Granite posts $278 million Q2 loss on convertible charge, raises revenue outlook
Granite reported second-quarter 2026 revenue up 29% year over year to $1.46 billion, but a net loss attributable to Granite of $278 million, or $(6.36) per diluted share, driven by a $360 million non-operating loss on convertible debt transactions. Excluding that loss, adjusted diluted EPS rose to $2.16 from $1.93, and the company raised its 2026 revenue guidance by $100 million, which matters to shareholders because the GAAP loss is large while the core operating measures improved.
Key points
- Q2 revenue rose to $1.46 billion from $1.13 billion a year earlier, and adjusted EBITDA rose 22% to $186 million
- Q2 net loss of $278 million, or $(6.36) per diluted share, compared with net income of $72 million, or $1.42 per diluted share, a year earlier
- The $360 million loss on convertible debt transactions relates to the 3.75% convertible notes; Granite elected to settle the conversions primarily in cash
- 2026 revenue guidance raised to $5.3 billion to $5.5 billion from $5.2 billion to $5.4 billion
The filing
Written by AI on Nov 8, 2026, 1:05 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 30, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.