Orion Group Holdings Inc
oriongroupholdingsinc.comWhat Do They Do?
Builds marine infrastructure and dredges waterways for government agencies and private enterprises, and provides concrete construction for commercial and public projects.
10-K for FY2025, filed Mar 4, 2026Our marine business provides comprehensive engineering, construction, dredging and specialty services to a diverse set of clients that…View ↗
We perform maintenance dredging and capital dredging for ports, waterways and channels. Our work supports navigability, deepening and…View ↗
Our concrete business provides construction services for commercial, industrial, multi-family residential and public projects, including…View ↗
How Do They Make Money?
Customers pay mainly under fixed-price contracts for marine construction, dredging and turnkey concrete work; Orion earns contract revenue as work progresses.
10-K for FY2025, filed Mar 4, 2026Most of our revenue is derived from fixed-price contracts. We record revenue on construction contracts over time, measured by the…View ↗
The Company’s revenue is derived from contracts to provide marine construction, dredging, turnkey concrete services, and other specialty…View ↗
Performance obligations are promises in a contract to transfer distinct goods or services to the customer and are the unit of account under…View ↗
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10-K for FY2025, filed Mar 4, 2026
FY2025 revenue by reportable segment ↗
$852.3M
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10-K for FY2025, filed Mar 4, 2026
$852.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Marine Segment
Recurring
10-K for FY2025, filed Mar 4, 2026 |
64%
FY2022: 45%
|
Marine Segment, FY2025
$544.8M Sources
|
Recurring |
|
Concrete Segment
Recurring
10-K for FY2025, filed Mar 4, 2026 |
36%
FY2022: 55%
|
Concrete Segment, FY2025
$307.4M Sources
|
Recurring |
Who Are Their Customers?
Marine customers include federal, state and local agencies and private commercial and industrial enterprises; concrete customers include general contractors, owners and developers. Orion obtains contracts mainly through competitive bids, and also negotiates with private parties and general contractors.
10-K for FY2025, filed Mar 4, 2026
10-K for FY2025, filed Mar 4, 2026
For the years ended December 31, 2025, 2024 and 2023, the United States Navy, which is included in the Federal Government category…View ↗
Do Revenues Turn Into Profits?
Yes. It kept less than a cent of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$10.8M.
10-K for FY2025, filed Mar 4, 2026
$14.6MView ↗
10-K for FY2025, filed Mar 4, 2026
$2.5MView ↗
10-K for FY2025, filed Mar 4, 2026
−$10.8MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 29, 2026
−$4.1MView ↗
- ▼ Now a loss
- vs $841K in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 29, 2026
Open tableView ↗
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Jul 29, 2026
Lowered adjusted EBITDA and adjusted EPS guidance
Full-year revenue guidance was unchanged.
Sources
8-K, filed Jul 29, 2026
The Company provided the following revised guidance for the full year 2026:View ↗
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Apr 29, 2026
Reaffirmed full-year financial guidance
Sources
8-K, filed Apr 29, 2026
For the full year 2026, Orion reaffirms its previous guidance of:View ↗
Growing. Revenue grew 42% in 4 years, from $601.4M in FY2021 to $852.3M in FY2025, about 9% a year.
Added JEM marine work
The JEM acquisition adds jetty and breakwater construction, environmental restoration, and dam and spillway work to the marine services described in the latest report.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Mar 4, 2026Orion Group Holdings, Inc., is a leading specialty construction company serving the infrastructure, industrial, and building sectors…View ↗
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