Caltrans, none of our customers, including both prime and subcontractor arrangements, had revenue that individually exceeded 10% of total revenue during the years ended December 31, 2025, 2024 or 2023.
“One of our significant competitive advantages is that we own and lease aggregate reserves and own processing plants that are vertically integrated into our construction operations.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total consolidated revenue increased from approximately $4.0 billion in 2024 to approximately $4.4 billion in 2025, driven by growth in both the Construction and Materials segments.
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