Orion Group Holdings reported fourth‑quarter and full‑year 2025 results that marked a turnaround from a net loss to profitability. Full‑year contract revenue rose 7 % to $852.3 million, while gross profit climbed 16 % to $105.6 million. GAAP net income turned positive at $2.5 million, a reversal of the $1.6 million loss recorded in 2024. Adjusted EBITDA for the year reached $45.2 million, and the company’s backlog at year‑end 2025 was $640 million, down from $729 million a year earlier but supported by $763 million in new awards during the year.
In the fourth quarter, Orion delivered an adjusted earnings per share of $0.25, beating the consensus estimate of $0.04 by $0.21. The full‑year adjusted EPS of $0.06 reflects the company’s return to profitability after a loss in 2024. The Q4 EPS beat was driven by disciplined cost control and a favorable mix of high‑margin marine projects, offsetting the negative adjusted EBITDA of $10.8 million in the concrete segment.
Segment performance showed that marine revenue grew 4.5 % to $X million, while concrete revenue increased 12 % to $Y million. The marine segment’s stronger mix and pricing power helped lift overall margins, whereas the concrete segment’s negative adjusted EBITDA highlights ongoing margin pressure in that business line. The company’s focus on data‑center projects within the concrete segment is expected to improve profitability in the coming year.
Orion raised its full‑year 2026 guidance, projecting revenue of $900–$950 million, adjusted EBITDA of $54–$58 million, and adjusted EPS of $0.36–$0.42. The upward revision reflects management’s confidence in sustained demand across both marine and concrete segments, as well as the expected contribution from the recently completed acquisition of J.E. McAmis.
The February 3 acquisition of J.E. McAmis, valued at approximately $60 million, expands Orion’s marine capabilities and adds specialized assets that enable the company to pursue larger, more complex projects. CEO Travis Boone said, “The acquisition of J.E. McAmis on February 3 enhances our competitive position by adding specialized marine capabilities, strategic assets and scale that expand our ability to pursue and execute a wider scope of large, complex projects.”
CFO Alison Vasquez highlighted the company’s disciplined execution, noting, “For the full year 2025, revenue increased to $852,000,000, operating income to $15,000,000, adjusted EBITDA to $45,000,000, and adjusted EPS to $0.25 per share.” She added that the company generated $28 million in operating cash flow and $14 million in free cash flow, underscoring its focus on cash generation and balance‑sheet health.
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