Granite Construction (GVA) Financials

$140.74 -2.39 (-1.67%)

Closing price 03:59 PM Eastern

Extended Trading

$141.00 +0.25 (+0.18%)

As of 05:30 PM Eastern

Annual Income Statements for Granite Construction

This table shows Granite Construction's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	60	57	34	0.58	-60	-145	10	83	44	126	193
Consolidated Net Income / (Loss)	68	66	42	12	-57	-166	2.41	79	30	140	220
Net Income / (Loss) Continuing Operations	68	66	42	12	-28	-166	2.41	79	30	140	220
Total Pre-Tax Income	103	96	68	8.33	-40	-166	22	92	60	196	289
Total Operating Income	110	92	63	8.22	-42	-158	25	85	80	207	282
Total Gross Profit	300	301	279	335	190	345	363	369	396	573	711
Total Revenue	2,371	2,515	2,958	3,287	2,915	3,562	3,502	3,301	3,509	4,008	4,424
Operating Revenue	2,371	2,515	2,958	3,287	2,915	3,562	3,502	3,301	3,509	4,008	4,424
Total Cost of Revenue	2,071	2,213	2,680	2,952	2,725	3,218	3,139	2,932	3,113	3,435	3,713
Operating Cost of Revenue	2,071	2,213	2,680	2,952	2,725	3,218	3,139	2,932	3,113	3,435	3,713
Total Operating Expenses	190	209	216	327	232	503	338	284	316	365	429
Selling, General & Admin Expense	204	217	220	273	238	316	303	273	294	334	408
Other Operating Expenses / (Income)	-	-	-	-	6.74	37	101	24	50	40	41
Other Special Charges / (Income)	-8.29	-8.36	-4.18	-7.67	-13	-6.93	-66	-13	-28	-8.76	-20
Total Other Income / (Expense), net	-6.88	4.01	5.75	0.11	1.50	-8.12	-2.59	6.44	-20	-11	6.38
Interest Expense	14	12	11	15	18	24	21	13	70	57	47
Interest & Investment Income	5.35	10	12	13	14	12	14	20	43	41	42
Other Income / (Expense), net	2.03	5.97	4.70	1.67	5.31	4.20	4.39	-1.04	6.02	4.24	12
Income Tax Expense	35	30	26	-3.21	-12	-0.28	20	13	30	56	68
Net Income / (Loss) Attributable to Noncontrolling Interest	7.76	9.08	8.34	11	3.49	-21	-7.68	-4.45	-14	14	27
Basic Earnings per Share	$1.54	$1.44	$0.86	$0.01	($1.29)	($3.18)	$0.22	$1.87	$0.99	$2.88	$4.42
Weighted Average Basic Shares Outstanding	39.34M	39.56M	39.80M	43.56M	46.56M	45.61M	45.79M	44.49M	43.88M	43.85M	43.65M
Diluted Earnings per Share	$1.52	$1.42	$0.84	$0.01	($1.29)	($3.18)	$0.21	$1.70	$0.97	$2.62	$3.86
Weighted Average Diluted Shares Outstanding	39.87M	40.23M	40.37M	44.03M	46.56M	45.61M	47.60M	52.33M	52.57M	52.51M	53.13M
Weighted Average Basic & Diluted Shares Outstanding	39.30M	39.70M	39.70M	46.69M	-	45.79M	45.88M	43.74M	43.97M	43.43M	43.50M
Cash Dividends to Common per Share	$0.52	$0.52	$0.52	$0.52	$0.52	$0.52	$0.52	$0.52	$0.52	$0.52	$0.52

This table shows Granite Construction's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	58	26	-31	37	79	41	-34	72	103	52	-42
Consolidated Net Income / (Loss)	57	22	-29	39	84	47	-28	80	109	59	-36
Net Income / (Loss) Continuing Operations	57	22	-29	39	84	47	-28	80	109	59	-36
Total Pre-Tax Income	80	30	-39	60	109	66	-40	108	148	74	-49
Total Operating Income	74	21	-43	86	104	61	-40	104	144	75	-31
Total Gross Profit	167	94	54	165	203	151	84	199	261	168	110
Total Revenue	1,117	934	672	1,082	1,276	977	700	1,126	1,433	1,165	912
Operating Revenue	1,117	934	672	1,082	1,276	977	700	1,126	1,433	1,165	912
Total Cost of Revenue	950	839	618	918	1,073	827	616	927	1,173	998	803
Operating Cost of Revenue	950	839	618	918	1,073	827	616	927	1,173	998	803
Total Operating Expenses	93	74	98	79	99	90	124	96	117	93	141
Selling, General & Admin Expense	75	82	88	70	92	84	116	86	102	104	141
Other Operating Expenses / (Income)	20	12	11	10	8.54	10	9.43	13	16	2.72	3.04
Other Special Charges / (Income)	-1.81	-21	-1.42	-1.39	-1.54	-4.42	-1.74	-3.61	-0.77	-14	-2.95
Total Other Income / (Expense), net	6.10	9.37	4.33	-26	5.15	5.62	-0.33	3.99	3.87	-1.16	-17
Interest Expense	4.88	6.56	8.08	33	7.63	7.86	7.76	7.93	13	18	16
Interest & Investment Income	11	13	11	8.16	12	11	7.36	9.46	11	14	9.32
Other Income / (Expense), net	-0.46	3.31	1.74	-1.27	0.87	2.89	0.06	2.46	6.31	2.93	-10
Income Tax Expense	22	8.29	-9.53	21	25	19	-12	27	38	15	-12
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.13	-4.29	1.54	1.96	5.03	5.57	5.33	8.65	6.47	6.91	5.31
Basic Earnings per Share	$1.31	$0.60	($0.70)	$0.84	$1.81	$0.93	($0.77)	$1.64	$2.35	$1.20	($0.96)
Weighted Average Basic Shares Outstanding	43.92M	43.88M	43.99M	44.06M	43.70M	43.85M	43.46M	43.75M	43.78M	43.65M	43.53M
Diluted Earnings per Share	$1.13	$0.76	($0.70)	$0.76	$1.57	$0.99	($0.77)	$1.42	$1.98	$1.23	($0.96)
Weighted Average Diluted Shares Outstanding	53.61M	52.57M	43.99M	52.73M	52.37M	52.51M	43.46M	52.76M	53.56M	53.13M	43.53M
Weighted Average Basic & Diluted Shares Outstanding	43.93M	43.97M	44.15M	43.71M	-	43.43M	43.74M	43.79M	43.65M	43.50M	43.75M
Cash Dividends to Common per Share	$0.13	-	$0.13	$0.13	$0.13	-	$0.13	$0.13	$0.13	-	$0.13

This table details how cash moves in and out of Granite Construction's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-3.13	-64	44	45	-11	170	-24	-120	124	161	-49
Net Cash From Operating Activities	67	73	146	86	111	268	22	56	184	456	469
Net Cash From Continuing Operating Activities	67	73	146	86	111	268	22	56	184	456	469
Net Income / (Loss) Continuing Operations	68	66	42	12	-57	-166	2.41	79	30	140	220
Consolidated Net Income / (Loss)	68	66	42	12	-57	-166	2.41	79	30	140	220
Depreciation Expense	64	64	66	112	122	113	109	83	92	126	162
Amortization Expense	-	-	-	0.00	1.43	8.69	9.45	2.37	2.39	4.50	4.59
Non-Cash Adjustments To Reconcile Net Income	-47	-16	28	64	84	335	-38	-93	81	19	119
Changes in Operating Assets and Liabilities, net	-18	-42	9.61	-101	-39	-22	-61	-15	-22	166	-38
Net Cash From Investing Activities	-31	-96	-59	-40	-40	-41	-21	-11	-359	-229	-994
Net Cash From Continuing Investing Activities	-31	-96	-59	-40	-40	-41	-21	-11	-359	-229	-994
Purchase of Property, Plant & Equipment	-44	-91	-68	-111	-107	-93	-95	-122	-140	-136	-138
Acquisitions	-	0.00	0.00	-55	-6.23	-	0.00	0.00	-294	-134	-778
Purchase of Investments	-105	-130	-125	-9.95	0.00	-10.00	-10	-94	-9.74	-11	-238
Sale of Property, Plant & Equipment	13	13	10	16	37	17	95	26	38	14	33
Sale and/or Maturity of Investments	105	105	120	75	35	35	0.00	46	40	38	125
Other Investing Activities, net	0.09	6.32	2.85	-2.57	0.64	5.29	-11	-7.55	6.74	1.34	2.37
Net Cash From Financing Activities	-39	-40	-43	-1.87	-82	-58	-24	-164	299	-67	476
Net Cash From Continuing Financing Activities	-39	-40	-43	-1.87	-82	-58	-24	-164	299	-67	476
Repayment of Debt	-47	-45	-45	-154	-318	-83	-8.52	-125	-316	-319	-88
Repurchase of Common Equity	-3.78	-5.23	-6.98	-17	-37	-0.89	-2.73	-71	-17	-51	-48
Payment of Dividends	-20	-21	-21	-22	-24	-24	-24	-23	-23	-23	-23
Issuance of Debt	31	31	26	204	336	50	0.00	50	679	374	685
Issuance of Common Equity	-	5.25	12	0.20	12	12	20	13	43	24	3.35
Other Financing Activities, net	0.47	-5.26	-7.11	-13	-50	-12	-9.51	-8.57	-67	-72	-53
Cash Interest Paid	15	13	11	15	17	19	15	12	16	26	36
Cash Income Taxes Paid	4.30	30	34	19	12	2.81	2.07	3.77	15	30	49

This table details how cash moves in and out of Granite Construction's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	78	126	-96	45	96	116	-199	-57	120	87	-264
Net Cash From Operating Activities	153	150	24	-1.99	261	173	3.65	1.79	284	179	-31
Net Cash From Continuing Operating Activities	153	150	24	-1.99	261	173	3.65	1.79	284	179	-31
Net Income / (Loss) Continuing Operations	57	22	-29	39	84	47	-28	80	109	59	-36
Consolidated Net Income / (Loss)	57	22	-29	39	84	47	-28	80	109	59	-36
Depreciation Expense	24	27	29	29	34	34	30	35	48	49	42
Amortization Expense	0.70	0.70	0.76	1.58	1.07	1.10	1.08	1.08	1.18	1.24	2.31
Non-Cash Adjustments To Reconcile Net Income	45	39	-58	61	-2.01	2.70	63	3.34	47	5.60	33
Changes in Operating Assets and Liabilities, net	26	61	82	-133	145	88	-62	-118	78	65	-72
Net Cash From Investing Activities	-25	-270	-11	-39	-161	-17	-156	-51	-741	-46	22
Net Cash From Continuing Investing Activities	-25	-270	-11	-39	-161	-17	-156	-51	-741	-46	22
Purchase of Property, Plant & Equipment	-29	-31	-28	-39	-41	-28	-32	-29	-27	-51	-26
Purchase of Investments	-	-	0.00	-	-6.98	-4.00	-135	-38	-66	-	0.00
Sale of Property, Plant & Equipment	4.05	23	2.54	1.69	2.51	7.11	3.45	4.90	2.58	22	8.65
Sale and/or Maturity of Investments	10	5.20	20	5.00	6.50	6.50	7.10	11	53	55	39
Other Investing Activities, net	0.07	-0.21	0.69	-	0.74	-0.09	0.00	0.40	1.85	0.12	0.99
Net Cash From Financing Activities	-51	246	-109	86	-4.94	-39	-47	-7.90	576	-46	-255
Net Cash From Continuing Financing Activities	-51	246	-109	86	-4.94	-39	-47	-7.90	576	-46	-255
Repayment of Debt	-55	-0.79	-102	-217	-0.32	-0.36	-0.27	-0.32	-13	-75	-289
Repurchase of Common Equity	-0.13	-0.22	-7.42	-14	-0.74	-29	-15	-0.11	-6.28	-27	-18
Payment of Dividends	-5.71	-5.71	-5.71	-5.74	-5.68	-5.68	-5.65	-5.69	-5.69	-5.69	-5.66
Issuance of Common Equity	13	7.90	10	7.00	3.50	3.50	0.00	-	3.35	-	2.40
Other Financing Activities, net	-2.25	-5.12	-3.95	-58	-1.70	-7.52	-25	-1.80	-12	-14	55

This table presents Granite Construction's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,627	1,733	1,872	2,427	2,502	2,380	2,495	2,168	2,814	3,026	4,030
Total Current Assets	985	1,089	1,232	1,341	1,377	1,455	1,827	1,347	1,643	1,717	1,812
Cash & Equivalents	253	189	234	273	262	425	396	294	418	578	529
Short-Term Investments	25	65	68	30	28	-	0.00	39	36	7.31	71
Accounts Receivable	59	73	-	485	547	438	465	464	599	512	630
Inventories, net	56	55	62	89	89	62	62	87	104	108	143
Other Current Assets	252	287	388	464	451	359	513	463	487	511	438
Plant, Property, & Equipment, net	385	407	407	550	542	421	434	509	663	716	1,261
Total Noncurrent Assets	257	238	232	537	583	504	234	311	507	593	957
Long-Term Investments	114	99	103	120	89	33	39	107	93	94	146
Goodwill	54	54	54	259	264	54	54	74	155	214	401
Intangible Assets	-	-	-	-	-	-	-	9.21	117	128	180
Other Noncurrent Operating Assets	85	85	75	127	179	374	117	99	134	156	231
Total Liabilities & Shareholders' Equity	1,627	1,733	1,872	2,427	2,502	2,380	2,495	2,168	2,814	3,026	4,030
Total Liabilities	757	811	879	1,138	1,324	1,388	1,499	1,183	1,787	1,946	2,809
Total Current Liabilities	466	530	655	737	842	943	1,069	798	1,030	1,032	1,482
Short-Term Debt	15	15	46	47	8.24	8.28	8.73	1.45	40	1.11	376
Accounts Payable	158	199	238	257	401	321	324	334	408	407	430
Accrued Expenses	201	219	236	324	337	382	453	288	338	324	348
Other Current Liabilities	-	-	135	109	96	163	200	173	244	300	327
Total Noncurrent Liabilities	291	281	224	400	482	445	430	385	757	914	1,327
Long-Term Debt	244	229	178	335	356	331	331	287	615	738	963
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	5.44	1.36	4.16	3.75	2.02	1.86	1.89	3.71	14	141
Other Noncurrent Operating Liabilities	47	46	44	61	122	102	97	96	138	163	222
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	870	923	993	1,289	1,178	992	996	985	1,027	1,079	1,222
Total Preferred & Common Equity	839	886	945	1,244	1,141	976	968	953	977	1,015	1,179
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	839	886	945	1,244	1,141	976	968	953	977	1,015	1,179
Common Stock	141	151	161	565	550	556	560	471	475	411	403
Retained Earnings	699	736	784	679	594	425	411	481	502	605	775
Accumulated Other Comprehensive Income / (Loss)	-1.50	-0.37	0.63	-0.75	-2.65	-5.04	-3.36	0.79	0.88	-0.58	1.58
Noncontrolling Interest	31	37	48	46	37	16	28	32	50	64	42

This table presents Granite Construction's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,408	2,077	2,377	2,580	2,595	3,131	2,907	3,106	4,145	3,780
Total Current Assets	1,580	1,246	1,491	1,695	1,418	1,814	1,499	1,692	1,980	1,605
Cash & Equivalents	255	200	214	292	322	462	379	322	442	266
Short-Term Investments	40	40	25	31	16	10	44	63	105	49
Accounts Receivable	618	397	637	743	430	733	471	705	836	637
Inventories, net	81	98	92	92	117	108	128	126	145	169
Other Current Assets	585	512	523	536	534	501	477	475	451	484
Plant, Property, & Equipment, net	501	531	564	570	666	720	722	714	1,200	1,243
Total Noncurrent Assets	327	300	321	316	511	597	686	700	966	932
Long-Term Investments	100	100	98	97	93	95	184	193	164	131
Goodwill	74	74	79	74	161	212	214	215	392	401
Intangible Assets	-	-	-	-	113	132	125	123	181	174
Other Noncurrent Operating Assets	108	104	113	115	137	154	162	169	229	227
Total Liabilities & Shareholders' Equity	2,408	2,077	2,377	2,580	2,595	3,131	2,907	3,106	4,145	3,780
Total Liabilities	1,421	1,105	1,435	1,574	1,590	2,061	1,869	1,992	2,940	2,699
Total Current Liabilities	1,041	723	867	1,056	936	1,165	954	1,076	1,634	1,479
Short-Term Debt	1.44	1.46	1.47	1.48	40	1.10	1.12	7.34	372	380
Accounts Payable	398	295	382	477	347	510	375	441	528	430
Accrued Expenses	450	267	310	356	325	361	297	327	407	312
Other Current Liabilities	191	160	173	222	224	293	280	301	327	357
Total Noncurrent Liabilities	380	382	568	517	654	896	915	915	1,306	1,220
Long-Term Debt	287	287	459	404	513	737	739	733	966	861
Noncurrent Deferred & Payable Income Tax Liabilities	61	1.68	4.57	3.81	3.64	3.42	14	14	118	143
Other Noncurrent Operating Liabilities	33	93	105	110	137	156	163	168	222	215
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	987	972	941	1,007	1,005	1,070	1,038	1,114	1,205	1,081
Total Preferred & Common Equity	951	925	902	955	946	1,007	994	1,063	1,156	1,032
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	951	925	902	955	946	1,007	994	1,063	1,156	1,032
Common Stock	469	472	471	473	480	438	428	431	427	302
Retained Earnings	481	453	430	482	465	569	565	631	728	727
Accumulated Other Comprehensive Income / (Loss)	0.54	0.65	0.80	0.89	1.29	0.44	0.07	1.00	0.87	3.00
Noncontrolling Interest	36	47	40	51	58	63	45	52	49	49

This table displays calculated financial ratios and metrics derived from Granite Construction's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.21%	6.06%	17.65%	11.11%	-11.32%	22.22%	-1.70%	-5.73%	6.30%	14.20%	10.40%
EBITDA Growth	30.62%	-7.90%	-17.91%	-9.09%	-28.35%	-137.35%	554.29%	14.68%	6.77%	89.46%	34.69%
EBIT Growth	67.71%	-12.47%	-31.63%	-85.30%	-468.54%	-323.25%	118.88%	189.80%	2.06%	145.81%	39.04%
NOPAT Growth	73.27%	-12.83%	-38.72%	-70.73%	-356.63%	-279.51%	102.43%	2,619.26%	-46.03%	275.07%	45.17%
Net Income Growth	90.23%	-3.00%	-35.87%	-72.83%	-591.52%	-193.08%	101.45%	3,166.65%	-62.48%	374.68%	56.90%
EPS Growth	137.50%	-6.58%	-40.85%	-98.81%	-13,000.00%	-146.51%	106.60%	709.52%	-42.94%	170.10%	47.33%
Operating Cash Flow Growth	55.25%	9.21%	99.87%	-40.91%	28.99%	140.91%	-91.83%	153.74%	230.13%	148.41%	2.76%
Free Cash Flow Firm Growth	40.46%	-140.92%	409.55%	-1,144.76%	113.13%	388.31%	-29.73%	-187.73%	-56.52%	155.15%	-417.30%
Invested Capital Growth	5.84%	10.38%	-0.22%	53.69%	-6.81%	-32.93%	-24.18%	40.77%	36.31%	0.31%	59.31%
Revenue Q/Q Growth	1.73%	1.47%	3.62%	2.85%	-14.79%	19.88%	2.73%	29.88%	-19.76%	0.00%	4.44%
EBITDA Q/Q Growth	8.67%	-11.87%	-12.70%	-22.54%	158.15%	-10.58%	12.05%	-9.16%	5.88%	0.00%	6.81%
EBIT Q/Q Growth	17.32%	-19.52%	-22.50%	-83.83%	60.72%	-1.90%	120.50%	-8.59%	4.48%	0.00%	5.18%
NOPAT Q/Q Growth	21.28%	-21.12%	-31.81%	-72.86%	55.89%	-2.76%	-65.66%	15.52%	5.15%	0.00%	8.44%
Net Income Q/Q Growth	26.54%	-19.34%	-28.93%	-74.55%	17.17%	13.42%	-91.54%	100.92%	9.36%	0.00%	5.70%
EPS Q/Q Growth	22.58%	-18.39%	-35.38%	-98.41%	17.31%	15.65%	-65.57%	-26.72%	256.45%	0.00%	6.63%
Operating Cash Flow Q/Q Growth	-18.17%	31.30%	-6.98%	-10.31%	146.82%	-2.94%	-88.44%	205.75%	75.84%	0.00%	1.41%
Free Cash Flow Firm Q/Q Growth	-54.65%	49.31%	-47.27%	23.15%	-21.05%	2.20%	52.67%	-14,119.94%	-254.71%	0.00%	71.84%
Invested Capital Q/Q Growth	-3.34%	-6.35%	-4.35%	-13.53%	-10.98%	-16.34%	-27.42%	-5.34%	14.49%	0.00%	-0.98%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	12.65%	11.98%	9.42%	10.19%	6.51%	9.68%	10.36%	11.19%	11.30%	14.29%	16.07%
EBITDA Margin	7.45%	6.47%	4.51%	3.69%	2.98%	-0.91%	4.22%	5.13%	5.15%	8.54%	10.42%
Operating Margin	4.65%	3.67%	2.11%	0.25%	-1.43%	-4.44%	0.71%	2.59%	2.28%	5.17%	6.38%
EBIT Margin	4.74%	3.91%	2.27%	0.30%	-1.25%	-4.33%	0.83%	2.55%	2.45%	5.28%	6.65%
Profit (Net Income) Margin	2.88%	2.63%	1.44%	0.35%	-1.95%	-4.66%	0.07%	2.39%	0.84%	3.50%	4.98%
Tax Burden Percent	65.99%	68.70%	62.19%	138.52%	140.97%	99.83%	10.91%	85.89%	49.43%	71.58%	76.29%
Interest Burden Percent	92.07%	98.00%	101.56%	84.27%	110.45%	107.99%	76.03%	108.86%	69.53%	92.72%	98.17%
Effective Tax Rate	34.01%	31.30%	37.81%	-38.52%	0.00%	0.00%	89.09%	14.12%	50.57%	28.42%	23.71%
Return on Invested Capital (ROIC)	10.15%	8.18%	4.78%	1.10%	-2.42%	-11.40%	0.39%	10.30%	4.02%	13.06%	14.59%
ROIC Less NNEP Spread (ROIC-NNEP)	13.74%	5.89%	2.31%	0.96%	96.22%	37.53%	0.49%	8.31%	49.43%	3.52%	16.09%
Return on Net Nonoperating Assets (RNNOA)	-2.06%	-0.79%	-0.35%	-0.09%	-2.17%	-3.91%	-0.15%	-2.33%	-1.08%	0.28%	4.56%
Return on Equity (ROE)	8.09%	7.39%	4.43%	1.01%	-4.60%	-15.32%	0.24%	7.96%	2.94%	13.34%	19.15%
Cash Return on Invested Capital (CROIC)	4.48%	-1.69%	5.00%	-41.22%	4.62%	28.02%	27.90%	-23.57%	-26.71%	12.75%	-31.15%
Operating Return on Assets (OROA)	6.96%	5.85%	3.73%	0.46%	-1.48%	-6.31%	1.19%	3.62%	3.46%	7.25%	8.34%
Return on Assets (ROA)	4.23%	3.94%	2.36%	0.54%	-2.30%	-6.81%	0.10%	3.38%	1.19%	4.81%	6.25%
Return on Common Equity (ROCE)	7.83%	7.11%	4.24%	0.97%	-4.44%	-14.94%	0.24%	7.72%	2.82%	12.61%	18.27%
Return on Equity Simple (ROE_SIMPLE)	8.13%	7.47%	4.49%	0.93%	-4.97%	-17.03%	0.25%	8.27%	3.03%	13.83%	0.00%
Net Operating Profit after Tax (NOPAT)	73	63	39	11	-29	-111	2.70	73	40	148	215
NOPAT Margin	3.07%	2.52%	1.31%	0.35%	-1.00%	-3.11%	0.08%	2.22%	1.13%	3.70%	4.87%
Net Nonoperating Expense Percent (NNEP)	-3.59%	2.28%	2.47%	0.14%	-98.64%	-48.93%	-0.09%	1.99%	-45.40%	9.54%	-1.49%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.76%	2.35%	8.16%	8.42%
Cost of Revenue to Revenue	87.35%	88.02%	90.58%	89.81%	93.49%	90.32%	89.64%	88.81%	88.70%	85.71%	83.93%
SG&A Expenses to Revenue	8.60%	8.64%	7.45%	8.30%	8.17%	8.88%	8.65%	8.26%	8.39%	8.34%	9.21%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	7.99%	8.31%	7.31%	9.94%	7.94%	14.12%	9.65%	8.61%	9.01%	9.12%	9.69%
Earnings before Interest and Taxes (EBIT)	112	98	67	9.88	-36	-154	29	84	86	212	294
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	177	163	134	121	87	-32	148	169	181	342	461
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.78	2.20	2.42	1.39	1.05	1.22	1.77	1.58	2.27	3.78	4.27
Price to Tangible Book Value (P/TBV)	1.90	2.34	2.56	1.75	1.37	1.29	1.88	1.73	3.15	5.70	8.41
Price to Revenue (P/Rev)	0.63	0.77	0.77	0.52	0.41	0.33	0.49	0.46	0.63	0.96	1.14
Price to Earnings (P/E)	24.72	34.11	66.93	2,964.32	0.00	0.00	169.80	18.05	50.87	30.35	26.09
Dividend Yield	1.37%	1.06%	0.91%	1.41%	2.03%	2.04%	1.39%	1.51%	1.03%	0.59%	0.45%
Earnings Yield	4.04%	2.93%	1.49%	0.03%	0.00%	0.00%	0.59%	5.54%	1.97%	3.30%	3.83%
Enterprise Value to Invested Capital (EV/IC)	1.89	2.31	2.65	1.39	1.05	1.39	2.78	1.66	2.09	3.48	3.13
Enterprise Value to Revenue (EV/Rev)	0.59	0.75	0.73	0.53	0.42	0.31	0.47	0.42	0.68	0.99	1.28
Enterprise Value to EBITDA (EV/EBITDA)	7.89	11.54	16.10	14.25	14.03	0.00	11.16	8.17	13.14	11.56	12.29
Enterprise Value to EBIT (EV/EBIT)	12.41	19.09	31.99	175.07	0.00	0.00	56.61	16.40	27.60	18.70	19.27
Enterprise Value to NOPAT (EV/NOPAT)	19.15	29.58	55.31	152.01	0.00	0.00	610.94	18.86	60.03	26.66	26.31
Enterprise Value to Operating Cash Flow (EV/OCF)	20.81	25.66	14.71	20.03	10.96	4.05	75.12	24.86	12.93	8.67	12.09
Enterprise Value to Free Cash Flow (EV/FCFF)	43.42	0.00	52.90	0.00	21.89	3.99	8.61	0.00	0.00	27.30	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.30	0.26	0.23	0.30	0.31	0.34	0.34	0.29	0.64	0.68	1.10
Long-Term Debt to Equity	0.28	0.25	0.18	0.26	0.30	0.33	0.33	0.29	0.60	0.68	0.79
Financial Leverage	-0.15	-0.13	-0.15	-0.10	-0.02	-0.10	-0.31	-0.28	-0.02	0.08	0.28
Leverage Ratio	1.91	1.87	1.88	1.88	2.00	2.25	2.45	2.35	2.48	2.77	3.07
Compound Leverage Factor	1.76	1.84	1.91	1.59	2.21	2.43	1.87	2.56	1.72	2.57	3.01
Debt to Total Capital	22.95%	20.94%	18.44%	22.87%	23.62%	25.47%	25.45%	22.64%	38.93%	40.64%	52.30%
Short-Term Debt to Total Capital	1.31%	1.27%	3.78%	2.83%	0.53%	0.62%	0.65%	0.11%	2.37%	0.06%	14.68%
Long-Term Debt to Total Capital	21.64%	19.67%	14.66%	20.05%	23.08%	24.84%	24.80%	22.53%	36.56%	40.58%	37.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.73%	3.14%	3.92%	2.73%	2.39%	1.20%	2.09%	2.52%	2.95%	3.53%	1.66%
Common Equity to Total Capital	74.32%	75.93%	77.64%	74.40%	73.99%	73.34%	72.46%	74.83%	58.11%	55.83%	46.04%
Debt to EBITDA	1.47	1.50	1.68	3.15	4.19	-10.43	2.30	1.70	3.62	2.16	2.90
Net Debt to EBITDA	-0.75	-0.67	-1.35	-0.34	-0.17	3.67	-0.64	-0.90	0.60	0.17	1.28
Long-Term Debt to EBITDA	1.38	1.41	1.34	2.76	4.09	-10.17	2.24	1.70	3.40	2.16	2.09
Debt to NOPAT	3.56	3.85	5.77	33.60	-12.47	-3.06	126.05	3.93	16.54	4.98	6.21
Net Debt to NOPAT	-1.82	-1.71	-4.64	-3.59	0.51	1.08	-35.12	-2.08	2.74	0.40	2.75
Long-Term Debt to NOPAT	3.36	3.62	4.59	29.45	-12.19	-2.98	122.81	3.91	15.53	4.97	4.47
Altman Z-Score	3.86	4.06	4.21	2.97	2.25	2.31	2.72	3.03	2.60	3.29	2.78
Noncontrolling Interest Sharing Ratio	3.18%	3.76%	4.40%	4.09%	3.35%	2.44%	2.21%	3.03%	4.07%	5.40%	4.63%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.11	2.06	1.88	1.82	1.64	1.54	1.71	1.69	1.60	1.66	1.22
Quick Ratio	1.46	1.41	1.19	1.07	0.99	0.91	0.80	1.00	1.02	1.06	0.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	32	-13	41	-425	56	272	191	-168	-263	145	-460
Operating Cash Flow to CapEx	215.84%	93.75%	254.28%	91.07%	159.80%	350.69%	274,137.50%	58.24%	179.62%	372.36%	444.79%
Free Cash Flow to Firm to Interest Expense	2.25	-1.06	3.76	-29.15	3.09	11.25	9.23	-13.30	-3.78	2.55	-9.74
Operating Cash Flow to Interest Expense	4.70	5.92	13.54	5.93	6.17	11.09	1.06	4.41	2.64	8.04	9.93
Operating Cash Flow Less CapEx to Interest Expense	2.52	-0.39	8.21	-0.58	2.31	7.93	1.06	-3.16	1.17	5.88	7.70
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.47	1.50	1.64	1.53	1.18	1.46	1.44	1.42	1.41	1.37	1.25
Accounts Receivable Turnover	49.66	38.05	0.00	0.00	5.65	7.23	7.76	7.11	6.60	7.22	7.75
Inventory Turnover	33.28	39.95	45.52	39.07	30.70	42.52	50.46	39.41	32.64	32.39	29.55
Fixed Asset Turnover	5.97	6.35	7.27	6.87	5.34	7.40	8.19	7.00	5.99	5.81	4.48
Accounts Payable Turnover	13.38	12.41	12.27	11.94	8.29	8.91	9.72	8.90	8.38	8.42	8.87
Days Sales Outstanding (DSO)	7.35	9.59	0.00	0.00	64.62	50.46	47.02	51.33	55.27	50.57	47.11
Days Inventory Outstanding (DIO)	10.97	9.14	8.02	9.34	11.89	8.58	7.23	9.26	11.18	11.27	12.35
Days Payable Outstanding (DPO)	27.27	29.40	29.74	30.56	44.04	40.96	37.54	41.00	43.55	43.33	41.16
Cash Conversion Cycle (CCC)	-8.95	-10.68	-21.72	-21.22	32.48	18.09	16.71	19.59	22.90	18.50	18.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	738	814	812	1,249	1,164	780	592	833	1,135	1,139	1,814
Invested Capital Turnover	3.31	3.24	3.64	3.19	2.42	3.67	5.10	4.64	3.57	3.52	3.00
Increase / (Decrease) in Invested Capital	41	77	-1.78	436	-85	-383	-189	241	302	3.50	675
Enterprise Value (EV)	1,394	1,877	2,151	1,730	1,221	1,088	1,647	1,383	2,376	3,958	5,670
Market Capitalization	1,495	1,949	2,283	1,725	1,199	1,191	1,714	1,503	2,218	3,834	5,035
Book Value per Share	$21.31	$22.37	$23.72	$26.52	$24.42	$20.87	$21.12	$21.79	$22.25	$23.23	$27.01
Tangible Book Value per Share	$19.94	$21.01	$22.37	$20.99	$18.77	$19.72	$19.94	$19.90	$16.05	$15.39	$13.72
Total Capital	1,129	1,167	1,217	1,672	1,543	1,330	1,335	1,274	1,682	1,818	2,561
Total Debt	259	244	225	382	364	339	340	288	655	739	1,339
Total Long-Term Debt	244	229	178	335	356	331	331	287	615	738	963
Net Debt	-133	-108	-180	-41	-15	-119	-95	-152	108	59	593
Capital Expenditures (CapEx)	31	78	57	95	70	77	0.01	96	102	123	105
Debt-free, Cash-free Net Working Capital (DFCFNWC)	256	320	321	348	253	95	371	218	200	100	106
Debt-free Net Working Capital (DFNWC)	534	574	623	650	543	520	767	551	654	686	706
Net Working Capital (NWC)	519	559	577	603	535	512	758	550	614	685	330
Net Nonoperating Expense (NNE)	4.54	-2.75	-3.57	-0.16	27	55	0.28	-5.53	9.99	8.00	-4.87
Net Nonoperating Obligations (NNO)	-133	-108	-180	-41	-15	-211	-404	-152	108	59	593
Total Depreciation and Amortization (D&A)	64	64	66	112	123	122	118	85	95	131	167
Debt-free, Cash-free Net Working Capital to Revenue	10.80%	12.71%	10.86%	10.57%	8.68%	2.67%	10.60%	6.60%	5.70%	2.50%	2.40%
Debt-free Net Working Capital to Revenue	22.52%	22.82%	21.05%	19.79%	18.63%	14.60%	21.90%	16.70%	18.62%	17.11%	15.97%
Net Working Capital to Revenue	21.90%	22.23%	19.50%	18.35%	18.35%	14.37%	21.65%	16.65%	17.48%	17.09%	7.47%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.54	$1.44	$1.74	$0.97	($1.29)	($3.18)	$0.22	$0.00	$0.99	$2.88	$4.42
Adjusted Weighted Average Basic Shares Outstanding	39.34M	39.56M	39.80M	43.56M	46.56M	45.61M	45.79M	0.00	43.88M	43.85M	43.65M
Adjusted Diluted Earnings per Share	$1.52	$1.42	$1.71	$0.96	($1.29)	($3.18)	$0.22	$0.00	$0.97	$2.62	$3.86
Adjusted Weighted Average Diluted Shares Outstanding	39.87M	40.23M	40.37M	44.03M	46.56M	45.61M	45.79M	0.00	52.57M	52.51M	53.13M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	39.41M	39.62M	39.89M	46.69M	0.00	45.79M	45.88M	0.00	43.97M	43.43M	43.50M
Normalized Net Operating Profit after Tax (NOPAT)	63	58	36	43	-39	-6.01	-29	62	36	142	200
Normalized NOPAT Margin	2.67%	2.29%	1.23%	1.32%	-1.32%	-0.17%	-0.83%	1.89%	1.03%	3.55%	4.52%
Pre Tax Income Margin	4.36%	3.83%	2.31%	0.25%	-1.38%	-4.67%	0.63%	2.78%	1.71%	4.90%	6.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.88	7.95	6.22	0.68	-2.02	-6.37	1.40	6.68	1.24	3.73	6.23
NOPAT to Interest Expense	5.11	5.13	3.60	0.78	-1.62	-4.58	0.13	5.81	0.57	2.62	4.56
EBIT Less CapEx to Interest Expense	5.70	1.64	0.90	-5.83	-5.88	-9.53	1.40	-0.89	-0.23	1.57	4.00
NOPAT Less CapEx to Interest Expense	2.93	-1.18	-1.72	-5.73	-5.48	-7.74	0.13	-1.76	-0.90	0.46	2.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	29.96%	31.06%	48.72%	194.38%	-42.88%	-14.27%	986.08%	29.51%	77.10%	16.24%	10.31%
Augmented Payout Ratio	35.49%	38.96%	65.16%	337.91%	-107.96%	-14.80%	1,099.17%	119.42%	135.65%	52.65%	32.19%

This table displays calculated financial ratios and metrics derived from Granite Construction's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	9/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	43,503,673.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	43,503,673.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.96
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-48.07%	20.03%	41.95%	14.21%	4.67%	4.06%	4.02%	12.39%	19.24%	30.44%
EBITDA Growth	15.79%	24.16%	44.39%	159.84%	43.16%	91.00%	28.09%	23.18%	42.37%	29.82%	133.42%
EBIT Growth	34.30%	18.22%	-0.62%	249.58%	43.37%	164.96%	4.50%	25.40%	42.59%	22.83%	-4.56%
NOPAT Growth	-14.39%	16.15%	-0.12%	296.13%	50.69%	188.34%	8.20%	38.15%	33.11%	39.03%	21.68%
Net Income Growth	-11.81%	13.21%	-14.24%	452.16%	46.06%	116.74%	3.79%	106.77%	30.27%	25.26%	-28.46%
EPS Growth	-58.46%	191.57%	-32.08%	502.56%	38.94%	30.26%	-10.00%	86.84%	26.11%	24.24%	-24.68%
Operating Cash Flow Growth	72.76%	112.74%	131.39%	95.29%	70.73%	15.57%	-84.85%	190.05%	8.69%	3.77%	-946.50%
Free Cash Flow Firm Growth	-2,133.89%	-25.86%	17.64%	65.32%	1,928.12%	113.76%	69.91%	134.72%	-261.03%	-1,655.99%	-920.81%
Invested Capital Growth	12.70%	36.31%	22.40%	16.62%	0.00%	0.31%	3.85%	2.85%	0.00%	59.31%	60.21%
Revenue Q/Q Growth	24.29%	-16.40%	-28.00%	89.73%	17.83%	-23.38%	0.00%	60.96%	27.31%	-18.70%	-21.70%
EBITDA Q/Q Growth	86.71%	-47.24%	-122.73%	1,260.58%	21.23%	-29.61%	0.00%	1,786.89%	40.11%	-35.82%	-97.80%
EBIT Q/Q Growth	143.83%	-67.36%	-273.59%	353.08%	24.38%	-39.69%	0.00%	367.15%	41.44%	-48.04%	-153.26%
NOPAT Q/Q Growth	162.88%	-71.88%	-302.99%	364.03%	42.91%	-46.20%	0.00%	378.02%	37.70%	-43.81%	-136.41%
Net Income Q/Q Growth	341.11%	-62.24%	-235.62%	385.23%	116.12%	-43.97%	0.00%	383.63%	36.16%	-46.13%	-161.74%
EPS Q/Q Growth	389.74%	-32.74%	-192.11%	324.29%	106.58%	-36.94%	0.00%	284.42%	39.44%	-37.88%	-178.05%
Operating Cash Flow Q/Q Growth	462.39%	-2.37%	-83.90%	-108.26%	13,245.55%	-33.91%	0.00%	-50.89%	15,766.78%	-36.90%	-117.22%
Free Cash Flow Firm Q/Q Growth	79.01%	-390.37%	17.65%	59.08%	986.45%	-96.31%	0.00%	158.94%	-4,210.98%	64.33%	-18.12%
Invested Capital Q/Q Growth	-6.81%	14.49%	-0.65%	10.02%	-100.00%	0.00%	0.00%	8.97%	43.55%	-0.98%	3.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	14.92%	10.10%	8.07%	15.91%	15.91%	15.43%	11.99%	17.68%	18.18%	14.39%	12.04%
EBITDA Margin	8.76%	5.53%	-1.75%	10.67%	10.98%	10.09%	-1.21%	12.64%	13.91%	10.98%	0.31%
Operating Margin	6.61%	2.21%	-6.44%	8.18%	8.18%	6.20%	-5.68%	9.20%	10.02%	6.43%	-3.41%
EBIT Margin	6.57%	2.56%	-6.18%	8.25%	8.25%	6.49%	-5.67%	9.42%	10.46%	6.69%	-4.55%
Profit (Net Income) Margin	5.15%	2.33%	-4.38%	6.58%	6.58%	4.81%	-4.05%	7.14%	7.63%	5.06%	-3.99%
Tax Burden Percent	71.94%	72.37%	75.55%	76.73%	76.73%	71.11%	70.67%	74.70%	74.15%	79.83%	75.02%
Interest Burden Percent	108.95%	125.30%	93.77%	104.06%	104.06%	104.31%	101.00%	101.44%	98.38%	94.75%	116.89%
Effective Tax Rate	28.06%	27.63%	0.00%	23.27%	23.27%	28.89%	0.00%	25.30%	25.85%	20.17%	0.00%
Return on Invested Capital (ROIC)	22.23%	5.70%	-15.93%	21.77%	0.00%	15.53%	-13.96%	22.26%	34.36%	15.39%	-7.27%
ROIC Less NNEP Spread (ROIC-NNEP)	15.02%	-25.10%	-13.53%	24.46%	0.00%	20.30%	-14.35%	24.06%	35.28%	15.11%	-10.41%
Return on Net Nonoperating Assets (RNNOA)	-0.92%	0.55%	-0.49%	3.57%	0.00%	1.62%	-1.80%	3.67%	18.36%	4.28%	-4.56%
Return on Equity (ROE)	21.31%	6.25%	-16.43%	25.34%	0.00%	17.14%	-15.76%	25.93%	52.73%	19.67%	-11.83%
Cash Return on Invested Capital (CROIC)	-7.92%	-26.71%	-16.54%	-5.35%	0.00%	12.75%	9.54%	10.87%	-178.31%	-31.15%	-31.82%
Operating Return on Assets (OROA)	11.52%	3.61%	-9.58%	11.97%	0.00%	8.91%	-8.32%	12.32%	10.69%	8.38%	-6.31%
Return on Assets (ROA)	9.03%	3.28%	-6.79%	9.56%	0.00%	6.61%	-5.94%	9.33%	7.80%	6.34%	-5.53%
Return on Common Equity (ROCE)	20.38%	6.00%	-15.56%	24.05%	0.00%	16.22%	-14.97%	24.58%	50.57%	18.76%	-11.31%
Return on Equity Simple (ROE_SIMPLE)	2.83%	0.00%	2.74%	13.28%	0.00%	0.00%	14.25%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	53	15	-30	80	80	43	-28	77	107	60	-22
NOPAT Margin	4.76%	1.60%	-4.51%	6.27%	6.27%	4.41%	-3.98%	6.87%	7.43%	5.14%	-2.39%
Net Nonoperating Expense Percent (NNEP)	7.20%	30.81%	-2.40%	-2.69%	0.00%	-4.77%	0.39%	-1.79%	-0.92%	0.28%	3.14%
Return On Investment Capital (ROIC_SIMPLE)	-	0.89%	-	-	-	2.37%	-1.57%	4.17%	4.19%	2.34%	-0.94%
Cost of Revenue to Revenue	85.08%	89.90%	91.93%	84.09%	84.09%	84.57%	88.01%	82.32%	81.82%	85.61%	87.96%
SG&A Expenses to Revenue	6.70%	8.78%	13.09%	7.19%	7.19%	8.64%	16.57%	7.63%	7.09%	8.93%	15.45%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.31%	7.89%	14.52%	7.73%	7.73%	9.23%	17.67%	8.48%	8.15%	7.96%	15.46%
Earnings before Interest and Taxes (EBIT)	73	24	-42	105	105	63	-40	106	150	78	-41
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	98	52	-12	136	140	99	-8.44	142	199	128	2.82
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.73	2.27	2.65	3.44	0.00	3.76	3.30	3.85	4.15	4.27	5.05
Price to Tangible Book Value (P/TBV)	1.88	3.15	3.72	5.22	0.00	5.67	5.01	5.65	8.23	8.41	11.41
Price to Revenue (P/Rev)	0.38	0.63	0.69	0.87	0.87	0.95	0.81	1.00	1.13	1.14	1.12
Price to Earnings (P/E)	41.75	50.87	70.28	26.32	31.06	30.18	26.48	25.81	26.31	26.09	28.20
Dividend Yield	1.38%	1.03%	0.91%	0.66%	0.66%	0.60%	0.69%	0.56%	0.47%	0.45%	0.43%
Earnings Yield	2.40%	1.97%	1.42%	3.80%	3.22%	3.31%	3.78%	3.87%	3.80%	3.83%	3.55%
Enterprise Value to Invested Capital (EV/IC)	1.71	2.09	2.38	2.98	0.00	3.46	2.95	3.37	2.99	3.13	3.23
Enterprise Value to Revenue (EV/Rev)	0.39	0.68	0.74	0.92	0.00	0.98	0.86	1.06	1.29	1.28	1.31
Enterprise Value to EBITDA (EV/EBITDA)	9.91	13.14	14.13	13.50	0.00	11.50	9.99	11.55	12.68	12.29	12.82
Enterprise Value to EBIT (EV/EBIT)	20.53	27.60	31.30	22.98	0.00	18.60	16.17	18.32	19.58	19.27	20.72
Enterprise Value to NOPAT (EV/NOPAT)	44.95	60.03	72.70	32.08	0.00	26.52	22.56	24.99	27.57	26.31	27.50
Enterprise Value to Operating Cash Flow (EV/OCF)	16.19	12.93	9.44	11.39	0.00	8.63	7.92	9.79	11.85	12.09	13.95
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	27.16	31.49	31.46	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.40	0.64	0.55	0.69	0.00	0.68	0.71	0.66	1.11	1.10	1.15
Long-Term Debt to Equity	0.40	0.60	0.51	0.69	0.00	0.68	0.71	0.66	0.80	0.79	0.80
Financial Leverage	-0.06	-0.02	0.04	0.15	0.00	0.08	0.13	0.15	0.52	0.28	0.44
Leverage Ratio	2.50	2.48	2.36	2.74	0.00	2.77	2.69	2.86	3.44	3.07	3.16
Compound Leverage Factor	2.73	3.10	2.22	2.85	0.00	2.89	2.72	2.90	3.38	2.91	3.69
Debt to Total Capital	28.70%	38.93%	35.51%	40.84%	0.00%	40.64%	41.60%	39.92%	52.62%	52.30%	53.44%
Short-Term Debt to Total Capital	0.10%	2.37%	2.57%	0.06%	0.00%	0.06%	0.06%	0.40%	14.63%	14.68%	16.36%
Long-Term Debt to Total Capital	28.60%	36.56%	32.94%	40.78%	0.00%	40.58%	41.54%	39.52%	38.00%	37.62%	37.09%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.63%	2.95%	3.73%	3.46%	0.00%	3.53%	2.52%	2.78%	1.93%	1.66%	2.11%
Common Equity to Total Capital	67.67%	58.11%	60.76%	55.69%	0.00%	55.83%	55.88%	57.30%	45.44%	46.04%	44.45%
Debt to EBITDA	2.37	3.62	2.91	2.70	0.00	2.16	2.14	1.99	3.10	2.90	2.63
Net Debt to EBITDA	-0.09	0.60	0.65	0.63	0.00	0.17	0.38	0.43	1.45	1.28	1.68
Long-Term Debt to EBITDA	2.37	3.40	2.70	2.69	0.00	2.16	2.14	1.97	2.24	2.09	1.82
Debt to NOPAT	10.77	16.54	14.97	6.41	0.00	4.98	4.83	4.30	6.74	6.21	5.63
Net Debt to NOPAT	-0.40	2.74	3.34	1.49	0.00	0.40	0.87	0.94	3.16	2.75	3.61
Long-Term Debt to NOPAT	10.73	15.53	13.89	6.40	0.00	4.97	4.83	4.26	4.86	4.47	3.91
Altman Z-Score	2.98	2.53	2.76	2.90	0.00	3.12	2.89	3.18	2.47	2.60	2.66
Noncontrolling Interest Sharing Ratio	4.36%	4.07%	5.32%	5.10%	0.00%	5.40%	5.04%	5.23%	4.08%	4.63%	4.42%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.60	1.60	1.51	1.56	0.00	1.66	1.57	1.57	1.21	1.22	1.09
Quick Ratio	1.01	1.02	0.82	1.03	0.00	1.06	0.94	1.01	0.85	0.83	0.64
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-59	-287	-237	-97	1,072	40	-71	42	-1,726	-616	-727
Operating Cash Flow to CapEx	607.12%	1,886.55%	95.02%	-5.33%	673.95%	817.96%	12.68%	7.49%	1,177.53%	626.59%	-176.46%
Free Cash Flow to Firm to Interest Expense	-12.02	-43.80	-29.29	-12.69	140.39	5.03	-9.18	5.30	-129.09	-33.87	-44.52
Operating Cash Flow to Interest Expense	31.40	22.78	2.98	-0.26	34.25	21.98	0.47	0.23	21.26	9.87	-1.89
Operating Cash Flow Less CapEx to Interest Expense	26.23	21.57	-0.16	-5.15	29.17	19.29	-3.24	-2.79	19.45	8.29	-2.96
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.75	1.41	1.55	1.45	0.00	1.37	1.47	1.31	1.02	1.25	1.39
Accounts Receivable Turnover	6.43	6.60	8.76	5.84	0.00	7.22	8.95	5.67	5.07	7.75	8.37
Inventory Turnover	44.51	32.64	29.82	34.78	0.00	32.39	27.98	29.36	24.39	29.55	26.24
Fixed Asset Turnover	8.17	5.99	6.05	6.23	0.00	5.81	5.82	5.69	3.53	4.48	4.72
Accounts Payable Turnover	8.82	8.38	9.97	7.80	0.00	8.42	9.50	7.24	6.71	8.87	9.68
Days Sales Outstanding (DSO)	56.80	55.27	41.68	62.52	0.00	50.57	40.76	64.35	72.04	47.11	43.60
Days Inventory Outstanding (DIO)	8.20	11.18	12.24	10.49	0.00	11.27	13.05	12.43	14.97	12.35	13.91
Days Payable Outstanding (DPO)	41.39	43.55	36.61	46.80	0.00	43.33	38.43	50.45	54.37	41.16	37.70
Cash Conversion Cycle (CCC)	23.61	22.90	17.31	26.22	0.00	18.50	15.38	26.33	32.64	18.30	19.81
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	992	1,135	1,128	1,241	0.00	1,139	1,171	1,276	1,832	1,814	1,877
Invested Capital Turnover	4.67	3.57	3.53	3.47	0.00	3.52	3.51	3.24	4.62	3.00	3.04
Increase / (Decrease) in Invested Capital	112	302	206	177	-992	3.50	43	35	1,832	675	705
Enterprise Value (EV)	1,692	2,376	2,686	3,697	0.00	3,937	3,453	4,303	5,478	5,670	6,060
Market Capitalization	1,656	2,218	2,505	3,463	3,444	3,813	3,275	4,090	4,801	5,035	5,215
Book Value per Share	$21.75	$22.25	$21.52	$23.05	$0.00	$23.23	$22.87	$24.30	$26.40	$27.01	$23.72
Tangible Book Value per Share	$20.06	$16.05	$15.29	$15.20	$0.00	$15.39	$15.05	$16.56	$13.32	$13.72	$10.51
Total Capital	1,412	1,682	1,558	1,808	0.00	1,818	1,778	1,855	2,543	2,561	2,322
Total Debt	405	655	553	739	0.00	739	740	740	1,338	1,339	1,241
Total Long-Term Debt	404	615	513	737	0.00	738	739	733	966	963	861
Net Debt	-15	108	123	171	0.00	59	133	162	627	593	795
Capital Expenditures (CapEx)	25	7.93	25	37	39	21	29	24	24	29	17
Debt-free, Cash-free Net Working Capital (DFCFNWC)	317	200	184	178	0.00	100	124	238	171	106	191
Debt-free Net Working Capital (DFNWC)	640	654	522	650	0.00	686	547	623	718	706	506
Net Working Capital (NWC)	639	614	482	649	0.00	685	546	615	346	330	126
Net Nonoperating Expense (NNE)	-4.39	-6.78	-0.87	-3.95	-3.95	-4.00	0.50	-2.98	-2.87	0.92	15
Net Nonoperating Obligations (NNO)	-15	108	123	171	0.00	59	133	162	627	593	795
Total Depreciation and Amortization (D&A)	24	28	30	31	35	35	31	36	49	50	44
Debt-free, Cash-free Net Working Capital to Revenue	7.24%	5.70%	5.09%	4.45%	0.00%	2.50%	3.07%	5.82%	4.03%	2.40%	4.11%
Debt-free Net Working Capital to Revenue	14.63%	18.62%	14.41%	16.27%	0.00%	17.11%	13.55%	15.27%	16.94%	15.97%	10.90%
Net Working Capital to Revenue	14.60%	17.48%	13.30%	16.24%	0.00%	17.09%	13.52%	15.09%	8.16%	7.47%	2.71%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.31	$0.60	($0.70)	$1.81	$0.00	$0.93	($0.77)	$1.64	$2.35	$1.20	($0.96)
Adjusted Weighted Average Basic Shares Outstanding	43.92M	43.88M	43.99M	43.70M	0.00	43.85M	43.46M	43.75M	43.78M	43.65M	43.53M
Adjusted Diluted Earnings per Share	$1.13	$0.76	($0.70)	$1.57	$0.00	$0.99	($0.77)	$1.42	$1.98	$1.23	($0.96)
Adjusted Weighted Average Diluted Shares Outstanding	53.61M	52.57M	43.99M	52.37M	0.00	52.51M	43.46M	52.76M	53.56M	53.13M	43.53M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	43.93M	43.97M	44.15M	43.71M	0.00	43.43M	43.74M	43.79M	43.65M	43.50M	43.75M
Normalized Net Operating Profit after Tax (NOPAT)	52	0.06	-31	79	79	40	-29	75	106	49	-24
Normalized NOPAT Margin	4.64%	0.01%	-4.66%	6.18%	6.18%	4.08%	-4.15%	6.63%	7.39%	4.17%	-2.61%
Pre Tax Income Margin	7.16%	3.21%	-5.80%	8.58%	8.58%	6.77%	-5.73%	9.55%	10.29%	6.34%	-5.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.04	3.65	-5.14	13.78	13.78	8.07	-5.12	13.38	11.22	4.29	-2.54
NOPAT to Interest Expense	10.89	2.28	-3.75	10.48	10.48	5.48	-3.59	9.76	7.97	3.29	-1.33
EBIT Less CapEx to Interest Expense	9.87	2.44	-8.28	8.89	8.70	5.38	-8.82	10.36	9.41	2.71	-3.61
NOPAT Less CapEx to Interest Expense	5.72	1.07	-6.88	5.60	5.40	2.79	-7.29	6.74	6.16	1.72	-2.41
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	84.22%	77.10%	88.12%	17.10%	19.84%	16.24%	16.07%	12.40%	10.89%	10.31%	10.70%
Augmented Payout Ratio	148.07%	135.65%	169.99%	33.18%	39.05%	52.65%	57.70%	37.15%	35.29%	32.19%	34.93%

Financials Breakdown Chart

Key Financial Trends

Granite Construction (NYSE: GVA) has shown a pattern of improving profitability later in 2025, alongside solid cash generation and a gradual strengthening balance sheet. Profitability fluctuated in early 2025, but Q3 and Q4 delivered positive earnings and meaningful operating cash flow. Below are the key, data-driven takeaways for retail investors, focused on the last four years of quarterly results.

Profitability regained in the second half of 2025. In Q3 2025, Granite reported net income attributable to common shareholders of $102.93 million with diluted EPS of $1.98. In Q4 2025, net income to common shareholders was $52.03 million with diluted EPS of $1.23. This marks a clear return to quarterly profitability after a weaker start to 2025 (Q1 showing a loss).
Strong cash flow from operations in late 2025. Net cash from continuing operating activities was $284.17 million in Q3 2025 and $179.30 million in Q4 2025, underscoring durable cash generation as the company completes project work and optimizes working capital.
Liquidity improving into 2025 quarter-ends. Cash and cash equivalents rose to $441.80 million in Q3 2025, up from $322.02 million in Q2 2025 and $379.07 million in Q1 2025, providing a solid liquidity cushion for near-term obligations and capex needs.
Access to capital markets supports growth funding. The company issued debt of $75.00 million in Q3 2025, reflecting ongoing access to debt markets to fund capital expenditures and working capital needs.
Steady dividend policy. Granite maintained a quarterly cash dividend per share of $0.13 in 2025, supporting shareholder income while the company delevers or funds growth bets.
Capital expenditure remains meaningful but manageable. 2025 capex (Purchase of Property, Plant & Equipment) totaled roughly $138 million (approximate sum: Q1 -$32.21M, Q2 -$28.82M, Q3 -$26.71M, Q4 -$50.54M). This level reflects ongoing investments in equipment and capacity, which can weigh on near-term free cash flow but support future revenue generation.
Quarterly revenue shows cyclicality and mix effects. Q3 2025 revenue was about $1.433B, while Q4 2025 revenue was $1.166B, illustrating a back-half year shift that may reflect project mix and timing. This cyclicality is common in heavy civil construction.
2H 2025 gross margins show variance but generally healthy momentum. Gross margin in Q2 2025 hovered around the high-teens (approximately 17.7%), Q3 2025 near 18%+, while Q4 2025 dipped to roughly 14%, indicating some variability by quarter but overall an improving trajectory versus early-year levels.
Q1 2025 remained weak, highlighting near-term profitability risk. Q1 2025 saw a net loss to common shareholders of about $33.66 million, with a corresponding diluted EPS of around -$0.77. This underscores quarterly volatility tied to project mix and cost timing.
Debt level rose in 2025, adding leverage considerations. Long-term debt increased from about $737.46 million at mid-2025 to $966.35 million by Q3 2025, signaling higher leverage. The firm also tapped the debt market for $75 million in Q3 2025 to fund activities.

05/14/26 10:24 PM ETAI Generated. May Contain Errors.

Granite Construction Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Granite Construction's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Granite Construction's net income appears to be on an upward trend, with a most recent value of $220.35 million in 2025, rising from $68.25 million in 2015. The previous period was $140.44 million in 2024. Find out what analysts predict for Granite Construction in the coming months.

Granite Construction's total operating income in 2025 was $282.45 million, based on the following breakdown:

Total Gross Profit: $711.22 million
Total Operating Expenses: $428.77 million

Over the last 10 years, Granite Construction's total revenue changed from $2.37 billion in 2015 to $4.42 billion in 2025, a change of 86.6%.

Granite Construction's total liabilities were at $2.81 billion at the end of 2025, a 44.3% increase from 2024, and a 271.2% increase since 2015.

In the past 10 years, Granite Construction's cash and equivalents has ranged from $189.33 million in 2016 to $578.33 million in 2024, and is currently $529.22 million as of their latest financial filing in 2025.

Over the last 10 years, Granite Construction's book value per share changed from 21.31 in 2015 to 27.01 in 2025, a change of 26.8%.

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Financial statements for NYSE:GVA last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Granite Construction (GVA) Financials

Annual Income Statements for Granite Construction

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