GRANITE CONSTRUCTION INC — Form 8-K
Filed October 29, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 68/100
What the filing says
Granite Construction reported Q3 2026 revenue of $1.77B (+23% YoY), adjusted net income of $173M (+39% YoY), and adjusted EBITDA of $283M (+32% YoY). Record Committed and Awarded Projects (CAP) reached $7.5B (+$1.1B YoY). The company settled 3.75% convertible notes primarily in cash (~$162M net charge in Q3), reducing share dilution. Management introduced 2029 targets: organic revenue CAGR 10-12%, adjusted EBITDA margin 14-16%, and 2.5x net leverage target. 2026 revenue guidance raised to $5.4-5.5B (from $5.3-5.5B).
Why this rating
Strong organic growth (15% expected 2026, vs 10-12% long-term target), record backlog, and improved margins are positive. Convertible debt settlement reduces future dilution. Relative to ~$4.1B market cap, $1.1B CAP increase and 23% revenue growth are material. However, 9M net loss of $317M (pre-adjustments) and debt increase raise concerns, limiting upside.
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