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Granite Construction Inc (GVA) stock

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NYSE: GVA NYSE Construction & Engineering Next results ~February 11, 2027

C+ Fundamentals grade

Granite Construction Inc is a US-listed company in the construction & engineering industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($440.23) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($440.23) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating. We'll show the comparison once resolved.

Granite Construction Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 6 selling4 purchases and 16 sales by directors and officers, last 12 monthsInsider trades
  • Funds230 adding, 192 cuttingOf 55 active managers that changed their stake, 21 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Granite Construction files

10-Q filed October 29: Granite Construction

Granite Construction's revenue for the twelve months to September 2026 reached $5.30bn, a 25.1% rise on the same period a year earlier. That pace accelerated from the 21.8% growth recorded the previous quarter. Profitability held steady alongside the top-line gain, with free-cash-flow margin unchanged at 8.4%. Meanwhile, the diluted share count fell 6.9% year-on-year, a reduction that concentrates earnings among fewer shares and lifts the value attributable to each one remaining. Taken together, faster revenue growth, stable cash conversion and a shrinking share base point to a business expanding on firmer footing, with per-share metrics benefiting further from the buyback-driven decline in shares outstanding.

Our model value for Granite Construction is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Granite Construction stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.97bn, up 21.8% on a year earlier, faster than the 14.9% growth a quarter earlier. Free-cash-flow margin rose to 9.5% from 7.6% a year earlier. The diluted share count is down 2.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 6 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

Granite Construction Inc's trailing-twelve-month revenue grew 25.1% year on year, with a free-cash-flow margin of 8.4%. Where it stands out: change in share count of -6.9% ranks 2 of 40 construction & engineering companies we cover.

Our discounted-cash-flow model values the business at ~$440 per share in the base case (~$330–$580 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 25.1% (+3.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 25.1% over the last 12 months, against a median of 21.2% for construction & engineering companies we cover.
  • Growth speeding up. The growth rate is 3.3 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 6.9% in a year, so each share owns more of the business.

Things to watch

  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 0.9% ranks 26 of 33 construction & engineering companies we cover (median 0.7%).
  • Heavily shorted. 15.1% of the shares available to trade are sold short (6.2 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$3.81 against an average estimate of $3.33: beat by 14.5%
Revenue
$1.77bn, up 23.2% on a year earlier
Share reaction
+10.7% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $5.4bn to $5.5bn (2026 fiscal year); adjusted EBITDA margin 12.25% to 13.25% (2026 fiscal year)
Next report
October 29, 2026; average EPS estimate $1.51

Granite Construction's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.3%
  • 1 week+18.9%
  • 1 month+7.5%
  • This year+12.1%
  • 1 year+25.8%
  • 5 years+251.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.3B
Operating margin
7.5%
Net margin
-5.0%
EPS (TTM, diluted)
$-5.39

Growth

Revenue growth
+25.1%
Change in growth rate
+3.3 pts
Share count change
−6.9%

Cash

Free cash flow (TTM)
$443M
FCF margin
8.4%
Stock pay % of revenue
0.9%

Earnings

Last results
October 29, 2026
Next results (est.)
February 11, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Share issue
  4. Leadership
  5. Agreement
  6. Results
  7. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Granite Construction Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($440.23) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Granite Construction Inc's free cash flow after stock-based pay ( $511M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Granite Construction Inc as an operating company, with every model that fits that kind of business. Cost of equity 10%: the 10-year Treasury yield (4.9%) plus a beta of 1.13 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$440 ~$330–$580 Left out: far from the other models (more than 3x away from their median)
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$65 ~$38–$85 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$97–$160 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$9.6 ~$6.5–$13 Left out: out of range vs price (0.07x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$5.2 ~$4.7–$5.7 Left out: out of range vs price (0.04x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Granite Construction Inc with Construction & Engineering in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$37.53$48.64$56.64$36.36$25.35$25.19$36.98$34.09$50.05$86.97$115.00$128.91
Market value$1.5bn$2.0bn$2.3bn$1.6bn$1.2bn$1.1bn$1.8bn$1.8bn$2.6bn$4.6bn$6.1bn$6.3bn
+ Net debt (− = net cash)$6m$55m−$9m$256m$112m−$86m−$56m−$6m$237m$161m$810m$1.1bn
Enterprise value$1.5bn$2.0bn$2.3bn$1.9bn$1.3bn$1.1bn$1.7bn$1.8bn$2.9bn$4.7bn$6.9bn$7.4bn
Multiples
Price / sales 0.6x0.8x0.8x0.5x0.4x0.3x0.5x0.5x0.7x1.1x1.4x1.2x
Price / earnings 24.7x34.3x67.0xn/m——174.3x21.4x60.3x36.1x31.7x—
Price / free cash flow 65.6x—29.1x—n/m6.6x——60.7x14.3x18.5x14.3x
EV / EBITDA 8.6x12.8x17.7x15.5x16.1x—12.7x10.6x16.6x14.2x15.6x12.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

29 /100

Weak moat

How hard Granite Construction's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Cash operating profit has been a median 5.0% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 11.9%, moving by 3.1 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 2.4%; its worst year was -4.4%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 6 of 10 years, at a median 2.8% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 21.7% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $7.03 +16% $5.4bn +22%
Next $7.95 +13% $5.9bn +9%

Next year's EPS estimate has moved +4.1% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.3% on 90 days ago. In the last 30 days, 2 analysts raised Granite Construction Inc's forecast and 1 cut it.

Consensus EPS forecast Granite Construction Inc, last 90 days
$6.50 $7.00 $7.50 $8.00 $8.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.74 Current fiscal year, 60 days ago: $7.08 Current fiscal year, 30 days ago: $7.11 Current fiscal year, 7 days ago: $7.11 Current fiscal year, Now: $7.03 $7.03 Next fiscal year, 90 days ago: $7.64 Next fiscal year, 60 days ago: $7.99 Next fiscal year, 30 days ago: $8.06 Next fiscal year, 7 days ago: $8.06 Next fiscal year, Now: $7.95 $7.95

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.74$7.64
60 days ago $7.08$7.99
30 days ago $7.11$8.06
7 days ago $7.11$8.06
Now $7.03$7.95

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.33 $3.81 +14.5%
Jun 2026 $2.33 $2.16 −7.3%
Mar 2026 −$0.61 $0.26 +142.9%
Dec 2025 $1.38 $1.40 +1.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Revenue 2026 fiscal year $5.4bn to $5.5bn Raised
    “Revenue in a range of $5.4 billion to $5.5 billion from a range of $5.3 billion to $5.5 billion” source
  • Adjusted EBITDA margin 2026 fiscal year 12.25% to 13.25% Non-GAAP Maintained
    “Adjusted EBITDA margin in a range of 12.25% to 13.25%” source
  • SG&A expense as a percent of revenue 2026 fiscal year 8.25% to 8.75% Maintained
    “SG&A expense as a percent of revenue in a range of 8.25% to 8.75% of revenue, inclusive of an estimated $48 million of stock-based compensation expense” source
  • Capital expenditures 2026 fiscal year $140m to $160m Maintained
    “Capital expenditures in a range of approximately $140 million to $160 million, including approximately $50 million in planned strategic materials investments.” source
  • Organic revenue CAGR 2029 financial targets 10% growth to 12% growth New
    “Organic revenue CAGR in a range of 10% to 12%” source
  • Adjusted EBITDA margin 2029 financial targets 14% to 16% Non-GAAP New
    “Adjusted EBITDA margin in a range of 14% to 16%” source
Show 5 more items
  • SG&A expense as a percent of revenue 2029 financial targets about 7.5% New
    “SG&A expense as a percent of revenue of approximately 7.5%” source
  • Operating cash flow as a percent of revenue 2029 financial targets about 13% New
    “Operating cash flow of approximately 13% of revenue and CAPEX of approximately 3% of revenue resulting in free cash flow of approximately 10% of revenue” source
  • CAPEX as a percent of revenue 2029 financial targets about 3% New
    “Operating cash flow of approximately 13% of revenue and CAPEX of approximately 3% of revenue resulting in free cash flow of approximately 10% of revenue” source
  • Free cash flow as a percent of revenue 2029 financial targets about 10% New
    “Operating cash flow of approximately 13% of revenue and CAPEX of approximately 3% of revenue resulting in free cash flow of approximately 10% of revenue” source
  • Net leverage target 2029 financial targets about 2.5 New
    “Continued expansion through M&A with a 2.5x net leverage target” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Granite Construction Inc's revenue by +11.9% next year and +16.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.1%, weight 43%) , management guidance (+10.1%, weight 34%) and the company's own record (+20.0%, weight 23%) . How the weights are set.

Analyst recommendations

5 analysts, Oct 2026
Buy480%
Hold00%
Sell120%

Monthly trend

  1. Oct 2026415
  2. Sep 2026415
  3. Aug 2026415

Counts of recommendations published by analysts covering Granite Construction Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.1%
of tradable shares
Days to cover
6.16
at average volume
Short interest, 1 month
+8%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.9%
of shares
Employees
2,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +25.8%

$102.48 on October 31, 2025 to $128.91

ThenNowEffect
Revenue (last 12 months) $4.1bn $5.0bn +21.8%
P/S multiple 1.3x 1.3x +0.3%
Share count 52m 51m +2.9%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years +185.9%

$45.09 on November 3, 2023 to $128.91

ThenNowEffect
Revenue (last 12 months) $3.3bn $5.0bn +52.5%
P/S multiple 0.7x 1.3x +99.0%
Share count 48m 51m −5.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
GVA+47%−8%+47%+74%+32%+12%
Industry peers (median)+38%−8%+43%+47%+25%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
GVA58%50%67%67%75%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
GVA−15%−36%−22%−13%−25%−34%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 85% from January 29, 2018 to March 17, 2020. Getting back needed a 555% gain, reached on May 9, 2024, 1514 days after the low.

Price behaviour

52-week range
$98.09 – $160.08
From 52-week high
−19.5%
vs 50-day average
+11.3%
vs 200-day average
+2.0%
Volatility (1 year)
34%
Beta vs S&P 500
0.89

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±5.3%
After a week
9 up, 2 down
typical move ±7.2%
After a month
9 up, 2 down
typical move ±10.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +10.7% −2.1% — —
July 30, 2026 +2.6% +2.4% +3.2% +3.9%
April 30, 2026 +13.8% +1.3% +15.2% +11.4%
February 12, 2026 −1.7% −1.5% +2.0% −7.6%
November 6, 2025 −4.1% −1.0% 0.0% +5.3%
August 7, 2025 +13.6% +0.7% +18.7% +15.9%
May 1, 2025 −0.2% +2.2% +1.8% +8.6%
February 13, 2025 +0.2% +1.1% −5.2% −14.9%
October 31, 2024 +5.4% −1.5% +16.7% +20.4%
August 1, 2024 +1.5% −3.3% +0.8% +9.8%
May 2, 2024 +8.0% +2.2% +12.9% +11.5%
February 22, 2024 −1.3% +2.1% +2.7% +9.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Granite Construction Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Granite Construction Inc
$3.5B $4B $4.5B $5B $5.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.5B Revenue (TTM), FY24 Q1: $3.6B Revenue (TTM), FY24 Q2: $3.8B Revenue (TTM), FY24 Q3: $4B Revenue (TTM), FY24 Q4: $4B Revenue (TTM), FY25 Q1: $4B Revenue (TTM), FY25 Q2: $4.1B Revenue (TTM), FY25 Q3: $4.2B Revenue (TTM), FY25 Q4: $4.4B Revenue (TTM), FY26 Q1: $4.6B Revenue (TTM), FY26 Q2: $5B Revenue (TTM), FY26 Q3: $5.3B $5.3B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.5B
FY24 Q1 $3.6B
FY24 Q2 $3.8B
FY24 Q3 $4B
FY24 Q4 $4B
FY25 Q1 $4B
FY25 Q2 $4.1B
FY25 Q3 $4.2B
FY25 Q4 $4.4B
FY26 Q1 $4.6B
FY26 Q2 $5B
FY26 Q3 $5.3B
Revenue growth, TTM YoY Granite Construction Inc
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 6.3% Revenue growth, TTM YoY, FY24 Q1: 12.9% Revenue growth, TTM YoY, FY24 Q2: 16.8% Revenue growth, TTM YoY, FY24 Q3: 17.8% Revenue growth, TTM YoY, FY24 Q4: 14.2% Revenue growth, TTM YoY, FY25 Q1: 11.4% Revenue growth, TTM YoY, FY25 Q2: 7.2% Revenue growth, TTM YoY, FY25 Q3: 6.9% Revenue growth, TTM YoY, FY25 Q4: 10.4% Revenue growth, TTM YoY, FY26 Q1: 14.9% Revenue growth, TTM YoY, FY26 Q2: 21.8% Revenue growth, TTM YoY, FY26 Q3: 25.1% 25.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 6.3%
FY24 Q1 12.9%
FY24 Q2 16.8%
FY24 Q3 17.8%
FY24 Q4 14.2%
FY25 Q1 11.4%
FY25 Q2 7.2%
FY25 Q3 6.9%
FY25 Q4 10.4%
FY26 Q1 14.9%
FY26 Q2 21.8%
FY26 Q3 25.1%
Operating margin (TTM) Granite Construction Inc
0% 2% 4% 6% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 2.3% Operating margin (TTM), FY24 Q1: 2.2% Operating margin (TTM), FY24 Q2: 3.6% Operating margin (TTM), FY24 Q3: 4.2% Operating margin (TTM), FY24 Q4: 5.2% Operating margin (TTM), FY25 Q1: 5.2% Operating margin (TTM), FY25 Q2: 5.6% Operating margin (TTM), FY25 Q3: 6.3% Operating margin (TTM), FY25 Q4: 6.4% Operating margin (TTM), FY26 Q1: 6.3% Operating margin (TTM), FY26 Q2: 6.3% Operating margin (TTM), FY26 Q3: 7.5% 7.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 2.3%
FY24 Q1 2.2%
FY24 Q2 3.6%
FY24 Q3 4.2%
FY24 Q4 5.2%
FY25 Q1 5.2%
FY25 Q2 5.6%
FY25 Q3 6.3%
FY25 Q4 6.4%
FY26 Q1 6.3%
FY26 Q2 6.3%
FY26 Q3 7.5%
FCF margin (TTM) Granite Construction Inc
0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 1.2% FCF margin (TTM), FY24 Q1: 4.3% FCF margin (TTM), FY24 Q2: 5.2% FCF margin (TTM), FY24 Q3: 7.4% FCF margin (TTM), FY24 Q4: 8.0% FCF margin (TTM), FY25 Q1: 7.3% FCF margin (TTM), FY25 Q2: 7.6% FCF margin (TTM), FY25 Q3: 8.2% FCF margin (TTM), FY25 Q4: 7.5% FCF margin (TTM), FY26 Q1: 6.5% FCF margin (TTM), FY26 Q2: 9.5% FCF margin (TTM), FY26 Q3: 8.4% 8.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 1.2%
FY24 Q1 4.3%
FY24 Q2 5.2%
FY24 Q3 7.4%
FY24 Q4 8.0%
FY25 Q1 7.3%
FY25 Q2 7.6%
FY25 Q3 8.2%
FY25 Q4 7.5%
FY26 Q1 6.5%
FY26 Q2 9.5%
FY26 Q3 8.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Granite Construction took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $4.4B
  2. Cost of revenue $3.7B · 83.9%
  3. Gross profit $711M · 16.1%
  4. Selling, general and admin $408M · 9.2%
  5. Operating income $282M · 6.4%
  6. Income tax $68.5M · 1.5%
  7. Net income $193M · 4.4%

Shares of revenue. Source: Granite Construction's 10-K for FY2025, as filed with the SEC.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,963 1,763 2,010 2,083 2,267 2,275 2,371 2,515 2,958 3,287 2,915 3,562 3,502 3,301 3,509 4,008 4,424 5,300
Gross profit 350 178 248 235 177 240 300 301 279 335 190 345 363 369 396 573 711 852
EBITDA 209 −35 160 137 18 133 175 157 129 120 80 −45 134 168 172 334 445 580
Operating income 129 −109 99 81 −55 65 110 92 63 8 −42 −158 25 85 80 207 282 395
Net income 74 −59 51 45 −36 25 60 57 34 1 −60 −145 10 83 44 126 193 −265
Diluted EPS $1.90 −$1.56 $1.31 $1.15 −$0.94 $0.64 $1.52 $1.42 $0.84 $0.01 −$1.29 −$3.18 $0.21 $1.70 $0.97 $2.62 $3.86 −$5.39
Growth (year on year)
Revenue −26.6% −10.2% +14.0% +3.7% +8.8% +0.4% +4.2% +6.1% +17.6% +11.1% −11.3% +22.2% −1.7% −5.7% +6.3% +14.2% +10.4% +25.1%
EBITDA −31.1% −116.7% — −14.3% −86.7% — +30.9% −10.2% −17.8% −7.1% −33.0% −156.5% — +25.6% +2.6% +93.6% +33.3% +40.5%
Operating income −40.4% −184.6% — −18.6% −167.7% — +69.4% −16.3% −32.3% −86.9% — — — — −6.2% +159.0% +36.2% +47.4%
Net income −40.0% −180.2% — −11.5% −180.4% — — −5.6% −40.3% — — — — — −47.7% — +52.8% −245.0%
Diluted EPS −40.3% −182.1% — −12.2% −181.7% — — −6.6% −40.8% — — — — — −42.9% — +47.3% −255.7%
Margins
Gross margin 17.8% 10.1% 12.3% 11.3% 7.8% 10.5% 12.6% 12.0% 9.4% 10.2% 6.5% 9.7% 10.4% 11.2% 11.3% 14.3% 16.1% 16.1%
EBITDA margin 10.7% −2.0% 8.0% 6.6% 0.8% 5.9% 7.4% 6.2% 4.4% 3.6% 2.8% −1.3% 3.8% 5.1% 4.9% 8.3% 10.1% 10.9%
Operating margin 6.6% −6.2% 4.9% 3.9% −2.4% 2.9% 4.7% 3.7% 2.1% 0.3% −1.4% −4.4% 0.7% 2.6% 2.3% 5.2% 6.4% 7.5%
Net margin 3.7% −3.3% 2.5% 2.2% −1.6% 1.1% 2.6% 2.3% 1.2% 0.0% −2.1% −4.1% 0.3% 2.5% 1.2% 3.2% 4.4% −5.0%
Free-cash-flow margin −1.2% −0.4% 2.4% 2.6% −1.7% −0.0% 1.0% −0.7% 2.7% −0.8% 0.2% 4.9% −2.1% −2.0% 1.2% 8.0% 7.5% 8.4%
Cash flow
Cash from operations 64 29 92 92 5 43 67 73 146 86 111 268 22 56 184 456 469 584
Capital spending 88 37 45 38 44 43 44 91 68 111 107 93 95 122 140 136 138 140
Free cash flow −23 −8 47 54 −38 −0 23 −18 79 −25 5 175 −73 −66 43 320 331 443
Stock-based pay 11 13 12 11 13 11 9 13 16 15 10 6 6 8 10 20 39 49
Free cash flow after stock pay −34 −21 35 43 −52 −11 14 −31 63 −39 −6 169 −79 −74 33 300 291 394
Balance sheet
Cash 339 252 257 322 229 256 253 189 234 273 252 425 396 294 418 578 529 480
Total debt 240 225 218 279 270 270 259 244 225 529 364 339 340 288 655 739 1,339 1,556
Net debt (negative = net cash) −99 −27 −39 −43 41 14 6 55 −9 256 112 −86 −56 −6 237 161 810 1,076
Diluted shares 38m 38m 38m 39m 39m 40m 40m 40m 40m 44m 47m 46m 48m 52m 53m 53m 53m 49m
Returned to shareholders
Dividends 20 20 20 20 20 20 20 21 21 22 24 24 24 23 23 23 23 23
Buybacks 3 4 4 5 6 5 4 5 7 17 37 1 3 71 4 51 48 82
Total returned 23 24 24 25 26 25 24 26 28 39 61 25 27 94 27 73 71 105

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · September 30, 2026
What it owns · $4.5bn
Short-term assets $2.1bnLonger-term assets $2.3bn
What it owes, and who funded it · $2.9bn
Short-term liabilities $1.9bnShareholders' equity $946m
  • Short-term assets cover short-term liabilities $2.1bn of assets due within a year against $1.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $480m of cash against $1.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 164% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 32% to 164% over five years.
  • A year's operating cash flow covers at least 20% of debt $584m of operating cash flow against $1.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $395m against $348m of interest.

From Granite Construction Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$82.4M
Dividends (TTM)
$22.7M
Returned to shareholders
24%
of free cash flow
Buybacks, last 3 fiscal years
$103M
Diluted share count
−6.9%
year over year
Total shareholder yield
1.9%
dividends 0.4% + buybacks 1.4% of market value
Sales & admin spending
8.6%
of revenue

Competitors: side by side with peers

Closest by revenue in construction & engineering
Last 12 months unless stated GVA FIX STN TPC MYRG STRL Median
Revenue, last 12 months $5.3bn $5.3bn $5.8bn $5.9bn $4.3bn $4.3bn $1.5bn
Revenue growth, last 12 months 25.1% −36.6% 6.5% 24.7% 22.8% 93.1% 21.2%
Revenue growth, 3-year average 16.4% 2.0% — 16.4% 7.2% 30.6% 11.3%
Revenue growth, latest quarter 23.2% 53.7% — 19.2% 32.5% 127.0% 26.9%
Gross margin 16.1% 26.8% 42.4% 11.5% 13.0% 23.8% 13.0%
Operating margin 7.5% 18.8% — 4.5% 6.1% 18.2% 4.1%
Operating margin, 3-year average 6.0% 14.0% — 1.6% 4.0% 15.3% 5.4%
Net margin −5.0% 30.9% 5.9% 2.1% 4.5% 12.9% 1.9%
Cash from operations / revenue 11.0% 57.0% 10.6% 13.4% 5.8% 14.2% 4.4%
Free-cash-flow margin 8.4% 46.3% 8.8% 10.4% 3.2% 10.9% 2.3%
Free-cash-flow margin, 3-year average 8.0% 22.3% 7.2% 10.1% 2.8% 15.2% 5.5%
Stock pay / revenue 0.9% 0.7% 0.5% 2.5% 0.4% 0.7% 0.7%
Change in share count −6.9% −0.7% 0.0% 2.2% −1.0% 0.5% 0.8%

Median of all 43 companies we cover in construction & engineering. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

43 construction & engineering companies
Measure Company Peer median Rank
Revenue growth Growth 25.1% 21.2% 16 of 43
Change in growth rate Growth +3.3pp +3.2pp 21 of 43
Gross margin Profitability 16.1% 11.8% 13 of 39
Operating margin Profitability 7.5% 4.1% 12 of 39
Net margin Profitability -5.0% 2.1% 30 of 42
Free-cash-flow margin Cash generation 8.4% 2.3% 9 of 43
Stock pay as % of revenue Cash generation 0.9% 0.7% 26 of 33
Long-term debt as % of assets Balance sheet 26.3% 16.2% 24 of 35
Change in share count Balance sheet -6.9% 1.9% 2 of 40

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Constructions $3.7B 82.6% ▲ 7.0%
Materials $769M 17.4% ▲ 29.9%

From Granite Construction Inc's 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.8B
Institutions reporting
444
Shares held vs prior quarter
▼ 2.7%
Positions opened / closed
78 / 38

Top buyers and sellers, Q2 2026: 230 institutions bought and 192 sold ; the biggest buyer was FMR LLC (+1.3M shares) and the biggest seller Cartenna Capital, LP (−680K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.1B 6.9M 14.0% ▲ 4.8%
FMR LLC $902M 5.7M 11.6% ▲ 28.7%
Vanguard Portfolio Management LLC $386M 2.4M 5.0% ▲ 1.6%
State Street Corp $368M 2.3M 4.7% ▲ 3.6%
Vanguard Capital Management LLC $311M 2.0M 4.0% ▲ 0.9%
First Trust Advisors LP $209M 1.3M 2.7% ▼ 5.5%
Geode Capital Management, LLC $201M 1.3M 2.6% ▲ 19.1%
Frontier Capital Management Co LLC $177M 1.1M 2.3% ▼ 5.8%
Hill City Capital, LP $176M 1.1M 2.3% 0.0%
Millennium Management LLC $172M 1.1M 2.2% ▼ 6.3%
Dimensional Fund Advisors LP $168M 1.1M 2.2% ▼ 0.5%
Hood River Capital Management LLC $138M 871K 1.8% ▼ 2.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Granite Construction Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $156,636 4 trades by 2 insiders, last 12 months Insider sales History → $9.7M 16 trades by 6 insiders · 70% under pre-set plans
Net ▼ $9.6M net selling
Insider Date Trade Shares Price Value
Hernandez Carlos M Director August 6, 2026 Buy 400 $123.99 $49,596
Romer John Timothy Director June 15, 2026 Buy 102 $144.32 $14,721
Romer John Timothy Director June 15, 2026 Buy 273 $143.40 $39,148
Romer John Timothy Director June 12, 2026 Buy 375 $141.79 $53,171
Williams Bradley Jay Senior Vice President June 8, 2026 Sell 6,734 $141.00 $949,494
Tatusko Michael G Senior Vice President June 8, 2026 Sell 7,500 $141.00 $1.1M
Larkin Kyle T President & CEO March 30, 2026 Sell pre-set plan 8,290 $116.46 $965,453
Larkin Kyle T President & CEO March 30, 2026 Sell pre-set plan 1,846 $115.72 $213,619
Larkin Kyle T President & CEO March 30, 2026 Sell pre-set plan 300 $118.73 $35,619
Larkin Kyle T President & CEO March 30, 2026 Sell pre-set plan 1,588 $117.09 $185,939
Woolsey Staci M Chief Financial Officer March 27, 2026 Sell pre-set plan 3,501 $118.58 $415,149
Dowd Brian R Senior Vice President March 27, 2026 Sell pre-set plan 2,025 $118.58 $240,124

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Granite Construction Inc disclosed in the last 12 months; 1 earlier trade on record.

  • John Garamendi(D-CA 3):Sale (full), $1,001 - $15,000, traded January 14, 2022, filed January 21, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 12, 2026
  • November 6, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Granite Construction Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Granite Construction Inc in brief

What does Granite Construction Inc do?
Granite Construction Inc is a US-listed company in the construction & engineering industry. Its financial year ends in December.
What is Granite Construction Inc's stock ticker?
Granite Construction Inc trades under the ticker GVA on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Granite Construction Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Granite Construction Inc reported revenue of $5.3B, 25.1% higher than a year earlier, according to its SEC filings.
What is Granite Construction Inc's free cash flow?
Granite Construction Inc's free-cash-flow margin is 8.4% of revenue over the trailing twelve months, ranking 9 of the 43 construction & engineering companies we cover.
Who are Granite Construction Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Granite Construction Inc buying back stock, and does it pay a dividend?
Granite Construction Inc spent $82.4M on share repurchases over the trailing twelve months, and its diluted share count fell 6.9% over the year.
What is Granite Construction Inc's market cap?
On November 2, 2026, Granite Construction Inc's market capitalisation was about $6.3B and net debt of $1.1B. Market figures come from third-party market data and may be delayed.
Does Granite Construction Inc pay a dividend?
Yes: Granite Construction Inc paid $22.7M in dividends over the trailing twelve months, a dividend yield of 0.40%.
How much debt does Granite Construction Inc have?
Granite Construction Inc's debt-to-equity ratio is 164.5%, from its latest balance sheet (32.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Granite Construction Inc's competitors?
In our Construction & Engineering peer group, the companies closest to Granite Construction Inc are Comfort Systems USA, Stantec Inc, Tutor Perini Corp, MYR Group Inc. and Sterling Infrastructure, Inc. The side-by-side comparison below sets their revenue, margins and growth against Granite Construction Inc's.
Are insiders buying or selling Granite Construction Inc stock?
Over the last 12 months, Granite Construction Inc's directors and officers reported 4 open-market purchases and 16 sales on Form 4. The insider trading page charts every trade.
When is Granite Construction Inc's next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Granite Construction Inc announces its own schedule.