Short answer
Great Lakes Dredge & Dock CORP (GLDD) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $888M (+16.5% year over year) and net income of $73M.
- Top risk flagged: Regulatory/legal risk: Receipt of required antitrust clearance for Merger Agreement with Saltchuk subject to closing conditions, failure risks $37M termination fee
FY2025 key financial metrics · XBRL
- Revenue
- $888M
- +16.5% YoY
- Net income
- $73M
- +28.3% YoY
- Operating margin
- 14.4%
- +2.2 pp YoY
- Gross margin
- 22.9%
- +1.9 pp YoY
- EPS (diluted)
- $1.08
- +28.6% YoY
- ROE
- 14.2%
- +1.5 pp YoY
- Operating cash flow
- $247M
- +252.1% YoY
Source: XBRL data from the Great Lakes Dredge & Dock CORP (GLDD) FY2025 10-K on SEC EDGAR. USD.
Great Lakes Dredge & Dock CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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