Posted on October 29, 2025
HOUSTON — Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”, “Orion”), a leading specialty construction company, today reported its financial results for the third quarter ended September 30, 2025.
Highlights for the quarter ended September 30, 2025:
($ in millions, except EPS)
- Strong operational execution and continued advancement of strategic priorities
- Revenue of $225.1 million, GAAP Net Income of $3.3 million, Adjusted EBITDA of $13.1 million and Adjusted EPS of $0.09 were in line with management’s expectations
- Robust cash flow from operations of $23 million and free cash flow of $14 million attributable to effective working capital management
- Booked awards and change orders of $160 million in the quarter
- Closed on sale of East and West Jones property subsequent to quarter end
- Expanded bonding capacity by $400 million
- Management increases full year 2025 guidance
Management Commentary
“We delivered another strong third quarter marked by top- and bottom-line results, robust cash generation, good bookings, and market-leading safety. We have also continued to advance strategic priorities, including expanding our bonding capacity by $400 million, continuing to strengthen our board with the appointment of Robert Ledford, and closing the sale of the East and West Jones property in October. With a strong balance sheet, disciplined capital deployment strategy, and focus on long-term strategic execution, our team is laying the foundation for Orion’s next phase of growth,” said Travis Boone, President and Chief Executive Officer of Orion Group Holdings.
“As we enter the fourth quarter, Orion is well positioned opposite multiple growing tailwinds that span robust AI investment, strong domestic focus on reshoring manufacturing, commercial investment in marine infrastructure, and defense expansion across the Pacific. Our talented team is poised to build on our momentum and capture the exciting opportunities on our doorstep.”
“Following another strong quarter of performance and with a favorable outlook, we are pleased to raise our annual guidance for revenue, adjusted EBITDA, and adjusted EPS for fiscal year 2025.”
Fiscal Year 2025 Guidance
For the full year 2025, Orion is pleased to update its annual financial guidance as follows:
- Increase revenue guidance to a range of $825 million to $860 million (compared to prior guidance of $800 million to $850 million);
- Increase adjusted EBITDA guidance to a range of $44 million to $46 million (compared to prior guidance of $42 million to $46 million);
- Increase adjusted EPS guidance to a range of $0.18 to $0.22 (compared to prior guidance of $0.11 to $0.17); and
- Reaffirm capital expenditures guidance in the range of $25 million to $35 million.
Third Quarter 2025 Results
Contract revenues were $225.1 million in the third quarter of 2025 compared with $226.7 million in the third quarter last year and up 10% sequentially from $205.3 million in the second quarter of 2025, driven by increased volume in our Marine and Concrete segments.
Gross profit was $29.8 million, up 10% from $27.1 million in the third quarter of 2024 and up 16% from $25.8 million in the second quarter of 2025. The increases in gross profit were driven by strong project execution primarily in our Marine business.
Selling, general and administrative (“SG&A”) expenses were $25.1 million for the quarter, up from $20.8 million in the third quarter of 2024 primarily due to increased investment to support business growth.
GAAP net income for the third quarter was $3.3 million, or $0.08 per diluted share, compared to net income of $4.3 million, or $0.12 per diluted share, in the third quarter of 2024.
Adjusted EBITDA for the third quarter was $13.1 million, compared to $15.2 million in the third quarter of 2024 and up 19% from $11.0 million in the second quarter of 2025. The year-over-year decrease is primarily attributable to favorable project close outs in 2024 that did not reoccur in 2025. The sequential increase was driven by revenue growth and strong execution.
