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Construction Joint Ventures (Tables) | 9 Months Ended
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Sep. 30, 2025
Guarantees and Product Warranties [Abstract] |
Schedule of Unconsolidated Joint Ventures Assets and Liabilities | The following is summary financial information related to unconsolidated construction joint ventures:
(in thousands) | September 30, 2025 |  | December 31, 2024
Assets |  |  |
Cash, cash equivalents and marketable securities | $ | 120,627 |  |  | $ | 94,856 |
Other current assets (1) | 572,992 |  |  | 599,625 |
Noncurrent assets | 18,281 |  |  | 35,886 |
Less: partners’ interest | 489,372 |  |  | 498,872 |
Granite’s interest (1),(2) | $ | 222,528 |  |  | $ | 231,495 |
Liabilities |  |  |
Current liabilities | $ | 120,139 |  |  | $ | 151,655 |
Less: partners’ interest and adjustments (3) | 48,350 |  |  | 57,437 |
Granite’s interest | $ | 71,789 |  |  | $ | 94,218 |
Equity in construction joint ventures (4) | $ | 150,739 |  |  | $ | 137,277 |
(1) Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024 was $55.5 million related to performance guarantees (see Note 13). (2) Included in this balance as of September 30, 2025 and December 31, 2024 was $66.9 million related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $0.8 million and $1.7 million related to Granite’s share of estimated recovery of back charge claims as of September 30, 2025 and December 31, 2024, respectively. (3) Partners’ interest and adjustments includes amounts to reconcile total net assets as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences. (4) Included in this balance and in accrued expenses and other current liabilities on our condensed consolidated balance sheets was $3.4 million and $3.7 million as of September 30, 2025 and December 31, 2024, respectively, related to deficits in unconsolidated construction joint ventures, which includes provisions for losses.
Schedule of Unconsolidated Joint Ventures Revenue and Costs |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue |  |  |  |  |  |  |
Total | $ | 17,893 |  |  | $ | 15,996 |  |  | $ | 21,554 |  |  | $ | 46,361 |
Less: partners’ interest and adjustments (1) | 11,605 |  |  | 8,206 |  |  | 4,385 |  |  | 21,148 |
Granite’s interest | $ | 6,288 |  |  | $ | 7,790 |  |  | $ | 17,169 |  |  | $ | 25,213 |
Cost of revenue |  |  |  |  |  |  |
Total | $ | 7,754 |  |  | $ | 23,462 |  |  | $ | 40,574 |  |  | $ | 69,559 |
Less: partners’ interest and adjustments (1) | 2,663 |  |  | 13,756 |  |  | 27,798 |  |  | 42,132 |
Granite’s interest | $ | 5,091 |  |  | $ | 9,706 |  |  | $ | 12,776 |  |  | $ | 27,427 |
Granite’s interest in gross profit (loss) | $ | 1,197 |  |  | $ | (1,916) |  |  | $ | 4,393 |  |  | $ | (2,214) |
Net Income (Loss) |  |  |  |  |  |  |
Total | $ | 11,390 |  |  | $ | (5,667) |  |  | $ | (15,583) |  |  | $ | (17,766) |
Less: partners’ interest and adjustments (1) | 9,803 |  |  | (4,264) |  |  | (20,984) |  |  | (17,115) |
Granite’s interest in net income (loss) (2) | $ | 1,587 |  |  | $ | (1,403) |  |  | $ | 5,401 |  |  | $ | (651) |
(1)Partners’ interest and adjustments includes amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast and/or actual differences. (2)These joint venture net income amounts exclude our corporate overhead required to manage the joint ventures and include taxes only to the extent the applicable states have joint venture level taxes.

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