GVA

EX-99.1

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EX-99.1

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Exhibit 99.1

Granite Reports Second Quarter 2026 Results

•Raised 2026 revenue guidance by $100 million

•Q2 revenue increased 29% year-over-year to $1.5 billion

•Q2 net loss of $278 million compared to net income of $72 million for the same period in the prior year

•Q2 adjusted net income (1) of $101 million compared to $86 million for the same period in the prior year

•Q2 diluted EPS of $(6.36) compared to $1.42 for the same period in the prior year and adjusted diluted EPS (1) of $2.16 compared to $1.93 for the same period in the prior year

•Q2 adjusted EBITDA (1) increased 22% year-over-year to $186 million

•Committed and Awarded Projects (“CAP”) (2) increased sequentially $250 million to $7.4 billion

•Year-to-date Operating cash flow increased $136 million year-over-year to $142 million

WATSONVILLE, Calif. - Granite (NYSE: GVA) today announced results for the quarter ended June 30, 2026.

Second Quarter 2026 Results

Net loss attributable to Granite totaled $278 million, or $(6.36) per diluted share, compared to net income attributable to Granite of $72 million, or $1.42 per diluted share, for the same period in the prior year. The net loss was driven by a $360 million non-operating loss on convertible debt transactions associated with our 3.75% convertible notes. As described in our June 2, 2026 Form 8-K, we elected to settle the conversions of the convertible notes primarily in cash in order to limit dilution to our stockholders. The related losses have been excluded from adjusted net income and adjusted EBITDA. Adjusted net income attributable to Granite totaled $101 million, or $2.16 per diluted share, compared to adjusted net income attributable to Granite of $86 million, or $1.93 per diluted share, for the same period in the prior year.

•Revenue increased $330 million to $1.46 billion compared to $1.13 billion for the same period in the prior year.

•Gross profit increased $40 million to $239 million compared to $199 million for the same period in the prior year.

•Selling, general, and administrative (“SG&A”) expenses increased $22 million to $108 million, or 7.4% of revenue, compared to $86 million, or 7.6% of revenue, for the same period in the prior year.

•Adjusted EBITDA increased $34 million to $186 million compared to $152 million for the same period in the prior year.

“We continued to execute against our strategy and deliver on our long-term financial objectives during the quarter,” said Kyle Larkin, Granite President and Chief Executive Officer. “Despite headwinds created by severe weather in the southeast, we generated strong organic revenue growth, increased adjusted EBITDA and operating cash flow, completed the acquisition of Kenny Seng Construction, and strengthened our capital structure by issuing senior notes and calling our 3.75% convertible notes for redemption.”

“We continue to believe public funding for highways, roads and bridges is likely to remain at high levels for the foreseeable future. In addition, we are confident in our ability to grow our business beyond traditional public infrastructure end markets. Over the last several years, we have been positioning Granite to expand our federal portfolio footprint, increase our participation in rail and transit projects, grow our presence in mission critical infrastructure including data center site development, and strengthen our vertically integrated Materials platform. Combined with our leading positions in many of the nation’s fastest growing markets, these initiatives provide Granite with multiple avenues to grow revenue, expand earnings, and create value independent of any single end market or funding source. As we look beyond 2027, our confidence is rooted not only in a supportive funding environment but also in our ability to grow through market diversification, customer expansion, strategic acquisitions, and disciplined execution. Our continued confidence in our ability to grow our business is based on the breadth of opportunities we see across our platform, the quality of the markets we serve, our ability to execute, and the strategic choices we have made over the last several years to build a more diversified, more vertically integrated and more resilient Granite.”

(1)Adjusted net income, adjusted diluted earnings per share, earnings before interest, taxes, depreciation, and amortization (“EBITDA”), EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP measures. Please refer to the description and reconciliation of non-GAAP measures in the attached tables.

(2)CAP is comprised of revenue we expect to record in the future on executed contracts, including 100% of our consolidated joint venture contracts and our proportionate share of unconsolidated joint venture contracts, as well as the general construction portion of construction manager/general contractor, construction manager/at risk and progressive design build contracts to the exten

EX-99.1

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Exhibit 99.1

Granite Reports First Quarter 2026 Results

•Q1 revenue increased 30% year-over-year to $912 million

•Q1 net loss of $42 million compared to a net loss of $34 million for the same period in the prior year and adjusted net income (1) of $12 million compared to adjusted net income of $0.2 million for the same period in the prior year

•Q1 diluted EPS of $(0.96) compared to diluted EPS of $(0.77) for the same period in the prior year and adjusted diluted EPS (1) of $0.26 compared to adjusted diluted EPS of $0.01 for the same period in the prior year

•Q1 adjusted EBITDA (1) increased 106% year-over-year to $58 million

•Committed and Awarded Projects (“CAP”) (2) increased sequentially $200 million to $7.2 billion

•Completed the acquisition of Kenny Seng Construction on April 23, 2026, expanding our vertically-integrated home market in Utah

•Raised 2026 fiscal year guidance

WATSONVILLE, Calif. - Granite (NYSE: GVA) today announced results for the quarter ended March 31, 2026.

First Quarter 2026 Results

Net loss attributable to Granite totaled $42 million, or $(0.96) per diluted share, compared to net loss attributable to Granite of $34 million, or $(0.77) per diluted share, for the same period in the prior year. Adjusted net income attributable to Granite (1) totaled $12 million, or $0.26 per diluted share, compared to adjusted net income attributable to Granite of $0.2 million, or $0.01 per diluted share, for the same period in the prior year.

•Revenue increased $212 million to $912 million compared to $700 million for the same period in the prior year.

•Gross profit increased $26 million to $110 million compared to $84 million for the same period in the prior year.

•Selling, general, and administrative (“SG&A”) expenses increased $25 million to $141 million, or 15.4% of revenue, compared to $116 million, or 16.6% of revenue, for the same period in the prior year.

•Adjusted EBITDA increased $30 million to $58 million compared to $28 million for the same period in the prior year.

“Building on our momentum from the fourth quarter, we are off to a strong start across both our construction and materials segments,” said Kyle Larkin, Granite President and Chief Executive Officer. “In construction, our teams across key federal, state and local and private end markets have been highly active, driving CAP to a new record of $7.2 billion. Our markets remain healthy, with robust pipelines that provide clear opportunities to continue to grow CAP. Our materials segment is also performing well. Demand for both aggregates and asphalt has been strong, resulting in volume growth and pricing increases that have met our expectations year-to-date. In addition, we recently announced the acquisition of Kenny Seng Construction in Utah, which continues our strategy of strengthening and expanding our home markets by adding high-quality businesses to our portfolio. We continue to actively evaluate and pursue M&A opportunities and expect to complete several acquisitions this year.”

“Given our first quarter performance and recent project awards, including tactical infrastructure for the U.S. Customs and Border Protection, as well as the acquisition of Kenny Seng Construction, we are increasing our fiscal year 2026 guidance. We expect 2026 to be a year of meaningful growth and believe Granite is positioned for continued growth in 2027.”

(1)Adjusted net income/loss, adjusted diluted earnings/loss per share, earnings before interest, taxes, depreciation, and amortization (“EBITDA”), EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP measures. Please refer to the description and reconciliation of non-GAAP measures in the attached tables.

(2)CAP is comprised of revenue we expect to record in the future on executed contracts, including 100% of our consolidated joint venture contracts and our proportionate share of unconsolidated joint venture contracts, as well as the general construction portion of construction manager/general contractor, construction manager/at risk and progressive design build contracts to the extent contract execution and funding is probable.

Three Months ended March 31, 2026 (Unaudited - dollars in thousands)

Construction Segment

Three Months Ended March 31,

20262025Change

Revenue$766,054 $614,618 $151,436 24.6 %

Gross profit$102,180 $85,438 $16,742 19.6 %

Gross profit as a % of revenue13.3 %13.9 %

Revenue increased year-over-year, driven primarily by higher CAP entering the quarter and $43 million from our recently acquired businesses, Warren Paving and Papich Construction. Gross profit increased year-over-year as a result of the increase in revenue and improved execution across our project portfolio. Gross profit as a percent of revenue decreased primarily due to a claim settlement which did not recur in the current year.

CAP increased $200 million sequentially to $7.2 billion, an increase of $1.4 billion year-

gva-202602120000861459false00008614592026-02-122026-02-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 12, 2026

GRANITE CONSTRUCTION INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

Delaware (State or Other Jurisdiction of Incorporation) 1-12911 (Commission File Number) 77-0239383 (IRS Employer Identification No.)

585 West Beach Street Watsonville, California 95076 (Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (831) 724-1011

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, $0.01 par valueGVANew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.    Results of Operations and Financial Condition. On February 12, 2026, Granite Construction Incorporated (the “Company”) issued a press release with respect to its earnings for the three and twelve months ended December 31, 2025, a copy of which is attached as Exhibit 99.1 and incorporated herein by reference. The information set forth herein, including the exhibit is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall the information, including the exhibit, be deemed incorporated by reference in any filing of the Company, except as shall be expressly set forth by specific reference in such filing.

Item 9.01.    Financial Statements and Exhibits. (d)Exhibits. The following exhibits are attached hereto and furnished herewith:

Exhibit NumberDescription

99.1Press Release of the Company, dated – February 12, 2026

104Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GRANITE CONSTRUCTION INCORPORATED

By:/s/ Staci M. Woolsey Staci M. Woolsey Executive Vice President and Chief Financial Officer

Date: February 12, 2026