The strong Q3 beat and raised revenue guidance, combined with record CAP of $7.5B and introduction of 2029 targets, signal sustained momentum. Watch the Q4 earnings call for progress on the 2029 adjusted EBITDA margin target of 14%-16% and any further guidance updates.
Price Chart
Executive Summary
Granite Construction reported Q3 2026 revenue of $1.77B, up 23% YoY and above the $1.70B consensus. Adjusted EPS of $3.81 beat the $3.33 consensus. The company narrowed its 2026 revenue guidance to $5.4B-$5.5B and introduced 2029 targets including 10%-12% organic revenue CAGR and 14%-16% adjusted EBITDA margin. GAAP net income was $3M due to $162M in non-operating charges from convertible note settlements, but adjusted net income rose 39% YoY to $173M.
Key Financial Metrics
Key Facts
- Q3 2026 revenue $1.77B, up 23% YoY from $1.43B, above $1.70B consensus
- Adjusted diluted EPS $3.81, up 41% YoY from $2.70, above $3.33 consensus
- GAAP diluted EPS $0.07 vs $1.98 YoY, impacted by $162M in net non-operating charges from convertible note settlements
- Adjusted EBITDA $283M, up 32% YoY from $216M; adjusted EBITDA margin 16.0% vs 15.0% YoY
- Committed and Awarded Projects (CAP) reached a record $7.5B, up $37M sequentially and $1.1B YoY
- Year-to-date operating cash flow $404M, up $114M YoY from $290M
- 2026 revenue guidance narrowed to $5.4B-$5.5B from $5.3B-$5.5B; adjusted EBITDA margin guidance unchanged at 12.25%-13.25%
- Introduced 2029 financial targets: 10%-12% organic revenue CAGR, 14%-16% adjusted EBITDA margin, ~10% free cash flow as % of revenue
- Construction segment revenue $1.47B, up 26.8% YoY; gross margin improved to 18.6% from 16.5%
- Materials segment revenue $292M, up 7.9% YoY; gross margin declined to 21.0% from 25.2% due to energy surcharges
Financial Impact
Revenue beat consensus by ~$70M (4.1%); adjusted EPS beat consensus by $0.48 (14.4%)
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Construction | $1.5B | +26.8% |
| Materials | $292.3M | +7.9% |
Risk Factors
- Materials segment gross margin declined YoY due to energy surcharges and elevated diesel costs
- GAAP net income remains depressed from convertible note settlement charges, though these are non-cash and excluded from adjusted metrics
- Execution risk on achieving 2029 targets, particularly the 14%-16% adjusted EBITDA margin from current ~12.7% year-to-date
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000861459-26-000040 |
| Document: gva-20261029.htm | 0000861459-26-000040 |
| Document: 0000861459-26-000040-index-headers.html | 0000861459-26-000040 |
| Document: 0000861459-26-000040-index.html | 0000861459-26-000040 |
| Document: 0000861459-26-000040.txt | 0000861459-26-000040 |
| 8-K Data (Synthetic) | 0000861459-26-000040 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | SC 13G | $123.51 | awaiting T+1 | awaiting T+1 | $123.62 (+0.09%) |
Oct 29, 2026 3d ago | 8-K | $121.69 $123.62 | ▲ +1.59% | ▲ +3.36% | $123.62 (+1.59%) |
Oct 16, 2026 17d ago | GOVT-CONTRACT | $111.74 $109.51 | ▼ −2.00% | ▼ −2.33% | $123.62 (+10.63%) |
Oct 12, 2026 20d ago | Institutional Cluster | $112.47 $113.15 | ▲ +0.60% | ▲ +0.62% | $123.62 (+9.91%) |
Aug 13, 2026 11w ago | 8-K | $127.10 $128.02 | ▲ +0.72% | ▲ +1.20% | $123.62 (−2.74%) |
Aug 7, 2026 12w ago | 8-K | $128.32 $125.97 | ▼ −1.83% | ▼ −1.80% | $123.62 (−3.66%) |
Aug 4, 2026 12w ago | 8-K | $122.11 $123.33 | ▲ +1.00% | ▲ +1.20% | $123.62 (+1.24%) |
Jul 30, 2026 13w ago | 8-K | $114.92 $120.97 | ▲ +5.26% | ▲ +4.56% | $123.62 (+7.57%) |
Jun 15, 2026 19w ago | Insider Cluster | $145.18 $143.34 | ▼ −1.27% | ▼ −0.02% | $123.62 (−14.85%) |
Jun 8, 2026 20w ago | Insider Cluster | $140.05 $135.76 | ▼ −3.06% | ▼ −1.49% | $123.62 (−11.73%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers