Great Lakes Dredge & Dock Corporation (GLDD) reported a total revenue of $888.3 million for the fiscal year ending December 31, 2025, marking a 16% increase from $762.7 million in 2024. The growth was primarily driven by a significant rise in domestic capital and coastal protection project revenues, alongside the operational commencement of the Amelia Island, the company’s newest hopper dredge. The offshore energy segment also contributed $30.2 million in revenue, a notable increase from the previous year, which had no offshore energy revenues. The gross profit for 2025 was $203.5 million, resulting in a gross profit margin of 22.9%, up from 21.1% in 2024.
In terms of profitability, net income rose to $73.5 million, a 28% increase from $57.3 million in 2024. This increase was attributed to higher operating income, which reached $127.8 million, despite a loss on extinguishment of debt amounting to $10.8 million. The company’s Adjusted EBITDA also saw a significant rise, reaching $171.3 million compared to $136.0 million in the prior year. The increase in revenues and improved project performance were key factors in this growth.
Operationally, Great Lakes Dredge & Dock maintained a strong market position, achieving a 29% average combined bid market share in the U.S. over the three years ending December 31, 2025. The company’s backlog at the end of 2025 was approximately $888.1 million, a decrease from $1.2 billion in 2024, with 59% of this backlog related to federal government contracts. The company anticipates that about 90% of its dredging backlog will be completed in 2026. The company employed an average of 716 hourly personnel in 2025, with a total headcount of 380 full-time salaried and non-exempt employees.
Strategically, Great Lakes is expanding its capabilities in the offshore energy sector, highlighted by the launch of the Acadia, the first U.S.-flagged Jones Act compliant subsea rock installation vessel. The Acadia is expected to be operational in the first half of 2026 and has secured contracts for offshore wind projects, providing full utilization for the year. Additionally, on February 10, 2026, the company entered into a merger agreement with Saltchuk Resources, Inc., which is expected to close in the second quarter of 2026, subject to customary closing conditions. This transaction will result in the delisting of the company’s common stock from the Nasdaq Stock Market.
Looking ahead, Great Lakes Dredge & Dock remains focused on leveraging its market position and expanding its operational capabilities in both dredging and offshore energy. The company expects continued demand for its services driven by federal funding for dredging projects and the growing offshore energy market, despite potential challenges related to market conditions and regulatory changes.
About Great Lakes Dredge & Dock CORP
Great Lakes Dredge & Dock Corporation is the leading U.S. provider of dredging services, specializing in port expansion, coastal protection, maintenance, and inland waterway projects. It serves federal, state, local, and international clients, leveraging a large, modern fleet of dredges and equipment. The company also expands into offshore energy, supporting offshore wind, oil, gas, and subsea infrastructure projects with innovative vessels and solutions.
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