Great Lakes Dredge & Dock CORP (GLDD) FY2025 10-K Annual Report
Great Lakes Dredge & Dock CORP (GLDD) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 23, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Great Lakes Dredge & Dock CORP FY2025 10-K Analysis
Business Overview
- • Core business: Marine dredging and construction services provider
- • No new products, services, or segments introduced or emphasized in 2026 filing
- • Continued emphasis on corporate governance with updated code of business conduct and Insider Trading Policy
- • No quantitative operating metrics disclosed in Business section, focus on compliance and ethics policies instead
- • Noteworthy for reliance on Proxy Statement for material governance, compensation, and accounting fee disclosures
Management Discussion & Analysis
- • Total backlog $888.1M in 2025, down 28% from $1.24B in 2024, dredging backlog down 36% to $763.2M vs $1.19B
- • Operating cash flow $246.7M in 2025 vs $70.1M in 2024, driven by higher earnings and better working capital management
- • Capital expenditures $144.6M in 2025 for new vessels including $69.1M on Acadia, $32.3M on Amelia Island dredge
- • Stock repurchases $11.6M and Second Lien debt repayments $100M plus $3.1M penalty in 2025; revolver borrowings $20M
- • 2026 capex guidance $65-$75M; offshore energy fleet expansion with Acadia vessel delivery early 2026; credit ratings B stable with positive outlook
Risk Factors
- • Regulatory/legal risk: Receipt of required antitrust clearance for Merger Agreement with Saltchuk subject to closing conditions, failure risks $37M termination fee
- • Geopolitical/macroeconomic threat: Federal dredging revenue declined from 74% in 2023 to 48% in 2025; subject to U.S. government budget approvals and possible shutdowns
- • Operational/supply chain vulnerability: Disruptions in procurement of new vessel build materials and maintenance pose risks to vessel operations and construction schedules
- • Competitive/market disruption risk: Fixed-price contracts expose Company to cost-overruns, liquidated damages and pricing pressure amid rising equipment/material costs
- • Financial/structural risk: Substantial indebtedness increases vulnerability to adverse economic conditions and imposes restrictions on business operation and dividend payments
Great Lakes Dredge & Dock CORP FY2025 Key Financial MetricsXBRL
Revenue
$888M
▲ +16.5% YoY
Net Income
$73M
▲ +28.3% YoY
Gross Margin
22.9%
▲ +185bp YoY
Operating Margin
14.4%
▲ +222bp YoY
Net Margin
8.3%
▲ +76bp YoY
ROE
14.2%
▲ +145bp YoY
Total Assets
$1.3B
▲ +2.4% YoY
EPS (Diluted)
$1.08
▲ +28.6% YoY
Operating Cash Flow
$247M
▲ +252.1% YoY
Source: XBRL data from Great Lakes Dredge & Dock CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on Great Lakes Dredge & Dock CORP
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.