Great Lakes Dredge and Dock (GLDD) has reported its financial results for the third quarter ended September 30, 2025.
During Q3 2025, GLDD posted revenue totalling US$195.2 million while total operating income was US$28.1 million and net income was US$17.7 million. Adjusted gross operating profit ended at US$39.3 million.
"Our substantial dredging backlog stood at US$934.5 million as of the end of the third quarter, with an additional US$193.5 million in low bids and options pending award, providing revenue visibility for the remainder of 2025 and well into 2026," said Lasse Petterson, President and Chief Executive Officer of GLDD.
"Capital and coastal protection projects account for over 84 per cent of our dredging backlog, which typically yield higher margins for GLDD due to our experienced project teams and our extensive fleet."
Revenue in Q3 2025 was US$195.2 million, an increase of US$4 million from Q3 2024. The higher revenue in Q3 2025 was due primarily to higher capital project revenue as compared to the same period in the third quarter last year, partially offset by lower coastal protection and maintenance project revenue.
Gross profit and gross profit margin was US$43.8 million and 22.4 per cent, respectively, both increasing compared to Q3 2024 gross profit and gross profit margin of US$36.2 million and 19 per cent, respectively. The increase was primarily due to increased revenue, improved utilisation and project performance, and a larger number of capital projects that typically yield higher margins.
Operating income was US$28.1 million, increasing from US$16.7 million in the prior year’s third quarter primarily due to the improved gross profit and lower general and administrative expenses.
Net income for Q3 2025 was US$17.7 million, increasing from net income of US$8.9 million in the prior year third quarter. The increase was mostly driven by improved operating results partially offset by an increase in net income tax provision.
At September 30, 2025, GLDD had US$12.7 million in cash and cash equivalents, total long-term debt of US$415.3 million and liquidity of US$284.1 million.
The company also had US$934.5 million in dredging backlog compared to US$1.2 billion at December 31, 2024. Dredging backlog as of September 30, 2025 does not include approximately US$193.5 million of awards and options pending.
At September 30, 2025, the company had US$73million in offshore energy backlog compared to US$44.9 million at December 31, 2024.
Total capital expenditures for Q3 2025 were US$32.8 million including US$18.6 million for the construction of the rock installation vessel Acadia, US$8.3 million for the trailing suction hopper dredger Amelia Island, and US$5.9 million for maintenance and growth.
