Orion Group (ORN) Q4 2025 earnings summary

Executive summary

• Achieved revenue of $852 million for 2025, up 7% year-over-year, with strong operational execution, GAAP net income of $2.5 million, Adjusted EBITDA of $45 million, and solid free cash flow.

• Advanced long-term strategic priorities, including a new $120 million credit facility and the acquisition of J.E. McAmis, enhancing marine capabilities.

• Expanded into new markets (Florida, Arizona), consolidated Houston operations into a new headquarters, and completed the J.E. McAmis acquisition post-year-end.

• Booked $763 million in new awards and change orders, maintaining a robust $23 billion opportunity pipeline.

• Generated $28 million in operating cash flow and $14 million in free cash flow for the year.

Financial highlights

• 2025 revenue increased to $852 million, operating income to $15 million, Adjusted EBITDA to $45 million, and Adjusted EPS to $0.25 per share, all improving year-over-year.

• Gross profit rose 16% to $105.6 million, driven by strong project execution and utilization.

• Marine segment revenue grew 4.5% to $545 million, with Adjusted EBITDA margin rising to 10.3% from 5.2% year-over-year.

• Concrete segment revenue rose 12% to $307 million, but Adjusted EBITDA margin declined to -3.5% from 5.4% year-over-year due to corporate allocations and absence of prior year closeout benefits.

• Selling, general, and administrative expenses increased to $93.5 million, reflecting investment in growth.

Outlook and guidance

• 2026 revenue guidance: $900–$950 million (8.6%–9% increase at midpoint).

• 2026 Adjusted EBITDA guidance: $54–$58 million (24% increase at midpoint).

• 2026 Adjusted EPS guidance: $0.36–$0.42 (56% increase at midpoint).

• Capital expenditures expected at $25–$35 million, consistent with prior year.

• Expecting modest margin expansion, especially from the integration of J.E. McAmis and continued growth in concrete margins.