Orion Group Holdings Reports 14% Revenue Growth in Q3 2026

Orion Group Holdings, Inc. reported a notable increase in financial performance for the third quarter of 2026, with contract revenues reaching $256.2 million, a 14% rise from $225.1 million in the same period last year. The company's gross profit also improved, totaling $33.1 million compared to $29.8 million in the prior year, reflecting a growth of 11%. This increase in profitability was attributed to heightened activity across both operating segments, driven by disciplined execution and favorable operating conditions, alongside the recent acquisition of J.E. McAmis, Inc.

In terms of year-to-date performance, Orion's revenues for the nine months ended September 30, 2026, amounted to $694.3 million, marking a 12% increase from $619.0 million in the previous year. The gross profit for this period was $81.9 million, up from $78.6 million, indicating a 4% growth. However, operating income for the nine-month period decreased to $6.4 million from $9.6 million, primarily due to increased selling, general, and administrative expenses associated with the JEM acquisition and other growth-related costs.

The acquisition of J.E. McAmis, completed on February 3, 2026, was a significant strategic development for Orion, enhancing its marine construction capabilities and expanding its presence in the West Coast and Pacific markets. The total consideration for the acquisition was approximately $72.9 million, which included cash, a seller promissory note, and shares of common stock. This acquisition is expected to contribute positively to Orion's revenue streams moving forward.

Operationally, Orion's backlog as of September 30, 2026, stood at $645 million, slightly up from $640 million at the end of 2025, with the marine segment contributing $506 million and the concrete segment $139 million. The company reported a working capital of $81 million, an increase from $74.3 million at the end of the previous fiscal year. As of the reporting date, Orion had unrestricted cash of $5.7 million and borrowing availability of approximately $28 million under its UMB Credit Agreement.

Looking ahead, Orion's management expressed confidence in the company's liquidity and operational capabilities, projecting adequate liquidity for at least the next 12 months. The company remains focused on leveraging its recent acquisition and maintaining strong execution across its projects to drive future growth.