Great Lakes Dredge & Dock (GLDD) Company Report

Great Lakes Dredge & Dock Corp. reported strong Q3 2025 financial results with revenues of $195.2 million and adjusted EBITDA of $39.3 million.
The company's dredging backlog remains robust at $935 million, with an additional $194 million in awards and options pending, providing revenue visibility into 2026.
GLDD completed its hopper dredge new build program with the delivery of the Amelia Island and expects delivery of the Acadia, its subsea rock installation vessel, in Q1 2026.
The company refinanced and upsized its revolver credit facility to $430 million and repaid its $100 million second lien term loan, reducing interest expense.
Management expects 2025 to be the highest EBITDA year in company history and anticipates being significantly free cash flow positive starting in 2026.

Nov 4, 2025, 3:00 PM

Transcript

Great Lakes Dredge & Dock Reports Strong Q3 2025 Results and Positive Outlook

GLDD

Earnings

Guidance Update

New Projects/Investments

Great Lakes Dredge & Dock Corporation reported Q3 2025 revenues of $195.2 million and adjusted EBITDA of $39.3 million, with net income of $17.7 million.
The company's dredging backlog remains strong at $935 million, with an additional $194 million in awards and options pending, providing revenue visibility into 2026.
GLDD completed its dredging newbuild program with the delivery of the Amelia Island and expects the Arcadia subsea rock installation vessel to be delivered in 2026, with its utilization fully booked for that year.
GLDD refinanced and upsized its revolver credit facility to $430 million, extending maturity to 2030, and repaid its $100 million second lien term loan, reducing annual interest expense by almost $6 million.
The company anticipates 2025 to be its highest EBITDA year in history and expects to be significantly free cash flow positive starting in 2026.

Nov 4, 2025, 3:00 PM

Transcript

Great Lakes Dredge & Dock Reports Strong Q3 2025 Results

GLDD

Earnings

New Projects/Investments

Debt Issuance

Great Lakes Dredge & Dock Corporation reported net income of $17.7 million and Adjusted EBITDA of $39.3 million for the third quarter ended September 30, 2025.
Revenue for Q3 2025 was $195.2 million, an increase of $4.0 million from the third quarter of 2024.
The company's dredging backlog stood at $934.5 million as of September 30, 2025, with an additional $193.5 million in low bids and options pending award.
Great Lakes completed an amendment to its revolving credit facility, upsizing it by $100 million to a total of $430 million, extending maturity to 2030, and paying off a $100 million second lien term loan, which is expected to reduce annual interest expense by almost $6 million.
The newest hopper dredge, the Amelia Island, was delivered in August 2025, and the subsea rock installation vessel, the Acadia, was launched in July 2025 with expected completion in Q1 2026 and secured full utilization for 2026.

Nov 4, 2025, 1:20 PM

8-K

Great Lakes Dredge & Dock Reports Strong Q3 2025 Results and Strategic Financial Moves

GLDD

Earnings

Share Buyback

New Projects/Investments

Great Lakes Dredge & Dock (GLDD) reported Q3 2025 revenue of $195.2 million and adjusted EBITDA of $39.3 million, an increase from $27.0 million in Q3 2024. The gross profit margin also improved to 22.4% for Q3 2025, up from 19.0% in Q3 2024.
The company ended Q3 2025 with a dredging backlog of $935 million, with 93% of this backlog coming from capital and coastal protection projects.
In October 2025, GLDD upsized its revolving credit facility to $430 million and extended its maturity to October 2030, using the funds to pay off $100 million in second lien notes, which is expected to save $6 million annually in interest.
GLDD repurchased 1.3 million shares of stock at an average price of $8.81 in 2025. The company also took delivery of the Amelia Island in August 2025 and launched the Acadia in July 2025, with expected delivery next year.

Nov 3, 2025, 11:00 PM

Presentation

Great Lakes Dredge & Dock Corporation Amends and Upsizes Revolving Credit Facility, Repays Second Lien Notes

GLDD

Debt Issuance

Great Lakes Dredge & Dock Corporation amended its Revolving Credit Facility on October 24, 2025, upsizing it by $100 million to $430 million and extending its maturity to October 2030.
The company utilized the increased revolver capacity to fully repay the $100 million second lien notes issued in 2024.
This transaction is expected to save an estimated $6 million per year in interest.
The company now has no debt maturities until 2029 and a weighted average interest rate under 6%.

Oct 27, 2025, 8:11 PM

8-K

Great Lakes Dredge & Dock Amends Credit Facility and Repays Debt

GLDD

Debt Issuance

Great Lakes Dredge & Dock (GLDD) announced on October 27, 2025, that it amended its Revolving Credit Facility, upsizing it by $100 million to $430 million and extending its maturity to October 2030.
The company utilized the increased revolver capacity to fully repay $100 million in second lien notes that were issued in 2024.
This transaction is expected to result in an estimated $6 million per year in interest savings and strengthens the company's balance sheet, with no debt maturities until 2029 and a weighted average interest rate under 6%.

Oct 27, 2025, 8:10 PM

Press Release

Great Lakes Dredge & Dock Secures Over $130 Million in New Work Awards

GLDD

New Projects/Investments

Guidance Update

Great Lakes Dredge & Dock Corporation (GLDD) announced on October 1, 2025, the receipt of seven new work awards totaling over $130 million.
These projects, primarily for maintenance and coastal protection, were won and awarded in the third quarter of 2025.
Key awards include the Mississippi River, Baton Rouge to the Gulf, Head of Passes Project for $27.9 million, the South Atlantic Division (SAD) Regional Harbor Dredging Contract for $26.9 million, and the Baltimore Harbor and Channels Cape Henry project for $25.5 million.
Work on most projects is anticipated to begin in the fourth quarter of 2025, with one project having commenced in the third quarter of 2025.
CEO Lasse Petterson noted that these awards expand the 2025 dredging backlog, reinforcing revenue visibility through the remainder of 2025 and into 2026, and confirmed that operations are unaffected by the current government shutdown.

Oct 1, 2025, 8:16 PM

Press Release

Great Lakes Dredge & Dock Reports Strong Performance and Future Outlook, Nears Completion of New Build Program

GLDD

New Projects/Investments

Revenue Acceleration/Inflection

Great Lakes Dredge & Dock (GLDD) has maintained a $1 billion backlog and reported strong performance, with the first half of 2025 exceeding the first half of 2024 in revenue, gross margin, and EBITDA.
The company is nearing completion of its $550 million new build program, with the Amelia Island recently delivered and the Acadia, a subsea rock installation vessel, expected in early 2026.
GLDD has secured two contracts for the Acadia in the US for 2026 and plans to market the vessel internationally due to an undersupply in the global market.
The primary capital allocation priority after the new build program is to de-lever, with plans to pay down approximately $100 million in debt.
The US dredging market remains robust, with a record $2.9 billion market in 2024 and expectations for a new record budget for the Army Corps, alongside an anticipated new deepening cycle on the East Coast.