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Great Lakes Dredge & Dock
Great Lakes Dredge & Dock (GLDD) investor relations material
Great Lakes Dredge & Dock Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenue reached $195.2 million, up 2% year-over-year, with net income of $17.7 million and adjusted EBITDA of $39.3 million, reflecting strong project execution and high utilization.
Backlog at September 30, 2025, was $1.01 billion, including $934.5 million in dredging and $73 million in offshore energy, plus $194 million in pending awards and options, providing revenue visibility into 2026.
Major LNG port deepening projects and the launch of the Acadia subsea rock installation vessel are key operational highlights, with offshore energy work underway or scheduled.
No operational disruptions from the government shutdown; all projects are fully funded and payments are timely.
Gross profit margin improved to 22.4% in Q3 2025 from 19% in Q3 2024, reflecting higher project utilization and a favorable mix.
Financial highlights
Q3 revenue of $195.2 million, up $4 million year-over-year; net income of $17.7 million, more than doubling from $8.9 million in Q3 2024.
Adjusted EBITDA margin reached 20.1%; gross profit margin improved to 22.4% from 19% year-over-year.
Operating income rose to $28.1 million from $16.7 million in Q3 2024, driven by higher gross profit and lower G&A expenses.
Diluted EPS was $0.26 for Q3 2025, up from $0.13 in Q3 2024; basic EPS was $0.27.
Offshore energy revenue was $6.1 million in Q3, reflecting the start of a New York project.
Outlook and guidance
2025 expected to be the highest EBITDA year in company history, with strong Q4 anticipated despite two hopper dredges in dry dock.
Backlog and project mix provide revenue visibility into 2026; 2025 bid market normalizing after strong prior years.
2025 bid market estimated at $1.8 billion, focused on coastal protection and maintenance dredging.
Full-year CapEx guidance remains $140–$150 million, focused on new vessel builds and fleet maintenance.
Acadia vessel fully contracted for 2026, with efforts underway to secure 2027 utilization.
Acadia's 2027 non-wind contract status
2026 cash flow and capital allocation plans
Bridge to 2027 port deepening projects
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Next Great Lakes Dredge & Dock earnings date
Q4 202510 Feb, 2026
Great Lakes Dredge & Dock
Next Great Lakes Dredge & Dock earnings date
Q4 202510 Feb, 2026
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Frequently asked questions
Great Lakes Dredge & Dock Corporation is a provider of dredging services and marine infrastructure solutions. The company specializes in capital, maintenance, and environmental dredging projects, including land reclamation, port expansion, and coastal protection. It also offers demolition and marine construction services, supporting public and private sector clients in the United States and internationally. Great Lakes plays a key role in projects designed to mitigate coastal erosion, improve waterways, and enhance infrastructure. The company is headquartered in Houston, Texas, and its shares are listed on the NASDAQ.
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