Granite Construction Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Granite Construction Inc reported revenue of $4.4B (+10.4% year on year) and net income of $220.4M (+56.9% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue | $4.4B | $4.0B | $3.5B | $3.3B |
| Cost of revenue | $3.7B | $3.4B | $3.1B | $2.9B |
| Gross profit | $711.2M | $572.7M | $396.4M | $369.5M |
| Selling, general and administrative expenses | $407.6M | $334.2M | $294.5M | $272.6M |
| Other costs, net | $41.4M | $39.9M | $50.2M | $24.1M |
| Gain on sales of property and equipment, net | ($20.2M) | ($8.8M) | ($28.3M) | ($12.6M) |
| Operating income | $282.4M | $207.4M | $80.1M | $85.4M |
| Loss on debt extinguishment | $0 | $27.6M | $51.1M | — |
| Interest income | ($26.9M) | ($24.3M) | ($17.5M) | ($6.5M) |
| Interest expense | $47.2M | $29.2M | $18.5M | $12.6M |
| Equity in income of affiliates, net | ($15.0M) | ($17.0M) | ($25.7M) | ($13.6M) |
| Other income, net | ($11.8M) | ($4.2M) | ($6.0M) | $1.0M |
| Total other (income) expense, net | ($6.4M) | $11.2M | $20.2M | ($6.4M) |
| Income before income taxes | $288.8M | $196.2M | $59.9M | $91.8M |
| Provision for income taxes | $68.5M | $55.7M | $30.3M | $13.0M |
| Net income | $220.4M | $140.4M | $29.6M | $78.9M |
| Amount attributable to non-controlling interests | ($27.3M) | ($14.1M) | $14.0M | $4.4M |
| Net income attributable to Granite Construction Incorporated | $193.0M | $126.3M | $43.6M | $83.3M |
| Basic earnings per share (USD per share) | $4.42 | $2.88 | $0.99 | $1.87 |
| Diluted earnings per share (USD per share) | $3.86 | $2.62 | $0.97 | $1.70 |
| Basic (shares) | 43.6M | 43.8M | 43.9M | 44.5M |
| Diluted (shares) | 53.1M | 52.5M | 52.6M | 52.3M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Revenue | $1.5B | $912.5M | $1.4B | $1.1B |
| Cost of revenue | $1.2B | $802.6M | $1.2B | $926.9M |
| Gross profit | $238.8M | $109.9M | $260.5M | $199.1M |
| Selling, general and administrative expenses | $107.8M | $140.9M | $101.6M | $85.9M |
| Other costs, net | $5.4M | $3.0M | $16.0M | $13.3M |
| Gain on sales of property and equipment, net | ($1.2M) | ($2.9M) | ($767.0K) | ($3.6M) |
| Operating income | $126.8M | ($31.1M) | $143.7M | $103.6M |
| Interest income | ($5.1M) | ($5.8M) | ($6.0M) | ($5.8M) |
| Interest expense | $21.8M | $16.3M | $13.4M | $7.9M |
| Net income from affiliates | ($5.7M) | ($3.5M) | ($4.9M) | ($3.7M) |
| Other income, net | ($4.5M) | $10.4M | ($6.3M) | ($2.5M) |
| Total other (income) expense, net | $366.1M | $17.4M | ($3.9M) | ($4.0M) |
| Income (loss) before income taxes | ($239.3M) | ($48.5M) | $147.5M | $107.6M |
| Provision for income taxes | $32.2M | ($12.1M) | $38.1M | $27.2M |
| Net income (loss) | ($271.6M) | ($36.4M) | $109.4M | $80.3M |
| Amount attributable to non-controlling interests | ($6.6M) | ($5.3M) | ($6.5M) | ($8.6M) |
| Net income (loss) attributable to Granite Construction Incorporated | ($278.2M) | ($41.7M) | $102.9M | $71.7M |
| Basic (USD per share) | -$6.36 | -$0.96 | $2.35 | $1.64 |
| Diluted (USD per share) | -$6.36 | -$0.96 | $1.98 | $1.42 |
| Basic (shares) | 43.8M | 43.5M | 43.8M | 43.7M |
| Diluted (shares) | 43.8M | 43.5M | 53.6M | 52.8M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Sep 30, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $529.2M | $578.3M | $417.7M | $255.1M |
| Short-term marketable securities | $71.0M | $7.3M | $35.9M | $39.9M |
| Receivables, net | $630.4M | $511.7M | $598.7M | $618.1M |
| Contract assets ($34,057 and $115,834 related to CCJVs) | $236.9M | $328.4M | $263.0M | $237.4M |
| Inventories | $143.1M | $108.2M | $103.9M | $81.3M |
| Equity in unconsolidated construction joint ventures | $134.7M | $140.9M | $171.2M | $185.3M |
| Other current assets ($3,255 and $3,982 related to CCJVs) | $66.9M | $41.8M | $53.1M | $157.2M |
| Total current assets | $1.8B | $1.7B | $1.6B | $1.6B |
| Property and equipment, net ($4,961 and $6,792 related to CCJVs) | $1.3B | $716.2M | $662.9M | $500.8M |
| Long-term marketable securities | $49.5M | — | $0 | $21.6M |
| Investments in affiliates | $96.8M | $94.0M | $92.9M | $78.7M |
| Goodwill | $400.8M | $214.5M | $155.0M | $73.7M |
| Intangible assets | $179.5M | $127.9M | $117.3M | — |
| Right of use assets | $152.7M | $89.8M | $78.2M | $49.6M |
| Other noncurrent assets | $78.0M | $66.6M | $55.6M | $58.3M |
| Total assets | $4.0B | $3.0B | $2.8B | $2.4B |
| Current maturities of long-term debt | $375.9M | $1.1M | $39.9M | $1.4M |
| Accounts payable ($46,708 and $74,745 related to CCJVs) | $430.3M | $407.2M | $408.4M | $398.3M |
| Contract liabilities ($63,500 and $80,096 related to CCJVs) | $327.4M | $299.7M | $243.8M | $191.0M |
| Accrued expenses and other current liabilities ($2,922 and $4,706 related to CCJVs) | $348.2M | $324.0M | $337.7M | $461.3M |
| Total current liabilities | $1.5B | $1.0B | $1.0B | $1.1B |
| Long-term debt | $963.2M | $737.9M | $614.8M | $286.9M |
| Long-term lease liabilities | $125.7M | $73.6M | $63.5M | $32.7M |
| Deferred income taxes, net | $141.5M | $0 | $8.2M | $45.6M |
| Other long-term liabilities | $96.7M | $88.9M | $74.7M | $60.7M |
| Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 | 0 | 0 |
| Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 43,496,781 shares as of December 31, 2025 and 43,424,646 shares as of December 31, 2024 | 435.0K | 434.0K | 439.0K | 437.0K |
| Additional paid-in capital | $402.4M | $410.7M | $474.1M | $468.7M |
| Accumulated other comprehensive income (loss) | $1.6M | ($582.0K) | $881.0K | $535.0K |
| Retained earnings | $774.6M | $604.6M | $501.8M | $465.1M |
| Total Granite Construction Incorporated shareholders’ equity | $1.2B | $1.0B | $977.3M | $934.8M |
| Non-controlling interests | $42.5M | $64.1M | $49.7M | $35.6M |
| Total equity | $1.2B | $1.1B | $1.0B | $970.4M |
| Total liabilities and equity | $4.0B | $3.0B | $2.8B | $2.4B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents ($154,537 and $145,584 related to consolidated construction joint ventures (“CCJVs”)) | $877.1M | $265.7M | $441.8M | $322.0M |
| Short-term marketable securities | $36.9M | $49.2M | $105.4M | $63.3M |
| Receivables, net ($48,324 and $37,398 related to CCJVs) | $886.8M | $636.5M | $836.1M | $705.0M |
| Contract assets ($36,185 and $34,057 related to CCJVs) | $283.2M | $284.0M | $261.3M | $289.2M |
| Inventories | $182.1M | $168.8M | $145.2M | $126.5M |
| Equity in unconsolidated construction joint ventures | $131.1M | $126.9M | $154.2M | $153.5M |
| Other current assets ($3,267 and $3,255 related to CCJVs) | $53.0M | $73.7M | $36.0M | $32.2M |
| Total current assets | $2.5B | $1.6B | $2.0B | $1.7B |
| Property and equipment, net ($4,831 and $4,961 related to CCJVs) | $1.3B | $1.2B | $1.2B | $714.2M |
| Long-term marketable securities | $17.6M | $32.6M | $69.3M | $98.1M |
| Investments in affiliates | $102.4M | $98.0M | $94.6M | $95.1M |
| Goodwill | $446.0M | $400.5M | $391.7M | $215.2M |
| Intangible assets, net | $211.8M | $174.5M | $181.0M | $123.3M |
| Right of use assets | $167.1M | $149.4M | $152.4M | $99.6M |
| Other noncurrent assets | $79.8M | $77.4M | $76.6M | $68.9M |
| Total assets | $4.8B | $3.8B | $4.1B | $3.1B |
| Current maturities of long-term debt | $381.0M | $379.8M | $372.0M | $7.3M |
| Accounts payable ($48,880 and $46,708 related to CCJVs) | $607.8M | $430.3M | $527.6M | $441.4M |
| Contract liabilities ($52,672 and $63,500 related to CCJVs) | $440.4M | $356.9M | $327.2M | $300.8M |
| Embedded conversion option derivative liability (see Note 9) | $630.5M | — | — | — |
| Accrued expenses and other current liabilities ($3,277 and $2,922 related to CCJVs) | $359.2M | $311.9M | $407.4M | $326.6M |
| Total current liabilities | $2.4B | $1.5B | $1.6B | $1.1B |
| Long-term debt | $1.2B | $861.2M | $966.3M | $733.0M |
| Long-term lease liabilities | $137.7M | $122.8M | $125.9M | $81.5M |
| Deferred income taxes, net | $144.0M | $143.5M | $118.2M | $14.5M |
| Other long-term liabilities | $95.3M | $92.4M | $95.6M | $86.5M |
| Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 | 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 | 438.0K | 437.0K | 437.0K | 438.0K |
| Additional paid-in capital | $304.5M | $301.5M | $426.1M | $430.2M |
| Accumulated other comprehensive income | $4.6M | $3.0M | $868.0K | $997.0K |
| Retained earnings | $443.3M | $727.2M | $728.3M | $631.2M |
| Total Granite Construction Incorporated shareholders’ equity | $752.7M | $1.0B | $1.2B | $1.1B |
| Non-controlling interests | $52.6M | $48.9M | $49.2M | $51.6M |
| Total equity | $805.3M | $1.1B | $1.2B | $1.1B |
| Total liabilities and equity | $4.8B | $3.8B | $4.1B | $3.1B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $220.4M | $140.4M | $29.6M | $78.9M |
| Depreciation, depletion and amortization | $162.4M | $126.3M | $92.3M | $82.6M |
| Amortization related to long-term debt | $4.6M | $4.5M | $2.4M | $2.4M |
| Non-cash loss on debt extinguishment | $0 | $27.6M | $51.1M | — |
| Gain on sales of property and equipment, net | ($20.2M) | ($8.8M) | ($28.3M) | ($12.6M) |
| Deferred income taxes | $23.8M | $13.7M | $26.6M | $5.4M |
| Stock-based compensation | $39.1M | $19.6M | $10.5M | $7.8M |
| Equity in net (income) loss from unconsolidated joint ventures | ($7.6M) | $5.1M | $18.6M | $19.7M |
| Net income from affiliates | ($15.0M) | ($17.0M) | ($25.7M) | ($13.6M) |
| Other non-cash adjustments | $863.0K | $4.0M | $5.7M | $222.0K |
| Receivables | ($38.7M) | $102.9M | ($128.1M) | $59.6M |
| Contract assets, net | $122.0M | ($11.5M) | $49.7M | ($113.4M) |
| Inventories | ($746.0K) | ($2.9M) | ($1.4M) | ($14.3M) |
| Contributions to unconsolidated construction joint ventures | ($9.2M) | ($7.7M) | ($21.3M) | ($53.8M) |
| Distributions from unconsolidated construction joint ventures and affiliates | $12.2M | $33.8M | $29.3M | $19.2M |
| Other assets, net | ($27.7M) | $9.5M | ($17.7M) | $16.9M |
| Accounts payable | ($20.4M) | $420.0K | $66.8M | ($9.8M) |
| Accrued expenses and other liabilities, net | $23.0M | $16.3M | $23.9M | ($19.5M) |
| Net cash provided by operating activities | $468.9M | $456.3M | $183.7M | $55.6M |
| Purchases of marketable securities | ($238.4M) | ($11.0M) | ($9.7M) | ($94.1M) |
| Maturities of marketable securities | $125.2M | $38.0M | $40.0M | $45.0M |
| Purchases of property and equipment | ($138.3M) | ($136.4M) | ($140.4M) | ($121.6M) |
| Proceeds from sales of property and equipment | $32.8M | $13.9M | $38.1M | $26.1M |
| Acquisitions of businesses, net of cash acquired (see Note 2) | ($777.5M) | ($121.2M) | — | — |
| Other investing activities | $2.4M | $1.3M | $5.2M | $630.0K |
| Net cash used in investing activities | ($993.7M) | ($228.6M) | ($359.3M) | ($11.0M) |
| Proceeds from issuance of convertible notes | $0 | $373.8M | $373.8M | — |
| Proceeds from long-term debt | $685.0M | $0 | $305.0M | $50.0M |
| Debt principal repayments | ($86.1M) | ($310.5M) | ($305.1M) | ($125.2M) |
| Capped call transactions | $0 | ($46.0M) | ($53.0M) | — |
| Redemption of warrants | $0 | ($497.0K) | ($13.2M) | — |
| Debt issuance costs | ($2.8M) | ($10.5M) | ($10.9M) | — |
| Cash dividends paid | ($22.7M) | ($22.8M) | ($22.8M) | ($23.3M) |
| Repurchases of common stock | ($48.2M) | ($50.6M) | ($4.1M) | ($70.9M) |
| Contributions from non-controlling partners | $3.3M | $24.0M | $43.3M | $13.2M |
| Distributions to non-controlling partners | ($53.2M) | ($25.6M) | ($14.2M) | ($8.6M) |
| Other financing activities, net | $436.0K | $1.7M | $583.0K | $439.0K |
| Net cash provided by (used in) financing activities | $475.7M | ($67.1M) | $299.3M | ($164.3M) |
| Net increase (decrease) in cash and cash equivalents | ($49.1M) | $160.7M | $123.7M | ($119.7M) |
| Cash and cash equivalents at beginning of period | $578.3M | $417.7M | $294.0M | $413.7M |
| Cash and cash equivalents at end of period | $529.2M | — | — | — |
| Right of use assets obtained in exchange for lease obligations | $36.8M | $32.1M | $39.4M | $17.5M |
| Operating lease liabilities | $34.0M | $23.7M | $21.5M | $22.6M |
| Interest | $36.1M | $26.1M | $15.6M | $11.5M |
| Federal | $31.4M | — | — | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | ($308.0M) | ($36.4M) | $161.4M | $52.0M |
| Depreciation, depletion and amortization | $89.0M | $42.0M | $113.6M | $65.4M |
| Amortization of debt issuance costs | $3.3M | — | — | — |
| Amortization of convertible debt discount | $3.5M | — | — | — |
| Loss on derivative remeasurement related to convertible notes | $363.5M | — | — | — |
| Convertible debt inducement expense | $2.9M | $9.7M | — | — |
| Gain on sales of property and equipment, net | ($4.2M) | ($2.9M) | ($6.1M) | ($5.3M) |
| Stock-based compensation | $43.9M | $41.2M | $36.8M | $34.6M |
| Equity in net income from unconsolidated construction joint ventures | ($13.1M) | ($1.4M) | ($5.4M) | ($3.8M) |
| Net income from affiliates | ($9.2M) | ($3.5M) | ($9.7M) | ($4.8M) |
| Other non-cash adjustments | $2.8M | ($447.0K) | $233.0K | ($207.0K) |
| Receivables | ($268.4M) | ($5.5M) | ($247.4M) | ($192.5M) |
| Contract assets, net | $62.3M | ($17.6M) | $97.8M | $40.2M |
| Inventories | ($36.6M) | ($25.7M) | ($4.7M) | ($18.3M) |
| Contributions to unconsolidated construction joint ventures | $0 | $0 | ($9.2M) | ($9.2M) |
| Distributions from unconsolidated construction joint ventures and affiliates | $14.6M | $7.9M | $9.1M | $5.5M |
| Other assets, net | $18.0M | ($4.1M) | $2.7M | $7.2M |
| Accounts payable | $169.9M | $788.0K | $86.2M | $35.9M |
| Accrued expenses and other liabilities, net | $7.3M | ($37.2M) | $60.7M | ($3.5M) |
| Net cash provided by operating activities | $141.5M | ($30.9M) | $289.6M | $5.4M |
| Purchases of marketable securities | $0 | $0 | ($238.4M) | ($172.6M) |
| Maturities of marketable securities | $66.5M | $39.0M | $70.4M | $17.6M |
| Purchases of property and equipment | ($55.9M) | ($26.1M) | ($87.7M) | ($61.0M) |
| Proceeds from sales of property and equipment | $11.0M | $8.6M | $10.9M | $8.3M |
| Acquisition of business, net of cash acquired (See Note 3) | ($162.1M) | — | ($705.3M) | — |
| Collection of note receivable | $25.0M | — | — | — |
| Other investing activities | $1.0M | $992.0K | $2.3M | $399.0K |
| Net cash used in investing activities | ($114.4M) | $22.5M | ($947.8M) | ($207.3M) |
| Proceeds from long-term debt | $770.0M | — | $610.0M | — |
| Debt repayments | ($465.3M) | ($288.8M) | ($10.8M) | ($552.0K) |
| Proceeds from partial unwind of capped call | $56.7M | $56.7M | — | — |
| Debt issuance costs | ($9.2M) | — | ($2.6M) | $0 |
| Cash dividends paid | ($11.3M) | ($5.7M) | ($17.0M) | ($11.3M) |
| Repurchases of common stock | ($18.7M) | ($18.4M) | ($21.6M) | ($15.3M) |
| Contributions from non-controlling partners | $2.4M | $2.4M | $3.3M | $0 |
| Distributions to non-controlling partners | ($4.2M) | ($1.3M) | ($39.6M) | ($27.3M) |
| Other financing activities, net | $419.0K | ($37.0K) | ($46.0K) | ($39.0K) |
| Net cash provided by (used in) financing activities | $320.8M | ($255.1M) | $521.7M | ($54.5M) |
| Net increase (decrease) in cash and cash equivalents | $347.9M | ($263.5M) | ($136.5M) | ($256.3M) |
| Cash and cash equivalents at beginning of period | $529.2M | $529.2M | $578.3M | $578.3M |
| Cash and cash equivalents at end of period | $877.1M | $265.7M | $441.8M | $322.0M |
Granite Construction Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.