Orion Group Holdings, Inc. reported its financial results for the third quarter ended September 30, 2026, filing an 8-K with the SEC on October 27, 2026. The specialty construction company reported contract revenue of $256.2 million for the quarter, representing a 14% increase compared to the $225.1 million reported in the same period of the prior year.
GAAP net income for the third quarter of 2026 was $5.5 million, or $0.14 per diluted share. This compares to GAAP net income of $3.3 million, or $0.08 per diluted share, in the third quarter of 2025. The company also reported Adjusted EBITDA of $17.9 million, an increase of 37% from $13.1 million in the prior year.
Gross profit for the quarter was $33.1 million, up 11% from $29.8 million in the prior year. The company noted that the increase was driven by higher revenue volume and increased profitability in its Concrete segment, partially offset by Marine close-out benefits that did not recur in 2026. Selling, general and administrative expenses were $24.7 million, down from $25.1 million in the prior year.
As of September 30, 2026, Orion Group’s backlog totaled $645 million, with the Marine segment holding $506 million and the Concrete segment holding $139 million. The company won positions on two new U.S. Navy Multiple Award Construction Contracts (MACC), including a $9 billion VENTI MACC and a $700 million NAVFAC Northwest Waterfront MACC.
Regarding its balance sheet, the company reported working capital of $81 million, including unrestricted cash and cash equivalents of $5.7 million. Total debt outstanding was $109 million, with $83 million of outstanding borrowings under the UMB Credit Facility.
Orion Group reiterated its full-year 2026 financial guidance, estimating revenue between $900 million and $950 million, adjusted EBITDA between $50 million and $54 million, and adjusted EPS between $0.23 and $0.30. The company will host a conference call to discuss these results on Wednesday, October 28, 2026, at 9:00 a.m. Eastern Time.
