Granite receives USD 324.8 million award: what it means for Granite Construction stock

Published on 10/05/2026 at 00:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q2 revenue rose 29 percent to USD 1.5 billion. Granite Construction stock sits in a USD 97.26 to USD 162.08 range on October 2, 2026.

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Granite Construction (US3873281071) received a USD 324.8 million Big Creek Tunnel Project award in Ohio on October 1, 2026, according to Granite Construction. The project adds a fresh contract milestone as the company enters the second half of 2026 with a large committed and awarded projects balance.

The project means more backlog visibility

The Big Creek award follows Granite's second-quarter operating update, where committed and awarded projects reached USD 7.4 billion, an increase of USD 250 million from the first quarter. The project value represents 4.38 percent of that second-quarter CAP balance, calculated against the USD 7.4 billion reported by The Globe and Mail for the second quarter of 2026.

Management also identified data center site development as a growth area. Data center CAP increased from USD 65 million in the second quarter of 2025 to USD 223 million in the second quarter of 2026, giving the project pipeline a private-market counterweight to public transportation work.

Revenue growth meets margin pressure

Granite reported second-quarter 2026 revenue of USD 1.5 billion, up 29 percent year over year, while adjusted EBITDA rose by USD 34 million to USD 186 million. Adjusted net income increased by USD 15 million to USD 101 million, according to The Globe and Mail.

The counter-factor was profitability in Materials. Gross profit margin decreased 800 basis points in the second quarter because of severe weather in the Southeast and higher quarry development costs. Operating cash flow for the first half of 2026 reached USD 142 million, compared with USD 5 million in the first half of 2025.

Granite raised its 2026 revenue guidance to USD 5.3 billion-USD 5.5 billion from USD 5.2 billion-USD 5.4 billion. The midpoint increased from USD 5.3 billion to USD 5.4 billion, a 1.89 percent increase, while the higher range preserves room for further project conversion.

Market value and analyst range

Granite Construction had a market capitalization of USD 5.2 billion as of October 2, 2026. Its 52-week range was USD 97.26 to USD 162.08, and the stock was last quoted at USD 119.92 on the NYSE on October 2, 2026 at 4:00 p.m. ET.

MarketBeat reported on September 30, 2026, that six brokerages held a consensus Hold rating and an average 12-month target of USD 158.50. That target lies 32.17 percent above the USD 119.92 NYSE quote, while the target range shows a split between Goldman Sachs at USD 119.00 and Oppenheimer at USD 180.00.

Granite Construction stock after the award

Granite Construction's new Ohio project adds USD 324.8 million to a backlog already supported by USD 7.4 billion in committed and awarded projects. For investors, the key test is whether backlog conversion can offset the 800-basis-point Materials margin decline while the raised revenue range moves into execution.