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Granite Construction cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$229M in Q3 2026 · $443M over twelve months

Operating cash flow$263M
Capital spending−$34.0M
Free cash flow+$229M
Cash / net income25.3×
Cash conversion cycle19 days

Analysis

In Q3 2026, Granite Construction generated $263M of operating cash flow and spent $34.0M on capital projects, leaving free cash flow of $229M. That is $28.8M less than in Q3 2025 ($257M).

Over the twelve months to Sep 30, 2026, operating cash flow was $584M; the largest uses were net borrowing (+) / repaid (−) ($1.3B), acquisitions ($257M), capital spending ($140M); besides operations, cash came from other financing ($1.0B), other investing ($157M); the cash balance rose by $38.5M.

Operating cash flow was $263M against net income of $10.4M — 25.3× profit, cash ran ahead of reported earnings. The largest differences: receivables −$57.2M, depreciation & amortization +$50.7M, payables +$22.9M.

Its cash conversion cycle was 19 days (receivables 48 + inventory 12 − payables 40).

Free cash flow

Granite Construction: free cash flow by quarterGranite Construction: free cash flow by quarter$145MQ4 2024−$28.6MQ1 2025−$27.0MQ2 2025$257MQ3 2025$129MQ4 2025−$57.0MQ1 2026$143MQ2 2026$229MQ3 2026
Operating cash flow less capital spending.
Granite Construction: operating cash flow against capital spendingGranite Construction: operating cash flow against capital spendingOperating cash flowCapital spending$173M$28.2MQ4 2024$3.6M$32.2MQ1 2025$1.8M$28.8MQ2 2025$284M$26.7MQ3 2025$179M$50.5MQ4 2025−$30.9M$26.1MQ1 2026$172M$29.7MQ2 2026$263M$34.0MQ3 2026
Latest (Q3 2026): Operating cash flow $263M, Capital spending $34.0M.

Capital allocation, year by year

Granite Construction: where the cash came from (up) and went (down), by fiscal yearGranite Construction: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $21.9MFY2021: Net borrowing −$8.9MFY2021: Asset sales $94.8MFY2021: Capital spending −$94.8MFY2021: Buybacks −$2.7MFY2021: Dividends −$23.8M$117MFY2021FY2022: Operating cash flow $55.6MFY2022: Net borrowing −$75.2MFY2022: Asset sales $167MFY2022: Capital spending −$122MFY2022: Buybacks −$70.9MFY2022: Dividends −$23.3M$222MFY2022FY2023: Operating cash flow $184MFY2023: Net borrowing $374MFY2023: Asset sales $38.1MFY2023: Capital spending −$140MFY2023: Acquisitions −$294MFY2023: Buybacks −$4.1MFY2023: Dividends −$22.8M$595MFY2023FY2024: Operating cash flow $456MFY2024: Net borrowing $63.3MFY2024: Asset sales $13.9MFY2024: Capital spending −$136MFY2024: Acquisitions −$134MFY2024: Buybacks −$50.6MFY2024: Dividends −$22.8M$533MFY2024FY2025: Operating cash flow $469MFY2025: Net borrowing $599MFY2025: Asset sales $32.8MFY2025: Capital spending −$138MFY2025: Acquisitions −$778MFY2025: Buybacks −$48.2MFY2025: Dividends −$22.7M$1.1BFY2025
Over these 5 years operating cash flow totalled $1.2B; the largest uses were acquisitions ($1.2B) and capital spending ($631M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$512M
Debt$1.6B
Net debt$1.0B
Due within a year$382M

Granite Construction funds itself: free cash flow was $443M over the last twelve months, and $512M of cash and investments stands against $1.6B of debt ($382M due within a year, 1.3× covered by cash).

Where the cash came from and went

Granite Construction: sources (+) and uses (−) of cash, Q3 2026Granite Construction: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$713MCash drawn (+) / kept (−)$397MOperating cash flow$263MOther financing$137MBuybacks−$37.1MCapital spending−$34.0MAcquisitions−$22.2MOther investing$9.3MDividends−$5.7MAsset & business sales$5.5M
Granite Construction: sources (+) and uses (−) of cash, TTM to Q3 2026Granite Construction: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$1.3BOther financing$1.0BOperating cash flow$584MAcquisitions−$257MOther investing$157MCapital spending−$140MBuybacks−$82.4MAsset & business sales$38.5MCash drawn (+) / kept (−)−$38.5MDividends−$22.7MPartners$2.4M

From profit to cash

Granite Construction: net income to operating cash flow, Q3 2026Granite Construction: net income to operating cash flow, Q3 2026Net income$10.4MDepreciation & amortization$50.7MStock-based pay$2.7MGains on disposals$300KOther non-cash−$4.3MReceivables−$57.2MInventory$7.0MPayables$22.9MContract assets$11.7MPrepaid and other assets$8.9MOperating cash flow$263M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202648124019
Q2 202648133922
Q1 202662174832
Q4 202558134427
Q3 202549113822
Q2 202548134020
Q1 202563175723
Q4 202459125120

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$263M−$34.0M−$22.2M−$37.1M−$5.7M−$713M$397M$229M
Q2 2026$172M−$29.7M—−$228K−$5.7M−$176M−$611M$143M
Q1 2026−$30.9M−$26.1M—−$18.4M−$5.7M−$289M$264M−$57.0M
Q4 2025$179M−$50.5M−$72.2M−$26.6M−$5.7M−$75.3M−$87.4M$129M
Q3 2025$284M−$26.7M−$705M−$6.3M−$5.7M$600M−$120M$257M
Q2 2025$1.8M−$28.8M—−$108K−$5.7M−$278K$57.1M−$27.0M
Q1 2025$3.6M−$32.2M—−$15.2M−$5.7M−$274K$199M−$28.6M
Q4 2024$173M−$28.2M−$11.9M−$29.2M−$5.7M−$272K−$116M$145M

Granite Construction: income statement and cash flow

Granite Construction, Q3 2026: revenue $1.8B (+23% year over year), operating margin 12.7%. The chart follows the revenue to costs, profit and cash.

Granite Construction: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.