EarningsQ2 2026 Earnings Report
MX:GVA Q2 2026 EPS Results
Actual EPS-$115.51
Consensus EPS$40.90
Beat/MissMissed by -$156.41
One Year Ago EPS$25.79
MX:GVA Q2 2026 Revenue Results
Actual Revenue$26.44B
Expected Revenue$25.64B
Beat/MissBeat by +$796.70M
YoY Revenue Growth+29.30%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:GVA Upcoming Earnings
Granite Construction's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:GVA Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong commercial and financial momentum: record backlog (CAP), double‑digit revenue growth (29% YoY), improving adjusted earnings and a meaningful swing in operating cash flow ($142M YTD vs $5M prior year). Management raised revenue guidance and 2027 organic growth expectations and highlighted a growing data center pipeline, successful M&A execution (Kenny Seng) and improved access to capital (credit ratings, $600M notes). Primary negatives are Materials margin pressure in Q2 (800 bps decline), weather and quarry development impacts (~$10M and ~$5M), and large nonoperating convertible note charges ($363M) that will produce GAAP volatility and near‑term interest recognition of $270M. Overall, positives — including upgraded guidance, cash generation, backlog quality and strategic initiatives — materially outweigh the quarter’s transitory headwinds and one‑time financing charges.Company Guidance
Record Backlog (CAP) Growth
Contracted backlog (CAP) increased by $250 million sequentially to a record $7.4 billion, driven by strong project wins and the acquisition of Kenny Seng Construction (Kenny Seng CAP ~ $150 million). Management cited the record CAP as providing strong visibility into future revenue.
Strong Revenue and Profit Growth
Total revenue grew 29% year‑over‑year to $1.5 billion. Gross profit increased 20% year‑over‑year to $239 million. Construction segment revenue rose $270 million (29% YoY) to $1.2 billion.
Improved Adjusted Earnings and EBITDA
Adjusted net income increased by $15 million to $101 million. Adjusted EBITDA increased by $34 million to $186 million.
Large Improvement in Operating Cash Flow
Year‑to‑date cash provided by operating activities was $142 million versus $5 million in the prior year. Management raised the annual operating cash flow target from 10% to 11% of revenue.
Raised Revenue Guidance and 2027 Organic Growth Outlook
Full‑year revenue guidance was increased to $5.3 billion–$5.5 billion (from $5.2B–$5.4B). Management expects ~12% organic growth and ~10% from acquisitions at the midpoint, and raised 2027 organic growth expectations from 6%–8% to above 10%.
Materials Demand and Pricing Momentum
Materials demand remained healthy with orders ahead of the prior year. Company realized targeted mid‑single‑digit aggregate price increases. Materials revenue rose $60 million YoY to $248 million, with total aggregate and asphalt revenue (pre‑consolidation) up $111 million and internal asphalt sales up $42 million (73%).
Data Center Pipeline Expansion
Data center‑related CAP increased materially from about $65 million a year ago to roughly $223 million at quarter end. Management launched a dedicated data center division and targets data centers to be ~10% or more of annual revenue over time.
Capital Markets and Balance Sheet Actions
Granite secured inaugural credit ratings from Moody's and S&P, completed a $600 million senior unsecured notes offering, called its remaining 3.75% convertible notes, and announced a plan to use approximately $570 million cash (net of unwind proceeds) to settle conversions—expected to reduce adjusted diluted shares by ~2 million.
Active M&A Pipeline and Execution
Management emphasized a robust self‑sourced M&A pipeline, closed Kenny Seng this quarter, expects additional transactions in 2026, and indicated willingness and capacity to pursue opportunistic share repurchases and further acquisitions (expected spend range for the year ~ $200M–$400M; multi‑year historical M&A range $300M–$800M).
MX:GVA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed