Revenue growth accelerated to 29.3% year-over-year in Q2 2026, reaching $1.5B, but a net loss of -$278.2M despite an operating profit of $126.7M indicates significant non-operating charges.
Granite Construction Incorporated (GVA) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 4.97B | 4.42B | 4.01B | 3.51B | 3.3B | 3.5B | 3.56B | 2.91B | 3.32B | 2.99B | 2.51B | 2.37B | 2.28B | 2.27B | 2.08B | 2.01B | 1.76B | 1.96B | 2.67B | 2.74B | 2.97B | 2.64B | 2.14B | 1.84B | 1.76B | 1.55B | 1.35B | 1.33B | 1.23B | 1.03B | 928.8M |
| Revenue Growth % | 21.8% | 10.4% | 14.2% | 6.3% | -5.73% | -1.7% | 22.22% | -12.16% | 10.99% | 18.89% | 6.06% | 4.21% | 0.37% | 8.83% | 3.66% | 13.99% | -10.21% | -26.58% | -2.33% | -7.8% | 12.43% | 23.65% | 15.82% | 4.52% | 14% | 14.81% | 1.47% | 8.38% | 19.25% | 10.7% | 3.8% |
| Cost of Goods Sold | 4.19B | 3.71B | 3.43B | 3.11B | 2.93B | 3.14B | 3.22B | 2.73B | 2.93B | 2.67B | 2.21B | 2.07B | 2.02B | 2.08B | 1.85B | 1.76B | 1.59B | 1.62B | 2.21B | 2.33B | 2.67B | 2.32B | 1.91B | 1.62B | 1.54B | 1.36B | 1.11B | 1.11B | 1.03B | 878.3M | 780.4M |
| COGS % of Revenue | - | 83.93% | 85.71% | 88.7% | 88.81% | 89.64% | 90.32% | 93.49% | 88.27% | 89.47% | 88.02% | 87.21% | 89% | 91.83% | 88.73% | 87.66% | 89.92% | 82.36% | 82.47% | 85% | 90.04% | 87.91% | 89.61% | 87.72% | 87.27% | 88.14% | 82.12% | 83.32% | 84.41% | 85.42% | 84.02% |
| Gross Profit | 776.94M | 711.22M | 572.7M | 396.4M | 369.49M | 362.64M | 344.79M | 189.78M | 389.19M | 314.93M | 301.37M | 303.36M | 250.31M | 185.26M | 234.76M | 247.96M | 177.78M | 346.37M | 468.72M | 410.74M | 295.72M | 319.37M | 222.02M | 226.45M | 224.58M | 183.62M | 241.14M | 221.6M | 191.2M | 149.9M | 148.4M |
| Gross Margin % | 15.64% | 16.07% | 14.29% | 11.3% | 11.19% | 10.36% | 9.68% | 6.51% | 11.73% | 10.53% | 11.98% | 12.79% | 11% | 8.17% | 11.27% | 12.34% | 10.08% | 17.64% | 17.53% | 15% | 9.96% | 12.09% | 10.39% | 12.28% | 12.73% | 11.86% | 17.88% | 16.68% | 15.59% | 14.58% | 15.98% |
| Gross Profit Growth % | - | 24.19% | 44.47% | 7.28% | 1.89% | 5.18% | 81.67% | -51.24% | 23.58% | 4.5% | -0.66% | 21.19% | 35.11% | -21.08% | -5.33% | 39.47% | -48.67% | -26.1% | 14.11% | 38.9% | -7.41% | 43.85% | -1.96% | 0.83% | 22.31% | -23.86% | 8.82% | 15.9% | 27.55% | 1.01% | 2.7% |
| Operating Expenses | 472.48M | 448.98M | 365.33M | 316.34M | 296.73M | 337.93M | 503.13M | 231.51M | 272.78M | 216.22M | 209.02M | 207.34M | 203.82M | 199.95M | 177M | 162.3M | 177.84M | 224.91M | 252.03M | 228.11M | 207.08M | 183.39M | 138.47M | 151.88M | 146.47M | 119.28M | 155.57M | 137.3M | 121.9M | 111.8M | 109.4M |
| OpEx % of Revenue | - | 10.15% | 9.12% | 9.01% | 8.99% | 9.65% | 14.12% | 7.94% | 8.22% | 7.23% | 8.31% | 8.74% | 8.96% | 8.82% | 8.5% | 8.08% | 10.09% | 11.45% | 9.42% | 8.33% | 6.97% | 6.94% | 6.48% | 8.23% | 8.3% | 7.71% | 11.54% | 10.33% | 9.94% | 10.87% | 11.78% |
| Selling, General & Admin | 454.51M | 407.56M | 334.16M | 294.47M | 272.61M | 303.01M | 316.28M | 238.15M | 272.78M | 220.4M | 217.37M | 203.82M | 193.26M | 191.86M | 185.1M | 162.3M | 191.59M | 228.05M | 257.53M | 246.2M | 204.28M | 183.39M | 157.03M | 151.88M | 146.47M | 119.28M | 105.04M | 94.9M | 83.8M | 73.6M | 71.6M |
| SG&A % of Revenue | - | 9.21% | 8.34% | 8.39% | 8.26% | 8.65% | 8.88% | 8.17% | 8.22% | 7.37% | 8.64% | 8.6% | 8.49% | 8.46% | 8.89% | 8.08% | 10.87% | 11.61% | 9.63% | 8.99% | 6.88% | 6.94% | 7.35% | 8.23% | 8.3% | 7.71% | 7.79% | 7.14% | 6.83% | 7.16% | 7.71% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 41.42M | 31.17M | 21.87M | 24.12M | 34.91M | 186.85M | -6.64M | 1.67M | -4.18M | -8.36M | 2.03M | 1.88M | 1.96M | 0 | 0 | -13.75M | 0 | -5.5M | -18.09M | 2.8M | 0 | -18.57M | 0 | 0 | 0 | 50.52M | 42.4M | 38.1M | 38.2M | 37.8M |
| Operating Income | 300.21M | 262.24M | 207.36M | 80.06M | 72.76M | 24.72M | -158.34M | -41.72M | 8.22M | 98.72M | 92.35M | 110.31M | 65.1M | -54.69M | 80.83M | 99.27M | -109.34M | 129.18M | 216.69M | 174.88M | 88.64M | 135.98M | 83.55M | 74.57M | 78.12M | 64.33M | 85.58M | 84.3M | 69.3M | 38.1M | 39M |
| Operating Margin % | 6.04% | 5.93% | 5.17% | 2.28% | 2.2% | 0.71% | -4.44% | -1.43% | 0.25% | 3.3% | 3.67% | 4.65% | 2.86% | -2.41% | 3.88% | 4.94% | -6.2% | 6.58% | 8.1% | 6.39% | 2.98% | 5.15% | 3.91% | 4.04% | 4.43% | 4.16% | 6.35% | 6.34% | 5.65% | 3.71% | 4.2% |
| Operating Income Growth % | - | 26.46% | 159% | 10.03% | 194.38% | 115.61% | -279.51% | -607.84% | -91.68% | 6.89% | -16.28% | 69.44% | 219.03% | -167.66% | -18.57% | 190.79% | -184.64% | -40.39% | 23.9% | 97.31% | -34.82% | 62.75% | 12.04% | -4.54% | 21.42% | -24.82% | 1.51% | 21.64% | 81.89% | -2.31% | -8.02% |
| EBITDA | 398.2M | 424.67M | 333.69M | 172.33M | 155.33M | 133.77M | -45.39M | 80.27M | 119.76M | 165.06M | 155.35M | 174.62M | 133.35M | 18.21M | 136.94M | 159.81M | -34.91M | 209.37M | 304M | 257.04M | 157.82M | 207.74M | 146.01M | 146.22M | 142.58M | 119.32M | 136.1M | 126.7M | 107.4M | 76.3M | 76.8M |
| EBITDA Margin % | 8.02% | 9.6% | 8.33% | 4.91% | 4.71% | 3.82% | -1.27% | 2.75% | 3.61% | 5.52% | 6.18% | 7.36% | 5.86% | 0.8% | 6.57% | 7.95% | -1.98% | 10.66% | 11.37% | 9.39% | 5.31% | 7.86% | 6.83% | 7.93% | 8.08% | 7.71% | 10.09% | 9.53% | 8.76% | 7.42% | 8.27% |
| EBITDA Growth % | 11.4% | 27.26% | 93.63% | 10.94% | 16.12% | 394.73% | -156.54% | -32.98% | -27.44% | 6.25% | -11.03% | 30.94% | 632.42% | -86.7% | -14.32% | 557.86% | -116.67% | -31.13% | 18.27% | 62.87% | -24.03% | 42.28% | -0.14% | 2.55% | 19.49% | -12.33% | 7.42% | 17.97% | 40.76% | -0.65% | 2.54% |
| D&A (Non-Cash Add-back) | 97.99M | 162.43M | 126.33M | 92.27M | 82.57M | 109.05M | 112.96M | 121.99M | 111.54M | 66.34M | 63M | 64.31M | 68.25M | 72.9M | 56.1M | 60.55M | 74.44M | 80.19M | 87.31M | 82.16M | 69.18M | 71.76M | 62.46M | 71.64M | 64.47M | 54.99M | 50.52M | 42.4M | 38.1M | 38.2M | 37.8M |
| EBIT | 220.71M | 336.05M | 225.38M | 78.32M | 104.44M | 42.87M | -142.26M | -22.17M | 62.06M | 79.07M | 108.33M | 117.68M | 69.76M | -49.64M | 91.63M | 99.8M | -96.64M | 154.61M | 249.43M | 204.76M | 88.64M | 134.91M | 83.55M | 79.28M | 80.25M | 64.33M | 85.58M | 84.3M | 69.3M | 38.1M | 39M |
| Net Interest Income | -27.17M | -20.34M | -4.84M | -924K | -6.1M | -19.56M | -21.1M | -10.8M | -8.49M | -6.06M | -9.14M | -12.12M | -12.29M | -12.6M | -7.98M | -7.48M | -4.76M | -10.71M | 2.44M | 20.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.85M | 26.88M | 24.35M | 17.54M | 6.53M | 1.18M | 3.1M | 7.26M | 6.08M | 4.74M | 3.23M | 2.13M | 1.87M | 1.78M | 2.63M | 2.88M | 4.98M | 5.05M | 18.45M | 26.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 69.63M | 47.22M | 29.19M | 18.46M | 12.62M | 20.74M | 24.2M | 18.05M | 14.57M | 10.8M | 12.37M | 14.26M | 14.16M | 14.39M | 10.6M | 10.36M | 9.74M | 15.76M | 16M | 6.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -366.7M | 26.59M | -11.17M | -20.21M | 19.05M | -2.59M | -8.12M | 1.5M | 112K | 5.75M | 4.01M | -6.88M | -9.5M | -9.34M | 0 | -9.84M | 2.96M | 9.67M | 16.74M | 23.51M | 24.38M | 7.4M | 11.37M | 22.95M | 4.62M | 17.16M | 7.29M | 1.7M | 5.7M | 6M | 4.4M |
| Pretax Income | -66.49M | 288.83M | 196.19M | 59.85M | 91.82M | 22.13M | -166.46M | -40.22M | 8.33M | 104.46M | 96.36M | 103.43M | 55.6M | -64.03M | 81.03M | 89.43M | -106.38M | 138.85M | 233.43M | 198.39M | 113.02M | 142.31M | 94.92M | 97.53M | 82.74M | 81.5M | 92.87M | 86M | 75M | 44.1M | 43.4M |
| Pretax Margin % | -1.34% | 6.53% | 4.9% | 1.71% | 2.78% | 0.63% | -4.67% | -1.38% | 0.25% | 3.49% | 3.83% | 4.36% | 2.44% | -2.82% | 3.89% | 4.45% | -6.03% | 7.07% | 8.73% | 7.25% | 3.81% | 5.39% | 4.44% | 5.29% | 4.69% | 5.26% | 6.89% | 6.47% | 6.12% | 4.29% | 4.67% |
| Income Tax | 73.15M | 68.48M | 55.75M | 30.27M | 12.96M | 19.71M | -282K | -12.29M | 10.41M | 28.66M | 30.16M | 35.18M | 19.72M | -19.26M | 21.11M | 23.35M | -43.93M | 38.65M | 67.69M | 65.47M | 38.68M | 41.41M | 28.48M | 35.3M | 29.95M | 30.97M | 37.05M | 33.1M | 28.5M | 16.3M | 16.1M |
| Effective Tax Rate % | -110.01% | 23.71% | 28.42% | 50.57% | 14.12% | 89.09% | 0.17% | 30.55% | 125.05% | 27.44% | 31.3% | 34.01% | 35.47% | 30.08% | 26.05% | 26.11% | 41.3% | 27.84% | 29% | 33% | 34.22% | 29.1% | 30% | 36.2% | 36.2% | 38% | 39.9% | 38.49% | 38% | 36.96% | 37.1% |
| Net Income | -164.9M | 193M | 126.35M | 43.6M | 83.3M | 10.1M | -145.12M | -60.19M | 582K | 34.12M | 57.12M | 60.48M | 25.35M | -36.42M | 45.28M | 51.16M | -58.98M | 73.5M | 122.4M | 112.06M | 80.51M | 83.15M | 57.01M | 60.5M | 49.28M | 50.53M | 55.81M | 52.9M | 46.5M | 27.8M | 27.3M |
| Net Margin % | -3.32% | 4.36% | 3.15% | 1.24% | 2.52% | 0.29% | -4.07% | -2.07% | 0.02% | 1.14% | 2.27% | 2.55% | 1.11% | -1.61% | 2.17% | 2.55% | -3.35% | 3.74% | 4.58% | 4.09% | 2.71% | 3.15% | 2.67% | 3.28% | 2.79% | 3.26% | 4.14% | 3.98% | 3.79% | 2.7% | 2.94% |
| Net Income Growth % | -204.05% | 52.76% | 189.79% | -47.66% | 725.1% | 106.96% | -141.09% | -10442.1% | -98.29% | -40.28% | -5.56% | 138.64% | 169.59% | -180.43% | -11.49% | 186.74% | -180.25% | -39.95% | 9.23% | 39.2% | -3.18% | 45.86% | -5.78% | 22.78% | -2.47% | -9.47% | 5.51% | 13.76% | 67.27% | 1.83% | -4.21% |
| Net Income (Continuing) | 168.33M | 220.35M | 140.44M | 29.59M | 78.86M | 2.41M | -166.18M | -27.94M | 11.54M | 42.46M | 66.2M | 68.25M | 35.88M | -44.77M | 59.92M | 66.08M | -62.45M | 100.2M | 165.74M | 132.92M | 74.34M | 100.9M | 66.45M | 60.5M | 49.28M | 50.53M | 55.81M | 52.9M | 46.5M | 27.8M | 27.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 10.67M | -164.4M | -28.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 52.59M | 42.48M | 64.14M | 49.67M | 32.13M | 27.88M | 15.95M | 36.95M | 46M | 47.7M | 36.6M | 30.88M | 22.72M | 4.4M | 41.91M | 28.47M | 34.6M | 51.91M | 36.77M | 23.47M | 15.53M | 33.23M | 24.79M | 10.87M | 15.32M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.78 | 3.63 | 2.62 | 0.83 | 1.70 | 0.22 | -3.18 | -1.29 | 0.96 | 0.84 | 1.42 | 1.52 | 0.64 | -0.94 | 1.15 | 1.31 | -1.56 | 1.90 | 3.18 | 2.71 | 1.94 | 2.02 | 1.39 | 1.48 | 1.21 | 1.24 | 1.38 | 1.31 | 1.13 | 0.69 | 0.68 |
| EPS Growth % | -246% | 38.55% | 215.66% | -51.18% | 672.73% | 106.92% | -146.51% | -234.38% | 14.29% | -40.85% | -6.58% | 137.5% | 168.09% | -181.74% | -12.21% | 183.97% | -182.11% | -40.25% | 17.34% | 39.69% | -3.96% | 45.32% | -6.08% | 22.31% | -2.42% | -10.14% | 5.34% | 15.93% | 63.77% | 1.47% | -5.56% |
| EPS (Basic) | - | 4.42 | 2.88 | 0.99 | 1.87 | 0.22 | -3.18 | -1.29 | 0.97 | 0.86 | 1.44 | 1.54 | 0.65 | -0.94 | 1.17 | 1.32 | -1.56 | 1.91 | 3.19 | 2.74 | 1.97 | 2.05 | 1.41 | 1.51 | 1.23 | 1.27 | 1.41 | 1.35 | 1.17 | 0.70 | 0.70 |
| Diluted Shares Outstanding | 43.64M | 53.13M | 52.51M | 52.56M | 52.33M | 45.79M | 45.61M | 46.56M | 44.02M | 40.37M | 40.23M | 39.87M | 39.8M | 38.8M | 39.08M | 38.47M | 37.82M | 37.68M | 38.11M | 41.39M | 41.47M | 41.25M | 41.03M | 40.81M | 40.72M | 40.71M | 40.41M | 40.45M | 41.01M | 40.29M | 40.15M |
| Basic Shares Outstanding | 43.64M | 43.65M | 43.85M | 43.88M | 44.48M | 45.79M | 45.61M | 46.56M | 43.56M | 39.8M | 39.56M | 39.34M | 39.1M | 38.75M | 38.45M | 38.12M | 37.82M | 37.57M | 37.61M | 40.87M | 40.87M | 40.61M | 40.39M | 40.17M | 40.02M | 39.79M | 39.58M | 39.09M | 39.84M | 39.71M | 39M |
| Dividend Payout Ratio | - | 11.77% | 18.06% | 52.32% | 27.94% | 235.78% | - | - | 3852.92% | 60.64% | 36% | 33.8% | 80.17% | - | 44.43% | 39.32% | - | 27.29% | 16.38% | 14.96% | 20.77% | - | 29.18% | 26.05% | 26.78% | 24.92% | 20.99% | 20.04% | 16.56% | 23.74% | 24.18% |
Quick answers to the most common questions about buying GVA stock.
For fiscal year 2025, Granite Construction Incorporated (GVA) reported total revenue of $4.42B. This represents a 376.4% increase compared to $928.8M in 1996.
Granite Construction Incorporated (GVA) is profitable, generating $193.0M in net income for the fiscal year ending 2025 with a net profit margin of 4.4%.
Granite Construction Incorporated (GVA) reported an operating income of $262.2M, resulting in an operating profit margin of 5.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Granite Construction Incorporated (GVA) generated $711.2M in gross profit for the year, representing a gross profit margin of 16.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Net loss in Q2 2026
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates Sharply
Revenue growth accelerated to 29.3% year-over-year in Q2 2026, reaching $1.5B, according to the latest quarterly report, up from 4.0% in Q2 2025, suggesting strong demand and project execution.
The 29.3% growth in Q2 2026 marks a significant acceleration from the mid-single-digit growth seen in 2025, indicating a potential inflection in project awards or execution. However, the sequential jump from Q1 2026's $912.5M to $1.5B is unusually large, which may reflect seasonality or a one-time project milestone. Investors should monitor whether this pace is sustainable, as the construction sector is cyclical and dependent on infrastructure spending.
Gross Margin Expansion Amidst Cost Pressures
Gross margin improved to 16.4% in Q2 2026 from 15.2% a year earlier, as reported in financial statements, but remains below the 18.2% peak in Q3 2025, indicating ongoing cost volatility.
The gross margin of 16.4% in Q2 2026 is a modest improvement from the 15.2% in Q2 2025, but it is still below the 18.2% achieved in Q3 2025. This suggests that while pricing or project mix may be improving, cost pressures persist. Compared to peers like Vulcan Materials (27.3%) and Martin Marietta (30.0%), GVA's gross margin is structurally lower, reflecting its construction services focus versus materials production. The fluctuation in margins across quarters indicates sensitivity to project mix and input costs.
Operating Leverage Masked by SG&A Spike
Operating income swung to $126.7M in Q2 2026 from a loss of $31.0M in Q1 2026, but SG&A surged to $140.9M in Q1, suggesting overhead costs are not scaling linearly with revenue.
The operating leverage is evident in Q2 2026 as revenue growth of 29.3% translated into a swing from an operating loss to a profit, with operating margin reaching 8.7%. However, the SG&A expense in Q1 2026 was $140.9M, significantly higher than the $107.8M in Q2 2026, despite Q1 revenue being lower. This suggests that SG&A is not purely variable and may include one-time charges or investments. The elevated SG&A in Q1 contributed to the operating loss, indicating that overhead efficiency is inconsistent.
Net Loss Clouded by Non-Operating Charges
Despite an operating profit of $126.7M in Q2 2026, net income was -$278.2M, implying a substantial non-operating loss, as per the income statement, which may include impairments or tax adjustments.
The divergence between operating income and net income in Q2 2026 is stark: operating income of $126.7M versus a net loss of -$278.2M. This suggests a significant non-operating charge, possibly an impairment, litigation, or tax-related item. The negative EPS of -$6.37 on a diluted basis further highlights the magnitude. Investors should scrutinize the components of other income/expense, as this materially impacts reported earnings quality. The SBC of -$41.2M in Q2 2026 is unusual (negative), which may indicate a reversal or adjustment, warranting further investigation.
COGS Dominates Cost Structure, SG&A Volatile
COGS consistently represents over 80% of revenue, with Q2 2026 COGS at $1.2B, while SG&A fluctuates sharply, ranging from $70.1M to $140.9M, as per quarterly data, indicating variable overhead.
The cost structure is heavily weighted toward COGS, which is typical for construction, but the variability in SG&A is notable. For instance, SG&A in Q1 2026 was $140.9M, nearly double the $70.1M in Q2 2024, despite similar revenue levels. This suggests that SG&A may include project-specific costs or bonuses that are not well controlled. The lack of R&D spending is consistent with the industry, but the SG&A volatility could indicate inefficiencies in overhead management.
What Could Undermine the Growth Narrative
The Q2 2026 net loss of -$278.2M, despite strong revenue growth, raises concerns about earnings quality, and the negative SBC of -$41.2M suggests possible accounting adjustments, as per the income statement.
Short-sellers might focus on the disconnect between operating performance and net income. The $278.2M net loss in Q2 2026, despite an operating profit, implies a large non-operating charge that could recur. Additionally, the negative SBC in Q2 2026 is unusual and may indicate a reversal of previously recognized compensation, which could distort true economic costs. The gross margin, while improving, remains below peers, and the construction industry is exposed to commodity price volatility and labor shortages. If the non-operating charges are not one-time, the stock could face downward pressure.