| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 912.47 | 30.4% |
| Total Income | 912.47 | 30.4% |
| Expenditure | 943.60 | 27.6% |
| PBT | -48.51 | 21.0% |
| Net Profit | -41.70 | 23.9% |
| OPM | -3.41% | 2.27pp |
| NPM | -4.57% | 0.24pp |
| EPS | -0.96 | 24.7% |
Granite Reports Q1 2026 Revenue Up 30% to $912 Million, Raises Full-Year Guidance
30 Apr 2026 · 30 Apr, 4:21 pm
Summary
Granite Construction Incorporated reported a strong start to fiscal year 2026, with first quarter revenue increasing 30% year-over-year to $912 million. Despite a net loss of $42 million, adjusted net income saw a substantial improvement to $12 million, and adjusted EBITDA more than doubled to $58 million, reflecting improved operational performance. The company's Committed and Awarded Projects (CAP) reached a record $7.2 billion, driven by active construction and materials segments, and it expanded its market presence through the acquisition of Kenny Seng Construction. Based on this performance and robust market conditions, Granite has raised its full-year 2026 guidance for both revenue and adjusted EBITDA margin, signaling a positive outlook for continued growth.
Key Highlights
- 1
Granite's first quarter 2026 revenue increased by 30% year-over-year, reaching $912 million.
- 2
The company reported a net loss of $42 million for Q1 2026, compared to a net loss of $34 million for the same period in the prior year.
- 3
Adjusted net income for Q1 2026 significantly improved to $12 million, up from $0.2 million in the prior year period.
- 4
Adjusted EBITDA for the first quarter surged by 106% year-over-year, totaling $58 million.
- 5
Committed and Awarded Projects (CAP) increased sequentially by $200 million to a new record of $7.2 billion as of March 31, 2026.
- 6
Granite completed the acquisition of Kenny Seng Construction on April 23, 2026, strategically expanding its vertically-integrated home market in Utah.
- 7
The company raised its fiscal year 2026 guidance for revenue to a range of $5.2 billion to $5.4 billion and adjusted EBITDA margin to a range of 12.25% to 13.25%.
Management Comments
Kyle Larkin
Building on our momentum from the fourth quarter, we are off to a strong start across both our construction and materials segments. 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.
Kyle Larkin
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.
Staci Woolsey
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. 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.
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