Key Highlights

  • The board declared a $0.13 quarterly Dividend on September 10, 2026, payable October 15 to holders of record September 30.
  • Second-quarter GAAP net loss was $278 million, or $6.36 per diluted share, after a $360 million non-operating loss.
  • Adjusted net income, a non-GAAP measure, was $101 million, or $2.16 per diluted share, compared with $1.93 a year earlier.
  • Revenue rose 29% to $1.46 billion, and committed and awarded projects reached $7.4 billion at quarter-end.

Overview

Granite Construction Incorporated (NYSE:GVA) declared a $0.13 quarterly dividend on September 10, 2026, payable October 15 to holders of record on September 30. The dividend yields 0.45%. Second-quarter GAAP diluted EPS was a loss of $6.36, driven by a $360 million non-operating loss on convertible notes, while adjusted diluted EPS, a non-GAAP measure, was $2.16. Revenue was $1.46 billion and CAP was $7.4 billion.

Dividend Program and Shareholder Returns

The board declared a quarterly Cash Dividend of $0.13 per common share on September 10, 2026, payable October 15 to shareholders of record at the close of Business on September 30. It trades ex-dividend on September 30.

The declaration followed second-quarter results reported July 30, 2026. Dividends paid year to date through June 30, 2026 totaled $11.3 million, according to the company. Each dividend remains subject to board approval.

About the Company

Granite Construction Incorporated is a construction and construction materials company serving infrastructure markets, and its shares trade on the New York Stock Exchange. It reports committed and awarded projects, or CAP, as its measure of backlog, and it reports adjusted Net Income and adjusted EBITDA, both non-GAAP measures.

Second-Quarter Revenue, Earnings and Guidance

Revenue was $1.46 billion, up 29% from $1.13 billion. GAAP net loss attributable to Granite was $278 million, or $6.36 per diluted share, compared with net income of $72 million, or $1.42.

Adjusted net income, a non-GAAP measure, was $101 million, or $2.16 per diluted share, compared with $86 million, or $1.93. Adjusted EBITDA, also non-GAAP, was $186 million, up 22% from $152 million.

CAP was $7.4 billion, up $250 million sequentially and $1.4 billion year over year. Full-year revenue guidance was raised to $5.3-$5.5 billion from $5.2-$5.4 billion, and adjusted EBITDA Margin guidance is 12.25% to 13.25%.

The Convertible Note Loss and Cash Flow

The company attributed the net loss primarily to a $360 million non-operating loss on convertible Debt transactions associated with its 3.75% convertible notes. It elected to settle conversions primarily in cash to limit dilution to its stockholders.

Year-to-date operating Cash Flow increased to $142 million from $5 million in the same period of the prior year. In the Materials segment, revenue increased year over year primarily due to revenue from recently acquired businesses, while Gross Profit Margin decreased primarily due to the impact of severe weather in the southeast.

Outlook

Adjusted EBITDA, CAP, the full-year revenue guidance of $5.3-$5.5 billion, the cash cost of convertible note settlements, operating cash flow, and the board's quarterly declarations are the relevant considerations. Second-quarter results are the most recent reported period.