Granite Construction Inc (GVA)

Granite Declares Quarterly DividendJune 4, 2026 4:30 PM
Business Wire Granite (NYSE:GVA) today announced that its Board of Directors has declared a quarterly cash dividend of $0.13 per common share. The dividend is payable on July 15, 2026, to all shareholders of record at the close of business on June 30, 2026. About Granite Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite civil construction provider. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the Granite website, graniteconstruction.com, and connect with Granite on LinkedIn, X, Facebook, and Instagram. View source version on businesswire.com: https://www.businesswire.com/news/home/20260604524787/en/ Granite Contacts Media
Erin Kuhlman 831-768-4111 Investors
Wenjun Xu - 831-761-7861 Original: Granite Declares Quarterly Dividend

Granite to Complete Initial Phase of Tahoe Cedars Water System ReconstructionJune 3, 2026 4:30 PM
Business Wire Granite (NYSE: GVA) announced it has been awarded an approximately $19 million Progressive Design-Build (PDB) Guaranteed Maximum Price (GMP) 1 for the Tahoe Cedars Water System Replacement Project by the Tahoe City Public Utility District (TCPUD). The Tahoe Cedars Water System Replacement Project, located on the west shore of Lake Tahoe, California, will modernize critical infrastructure serving the Tahoe Cedars community by replacing aging pipelines and system components that have operated beyond their intended service life. Key components include: Installation of 15,000 linear feet of new water mains Relocation of 200+ existing service lines Installation of 29 fire hydrants to enhance fire protection coverage Integration of approximately 200 residential water meters to support improved system monitoring and efficiency “Reaching this GMP is the result of strong collaboration and trust across the project team,” said Chris Burke, Granite Vice President of Regional Operations. “Granite’s consistent ability to achieve GMP reflects our focus on working closely with owners to align scope, cost, and schedule from the outset.” The project will improve system reliability, reduce water loss, and strengthen fire protection capabilities in high-risk wildfire areas like the Tahoe Basin. Designed to meet current regulatory standards and adapt to future demands, the upgraded system provides a resilient, long-term solution with an anticipated service life of at least 50 years, supporting the safety and sustainability of the Tahoe Cedars community. GMP 1 construction is expected to begin in mid-June 2026 and anticipated to be completed in October 2026. This initial GMP phase represents the first year of a planned four-year construction program. About Granite Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite civil construction provider. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the Granite website, graniteconstruction.com, and connect with Granite on LinkedIn, X, Facebook, and Instagram. View source version on businesswire.com: https://www.businesswire.com/news/home/20260603433904/en/ Granite Contacts
Media
Erin Kuhlman 831-768-4111
Investors
Wenjun Xu - 831-761-7861 Original: Granite to Complete Initial Phase of Tahoe Cedars Water System Reconstruction

Granite Construction Incorporated Announces Redemption of Outstanding 3.75% Convertible Senior Notes due 2028May 19, 2026 4:30 PM
Business Wire Granite Construction Incorporated (NYSE: GVA) (“Granite”) today announced that it has called all of its outstanding 3.75% Convertible Senior Notes due 2028 (the “2028 Notes”) (CUSIP No. 387328 AD9) for redemption on August 10, 2026 (the “Redemption Date”). The redemption price will be an amount in cash equal to 100% of the principal amount of each 2028 Note called for redemption, plus accrued and unpaid interest on such 2028 Note to, but excluding, the Redemption Date (the “Redemption Price”). To receive payment of the Redemption Price, any certificated 2028 Notes and any other required documents must be surrendered to Wilmington Trust, National Association, as paying agent, on or prior to the Redemption Date. 2028 Notes held through the Depository Trust Company (“DTC”) should be presented for redemption in accordance with the applicable procedures of DTC. 2028 Notes called for redemption may be converted at the election of the applicable holder at any time before the close of business on August 6, 2026. As a result of sending the notice of redemption, the current conversion rate has been increased for all conversions of 2028 Notes on or after today and through the close of business on August 6, 2026 by 0.1309 shares. The conversion rate (including the additional shares) for all conversions of 2028 Notes on or after today and through the close of business on August 6, 2026 is 21.8116 shares of Granite’s common stock per $1,000 principal amount of 2028 Notes. This conversion rate will remain subject to adjustment in accordance with the indenture from time to time for certain events. Granite has elected to settle conversions of 2028 Notes on or after today and through the close of business on August 6, 2026 by paying cash up to $2,617.40 per $1,000.00 principal amount of the 2028 Notes to be converted and delivering shares of Granite’s common stock in respect of the remainder, if any, of the conversion obligation in excess thereof. In connection with the issuance of the 2028 Notes, Granite entered into capped call transactions (the “2028 capped call transactions”) with certain financial institutions (the “existing counterparties”). In connection with the redemption of the 2028 Notes and the settlement of any conversions in connection therewith, Granite expects to unwind and terminate the 2028 capped call transactions. In such unwind and termination, Granite would receive an amount from the existing counterparties equal to the fair value of such transactions, determined at the time of the unwind and termination. In connection with unwinding and terminating the 2028 capped call transactions, the existing counterparties and/or their respective affiliates may enter into or unwind various derivative transactions with respect to Granite’s common stock and/or purchase or sell shares of Granite’s common stock or other securities of Granite in secondary market transactions concurrently with or shortly after the redemption and settlement of any conversions of the 2028 Notes. This activity may affect the price of Granite’s common stock. Forward-looking Statements Any statements contained in this news release that are not based on historical facts, including statements about the redemption of the outstanding 2028 Notes, the unwind and termination of the 2028 capped call transactions, third parties entering into or unwinding derivative transactions with respect to Granite’s common stock and/or purchasing or selling Granite’s common stock or other securities, and the potential impact of the foregoing on the market price of Granite’s common stock, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “expects,” “estimates,” “intends,” “plans,” “potential,” “may,” “will,” “could,” “would” and the negatives thereof or other comparable terminology or by the context in which they are made. These forward-looking statements are based on management’s current beliefs, assumptions and estimates. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, the risks described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this news release and, except as required by law, we undertake no obligation to revise or update any forward-looking statements for any reason. View source version on businesswire.com: https://www.businesswire.com/news/home/20260519156372/en/ Investors
Wenjun Xu, 831-761-7861 Or Media
Erin Kuhlman, 831-768-4111 Original: Granite Construction Incorporated Announces Redemption of Outstanding 3.75% Convertible Senior Notes due 2028

Granite Construction Incorporated Prices $600 Million Senior Notes OfferingMay 18, 2026 5:39 PM
Business Wire Granite Construction Incorporated (NYSE: GVA) (“Granite”) announced today that it has priced its previously announced offering of $600.0 million aggregate principal amount of 6.375% senior notes due 2034 (the “Notes”) in a private offering that is exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”). The Notes will be guaranteed by each of Granite’s existing and future domestic subsidiaries that is a borrower or guarantor under Granite’s existing credit facility, subject to certain exceptions. The consummation of the offering of the Notes is expected to be completed on June 2, 2026, subject to customary closing conditions. Granite intends to use the net proceeds from the offering, together with cash on hand and any cash payments received from the financial institutions that are counterparties to the capped call transactions related to the Company’s outstanding 3.75% Convertible Senior Notes due 2028 (the “2028 Notes”), to redeem all of the outstanding 2028 Notes and settle any conversions in connection therewith following the offering and, if applicable, as discussed below, to repay borrowings under its revolving credit facility and for general corporate purposes. The estimated market value of the 2028 Notes is approximately $827.3 million, based on the closing price of our common stock on the NYSE on May 15, 2026 of $138.55 per share. Granite expects that all or substantially all of the holders of the 2028 Notes will elect to convert their notes in connection with the notice of redemption, and it may decide to settle such conversions partially in shares of Granite common stock. If Granite elects to do so, the amount of cash used by it to settle any conversions would be correspondingly reduced. As a result, to the extent there are any net proceeds remaining from the offering following settlement of any conversions and redemption of the 2028 Notes, Granite intends to use such proceeds to repay borrowings outstanding under its revolving credit facility and for general corporate purposes. In connection with any conversions or redemption of the 2028 Notes, Granite expects to unwind and terminate the capped call transactions it entered into in connection with the original issuance of the 2028 Notes. In such unwind and termination, Granite would receive an amount from the financial institutions that are counterparties to the capped call transactions equal to the fair value of such transactions, determined at the time of the unwind and termination. The Notes and the related guarantees have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption therefrom. Accordingly, the Notes will be offered only to persons reasonably believed to be “qualified institutional buyers” under Rule 144A of the Securities Act and to persons outside the United States under Regulation S. This news release does not constitute an offer to sell or a solicitation of an offer to buy the Notes, and shall not constitute an offer, solicitation or sale of any Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. The information contained in this news release does not constitute a notice of redemption with respect to any of the 2028 Notes. Forward-looking Statements Any statements contained in this news release that are not based on historical facts, including statements about the Notes and the offering, the closing of the offering, the intended use of proceeds, the redemption and conversions of the outstanding 2028 Notes, the estimated market value of the 2028 Notes, holders of the 2028 Notes converting their 2028 Notes, the settlement of conversions of the 2028 Notes, the unwind and termination of the capped call transactions and the amount Granite will receive from such unwind and termination constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “expects,” “estimates,” “intends,” “plans,” “potential,” “may,” “will,” “could,” “would” and the negatives thereof or other comparable terminology or by the context in which they are made. These forward-looking statements are based on management’s current beliefs, assumptions and estimates. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, the risks related to whether Granite will consummate the offering of the Notes, the anticipated terms of and the effects of the redemption and conversions of the outstanding 2028 Notes, the unwind and termination of the capped call transactions, actions of rating agencies, market conditions and other risks described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this news release and, except as required by law, we undertake no obligation to revise or update any forward-looking statements for any reason. View source version on businesswire.com: https://www.businesswire.com/news/home/20260518165930/en/ Investors
Wenjun Xu, 831-761-7861 Media
Erin Kuhlman, 831-768-4111 Original: Granite Construction Incorporated Prices $600 Million Senior Notes Offering

Granite Construction Incorporated Announces Private Offering of $600 Million of Senior Notes Due 2034May 18, 2026 8:34 AM
Business Wire Granite Construction Incorporated (NYSE: GVA) (“Granite”) announced today that it plans to offer $600.0 million aggregate principal amount of senior notes due 2034 (the “Notes”) in a private offering that is exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”). The Notes will be guaranteed on an unsecured basis by each of Granite’s existing and future domestic subsidiaries that is a borrower or a guarantor under Granite’s existing credit facility, subject to certain exceptions. The terms, pricing and consummation of the offering of Notes are subject to market and other customary closing conditions. Granite intends to use the net proceeds from the offering, together with cash on hand and any cash payments received from the financial institutions that are counterparties to the capped call transactions related to the Company’s outstanding 3.75% Convertible Senior Notes due 2028 (the “2028 Notes”), to redeem all of the outstanding 2028 Notes and settle any conversions in connection therewith following the offering and, if applicable, as discussed below, to repay borrowings under its revolving credit facility and for general corporate purposes. The estimated market value of the 2028 Notes is approximately $827.3 million, based on the closing price of our common stock on the NYSE on May 15, 2026 of $138.55 per share. Granite expects that all or substantially all of the holders of the 2028 Notes will elect to convert their notes in connection with the notice of redemption, and it may decide to settle such conversions partially in shares of Granite common stock. If Granite elects to do so, the amount of cash used by it to settle any conversions would be correspondingly reduced. As a result, to the extent there are any net proceeds remaining from the offering following settlement of any conversions and redemption of the 2028 Notes, Granite intends to use such proceeds to repay borrowings outstanding under its revolving credit facility and for general corporate purposes. In connection with any conversions or redemption of the 2028 Notes, Granite expects to unwind and terminate the capped call transactions it entered into in connection with the original issuance of the 2028 Notes. In such unwind and termination, Granite would receive an amount from the financial institutions that are counterparties to the capped call transactions equal to the fair value of such transactions, determined at the time of the unwind and termination. The Notes and the related guarantees have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption therefrom. Accordingly, the Notes will be offered only to persons reasonably believed to be “qualified institutional buyers” under Rule 144A of the Securities Act and to persons outside the United States under Regulation S. This news release does not constitute an offer to sell or a solicitation of an offer to buy the Notes, and shall not constitute an offer, solicitation or sale of any Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. The information contained in this news release does not constitute a notice of redemption with respect to any of the 2028 Notes. Forward-looking Statements Any statements contained in this news release that are not based on historical facts, including statements about the offering, the intended use of proceeds, the terms and pricing of the Notes, the redemption and conversions of the outstanding 2028 Notes, the estimated market value of the 2028 Notes, holders of the 2028 Notes converting their 2028 Notes, the settlement of conversions of the 2028 Notes, the unwind and termination of the capped call transactions and the amount Granite will receive from such unwind and termination constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “expects,” “estimates,” “intends,” “plans,” “potential,” “may,” “will,” “could,” “would” and the negatives thereof or other comparable terminology or by the context in which they are made. These forward-looking statements are based on management’s current beliefs, assumptions and estimates. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In particular, the actual amount to be received upon such unwind and termination of the capped call transactions will depend on a number of factors, including the market price of our common stock, volatility and other terms agreed upon with the counterparties. The amount to be received upon the termination and unwind is accordingly subject to change. We are not required to, and do not, report the fair value of the capped call transactions in our consolidated financial statements. As a result, any estimated value thereof should not be relied upon as an indication of the market value of such instruments or for any other purpose. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, the risks related to whether Granite will consummate the offering of the Notes on the expected terms or at all, the anticipated terms of and the effects of the redemption and conversions of the outstanding 2028 Notes, the unwind and termination of the capped call transactions, investor demand for the Notes, actions of rating agencies, market conditions and other risks described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this news release and, except as required by law, we undertake no obligation to revise or update any forward-looking statements for any reason. View source version on businesswire.com: https://www.businesswire.com/news/home/20260517992326/en/ Investors
Wenjun Xu, 831-761-7861 Media
Erin Kuhlman, 831-768-4111 Original: Granite Construction Incorporated Announces Private Offering of $600 Million of Senior Notes Due 2034

Granite Awarded Parks Highway MP 315–325 Reconstruction Project in AlaskaMay 14, 2026 4:30 PM
Business Wire Granite (NYSE:GVA) announced today that it has been awarded the Parks Highway MP 315–325 Reconstruction (Construction MP 322–325) project by the Alaska Department of Transportation and Public Facilities. Located near Nenana, Alaska, the project is the second of two phases of the Parks Highway MP 319–325 CM/GC program that Granite has been delivering since 2022. The contract value is approximately $32 million. Work includes approximately 1.2 million cubic yards of excavation and embankment and 22,000 tons of asphalt, supplied by Granite utilizing a portable crusher and asphalt plant. Through the CM/GC delivery process, Granite collaborated with Owner and Design teams to develop an efficient project solution. By leveraging existing on-site materials and excess materials from the first phase, imported gravel quantities were reduced from an estimated 50,000 tons down to 8,000 tons. The project team also developed a temporary crossing over the Parks Highway for articulated haul units, allowing traffic to flow unimpeded through the project and eliminating the need for traffic control operations. “We are very pleased to award the final segment of the Parks 315–325 project to Granite Construction,” said Jennifer Wright, Project Manager Alaska DOT&PF. “This project will help improve safety and operations for goods and people moving through this critical corridor. The CM/GC process and the project team were key to delivering the project on time and within budget, while minimizing planned impacts to the traveling public during construction.” “This project exemplifies Granite’s ‘One Team’ approach and our commitment to delivering best-for-project outcomes,” said Marty Thurman, Granite Area Manager. “Our strong partnership with Alaska DOT&PF, Michael Baker International, Inc. (designer of record), and Stanton (independent cost estimator) was instrumental during preconstruction and continues to drive success as we move into construction.” Construction is expected to begin in late second quarter 2026, with substantial completion anticipated in third quarter 2028. About Granite Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite civil construction provider. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the Granite website, graniteconstruction.com, and connect with Granite on LinkedIn, X, Facebook, and Instagram. View source version on businesswire.com: https://www.businesswire.com/news/home/20260514523663/en/ Granite Contacts
Media
Erin Kuhlman 831-768-4111 Investors
Wenjun Xu - 831-761-7861 Original: Granite Awarded Parks Highway MP 315–325 Reconstruction Project in Alaska

Granite to Complete $15M Pavement Preservation Near Chickaloon, AlaskaMay 12, 2026 4:30 PM
Business Wire Granite (NYSE:GVA) announced today that it has been awarded the Glenn Highway MP 66.5 to 92 Pavement Preservation project by the Alaska Department of Transportation and Public Facilities. The approximately $15M contract is federally funded and was included in Granite’s first quarter 2026 CAP. Glenn Highway travels 179 miles from Anchorage to Glennallen. A National Scenic Byway, the road provides access to stunning landscapes and a wealth of outdoor activities. Granite’s scope of work includes resurfacing the highway from milepost 83 to 92. Additionally, the project will replace culverts, guardrail, striping, and signage along the length of the project. “This contract is a great win for the Alaska team and provides key backlog for our Palmer Facility,” says Granite Regional Vice President Ryan Moren. “We are excited to partner with Alaska DOT&PF and execute on this important infrastructure upgrade to keep Alaskans and visitors moving.” The project is expected to begin in May 2026 and conclude by July 2027. Granite’s Palmer Facility will provide 27,000 tons of hot mix asphalt and the Lucas Quarry will provide 2,300 tons of riprap products. About Granite Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite civil construction provider. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the Granite website, graniteconstruction.com, and connect with Granite on LinkedIn, X, Facebook, and Instagram. View source version on businesswire.com: https://www.businesswire.com/news/home/20260512967068/en/ Granite Contacts
Media
Erin Kuhlman 831-768-4111 Investors
Wenjun Xu - 831-761-7861 Original: Granite to Complete $15M Pavement Preservation Near Chickaloon, Alaska

Granite Reports First Quarter 2026 ResultsApril 30, 2026 6:45 AM
Business Wire

Q1 revenue increased 30% year-over-year to $912 million



Q1 net loss of $42 million compared to a net loss of $34 million for the same period in the prior year and adjusted net income (1) of $12 million compared to adjusted net income of $0.2 million for the same period in the prior year



Q1 diluted EPS of $(0.96) compared to diluted EPS of $(0.77) for the same period in the prior year and adjusted diluted EPS (1) of $0.26 compared to adjusted diluted EPS of $0.01 for the same period in the prior year



Q1 adjusted EBITDA (1) increased 106% year-over-year to $58 million



Committed and Awarded Projects (“CAP”) (2) increased sequentially $200 million to $7.2 billion



Completed the acquisition of Kenny Seng Construction on April 23, 2026, expanding our vertically-integrated home market in Utah



Raised 2026 fiscal year guidance



Granite (NYSE: GVA) today announced results for the quarter ended March 31, 2026.


First Quarter 2026 Results


Net loss attributable to Granite totaled $42 million, or $(0.96) per diluted share, compared to net loss attributable to Granite of $34 million, or $(0.77) per diluted share, for the same period in the prior year. Adjusted net income attributable to Granite (1) totaled $12 million, or $0.26 per diluted share, compared to adjusted net income attributable to Granite of $0.2 million, or $0.01 per diluted share, for the same period in the prior year.



Revenue increased $212 million to $912 million compared to $700 million for the same period in the prior year.



Gross profit increased $26 million to $110 million compared to $84 million for the same period in the prior year.



Selling, general, and administrative (“SG&A”) expenses increased $25 million to $141 million, or 15.4% of revenue, compared to $116 million, or 16.6% of revenue, for the same period in the prior year.



Adjusted EBITDA increased $30 million to $58 million compared to $28 million for the same period in the prior year.



“Building on our momentum from the fourth quarter, we are off to a strong start across both our construction and materials segments,” said Kyle Larkin, Granite President and Chief Executive Officer. “In construction, our teams across key federal, state and local and private end markets have been highly active, driving CAP to a new record of $7.2 billion. Our markets remain healthy, with robust pipelines that provide clear opportunities to continue to grow CAP. Our materials segment is also performing well. Demand for both aggregates and asphalt has been strong, resulting in volume growth and pricing increases that have met our expectations year-to-date. In addition, we recently announced the acquisition of Kenny Seng Construction in Utah, which continues our strategy of strengthening and expanding our home markets by adding high-quality businesses to our portfolio. We continue to actively evaluate and pursue M&A opportunities and expect to complete several acquisitions this year.”


“Given our first quarter performance and recent project awards, including tactical infrastructure for the U.S. Customs and Border Protection, as well as the acquisition of Kenny Seng Construction, we are increasing our fiscal year 2026 guidance. We expect 2026 to be a year of meaningful growth and believe Granite is positioned for continued growth in 2027.”




(1)







Adjusted net income/loss, adjusted diluted earnings/loss per share, earnings before interest, taxes, depreciation, and amortization (“EBITDA”), EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP measures. Please refer to the description and reconciliation of non-GAAP measures in the attached tables.








(2)







CAP is comprised of revenue we expect to record in the future on executed contracts, including 100% of our consolidated joint venture contracts and our proportionate share of unconsolidated joint venture contracts, as well as the general construction portion of construction manager/general contractor, construction manager/at risk and progressive design build contracts to the extent contract execution and funding is probable.







Three Months ended March 31, 2026 (Unaudited - dollars in thousands)



Construction Segment











Three Months Ended March 31,










2026






 






2025






 






Change







Revenue


$






766,054






 







$






614,618






 







$






151,436






 







24.6






%








Gross profit







$






102,180






 







$






85,438






 







$






16,742






 







19.6






%








Gross profit as a % of revenue







 






13.3






%







 






13.9






%







 






 








 







Revenue increased year-over-year, driven primarily by higher CAP entering the quarter and $43 million from our recently acquired businesses, Warren Paving and Papich Construction. Gross profit increased year-over-year as a result of the increase in revenue and improved execution across our project portfolio. Gross profit as a percent of revenue decreased primarily due to a claim settlement which did not recur in the current year.


CAP increased $200 million sequentially to $7.2 billion, an increase of $1.4 billion year-over-year. As of March 31, 2026, CAP included $640 million of tactical infrastructure projects for U.S. Customs and Border Protection that should be substantially realized over 2026 and 2027.




Materials Segment







 








 







Three Months Ended March 31,








 







2026






 






2025






 






Change








Revenue







$






146,411






 







$






84,929






 







$






61,482








72.4






%








Gross profit (loss)







$






7,725






 







$






(1,589






)







$






9,314








(586.2






)%








Gross profit (loss) as a % of revenue







 






5.3






%







 






(1.9






)%







 








 








Cash gross profit(1)







$






25,800






 







$






10,477






 







$






15,323








146.3






%








Cash gross profit as a % of revenue(1)







 






17.6






%







 






12.3






%







 








 









(1)







Materials segment cash gross profit and cash gross profit as a percent of revenue are non-GAAP measures. Please refer to the description and reconciliation of non-GAAP measures in the attached tables.







Revenue, gross profit and cash gross profit improved year-over-year primarily driven by revenue from our recently acquired businesses, Warren Paving, Papich Construction and Cinderlite, of $50 million. Gross profit margin and cash gross profit margin increased year-over-year leading to a segment level improvement of 720 basis points and 530 basis points, respectively.


Outlook


We are updating our 2026 fiscal year guidance as noted below:



Revenue raised to a range of $5.2 billion to $5.4 billion from a range of $4.9 billion to $5.1 billion



Adjusted EBITDA margin raised to a range of 12.25% to 13.25% from a range of 12.0% to 13.0%



SG&A expense as a percent of revenue lowered to a range of 8.25% to 8.75% from a range of 8.5% to 9.0% of revenue, inclusive of an estimated $48 million of stock-based compensation expense



Effective tax rate for adjusted net income unchanged in the mid-20s



Capital expenditures unchanged with a range of approximately $140 million to $160 million, including approximately $50 million in planned strategic materials investments.



“Based on our strong performance to date, recent additions to CAP and the addition of Kenny Seng Construction, we are raising our full-year 2026 guidance for revenue and adjusted EBITDA margin,” said Staci Woolsey, Executive Vice President and Chief Financial Officer. “Our increased guidance reflects disciplined execution across our businesses, improved SG&A leverage, and sustained demand in our markets, while maintaining our previously communicated outlook for capital deployment and tax assumptions.”


We do not provide a reconciliation of forward-looking adjusted EBITDA margin or the most directly comparable forward-looking GAAP measure of net income attributable to Granite because we cannot predict with a reasonable degree of certainty and without unreasonable efforts certain components or excluded items that are inherently uncertain and depend on various factors. For these reasons, we are unable to assess the potential significance of the unavailable information.


Conference Call


Granite will conduct a conference call today, April 30, 2026, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to discuss the results of the quarter ended March 31, 2026. The Company invites investors to listen to a live audio webcast of the investor conference call on its Investor Relations website, https://investor.graniteconstruction.com. The investor conference call will also be available by calling 1-877-328-5503; international callers may dial 1-412-317-5472. An archive of the webcast will be available on Granite's Investor Relations website approximately one hour after the call. A replay will be available after the live call through May 7, 2026, by calling 1-855-669-9658, replay access code 9616718; international callers may dial 1-412-317-0088.


About Granite


Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified vertically-integrated civil contractors and construction materials producers in the United States. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, X, Facebook and Instagram.


Forward-looking Statements


Any statements contained in this news release that are not based on historical facts, including statements regarding future events, occurrences, opportunities, circumstances, activities, performance, growth, demand, strategic plans, shareholder value, outcomes, outlook, robust pipelines that provide clear opportunities to continue to grow CAP, actively evaluating and pursuing M&A opportunities, our expectation of completing several acquisitions this year, increasing our fiscal year 2026 guidance, our expectation that 2026 will be a meaningful year of growth and our belief that Granite is positioned for continued growth in 2027, tactical infrastructure projects should be substantially realized over 2026 and 2027, 2026 fiscal year guidance, including revenue, adjusted EBITDA margin, SG&A expense, including estimated stock-based compensation expense, effective tax rate, capital expenditures, including estimated planned strategic materials investments, CAP and results constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “future,” “outlook,” “assumes,” “believes,” “expects,” “estimates,” “anticipates,” “intends,” “plans,” “appears,” “may,” “will,” “should,” “could,” “would,” “continue,” "guidance" and the negatives thereof or other comparable terminology or by the context in which they are made. These forward-looking statements are based on management’s current beliefs, assumptions and estimates. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, those described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.


Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this news release and, except as required by law; we undertake no obligation to revise or update any forward-looking statements for any reason.







 



GRANITE CONSTRUCTION INCORPORATED








CONDENSED CONSOLIDATED BALANCE SHEETS








(Unaudited - in thousands, except share and per share data)








 






 






 






 






 








 






 






March 31, 2026






 






December 31, 2025








ASSETS







 






 






 








Current assets:







 






 






 








Cash and cash equivalents







$






265,714






 






 






$






529,220






 








Short-term marketable securities







 






49,191






 






 






 






71,021






 








Receivables, net







 






636,513






 






 






 






630,392






 








Contract assets







 






283,979






 






 






 






236,879






 








Inventories







 






168,789






 






 






 






143,129






 








Equity in unconsolidated construction joint ventures







 






126,857






 






 






 






134,670






 








Other current assets







 






73,663






 






 






 






66,920






 








Total current assets







 






1,604,706






 






 






 






1,812,231






 








Property and equipment, net







 






1,242,501






 






 






 






1,260,823






 








Long-term marketable securities







 






32,616






 






 






 






49,534






 








Investments in affiliates







 






97,985






 






 






 






96,764






 








Goodwill







 






400,536






 






 






 






400,814






 








Intangible assets, net







 






174,496






 






 






 






179,548






 








Right of use assets







 






149,438






 






 






 






152,678






 








Other noncurrent assets







 






77,361






 






 






 






78,001






 








Total assets







$






3,779,639






 






 






$






4,030,393






 








 







 






 






 








LIABILITIES AND EQUITY







 






 






 








Current liabilities:







 






 






 








Current maturities of long-term debt







$






379,794






 






 






$






375,896






 








Accounts payable







 






430,306






 






 






 






430,298






 








Contract liabilities







 






356,860






 






 






 






327,372






 








Accrued expenses and other current liabilities







 






311,882






 






 






 






348,179






 








Total current liabilities







 






1,478,842






 






 






 






1,481,745






 








Long-term debt







 






861,187






 






 






 






963,233






 








Long-term lease liabilities







 






122,753






 






 






 






125,733






 








Deferred income taxes, net







 






143,458






 






 






 






141,489






 








Other long-term liabilities







 






92,359






 






 






 






96,660






 








Commitments and contingencies







 






 






 








Equity:







 






 






 








Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding







 






—






 






 






 






—






 








Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 43,746,424 shares as of March 31, 2026 and 43,496,781 shares as of December 31, 2025







 






437






 






 






 






435






 








Additional paid-in capital







 






301,499






 






 






 






402,391






 








Accumulated other comprehensive income







 






2,995






 






 






 






1,581






 








Retained earnings







 






727,190






 






 






 






774,641






 








Total Granite shareholders’ equity







 






1,032,121






 






 






 






1,179,048






 








Non-controlling interests







 






48,919






 






 






 






42,485






 








Total equity







 






1,081,040






 






 






 






1,221,533






 








Total liabilities and equity







$






3,779,639






 






 






$






4,030,393






 















 




GRANITE CONSTRUCTION INCORPORATED








CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS








(Unaudited - in thousands, except per share data)








 






 






 








 






 






Three Months Ended March 31,








 






 






2026






 






2025








Revenue







$






912,465






 






 






$






699,547






 








Cost of revenue







 






802,560






 






 






 






615,698






 








Gross profit







 






109,905






 






 






 






83,849






 








Selling, general and administrative expenses







 






140,950






 






 






 






115,911






 








Other costs, net







 






3,037






 






 






 






9,426






 








Gain on sales of property and equipment, net







 






(2,949






)






 






 






(1,737






)








Operating loss







 






(31,133






)






 






 






(39,751






)








Other (income) expense:







 






 






 








Interest income







 






(5,849






)






 






 






(6,268






)








Interest expense







 






16,332






 






 






 






7,757






 








Equity in income of affiliates, net







 






(3,473






)






 






 






(1,094






)








Other (income) expense, net







 






10,365






 






 






 






(63






)








Total other expense, net







 






17,375






 






 






 






332






 








Loss before income taxes







 






(48,508






)






 






 






(40,083






)








Benefit from income taxes







 






(12,119






)






 






 






(11,756






)








Net loss







 






(36,389






)






 






 






(28,327






)








Amount attributable to non-controlling interests







 






(5,310






)






 






 






(5,329






)








Net loss attributable to Granite







$






(41,699






)






 






$






(33,656






)








 







 






 






 








Net loss per share attributable to common shareholders:







 






 






 








Basic







$






(0.96






)






 






$






(0.77






)








Diluted







$






(0.96






)






 






$






(0.77






)








Weighted average shares outstanding:







 






 






 








Basic







 






43,529






 






 






 






43,463






 








Diluted







 






43,529






 






 






 






43,463






 















 




GRANITE CONSTRUCTION INCORPORATED








CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS








(Unaudited - in thousands)











 



Three Months Ended March 31,







2026






 






2025








Operating activities:







 






 






 








Net loss







$






(36,389






)






 






$






(28,327






)








Adjustments to reconcile net loss to net cash provided by (used in) operating activities:







 






 






 








Depreciation, depletion and amortization







 






42,012






 






 






 






30,171






 








Amortization related to long-term debt







 






2,305






 






 






 






1,081






 








Convertible debt inducement expense and related charges







 






9,704






 






 






 






—






 








Gain on sales of property and equipment, net







 






(2,949






)






 






 






(1,737






)








Stock-based compensation







 






41,186






 






 






 






32,217






 








Equity in net income from unconsolidated construction joint ventures







 






(1,387






)






 






 






(1,246






)








Net income from affiliates







 






(3,473






)






 






 






(1,094






)








Other non-cash adjustments







 






(447






)






 






 






164






 








Changes in assets and liabilities







 






(81,434






)






 






 






(27,582






)








Net cash provided by (used in) operating activities







$






(30,872






)






 






$






3,647






 








Investing activities:







 






 






 








Purchases of marketable securities







 






—






 






 






 






(134,653






)








Maturities of marketable securities







 






39,000






 






 






 






7,100






 








Purchases of property and equipment







 






(26,141






)






 






 






(32,206






)








Proceeds from sales of property and equipment







 






8,646






 






 






 






3,449






 








Other investing activities







 






992






 






 






 






—






 








Net cash provided by (used in) investing activities







$






22,497






 






 






$






(156,310






)








Financing activities:







 






 






 








Debt repayments







 






(288,798






)






 






 






(274






)








Proceeds from partial unwind of capped call







 






56,675






 






 






 






—






 








Cash dividends paid







 






(5,655






)






 






 






(5,652






)








Repurchases of common stock







 






(18,441






)






 






 






(15,209






)








Contributions from non-controlling partners







 






2,400






 






 






 






—






 








Distributions to non-controlling partners







 






(1,275






)






 






 






(25,450






)








Other financing activities, net







 






(37






)






 






 






(8






)








Net cash used in financing activities







$






(255,131






)






 






$






(46,593






)








Net decrease in cash and cash equivalents







 






(263,506






)






 






 






(199,256






)








Cash and cash equivalents at beginning of period







 






529,220






 






 






 






578,330






 








Cash and cash equivalents at end of period







$






265,714






 






 






$






379,074






 







Non-GAAP Financial Information


The tables below contain financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Specifically, we believe that non-GAAP financial measures such as EBITDA and EBITDA margin are useful in evaluating operating performance and are regularly used by securities analysts, institutional investors and other interested parties, and that such supplemental measures facilitate comparisons between companies that have different capital and financing structures and/or tax rates.


We are also providing adjusted EBITDA and adjusted EBITDA margin, non-GAAP measures, to indicate the impact of stock-based compensation expense, convertible debt inducement expense and related charges and other costs, net, which include strategic acquisition and integration expenses, and in 2025 legal fees for the defense of a former company officer in his now resolved civil litigation with the Securities and Exchange Commission and reorganization costs.


We provide adjusted income before income taxes, adjusted provision for (benefit from) income taxes, adjusted net income attributable to Granite, adjusted diluted weighted average shares of common stock and adjusted diluted earnings per share attributable to common shareholders, non-GAAP measures, to indicate the impact of the following:



Acquired intangible asset amortization and acquisition-related depreciation;



Stock-based compensation expense;



Convertible debt inducement expense and related charges; and



Other costs, net as described above.



We also provide cash gross profit and cash gross profit per ton for the materials segment and product lines to exclude the impact of non-cash costs from gross profit. Non-cash costs include depreciation, depletion and amortization, and, starting in the first quarter of 2026, unrealized gains and losses from the change in fair value of commodity derivative instruments included in cost of revenue. Cash gross profit and cash gross profit per ton are presented to illustrate the operational performance generated by the assets of the materials segment and its product lines. In addition, we exclude barge delivery revenue from our calculation of average selling price per ton to improve comparability with prior periods. The acquisition of Warren Paving introduced barge delivery revenue starting in the third quarter of 2025.


We believe that these additional non-GAAP financial measures are useful in evaluating operating performance, are regularly used by securities analysts, institutional investors and other interested parties, and facilitate comparisons to prior periods and between industry peer companies. Additionally, we use these non-GAAP financial measures in evaluating our performance. However, the reader is cautioned that any non-GAAP financial measures provided by us are provided in addition to, and not as alternatives for, our reported results prepared in accordance with GAAP. Items that may have a significant impact on our financial position, results of operations and cash flows must be considered when assessing our actual financial condition and performance regardless of whether these items are included in non-GAAP financial measures. The methods used by us to calculate non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures provided by us may not be comparable to similar measures provided by other companies.




GRANITE CONSTRUCTION INCORPORATED








EBITDA AND ADJUSTED EBITDA(1)








(Unaudited - dollars in thousands)








 






 






 








 






 






Three Months Ended March 31,








 






 






2026






 






2025








EBITDA:







 






 






 








Net loss attributable to Granite







$






(41,699






)






 






$






(33,656






)








Net loss margin(2)







 






(4.6






)%






 






 






(4.8






)%








 







 






 






 








Depreciation, depletion and amortization expense(3)







 






42,567






 






 






 






30,352






 








Benefit from income taxes







 






(12,119






)






 






 






(11,756






)








Interest expense, net







 






10,483






 






 






 






1,489






 








EBITDA(1)







$






(768






)






 






$






(13,571






)








EBITDA margin(1)(2)







 






(0.1






)%






 






 






(1.9






)%








 







 






 






 








ADJUSTED EBITDA:







 






 






 








Stock-based compensation







 






45,763






 






 






 






32,217






 








Convertible debt inducement expense and related charges







 






9,704






 






 






 






—






 








Other costs, net







 






3,037






 






 






 






9,426






 








Adjusted EBITDA(1)







$






57,736






 






 






$






28,072






 








Adjusted EBITDA margin(1)(2)







 






6.3






%






 






 






4.0






%









(1)







We define EBITDA as GAAP net income/loss attributable to Granite, adjusted for net interest expense, taxes, depreciation, depletion and amortization. Adjusted EBITDA and adjusted EBITDA margin exclude the impact of stock-based compensation, convertible debt inducement expense and related charges and other costs, net as described above.








(2)







Represents net income/loss, EBITDA and adjusted EBITDA divided by consolidated revenue of $912.5 million and $699.5 million for the three months ended March 31, 2026 and 2025, respectively.








(3)







Amount includes the sum of depreciation, depletion and amortization which are classified as cost of revenue and selling, general and administrative expenses in the condensed consolidated statements of operations.









GRANITE CONSTRUCTION INCORPORATED








ADJUSTED NET INCOME RECONCILIATION








(Unaudited - in thousands, except per share data)








 






 






 








 






 






Three Months Ended March 31,








 







2026






 






2025








Loss before income taxes







$






(48,508






)






 






$






(40,083






)








Acquired intangible asset amortization and acquisition-related depreciation







 






10,558






 






 






 






3,987






 








Stock-based compensation







 






45,763






 






 






 






32,217






 








Convertible debt inducement expense and related charges







 






9,704






 






 






 






—






 








Other costs, net







 






3,037






 






 






 






9,426






 








Adjusted income before income taxes







$






20,554






 






 






$






5,547






 








 







 






 






 








Benefit from income taxes







$






(12,119






)






 






$






(11,756






)








Tax effect of adjusting items(1)







 






15,285






 






 






 






11,750






 








Adjusted provision for (benefit from) income taxes







$






3,166






 






 






$






(6






)








 







 






 






 








Net loss attributable to Granite







$






(41,699






)






 






$






(33,656






)








After-tax adjusting items







 






53,777






 






 






 






33,880






 








Adjusted net income attributable to Granite







$






12,078






 






 






$






224






 








 







 






 






 








Diluted weighted average shares of common stock







 






43,529






 






 






 






43,463






 








Add: dilutive effect of restricted stock units and Convertible Notes







 






9,957






 






 






 






9,012






 








Less: dilutive effect of Convertible Notes(2)







 






(6,607






)






 






 






(8,068






)








Adjusted diluted weighted average shares of common stock







 






46,879






 






 






 






44,407






 








 







 






 






 








Diluted net loss per share attributable to common shareholders







$






(0.96






)






 






$






(0.77






)








After-tax adjusting items per share attributable to common shareholders







 






1.22






 






 






 






0.78






 








Adjusted diluted earnings per share attributable to common shareholders







$






0.26






 






 






$






0.01






 









(1)







The tax effect of adjusting items was calculated using our estimated annual statutory tax rate. The tax effect of adjusting items for the three months ended March 31, 2026 excludes the convertible debt inducement expense and related charges as they were non-tax deductible.








(2)







When calculating diluted net income attributable to common shareholders, GAAP requires that we include potential share dilution from the convertible notes when not antidilutive. We entered into capped call transactions relating to both the 3.25% and 3.75% convertible notes to offset the dilutive impact of the convertible notes. The impact of the capped call transactions was excluded from the GAAP diluted net income attributable to common shareholders calculation as the impact would be antidilutive. For the purpose of calculating our adjusted diluted net income per share attributable to common shareholders, the dilutive effect of the convertible notes up to the capped call price is removed to reflect the impact of the capped call transactions.









GRANITE CONSTRUCTION INCORPORATED








MATERIALS SEGMENT PRODUCT LINE INFORMATION








(Unaudited - in thousands, except per ton data)








 






 






 






 






 






 






 








 






 






Materials Product Line(1)






 






Other and Eliminations(2)






 






Total Materials Segment








Three Months Ended March 31, 2026







Aggregate






 






Asphalt






 






 








External revenue







$






90,973






 






 






$






55,438






 






 






$






—






 






 






$






146,411






 








Internal revenue(3)







 






26,703






 






 






 






33,199






 






 






 






(59,902






)






 






 






—






 








Total Revenue







$






117,676






 






 






$






88,637






 






 






$






(59,902






)






 






$






146,411






 








 







 






 






 






 






 






 






 








Sales tons







 






5,262






 






 






 






1,037






 






 






 






 






 








Average selling price per ton(4)







$






19.65






 






 






$






85.47






 






 






 






 






 








 







 






 






 






 






 






 






 








Gross profit







$






9,780






 






 






$






1,320






 






 






$






(3,375






)






 






$






7,725






 








Gross profit as a % of revenue







 






8.3






%






 






 






1.5






%






 






 






NM






 






 






 






5.3






%








Gross profit per ton







$






1.86






 






 






$






1.27






 






 






 






 






 








 







 






 






 






 






 






 






 








Non-cash costs(5)







 






15,272






 






 






 






4,201






 






 






 






(1,398






)






 






 






18,075






 








Cash gross profit







$






25,052






 






 






$






5,521






 






 






$






(4,773






)






 






$






25,800






 








Cash gross profit as a % of revenue







 






21.3






%






 






 






6.2






%






 






 






NM






 






 






 






17.6






%








Cash gross profit per ton







$






4.76






 






 






$






5.32






 






 






 






 






 








 







 






 






 






 






 






 






 








 







Materials Product Line(1)






 






Other and Eliminations(2)






 






Total Materials Segment








Three Months Ended March 31, 2025







Aggregate






 






Asphalt






 






 








External revenue







$






40,402






 






 






$






43,982






 






 






$






545






 






 






$






84,929






 








Internal revenue(3)







 






18,512






 






 






 






17,027






 






 






 






(35,539






)






 






 






—






 








Total Revenue







$






58,914






 






 






$






61,009






 






 






$






(34,994






)






 






$






84,929






 








 







 






 






 






 






 






 






 








Sales tons







 






3,768






 






 






 






733






 






 






 






 






 








Average selling price per ton(4)







$






15.64






 






 






$






83.23






 






 






 






 






 








 







 






 






 






 






 






 






 








Gross profit (loss)







$






3,740






 






 






$






(2,804






)






 






$






(2,525






)






 






$






(1,589






)








Gross profit (loss) as a % of revenue







 






6.3






%






 






 






(4.6






)%






 






 






NM






 






 






 






(1.9






)%








Gross profit (loss) per ton







$






0.99






 






 






$






(3.83






)






 






 






 






 








 







 






 






 






 






 






 






 








Non-cash costs(5)







 






8,320






 






 






 






3,670






 






 






 






76






 






 






 






12,066






 








Cash gross profit







$






12,060






 






 






$






866






 






 






$






(2,449






)






 






$






10,477






 








Cash gross profit as a % of revenue







 






20.5






%






 






 






1.4






%






 






 






NM






 






 






 






12.3






%








Cash gross profit per ton







$






3.20






 






 






$






1.18






 






 






 






 






 








NM - not meaningful



(1)







The Aggregate product line includes aggregates, barge delivery and recycled materials. The Asphalt product line includes asphalt concrete and liquid asphalt. External revenue includes freight and delivery costs that we pass along to our customers.








(2)







Represents our other product line which is comprised of immaterial amounts of products and services that are not considered core product lines, as well as unrealized gains and losses on commodity derivatives and eliminations of interproduct and intersegment transactions.








(3)







Includes both intersegment and interproduct revenues. Intersegment revenues for the three months ended March 31, 2026 and March 31, 2025 were $51.1 million and $20.7 million, respectively.








(4)







Aggregate average selling price per ton for the three months ended March 31, 2026 was calculated by dividing total aggregate revenue of $117.7 million, less $14.3 million of revenues associated with barge delivery, or $103.4 million, by sales tons for the period. There was no adjustment in the three months ended March 31, 2025.








(5)







Non-cash costs include depreciation, depletion and amortization, and, starting in the first quarter of 2026, unrealized gains and losses from the change in fair value of commodity derivative instruments included in cost of revenue. Unrealized gains and losses on commodity derivatives were immaterial in prior periods, and therefore cash gross profit is unchanged from what was previously presented.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429029860/en/
Investors

Wenjun Xu, 831-761-7861

Or

Media

Erin Kuhlman, 831-768-4111


Original: Granite Reports First Quarter 2026 Results