Granite Construction settled $273.7 million in outstanding Convertible Senior Notes due 2028 by issuing 662,383 shares of common stock and paying approximately $715 million in cash on August 12, 2026. This settlement followed the company's redemption call issued on May 19, 2026. To fund part of the cash payment, Granite Construction terminated its capped call transactions with financial institutions on August 4, 2026, receiving approximately $148 million from counterparties on August 11, 2026. The company operates in the construction materials and infrastructure industry.

Granite Construction called the outstanding $273.7 million aggregate principal amount of its 3.75% Convertible Senior Notes due 2028 for redemption on May 19, 2026. On August 4, 2026, the Company entered into unwind agreements with financial institutions to terminate capped call transactions associated with these notes. The counterparties will pay cash based on the volume-weighted average price of Granite Construction's common stock during a five-day averaging period beginning August 4, 2026. Settlement is expected around August 11, 2026, with proceeds used to settle conversions on August 12, 2026. The company operates in the construction materials and infrastructure industry.

Granite Construction reported a net loss of $278 million for the second quarter ended June 30, 2026, compared to net income of $72 million in the prior year. The loss was driven by a $360 million non-operating charge related to cash settlements of its 3.75% convertible notes. Adjusted net income rose to $101 million from $86 million, and revenue increased 29% year-over-year to $1.46 billion. The company raised its full-year 2026 revenue guidance by $100 million to a range of $5.3 billion to $5.5 billion. Committed and Awarded Projects grew sequentially by $250 million to $7.4 billion, while adjusted EBITDA increased 22% to $186 million. Granite Construction Incorporated operates as a diversified vertically-integrated civil contractor and construction materials producer in the United States.

Granite Construction Incorporated has called for the redemption of its $273.3 million aggregate principal amount of 3.75% Convertible Senior Notes due 2028 for redemption on August 10, 2026. Holders of the 2028 Notes may surrender their notes for conversion at any time before the close of business on August 6, 2026. The company expects to settle the conversion of validly surrendered notes in connection with the redemption on August 12, 2026. Granite Construction Incorporated is a heavy civil construction company providing infrastructure services.