Revisions in Estimates (Tables)

6 Months Ended

Jun. 30, 2025

Quarterly Financial Information Disclosure [Abstract]

Schedule of Change in Accounting Estimates

The projects with increases from revisions in estimates, which individually had an impact of $5.0 million or more on gross profit, are summarized as follows (dollars in millions, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Number of projects with upward estimate changes		1		—		3		1
Range of increase in gross profit, net	$	6.8	$	—	$	6.3 - 9.8	$	6.1
Increase to project profitability, net	$	6.8	$	—	$	22.9	$	4.7
Increase to net income	$	5.1	$	—	$	17.1	$	4.7

Increase to net income attributable to Granite Construction Incorporated	$	5.1	$	—	$	17.1	$	4.7
Increase to net income per diluted share attributable to common shareholders	$	0.10	$	—	$	0.33	$	0.11

The projects with decreases from revisions in estimates, which individually had an impact of $5.0 million or more on gross profit, are summarized as follows (dollars in millions, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Number of projects with downward estimate changes		1		2		2		3
Range of reduction in gross profit, net	$	5.4	$	5.3 - 10.1	$	6.8 - 14.3	$	5.9 - 17.8
Decrease to project profitability, net	$	5.4	$	15.5	$	21.1	$	30.2
Decrease to net income	$	4.1	$	11.9	$	15.8	$	23.2
Amounts attributable to non-controlling interests	$	—	$	2.7	$	—	$	3.2
Decrease to net income attributable to Granite Construction Incorporated	$	4.1	$	9.2	$	15.8	$	19.9
Decrease to net income per diluted share attributable to common shareholders	$	0.08	$	0.17	$	0.30	$	0.45

GRANITE CONSTRUCTION INC 10-Q