Orion Group Holdings Reports Second Quarter 2026 Results

Orion Group Holdings, Inc., of Houston, Texas, a leading specialty and marine construction company, reported its financial results July 28 for the second quarter ending June 30 and updated its full-year outlook. The company reported strong results and growth in its concrete segment, while attributing a slowdown in its marine segment to client-related site preparation issues and materials delivery delays.

For the quarter, Orion reported revenue of $221.9 million, a Generally Accepted Accounting Principles (GAAP) net loss of $4.1 million, or $0.10 per diluted share, adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $7.9 million and adjusted earnings per share of $0.02 per diluted share. The company booked awards and change orders of $277 million, with a book-to-bill of 1.25 times in the quarter. GAAP net loss for the quarter ended June 30, 2026, was $4.1 million, or $0.10 per diluted share, compared to net income of $0.8 million, or $0.02 per diluted share, in the second quarter of last year.

“In the quarter, Orion delivered solid year-over-year revenue growth and project bookings, reflecting favorable demand in our end markets. Our confidence in the long-term opportunities across our marine and concrete businesses remains robust, and our pipeline of opportunities has grown to approximately $27 billion,” Orion CEO Travis Boone said. “Recent awards across both of our businesses reinforce our competitive position in attractive end markets, spanning defense infrastructure, port and transportation infrastructure, data centers, healthcare and advanced manufacturing. With a growing opportunity pipeline, expanded capabilities, and an outstanding team delivering projects that matter, our conviction in Orion’s long-term growth trajectory is strong.”

Marine Guidance Reset

Marine contract revenue and adjusted EBITDA were down, and the company said it has reset its full year 2026 guidance accordingly. “Today, we have strong visibility into the remainder of the year with nearly 90 percent of marine work under contract and strong concrete momentum to achieve our updated guidance,” Boone said.

Contract revenues of $221.9 million in the second quarter of 2026 increased $16.6 million, or 8%, from $205.3 million in the second quarter of last year, driven by the concrete segment This increase was partially offset by a reduction in marine revenue, mostly attributable, the company said, to the timing of project start-ups due to client-related issues such as site readiness and timing of delivery of client-provided materials.

Gross profit was $22.9 million in the second quarter of 2026, a decrease of $2.9 million, or 11%, from $25.8 million in the second quarter of 2025. The decrease, primarily driven by lower marine volume and equipment utilization, was partially offset by favorable project execution within the concrete segment.

The company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design and specialty services. Its concrete segment provides turnkey concrete construction services, including place and finish, site prep, layout, forming and rebar placement for large commercial, structural and other associated business areas.

To read the full release, visit https://www.oriongroupholdingsinc.com/investors.