Granite Construction Incorporated filed its Form 10-Q for the quarterly period ended September 30, 2026 with the Securities and Exchange Commission, reporting a nine-month net loss attributable to the company of $316,651 thousand driven largely by a $260,852 thousand loss on convertible debt transactions.

Key Highlights

  • Nine-month revenue: $4,134,668 thousand for the nine months ended September 30, 2026, up from $3,259,009 thousand in the same period of 2025, according to the filing.
  • Nine-month net loss: Net loss attributable to Granite Construction Incorporated of $316,651 thousand, or $(7.23) per basic and diluted share, for the nine months ended September 30, 2026.
  • Third-quarter net income: Net income attributable to the company of $3,210 thousand, or $0.07 per basic and diluted share, for the three months ended September 30, 2026.
  • Convertible debt charge: A loss on convertible debt transactions, net, of $260,852 thousand was recorded for the nine months ended September 30, 2026, compared to zero in the prior-year period.
  • Total assets: $4,468,399 thousand as of September 30, 2026, versus $4,030,393 thousand as of December 31, 2025.
  • Retained earnings decline: Retained earnings fell to $440,682 thousand as of September 30, 2026, from $774,641 thousand as of December 31, 2025.
  • Shares outstanding: 44,130,293 shares of common stock outstanding as of October 23, 2026, per the filing's cover page.

Granite Construction's Nine-Month Results Reflect Convertible Debt Impact and Revenue Growth

Granite Construction Incorporated (NYSE:GVA) reported nine-month revenue of $4,134,668 thousand for the period ended September 30, 2026, a significant increase from $3,259,009 thousand in the same nine-month period of 2025, according to the filing. Gross profit for the nine months reached $684,436 thousand, compared with $543,496 thousand a year earlier. However, the company reported a net loss attributable to Granite Construction Incorporated of $316,651 thousand for the nine-month period, compared with net income of $140,973 thousand in the prior-year period.

The filing identifies a loss on convertible debt transactions, net, of $260,852 thousand recorded in the nine months ended September 30, 2026 as a primary driver of the year-to-date loss. Interest expense for the nine months also rose sharply, to $329,421 thousand from $29,051 thousand in the same period of 2025. For the three months ended September 30, 2026, the company recorded a gain on convertible debt transactions, net, of $108,571 thousand, which contributed to a quarterly net income attributable to Granite of $3,210 thousand, compared with $102,929 thousand in the third quarter of 2025.

On the balance sheet, total assets grew to $4,468,399 thousand as of September 30, 2026, from $4,030,393 thousand at December 31, 2025. Long-term debt increased to $1,174,339 thousand from $963,233 thousand over the same period. Total Granite Construction Incorporated shareholders' equity declined to $945,992 thousand from $1,179,048 thousand at year-end 2025, reflecting the nine-month net loss. The filing notes that current maturities of long-term debt stood at $381,686 thousand as of September 30, 2026. During the three months ended September 30, 2026, the company repurchased 301,642 shares of common stock for $37,103 thousand in aggregate, according to the shareholders' equity statement.

What Was Disclosed

Granite Construction Incorporated filed its quarterly report covering the period ended September 30, 2026, disclosing a nine-month net loss of $316,651 thousand attributable to the company, primarily driven by $260,852 thousand in losses on convertible debt transactions, partially offset by higher revenue compared with the prior year.