Granite Construction jumps after Q1 beat, record $7.2B backlog, and raised 2026 outlook
GVA•Granite Construction shares are higher after the company reported first-quarter 2026 results on April 30, 2026, including 30% revenue growth to $912 million and adjusted EBITDA up 106% to $58 million. Management also raised full-year 2026 guidance and said committed and awarded projects (CAP) rose sequentially to a record $7.2 billion.
1. What’s moving the stock today
Granite Construction (GVA) is up after reporting first-quarter 2026 results on April 30, 2026, and increasing its full-year 2026 outlook. The results highlighted strong top-line growth, a sharp improvement in profitability on an adjusted basis, and a new record level of committed and awarded projects (CAP), reinforcing expectations for higher 2026 activity levels.
2. The key numbers investors are reacting to
For Q1 2026 (ended March 31, 2026), Granite reported revenue of $912 million, up 30% year over year, and adjusted EBITDA of $58 million, up 106%. CAP increased sequentially by $200 million to a record $7.2 billion, and the company pointed to active federal, state/local, and private end markets plus strength in aggregates and asphalt demand with volume growth and pricing increases meeting expectations.
3. Guidance raise and demand/backlog signals
Granite raised 2026 guidance, lifting revenue to $5.2–$5.4 billion (from $4.9–$5.1 billion) and adjusted EBITDA margin to 12.25%–13.25% (from 12.0%–13.0%), while also lowering its SG&A expense outlook as a percent of revenue. The company tied the guidance increase to first-quarter performance, recent project awards (including tactical infrastructure work for U.S. Customs and Border Protection), and the addition of Kenny Seng Construction, which it said expands its vertically integrated home market in Utah.
4. What to watch next
Investors will be watching whether Granite can translate the higher CAP level into sustained revenue growth through the peak construction season while holding margins near the higher 2026 target range. Focus areas include execution across the project portfolio, materials pricing/volumes, and the pace and integration of additional acquisitions the company said it expects to complete in 2026.
