Granite Construction (GVA) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 23% YoY to $1,766.3M; adjusted net income was $173.2M and adjusted EBITDA reached a record $283M, while GAAP net income was $3.2M after convertible-note charges.

• Record CAP reached $7.455B, and 2026 revenue guidance increased to $5.4B–$5.5B.

Financial highlights

• Q3 gross profit rose to $335.8M from $260.5M, and operating income increased to $224.3M from $143.7M.

• Q3 adjusted diluted EPS was $3.81 versus $2.70; adjusted EBITDA margin was 16.0% versus 15.0%.

• 9M revenue reached $4.13B; adjusted net income was $286.5M versus $211M, while GAAP net loss was $316.7M.

• 9M operating cash flow was $404.3M versus $289.6M.

Outlook and guidance

• FY2026 revenue guidance rose to $5.4B–$5.5B from $5.3B–$5.5B; midpoint implies ~15% organic growth and ~9% acquired-business growth.

• FY2026 adjusted EBITDA margin guidance is 12.25%–13.25%; operating cash flow target is 11% of revenue.

• FY2026 guidance includes $140M–$160M in capital expenditures, SG&A of 8.25%–8.75% of revenue, and an adjusted effective tax rate in the mid-20s.

• 2027 organic growth outlook is 10%–12%; 2029 targets include 10%–12% organic revenue CAGR, 14%–16% adjusted EBITDA margin, ~13% operating cash flow, ~3% CapEx and ~10% free cash flow as a share of revenue.