Granite Construction Incorporated (GVA) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Granite Construction published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Granite Construction reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Q3 2026 GAAP net income was cut by $162 million of net non-operating charges from settling conversions of Granite's 3.75% convertible notes, which Granite chose to settle mainly in cash to limit dilution. Granite excludes these from adjusted net income and adjusted EBITDA.
• On September 9, 2026, Granite bought the remaining 50% of a Nevada asphalt terminal and emulsion plant for $38.3 million and recorded a gain of about $13.5 million on remeasuring the half it already owned.

Source: Granite Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Granite Construction splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Granite Construction's Construction revenue was $1.5 billion in Q3 2026, up 27% from $1.2 billion in Q3 2025, 83% of total revenue.
• Granite Construction's Materials revenue was $292 million in Q3 2026, up 8% from $271 million in Q3 2025, 17% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Granite Construction said:

“Revenue in a range of $5.4 billion to $5.5 billion from a range of $5.3 billion to $5.5 billion”

“Adjusted EBITDA margin in a range of 12.25% to 13.25%”

“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”

“Capital expenditures in a range of approximately $140 million to $160 million, including approximately $50 million in planned strategic materials investments.”

Source: Granite Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the GVA forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release. The Q1 and Q2 2026 losses per share came mainly from charges tied to settling conversions of Granite's 3.75% convertible notes.

We do not hold a confirmed date for Granite Construction's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

Granite Construction reports two segments. Construction brought in $1,474 million of Q3 2026 revenue of $1,766.3 million, up 26.8% from a year earlier, and Materials brought in $292.3 million, up 7.9%. Construction was 83.5% of revenue, against 81.1% in Q3 2025. (Granite Q3 2026 release, Oct 29, 2026; Granite Form 10-Q, Q3 2026, Oct 29, 2026)

Granite's construction customers are mostly public agencies: federal agencies, state departments of transportation, transit authorities, county and city public works departments and school districts. Public construction revenue rose to $1,203.3 million from $880.4 million, up about 37%, while private construction revenue slipped to $270.7 million from $282.1 million. (Granite Form 10-Q, Q3 2026, Oct 29, 2026)

Granite said Construction revenue grew because of higher Committed and Awarded Projects (CAP) entering the quarter and revenue from acquisitions; excluding acquisitions, it rose about 20%. Materials revenue growth came from recently acquired businesses, and Materials gross margin fell to 21.0% from 25.2% because energy surcharges did not fully offset higher diesel costs. (Granite Q3 2026 release, Oct 29, 2026)

Within Materials, external aggregates revenue was $121.7 million and asphalt $170.6 million. Granite sold 8,550 thousand tons of aggregates at an average $19.29 a ton, against $18.40 a year earlier, and 3,222 thousand tons of asphalt at $90.66 a ton, against $84.32. Aggregates now include barge delivery from the Warren Paving acquisition, which Granite excludes from the per-ton price. (Granite Q3 2026 release, Oct 29, 2026)

Granite has vertically integrated operations in Alaska, Arizona, California, Kentucky, Louisiana, Mississippi, Nevada, Oregon, Tennessee, Utah and Washington, plus civil construction home markets in the Midwest, Florida and Texas. Its 10-K says public work is about 85% of its portfolio and notes that the Infrastructure Investment and Jobs Act ends in September 2026. (Granite Form 10-K, 2025, Feb 13, 2026)

Granite Construction's GAAP diluted EPS was $0.07 in Q3 2026, against adjusted diluted EPS of $3.81. GAAP results carried $162 million of net non-operating charges from settling conversions of its 3.75% convertible notes, including $270.2 million of convertible debt discount amortization booked in interest expense, partly offset by a $108.6 million net gain on convertible debt transactions. Adjusted EPS also excludes acquired intangible amortization, stock-based compensation, other costs and a $13.5 million remeasurement gain. (Granite Q3 2026 release, Oct 29, 2026)

The convertible note charges are not tax deductible, so Granite's effective tax rate was 84.5% in Q3 2026, against 25.8% a year earlier. Provision for income taxes was $56.8 million on pre-tax income of $67.2 million. (Granite Form 10-Q, Q3 2026, Oct 29, 2026)

Diluted weighted average shares fell to 46,258 thousand from 53,556 thousand, as Granite settled the convertible notes mostly in cash and unwound the related capped calls. Its adjusted share count, which removes convertible note dilution up to the capped call price, was 45,495 thousand. In the quarter Granite repurchased 301,642 shares for $37.1 million, including shares withheld for employee taxes. (Granite Q3 2026 release, Oct 29, 2026; Granite Form 10-Q, Q3 2026, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Granite Construction gives a full-year outlook in its release. With Q3 2026 results it raised the low end of its 2026 revenue range to $5.4 billion to $5.5 billion, from $5.3 billion to $5.5 billion, and kept adjusted EBITDA margin at 12.25% to 13.25%, SG&A at 8.25% to 8.75% of revenue and capital expenditures at about $140 million to $160 million. (Granite Q3 2026 release, Oct 29, 2026)

Granite's CFO said that at the midpoint of the revenue range it expects about 15% organic revenue growth in 2026 plus a 9% contribution from acquired companies. Granite also introduced 2029 targets: organic revenue growth of 10% to 12% a year, adjusted EBITDA margin of 14% to 16%, and free cash flow of about 10% of revenue. (Granite Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Granite Construction, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Granite Construction's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning GVA is on is GVA a buy or a sell?, what analysts expect next is on the GVA forecast, and what the company does is on the Granite Construction Incorporated (GVA) stock page.

Every number on this page can be traced to a document Granite Construction published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.