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Jun 30, 2025
Great Lakes Q2 2025 Earnings Report
Great Lakes reported solid second quarter 2025 results, driven by strong project execution and high equipment utilization.
Key Takeaways
Great Lakes Dredge & Dock Corporation delivered a solid second quarter in 2025, with revenue of $193.8 million, net income of $9.7 million, and Adjusted EBITDA of $28.0 million. The company's dredging backlog stood at approximately $1.0 billion, with an additional $215.4 million in low bids and options pending award, providing strong revenue visibility. The increase in revenue and profitability was primarily driven by higher capital project revenue and improved gross margins.
Second quarter 2025 revenue increased to $193.8 million, up from $170.1 million in the prior year, primarily due to higher capital project revenue.
Net income for the quarter was $9.7 million, a $2.0 million increase compared to $7.7 million in the prior year second quarter, driven by improved operating results.
Adjusted EBITDA reached $28.0 million, demonstrating strong operational performance despite four dredges undergoing regulatory drydocking.
Dredging backlog stood at $1.0 billion as of June 30, 2025, with capital and coastal protection projects accounting for 93%, indicating higher margin potential and future revenue visibility.
Revenue by Segment
Forward Guidance
Great Lakes expects continued strong performance for the remainder of 2025 and into 2026, driven by a modernized fleet, superior project execution, and a robust backlog. The company is well-positioned with significant projects in the LNG sector and offshore wind, ensuring full utilization of its new vessels.
Positive Outlook
- Substantial dredging backlog of $1.0 billion, plus $215.4 million in low bids and options, provides strong revenue visibility into 2026.
- Capital and coastal protection projects, which typically yield higher margins, account for 93% of the dredging backlog.
- Strong activity in the Liquefied Natural Gas (LNG) sector with new project awards and ongoing major projects.
- Newest hopper dredge, the Amelia Island, expected to be delivered soon and immediately commence work, enhancing fleet capabilities.
- The Acadia, the first U.S.-flagged subsea rock installation vessel, is expected to be completed in Q1 2026 and has secured full utilization for 2026 with projects like Equinor’s Empire Wind I and Orsted’s Sunrise Wind.
Challenges Ahead
- Four dredges underwent regulatory drydocking during the quarter, which could impact short-term operational capacity.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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