Granite Construction Q3 revenue beats estimates on organic growth, acquisitions
GVA•Granite Construction’s third-quarter revenue rose 23% year over year to $1.80 billion, beating estimates, while adjusted EPS of $3.81 also topped expectations. The company raised its 2026 revenue guidance to $5.4 billion-$5.5 billion and reported $162 million in non-operating charges from convertible note settlements.
1. Quarterly results
Granite Construction reported third-quarter revenue of $1.80 billion, up 23% year over year and above the $1.72 billion analyst estimate. Adjusted EPS was $3.81, compared with the $3.33 estimate. Net income was $3.21 million, impacted by $162 million in non-operating charges from convertible note settlements.
2. Outlook and drivers
The company raised its 2026 revenue guidance to $5.4 billion-$5.5 billion from $5.3 billion-$5.5 billion and maintained its adjusted EBITDA margin outlook at 12.25%-13.25%. It targets 2029 organic revenue CAGR of 10%-12% and adjusted EBITDA margin of 14%-16%. Granite said higher committed and awarded projects entering the quarter, organic growth, acquisitions and project execution contributed to results.
