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Granite Construction GVA Contracts completed and in progress: — Unbilled

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Other financials

Income statement

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Revenue$912.5M+30.4%
Gross profit$109.9M+31.1%
Operating income-$31.1M+21.7%
Net income-$41.7M-23.9%
EPS (diluted)-$0.96-24.7%

Balance sheet

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Cash & equivalents$265.7M-29.9%
Total debt$1.4B+66.5%
Total equity$1.0B+3.9%
Total assets$3.8B+30.0%

Cash flow

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Operating cash flow-$30.9M-947%
CapEx$26.1M-18.8%
Free cash flow-$57.0M-99.6%

Valuation

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Market cap$5.32B+30.4%
Enterprise value$6.45B+40.1%
P/E28.8×+3.0×
P/S1.2×+0.1×

Profitability

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Gross margin15.9%+1.0pp
Operating margin6.3%+1.0pp
Net margin4%+0.9pp
FCF margin6.5%-0.8pp

Returns & leverage

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Return on equity18.3%+5.5pp
Debt / equity1.4×+0.5×
Current ratio1.1×-0.5×

Where this comes from

Reported directly by Granite Construction in its filing.

Tagged under the XBRL concept us-gaap:UnbilledReceivablesCurrent.

The source filing: Granite Construction’s 10-Q, filed April 30, 2026.

Filed
Apr 30, 2026, 4:56 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0000861459-26-000018
(in thousands)March 31, 2026December 31, 2025
Contracts completed and in progress:
Billed$296,246$297,157
Unbilled186,466174,434
Total contracts completed and in progress482,712471,591
Materials sales84,53189,945
Other70,84670,484
Total gross receivables638,089632,020
Less: allowance for credit losses1,5761,628

Item 1. Financial Statements (unaudited)

FAQ

What is Granite Construction's contracts completed and in progress: — unbilled?
Granite Construction (GVA) reported contracts completed and in progress: — unbilled of $186.47M in Q1 2026.
How has Granite Construction's contracts completed and in progress: — unbilled changed year-over-year?
Granite Construction's contracts completed and in progress: — unbilled increased by 47.0% year-over-year, from $126.84M to $186.47M.
What is the long-term trend for Granite Construction's contracts completed and in progress: — unbilled?
Over 4 years (2021 to 2025), Granite Construction's contracts completed and in progress: — unbilled has grown at a 3.9% compound annual growth rate (CAGR), from $644.89M to $752.69M.
What does contracts completed and in progress: — unbilled mean?
This metric represents revenue recognized for construction work performed that has not yet been invoiced to the client, often due to contract terms or billing schedules. It indicates the volume of work completed that is currently tied up in the project lifecycle before formal payment requests are issued. A high balance may signal significant project activity, but also highlights potential timing differences between revenue recognition and cash collection.

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