v3.26.3
Construction Joint Ventures (Tables)
 9 Months Ended
Sep. 30, 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)September 30, 2026December 31, 2025
Assets
Cash, cash equivalents and marketable securities$96,030 $118,207 
Other current assets (1)521,367 547,968 
Noncurrent assets10,182 17,823 
Less: partners’ interest454,964 485,296 
Granite’s interest (1)
$172,615 $198,702 
Liabilities
Current liabilities (2)
$83,894 $110,513 
Less: partners’ interest and adjustments (3)32,032 43,396 
Granite’s interest (2)
$51,862 $67,117 
Equity in construction joint ventures (4)$120,753 $131,585 
(1) Included in this balance as of September 30, 2026 and December 31, 2025 was $78.6 million and $66.9 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims.
(2) Included in this balance and in accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025 was $23.6 million and $34.3 million, respectively, related to performance guarantees (see Note 13).
(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 $2.1 million and $3.1 million as of September 30, 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
September 30,		Nine Months Ended
September 30,
(in thousands)2026202520262025
Revenue
Total$4,707 $17,893 $19,988 $21,554 
Less: partners’ interest and adjustments (1)1,918 11,605 (731)4,385 
Granite’s interest$2,789 $6,288 $20,719 $17,169 
Cost of revenue
Total$12,063 $7,754 $22,604 $40,574 
Less: partners’ interest and adjustments (1)9,021 2,663 13,871 27,798 
Granite’s interest$3,042 $5,091 $8,733 $12,776 
Granite’s interest in gross profit (loss)$(253)$1,197 $11,986 $4,393 
Net Income (Loss)
Total$(6,455)$11,390 $307 $(15,583)
Less: partners’ interest and adjustments (1)(6,457)9,803 (12,791)(20,984)
Granite’s interest in net income (2)$2 $1,587 $13,098 $5,401 
(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.