| Metric | Value ($ M) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 1.8K | 21.3% | 23.2% |
| Total Income | 1.8K | 21.3% | 23.2% |
| Expenditure | 1.5K | 16.0% | 19.6% |
| PBT | 67.16 | 128.1% | 54.5% |
| Net Profit | 3.21 | 101.2% | 96.9% |
| OPM | 12.70% | 3.99pp | 2.68pp |
| NPM | 0.18% | 19.29pp | 7.00pp |
| EPS | 0.07 | 101.1% | 97.0% |
Granite Construction Reports Q3 2026 Results and Introduces 2029 Targets
29 Oct 2026 · 1d ago, 4:16 pm
Summary
Granite Construction announced strong third quarter results, with revenue increasing 23% year-over-year to $1.8 billion. While reported net income was $3 million, adjusted net income rose to $173 million, and adjusted EBITDA grew 32% to $283 million, driven by strong execution and strategic investments. The company also introduced ambitious 2029 financial targets, including an organic revenue CAGR of 10% to 12%, signaling confidence in future growth.
Key Highlights
- 1
Granite Construction reported Q3 revenue increased 23% year-over-year to $1.8 billion.
- 2
Q3 net income was $3 million, compared to $103 million for the same period in the prior year, impacted by $162 million of net non-operating charges.
- 3
Adjusted net income for Q3 was $173 million, an increase from $124 million in the prior year.
- 4
Q3 adjusted EBITDA increased 32% year-over-year to $283 million.
- 5
Committed and Awarded Projects (CAP) reached a new record high of $7.5 billion, an increase of $37 million sequentially.
- 6
Year-to-date operating cash flow increased $114 million year-over-year to $404 million.
- 7
The company introduced 2029 financial targets, reflecting an expected organic revenue CAGR of 10% to 12%.
Management Comments
Kyle Larkin
We delivered excellent third quarter results, reflecting strong execution across our business and continued progress on our strategy. Our teams are executing at a high level, and the investments we have made to strengthen and expand our business are creating new opportunities for Granite. We continue to see attractive opportunities in our core transportation markets while expanding our capabilities and presence in federal, mission critical infrastructure, rail and other targeted end markets. Our record CAP and strong market outlook position us well as we enter 2027. We believe Granite has the people, capabilities and market position to capitalize on these opportunities and deliver profitable growth and long-term shareholder value.
Staci Woolsey
Our strong performance through the first nine months of 2026 reinforces our confidence in both our full-year outlook and the longer-term financial targets we are announcing today. At the midpoint of our updated 2026 revenue guidance, we expect approximately 15% organic revenue growth, with an additional 9% contribution from acquired companies. This organic growth is consistent with the 10% to 12% CAGR reflected in our 2029 financial targets and demonstrates the progress we are already making toward our long-term objectives. Our strong cash flow generation provides us with the financial flexibility to continue investing in organic growth while pursuing strategic opportunities through disciplined capital allocation.
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