Great Lakes Dredge & Dock Corporation Q3 2025 Earnings Recap

Great Lakes Dredge & Dock Corp reported strong Q3 2025 results, with revenues increasing to $195.2 million and improved margins driven by high utilization of projects. The company’s dredging backlog remains robust at $935 million, signaling continued operational momentum.

Key Takeaways

• Revenues rose to $195.2 million, a $4 million increase year-over-year, supported by active project execution and the new dredge, Amelia Island.
• Adjusted EBITDA improved to $39.3 million, reflecting a 20.1% margin, driven by strong project performance in capital and coastal protection projects.
• The company secured $136 million in new project awards during the quarter, enhancing revenue visibility and backlog quality for 2026.
• Completed the upsizing of the revolving credit facility to $430 million, extending maturity to 2030, and fully repaid $100 million in second-lien notes, reducing annual interest expense by nearly $6 million.
• Net income increased to $17.7 million, significantly up from $8.9 million in the prior year, signaling improved profitability amidst effective cost management.