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Granite Construction announced two separate joint-venture awards in late September and early October 2026: an approximately $324.8 million Big Creek Tunnel contract in Ohio and an approximately $165 million Guam Defense System task order. Granite says both will be included in third-quarter 2026 construction awards and backlog (CAP). Together, their disclosed headline values total approximately $489.8 million—but that is not a measure of Granite’s attributable contract value, near-term revenue, or profit.
What the two awards add
| Project | Customer and market | Disclosed work | Schedule | Announced value |
|---|---|---|---|---|
| Big Creek Tunnel, Cleveland, Ohio | Northeast Ohio Regional Sewer District; municipal wastewater | Large-diameter tunnel, ancillary tunnels and shafts, sewer and overflow structures, utilities, sitework, and restoration | Construction scheduled to begin fall 2026; completion expected winter 2030 | Approximately $324.8 million for the Granite-Super JV contract |
| Guam Defense System Forward Operating Sites | NAVFAC; federal defense-related infrastructure | Site preparation, utilities, facilities, transportation improvements, and related infrastructure | Construction anticipated to begin in 2026; completion expected late 2029 | Approximately $165 million for the GO3JV task order |
The figures and schedules in the table are Granite’s published descriptions; they are not independent project audits. [Big Creek award announcement, October 1, 2026; Guam task-order announcement, September 29, 2026]
Big Creek: a multi-year wastewater and tunneling project
Granite and Super Excavators are partners in the Granite-Super JV awarded the approximately $324.8 million contract by the Northeast Ohio Regional Sewer District. Granite describes Big Creek as the final one of seven large-diameter combined sewer overflow storage tunnels in Project Clean Lake, a $3 billion, 24-year NEORSD program that began in 2011.
The stated scope includes 22,300 linear feet of 20-foot-diameter tunnel, another 3,115 linear feet of ancillary tunnels, multiple shafts, diversion, gate and screening structures, consolidation sewers, an overflow box culvert, utilities, sitework, and restoration. Granite says the completed project is expected to eliminate 550 million gallons of combined sewer releases annually. That is the company’s stated expected outcome, not a measured result. Granite Tunnel Division Vice President Jim Nickerson said the project’s scale and complexity align with the company’s tunneling and shaft-construction strengths. [Granite’s Big Creek announcement]
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Guam: federal site and facility infrastructure
Granite says its GO3JV joint venture received the approximately $165 million task order under the Guam Multiple Award Construction Contract (MACC) for the Naval Facilities Engineering Systems Command (NAVFAC). The listed work spans site preparation, utility installation, facility construction, transportation improvements, and related infrastructure for Guam Defense System Forward Operating Sites. Granite Federal Division Vice President Curt Haldeman described the award as evidence of continued growth in Granite’s Federal business and work with a long-standing client. [Granite’s Guam task-order announcement]
How to interpret the awards against Granite’s CAP
Granite’s latest reported CAP baseline in the available company results is $7.4 billion as of June 30, 2026. It was up $250 million sequentially and $1.4 billion year over year. Both new awards were announced after that quarter-end, so they should not be treated as already included in the $7.4 billion figure. Granite says both are to be included in third-quarter 2026 CAP; the final third-quarter total is not established by the announcements. [Granite’s second-quarter 2026 results, July 30, 2026; Big Creek announcement; Guam announcement]
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The approximately $489.8 million combined headline value is simply the sum of the two disclosed award amounts. It is not equivalent to revenue recognized in the quarter, Granite’s exact share of the JV contracts, or project earnings. Granite’s CAP definition counts 100% of consolidated joint-venture contracts and the proportionate share of unconsolidated JVs. The announcements do not provide enough information to calculate Granite’s attributable value for either award or to map contract value to quarterly revenue.
For context, June 30 CAP included $624 million in tactical infrastructure projects for U.S. Customs and Border Protection that Granite said should be substantially realized during 2026 and 2027. That is a company-reported timing expectation for those projects, not a basis for estimating when Big Creek or Guam revenue will be recognized.
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What the projects could mean for Granite’s project mix
The awards could broaden the kinds of work represented in Granite’s pipeline: Big Creek adds municipal wastewater, tunneling, and shaft construction in Ohio, while Guam adds federal defense-related facilities, utilities, and transportation and site infrastructure on a Pacific island. Their different customers, locations, scopes, and delivery schedules provide a plausible portfolio-diversification effect.
That does not establish a quantified change in Granite’s end-market mix or prove improved earnings quality. The releases do not disclose project-level margins, cost risks, Granite’s attributable share, revenue phasing, or either award’s percentage of eventual CAP. Contract size alone cannot show which project is more profitable or less risky.
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The company has framed broader participation in federal work and other markets as a strategic aim. In its July 2026 second-quarter results release, CEO Kyle Larkin said Granite had been positioning to expand its federal portfolio footprint, increase participation in rail and transit, grow in mission-critical infrastructure including data-center site development, and strengthen its vertically integrated Materials platform. That is management’s strategy statement; it is not independent evidence that these two awards materially change financial concentration. [Granite’s second-quarter 2026 results]
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Company-wide results are context, not project economics
Granite reported second-quarter 2026 revenue of $1.46 billion, up 29% year over year, and adjusted EBITDA of $186 million, up 22%. Adjusted net income was $101 million, while the company reported a GAAP net loss attributable to Granite of $278 million. Granite said that GAAP loss was driven by a $360 million non-operating loss on convertible-debt transactions. The company also raised its 2026 revenue guidance by $100 million, to a range of $5.3 billion to $5.5 billion. These are company-wide figures and do not indicate the expected economics of the Big Creek or Guam awards. [Granite’s second-quarter 2026 results]
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What remains unknown
- Granite’s exact share: The award announcements identify the joint ventures but do not state Granite’s attributable share. The Guam release does not name GO3JV’s partners.
- Revenue timing: Announced contract value is not quarterly revenue. The releases provide expected construction schedules, but no project-by-project revenue phasing.
- Margins and risk: Neither release provides expected margins, cost contingencies, or project-level profitability.
- Measured portfolio shift: No disclosed figure quantifies how much these awards change Granite’s eventual end-market mix or CAP.
The Guam task order should also not be conflated with Granite’s separate 2025 Granite-Obayashi phase-one Guam award, announced at approximately $158 million. [Granite’s July 17, 2025 Guam announcement]
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