Granite Construction Lifts 2026 Outlook by $100M as Q2 Revenue Climbs 29%
GVA sits 30% above its 52-week low of $89.797.
Summary
Granite Construction posted Q2 2026 revenue of $1.46 billion, a 29% year-over-year increase, and raised its full-year revenue guidance by $100 million. A $360 million non-cash loss on convertible debt transactions drove a GAAP net loss, but adjusted earnings exceeded expectations.
Key Events · Earnings and Guidance · GVA
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Revenue Surges 29% to $1.46B
Driven by organic growth and recent acquisitions, Q2 2026 revenue rose $330 million year-over-year, with the Construction segment up 28.8% and Materials up 31.7%.
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Adjusted EBITDA Rises 22% to $186M
Improved execution and higher volumes lifted adjusted EBITDA by $34 million from the prior year, yielding an adjusted EBITDA margin of 12.8%.
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GAAP Net Loss Driven by Non-Cash Convertible Debt Charge
A $360 million non-operating loss on convertible debt transactions—a mark-to-market charge from settling the 3.75% convertible notes in cash—resulted in a GAAP net loss of $278 million. Adjusted net income was $101 million, or $2.16 per diluted share.
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Full-Year Revenue Guidance Raised by $100M
Citing strong demand and a $7.4 billion CAP backlog that grew $250 million sequentially, management increased 2026 revenue guidance to $5.3–$5.5 billion.
Analysis · GVA · Real Estate & Construction
A strong operational quarter saw revenue jump 29% to $1.46 billion and adjusted EBITDA rise 22% to $186 million. The reported net loss of $278 million stems entirely from a non-cash $360 million loss on convertible debt transactions—a mark-to-market charge from settling the 3.75% convertible notes primarily in cash to limit dilution. Excluding that item, adjusted net income reached $101 million. Reflecting confidence in sustained demand across public and private infrastructure markets, management raised full-year revenue guidance by $100 million. The $7.4 billion CAP backlog and improved operating cash flow provide clear visibility into the second half.
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In the 30 days to Oct 2, 2026, 29.9% of the 1656 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, GVA was trading at $117.10 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $5.2B. The 52-week trading range was $89.80 to $162.08. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.