Granite Construction reported $4.85B of remaining performance obligations at 30 Sep 2026, up 12% from a year earlier and down 4% from the previous quarter. That is 0.9 years of trailing revenue already under contract. Book-to-bill last quarter: 0.89.
Net new backlog added in the latest quarter: -$204M.
Over the last twelve months it turned about 114% of its opening backlog into revenue (12-month conversion).
Customer prepayments (contract liabilities) cover 9.6% of the backlog.
Twelve-month book-to-bill: 1.10, i.e. 1.10 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: -13 points — revenue is catching up with orders.
By backlog size it ranks 114th among US filers the cockpit tracks.
Granite Construction backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
Amounts in USD. Source: SEC XBRL filings.
Quarter end
Backlog (RPO)
TTM revenue
Coverage
Customer prepayments
30 Sep 2026
$4.85B
$5.30B
0.9 yrs
$465M
30 Jun 2026
$5.06B
$4.97B
1.0 yrs
$440M
31 Mar 2026
$4.93B
$4.64B
1.1 yrs
$357M
31 Dec 2025
$4.12B
$4.42B
0.9 yrs
$327M
30 Sep 2025
$4.33B
$4.24B
1.0 yrs
$327M
30 Jun 2025
$4.11B
$4.08B
1.0 yrs
$301M
31 Mar 2025
$3.83B
$4.03B
1.0 yrs
$280M
31 Dec 2024
$3.58B
$4.01B
0.9 yrs
$300M
30 Sep 2024
$3.88B
$3.96B
1.0 yrs
$293M
30 Jun 2024
$3.87B
$3.81B
1.0 yrs
$262M
31 Mar 2024
$3.61B
$3.62B
1.0 yrs
$224M
31 Dec 2023
$3.60B
$3.51B
1.0 yrs
$244M
Questions
What is Granite Construction's backlog?
Granite Construction reported $4.85B of remaining performance obligations at 30 Sep 2026, up 12% from a year earlier and down 4% from the previous quarter. That is 0.9 years of trailing revenue already under contract. Book-to-bill last quarter: 0.89.
How fast does Granite Construction's backlog turn into revenue?
Over the last twelve months Granite Construction recognised revenue equal to about 114% of the backlog it started each quarter with.
About these numbers
Remaining performance obligations (RPO) are revenue a company has contracted but not yet recognised, as reported in its SEC filings (XBRL tag RevenueRemainingPerformanceObligation). Coverage = backlog ÷ trailing twelve-month revenue. Book-to-bill = (change in backlog + revenue) ÷ revenue. Conversion = revenue recognised ÷ the backlog at the start of each quarter, summed over four quarters. Counterparty values come from company filings and releases.