Great Lakes Dredge & Dock
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Great Lakes Dredge & Dock (GLDD) investor relations material

Great Lakes Dredge & Dock Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary23 Feb, 2026

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.

How does Saltchuk deal impact future growth?
What is the total potential backlog including pending?
What is the Acadia's revenue contribution outlook?
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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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