Granite Construction Reports Strong Q1, Boosts Full-Year Revenue and Profit Outlook

summarizeSummary

Granite Construction reported strong Q1 2026 results with significant revenue and adjusted EBITDA growth, leading to a raised full-year guidance for revenue and adjusted EBITDA margin.

check_boxKey Events

• Strong Q1 Financial Performance

  Q1 revenue increased 30% year-over-year to $912 million, and adjusted EBITDA surged 106% to $58 million, demonstrating significant operational improvement.

• Raised Full-Year Guidance

  The company raised its 2026 fiscal year revenue guidance to a range of $5.2 billion to $5.4 billion (from $4.9B-$5.1B) and increased its adjusted EBITDA margin outlook to 12.25%-13.25% (from 12.0%-13.0%).

• Record Project Backlog

  Committed and Awarded Projects (CAP) reached a new record of $7.2 billion, up $200 million sequentially and $1.4 billion year-over-year, indicating strong future revenue visibility.

• Strategic Acquisition Completed

  Granite completed the acquisition of Kenny Seng Construction on April 23, 2026, expanding its vertically-integrated home market in Utah and contributing to the raised guidance.

auto_awesomeAnalysis

Granite Construction reported robust first-quarter results, significantly increasing revenue and adjusted EBITDA year-over-year. The company's strategic acquisition of Kenny Seng Construction and strong project backlog (CAP) contributed to this performance. Management's decision to raise full-year guidance for revenue, adjusted EBITDA margin, and lower SG&A expense as a percentage of revenue signals confidence in continued operational execution and market demand. This positive outlook, despite a GAAP net loss, highlights the company's underlying strength and growth trajectory in its core construction and materials segments.