Construction Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2026

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)	March 31, 2026		December 31, 2025
Assets
Cash, cash equivalents and marketable securities	$	110,827	$	118,207
Other current assets (1)	530,809		547,968
Noncurrent assets	17,696		17,823
Less: partners’ interest	474,323		485,296
Granite’s interest (1),(2)	$	185,009	$	198,702
Liabilities
Current liabilities	$	94,681	$	110,513
Less: partners’ interest and adjustments (3)	32,407		43,396
Granite’s interest	$	62,274	$	67,117
Equity in construction joint ventures (4)	$	122,735	$	131,585

(1) Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 was $29.9 million related to performance guarantees (see Note 13).

(2) Included in this balance as of March 31, 2026 and December 31, 2025 was $66.9 million related to Granite’s share of estimated cost recovery of customer affirmative claims.

(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 $4.1 million and $3.1 million as of March 31, 2026 and December 31, 2025, 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 March 31,
(in thousands)		2026		2025
Revenue
Total		$	6,684	$	4,071
Less: partners’ interest and adjustments (1)		5,200		(846)
Granite’s interest		$	1,484	$	4,917
Cost of revenue
Total		$	3,289	$	17,534
Less: partners’ interest and adjustments (1)		2,619		13,584
Granite’s interest		$	670	$	3,950
Granite’s interest in gross profit		$	814	$	967
Net Income (Loss)
Total		$	4,424	$	(12,462)
Less: partners’ interest and adjustments (1)		3,037		(13,678)
Granite’s interest in net income (2)		$	1,387	$	1,216

(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.