Orion Group (ORN) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 8% year-over-year to $221.9 million, driven by strong Concrete segment performance, while Marine segment was impacted by client-driven delays and lower utilization.

• Gross profit declined 11% to $22.9 million, mainly due to lower Marine volume and equipment utilization, though Concrete delivered historic performance.

• GAAP net loss was $4.1 million, or $0.10 per share, compared to net income of $0.8 million last year.

• Bookings reached $277 million, with a book-to-bill ratio of 1.25x and backlog at $722 million.

• Confidence in long-term growth is supported by a $27 billion pursuit pipeline and robust end markets.

Financial highlights

• Six-month revenue rose 11% year-over-year to $438.2 million, with gross profit flat at $48.8 million.

• Adjusted EBITDA was $7.9 million in Q2 2026, down from $11.0 million in Q2 2025; Adjusted EPS was $0.02.

• Net leverage stood at 2.3x, and working capital at June 30, 2026 was $92 million.

• Unrestricted cash on hand was $2.5 million, with $22.6 million borrowing availability under the revolver.

• SG&A expenses increased to $24.4 million in Q2, reflecting business growth and acquisition costs.

Outlook and guidance

• Full-year 2026 revenue guidance is $900–$950 million, with Adjusted EBITDA expected at $50–$54 million and Adjusted EPS at $0.23–$0.30.

• Capital expenditures projected at $25–$35 million for the year.

• Nearly 90% of marine work and 80% of total business for H2 2026 is under contract.

• Backlog at June 30, 2026 was $722 million, with $563 million expected to be recognized in the next 12 months.

• Management expects adequate liquidity for at least the next 12 months, supported by cash and credit availability.