Great Lakes Dredge & Dock ( (GLDD) ) has released its Q3 earnings. Here is a breakdown of the information Great Lakes Dredge & Dock presented to its investors.
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Great Lakes Dredge & Dock Corporation, the largest provider of dredging services in the United States, is known for its extensive fleet and over 135 years of experience in marine projects, including expanding into the offshore energy sector.
In its third quarter of 2025, Great Lakes Dredge & Dock Corporation reported a net income of $17.7 million and an adjusted EBITDA of $39.3 million, with a substantial dredging backlog of $934.5 million, reflecting strong project execution and high equipment utilization.
Key financial highlights include a revenue of $195.2 million, an increase from the previous year, driven by higher capital project revenue. The company’s operating income rose to $28.1 million, and net income more than doubled compared to the prior year’s third quarter. The company also reported a significant backlog in dredging and offshore energy projects, providing revenue visibility into 2026.
Strategically, the company completed an amendment to its revolving credit facility, enhancing financial flexibility, and continued progress on its newbuild program with the delivery of the Amelia Island hopper dredge. The Acadia, a subsea rock installation vessel, is set to commence operations in 2026, with secured contracts ensuring full utilization.
Looking forward, Great Lakes Dredge & Dock Corporation remains optimistic about its financial performance, supported by a modernized fleet, robust project execution, and a strong backlog, positioning the company for continued success into 2026 and beyond.