Granite Construction GVA tops Q3 2026 estimates with record $7.5B backlog
As seen on the 24/7 Wall St. homepage on October 29, 2026.
Committed and awarded projects hit a record $7.5 billion, which is why both lines beat expectations and 2026 revenue guidance was narrowed upward. The $0.07 GAAP diluted EPS reflects charges from settling convertible note conversions in cash.
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Granite Construction posted adjusted earnings of $3.81 per share in Q3 2026, beating expectations, with revenue of $1.77 billion up 23% from a year earlier. Operating income and margins expanded across the quarter.
The engine behind those numbers is a record committed and awarded projects backlog of $7.5 billion, up $1.1 billion from a year ago. The Construction segment led the way, with revenue growing 26.8% on project execution and incremental revenue from acquisitions including Warren Paving. Federal work is a growing piece of that mix.
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GAAP results looked different from the adjusted figures: net income attributable to Granite fell to $3.21 million, or $0.07 per diluted share, after net non-operating charges tied to settling conversions of its 3.75% convertible notes primarily in cash. Management made that choice deliberately to limit stockholder dilution.
With the quarter's momentum in hand, Granite narrowed its full-year 2026 revenue guidance to $5.4 billion to $5.5 billion, raising the low end from $5.3 billion. The company also introduced 2029 targets for organic revenue growth and adjusted EBITDA margin above this year's range. CEO Kyle Larkin said the record backlog positions the company well entering 2027.
Mentioned: GVA