$GVA

GRANITE CONSTRUCTION INC

CIK:0000861459|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 1,455,872	$ 1,125,964	$ 2,368,337	$ 1,825,511
Cost of revenue	1,217,101	926,865	2,019,661	1,542,563
Gross profit	238,771	199,099	348,676	282,948
Selling, general and administrative expenses	107,794	85,887	248,744	201,798
Other costs, net	5,406	13,253	8,443	22,679
Gain on sales of property and equipment, net	(1,237)	(3,606)	(4,186)	(5,343)
Operating income	126,808	103,565	95,675	63,814
Other (income) expense:
Interest income	(5,147)	(5,761)	(10,996)	(12,029)
Interest expense	21,761	7,927	38,093	15,684
Net income from affiliates	(5,697)	(3,698)	(9,170)	(4,792)
Other income, net	(4,492)	(2,462)	(3,831)	(2,525)
Total other (income) expense, net	366,144	(3,994)	383,519	(3,662)
Income (loss) before income taxes	(239,336)	107,559	(287,844)	67,476
Provision for income taxes	32,248	27,214	20,129	15,458
Net income (loss)	(271,584)	80,345	(307,973)	52,018
Amount attributable to non-controlling interests	(6,578)	(8,645)	(11,888)	(13,974)
Net income (loss) attributable to Granite Construction Incorporated	$ (278,162)	$ 71,700	$ (319,861)	$ 38,044
Net income (loss) per share attributable to common shareholders
Basic (USD per share)	$ (6.36)	$ 1.64	$ (7.33)	$ 0.87
Diluted (USD per share)	$ (6.36)	$ 1.42	$ (7.33)	$ 0.84
Weighted average shares outstanding:
Basic (shares)	43,751	43,746	43,641	43,605
Diluted (shares)	43,751	52,755	43,641	52,616

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income (loss)	$ (307,973)	$ 52,018
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	89,048	65,368
Amortization of debt issuance costs	3,344	2,163
Amortization of convertible debt discount	3,511	0
Loss on derivative remeasurement related to convertible notes	363,530	0
Convertible debt inducement expense	2,900	0
Gain on sales of property and equipment, net	(4,186)	(5,343)
Stock-based compensation	43,860	34,632
Equity in net income from unconsolidated construction joint ventures	(13,096)	(3,814)
Net income from affiliates	(9,170)	(4,792)
Other non-cash adjustments	2,782	(207)
Changes in assets and liabilities:
Receivables	(268,405)	(192,494)
Contract assets, net	62,262	40,197
Inventories	(36,634)	(18,319)
Contributions to unconsolidated construction joint ventures	0	(9,163)
Distributions from unconsolidated construction joint ventures and affiliates	14,562	5,550
Other assets, net	18,000	7,221
Accounts payable	169,933	35,920
Accrued expenses and other liabilities, net	7,276	(3,499)
Net cash provided by operating activities	141,544	5,438
Investing activities:
Purchases of marketable securities	0	(172,578)
Maturities of marketable securities	66,500	17,600
Purchases of property and equipment	(55,868)	(61,022)
Proceeds from sales of property and equipment	11,041	8,346
Acquisition of business, net of cash acquired (See Note 3)	(162,098)	0
Collection of note receivable	24,960	0
Other investing activities	1,037	399
Net cash used in investing activities	(114,428)	(207,255)
Financing activities:
Proceeds from long-term debt	770,000	0
Debt repayments	(465,293)	(552)
Proceeds from partial unwind of capped call	56,675	0
Debt issuance costs	(9,220)	0
Cash dividends paid	(11,342)	(11,338)
Repurchases of common stock	(18,669)	(15,317)
Contributions from non-controlling partners	2,400	0
Distributions to non-controlling partners	(4,185)	(27,250)
Other financing activities, net	419	(39)
Net cash provided by (used in) financing activities	320,785	(54,496)
Net increase (decrease) in cash and cash equivalents	347,901	(256,313)
Cash and cash equivalents at beginning of period	529,220	578,330
Cash and cash equivalents at end of period	$ 877,121	$ 322,017

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents ($154,537 and $145,584 related to consolidated construction joint ventures (“CCJVs”))	$ 877,121	$ 529,220
Short-term marketable securities	36,852	71,021
Receivables, net ($48,324 and $37,398 related to CCJVs)	886,793	630,392
Contract assets ($36,185 and $34,057 related to CCJVs)	283,191	236,879
Inventories	182,116	143,129
Equity in unconsolidated construction joint ventures	131,096	134,670
Other current assets ($3,267 and $3,255 related to CCJVs)	52,979	66,920
Total current assets	2,450,148	1,812,231
Property and equipment, net ($4,831 and $4,961 related to CCJVs)	1,304,105	1,260,823
Long-term marketable securities	17,550	49,534
Investments in affiliates	102,424	96,764
Goodwill	445,984	400,814
Intangible assets, net	211,812	179,548
Right of use assets	167,074	152,678
Other noncurrent assets	79,779	78,001
Total assets	4,778,876	4,030,393
Current liabilities:
Current maturities of long-term debt	381,008	375,896
Accounts payable ($48,880 and $46,708 related to CCJVs)	607,814	430,298
Contract liabilities ($52,672 and $63,500 related to CCJVs)	440,364	327,372
Embedded conversion option derivative liability (see Note 9)	630,473	0
Accrued expenses and other current liabilities ($3,277 and $2,922 related to CCJVs)	359,219	348,179
Total current liabilities	2,418,878	1,481,745
Long-term debt	1,177,644	963,233
Long-term lease liabilities	137,747	125,733
Deferred income taxes, net	143,955	141,489
Other long-term liabilities	95,316	96,660
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding	0	0
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 43,764,125 shares as of June 30, 2026 and 43,496,781 shares as of December 31, 2025	438	435
Additional paid-in capital	304,470	402,391
Accumulated other comprehensive income	4,568	1,581
Retained earnings	443,272	774,641
Total Granite Construction Incorporated shareholders’ equity	752,748	1,179,048
Non-controlling interests	52,588	42,485
Total equity	805,336	1,221,533
Total liabilities and equity	$ 4,778,876	$ 4,030,393