Granite Construction IncGVA

Granite Construction’s March 2026 quarter is ground zero for a construction outfit that dug itself into a $41.7 million net loss even as revenues rolled in at $912.5 million. The company’s 10-Q shows operating losses of $31.1 million and negative cash from operations of $30.9 million, all while the balance sheet still sports $265.7 million in cash and cash equivalents. The arithmetic is brutal: lose money on the top line, spend another $26.1 million on the plant, and still keep a war chest that any small contractor would envy. That’s not a construction business; it’s a cash-management gymnastic.

Granite is a heavy civil contractor whose real product is the road, the bridge, and the dam-not the glossy slide deck touting smart infrastructure. The company’s materials pages confirm two core outputs: hot-mix asphalt concrete (about 95% aggregate and 5% binder) and premium liquid asphalt blends, both mixed and laid according to precise engineering specs. When the filings shout red ink and the product rail shows real steel-to-asphalt work, the tension is visible: customer jobs keep the plant busy while the ledger keeps the auditors awake.

The latest 10-Q nails the hard numbers: $912.5 million in revenues, a net loss of $41.7 million, operating loss of $31.1 million, and diluted EPS of negative $0.96, all for the three months ended 31 March 2026. Cash from operations was negative $30.9 million, capex clocked in at $26.1 million, inventories rose by $25.7 million to $168.8 million, and shareholders’ equity stood at $1.03 billion against total assets of $3.78 billion. The sheer scale of the loss is striking, yet the balance sheet cushions the blow with nearly a quarter of a billion in cash and equivalents. (source: 10-Q, period ending 2026-03-31, SEC EDGAR, https://www.sec.gov/Archives/edgar/data/861459/000095012326002546/gva-10q_123.htm)

Granite’s 11-K for the ESOP and common stock funds tells a quieter story of share turnover: during the year ended 31 December 2025, the Granite Common Stock Fund bought $1.48 million and sold $2.10 million of company stock, while the Granite ESOP Stock Fund bought $4.97 million and sold $5.36 million. The funds are active, but the volume is modest relative to the $273.3 million convertible notes that the company called for redemption on 10 July 2026, payable on 10 August 2026. The redemption pre-empts the 2028 maturity and signals a preference for early cash management over patience. (sources: GVA 11-K (2026-06-29), SEC EDGAR, https://www.sec.gov/Archives/edgar/data/861459/000086145926000022/gva-20260629.htm; GVA 8-K (2026-07-10), SEC EDGAR, https://www.sec.gov/Archives/edgar/data/861459/000086145926000025/gva-20260710.htm)

The company’s newsroom shows Granite winning a $50 million contract for the Tiger Creek Regulator Dam spillway replacement, a $27 million I-215 “Wasatch Revamp” contract slated for August 2026 completion, and a preconstruction CMAR win for a Reno bridge project. The jobs are real, the prices are public, and the schedule is tight-yet the filings show a cash-burning machine that must keep winning work simply to keep the wheels turning. The gap between the glossy project photos and the red-ink ledger is the company’s live operating tension.

For context on Granite’s core products, see the official materials pages for asphalt concrete and liquid asphalt, which explain the 95/5 aggregate-to-binder mix and the engineering precision behind every tonne laid. These pages do not quantify earnings or cash flow; they simply confirm what Granite actually sells and how it is measured in the field. (sources: Asphalt Concrete, Granite Construction, https://www.graniteconstruction.com/materials/product-type/asphalt-concrete; Liquid Asphalt, Granite Construction, https://www.graniteconstruction.com/materials/product-type/centennial-asphalt)

Granite’s SEC submission index and company facts JSON are the canonical rails for filings, exhibits, and XBRL tags, but neither page substitutes for the granular line items in the 10-Q or 11-K. Investors seeking colour beyond the filings will find project announcements and product pages, while the raw accounting remains the only source of hard numbers. (sources: GVA SEC EDGAR filing index, https://www.sec.gov/edgar/browse/?CIK=861459; GVA SEC submissions JSON, https://data.sec.gov/submissions/CIK0000861459.json; GVA SEC companyfacts JSON, https://data.sec.gov/api/xbrl/companyfacts/CIK0000861459.json)