Granite Construction Reports Q2 Earnings Growth Amid Record Backlog
Granite Construction (GVA) reported second-quarter revenue of $1.5 billion, a 29% year-over-year increase driven by record backlog and acquisitions. Adjusted EBITDA rose to $186 million from the prior year period. The company raised its full-year 2026 revenue guidance to between $5.3 billion and $5.5 billion and increased its organic growth target for 2027 to above 10%. Granite also reported a record balance of committed and awarded projects at $7.4 billion, supported by strong public infrastructure demand and expansion into private markets like data center development. Despite challenges in the Materials segment due to weather disruptions and quarry development costs that impacted margins, management noted continued alignment with long-term pricing goals. The company issued $600 million in senior unsecured notes to settle convertible debt obligations, aiming to reduce future share dilution by 2 million shares.
Tickers: $GVA
Topics: cash_flow construction ebitda guidance materials revenue