Granite Construction Reports Strong Q2 Performance with Record Committed Projects
Granite Construction Incorporated reported a strong second-quarter performance in 2026, driven by record committed and awarded projects (CAP) of $7.4 billion. This growth is attributed to an effective 'home market' strategy that leverages local resources across transportation, federal, and rail sectors. The data center division saw significant year-over-year CAP growth from $65 million to $223 million as the company benefits from increased demand for AI-driven digital infrastructure. The Materials segment remained resilient despite severe weather in the Southeast, supported by aggregate price increases and higher internal asphalt sales. Management also highlighted a strategic shift toward collaborative contracting methods aimed at reducing project volatility and improving margins. Energy cost management strategies have helped mitigate volatility since 2021 through fixed-forward contracts and financial hedges. Granite raised its full-year revenue guidance to $5.3 billion - $5.5 billion, reflecting strong organic growth expectations for both 2026 and 2027. The company also secured credit ratings from Moody's and S&P, enabling a $600 million senior unsecured notes offering.
Tickers: $GVA
Topics: construction data centers energy management infrastructure materials