Great Lakes Dredge & Dock (GLDD) Q4 2025 earnings summary

Executive summary

• Achieved record full year revenue of $888.3 million for 2025, up $125.6 million year-over-year.

• Full year net income was $73.5 million, with adjusted net income of $81.6 million, reflecting a one-time $8.1 million expense from debt extinguishment.

• Signed two international offshore energy contracts, securing vessel utilization in Europe through most of 2027.

• Announced definitive agreement for acquisition by Saltchuk Resources, expected to close in Q2 2026.

Financial highlights

• Fourth quarter 2025 revenue was $256.5 million, up $53.7 million from Q4 2024.

• Q4 2025 net income was $12.6 million, down from $19.7 million in Q4 2024 due to a one-time $8.1 million debt extinguishment expense; adjusted net income was $20.7 million.

• Full year 2025 gross profit was $203.5 million (margin 22.9%), up from $160.6 million (margin 21.1%) in 2024.

• Adjusted EBITDA for 2025 reached a record $171.3 million, up from $136.0 million in 2024.

• Diluted EPS for 2025 was $1.08; adjusted diluted EPS was $1.20.

Outlook and guidance

• Offshore energy contracts will keep the Acadia vessel utilized in Europe for most of 2027.

• Pending acquisition by Saltchuk Resources is expected to close in Q2 2026, subject to regulatory and shareholder approvals.