Granite Construction GVA Q2 2026: Record Backlog Offsets EPS Miss
As seen on the 24/7 Wall St. homepage on July 30, 2026.
Granite Construction missed earnings on margin pressure from severe weather in its Materials segment, but beat revenue estimates and lifted full-year guidance by $100 million to $5.3 billion to $5.5 billion as its project backlog surged to a record $7.4 billion.
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Granite Construction reported Q2 2026 earnings per share of $2.16, coming in about 7% below the consensus estimate of $2.33. The shortfall was driven by margin pressure in the Materials segment, where severe weather weighed on profitability. Revenue told a different story, reaching $1.46 billion and beating estimates by roughly 3%.
The stronger top line and a record project backlog of $7.4 billion gave management enough confidence to raise full-year revenue guidance by $100 million, lifting the outlook to a range of $5.3 billion to $5.5 billion. That backlog figure is a meaningful signal for future quarters, as it represents work already contracted and waiting to be executed. Revenue has also trended sharply higher over the past year, with Q2 2026's $1.46 billion comparing favorably to $1.08 billion in Q2 2024.
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The key thing to watch going forward is whether weather-related margin pressure in Materials proves temporary or persists into the second half of the year. With backlog at record levels and guidance moving higher, the demand picture looks solid — but margin recovery will determine whether the earnings trajectory catches up to the revenue story.
Mentioned: GVA