Cash conversion efficiency remains inconsistent, evidenced by an operating cash flow to net income ratio that reached 6.31 in 2025Q4, largely driven by the timing of working capital changes and heavy capital expenditures that reached 31.3% of revenue in 2025Q2.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Cash from Operations | 246.68M | 70.06M | 47.42M | 672K | 44.61M | 78.95M | 190.16M | 137.65M | 21.52M | 38.67M | 29.12M | 48.8M | 74.82M | -1.86M | 24.56M | 123.53M | 54M | 14.8M | -6.28M | 33.9M | -788.62K | 17.45M | 19.7M | 28.4M | 20.1M |
| Operating CF Margin % | 27.77% | 9.19% | 8.04% | 0.1% | 6.14% | 10.76% | 26.73% | 22.17% | 3.63% | 5.04% | 3.4% | 6.05% | 10.23% | -0.27% | 3.93% | 17.98% | 8.68% | 2.52% | -1.22% | 7.96% | -0.19% | 4.97% | - | - | 6.3% |
| Operating CF Growth % | 252.09% | 47.73% | 6957.29% | -98.49% | -43.49% | -58.48% | 38.15% | 539.71% | -44.35% | 32.79% | -40.33% | -34.78% | 4122.74% | -107.57% | -80.12% | 128.77% | 264.73% | 335.6% | -118.54% | 4398.52% | -104.52% | -11.43% | -30.63% | 41.29% | - |
| Net Income | 73.47M | 57.27M | 13.91M | -34.05M | 49.43M | 66.1M | 55.67M | 11.02M | -18.56M | -8.18M | -6.19M | 20.72M | 19.86M | -3.34M | 17.25M | 33.72M | 14.73M | 5.27M | 7.06M | 2.19M | 331.55K | -11.09M | -1.6M | 13M | 6.5M |
| Depreciation & Amortization | 43.42M | 68.97M | 42.52M | 46.27M | 43.02M | 38.18M | 37.15M | 50.39M | 60.52M | 63.02M | 64.58M | 50.13M | 46.62M | 40.03M | 42.35M | 34.3M | 33.02M | 30.12M | 29.21M | 28.39M | 0 | 28.58M | 16.3M | 15.9M | 15.3M |
| Stock-Based Compensation | 11.47M | 8.58M | 0 | 0 | 0 | 6.75M | 0 | 4.64M | 2.96M | 2.46M | 4.04M | 2.69M | 3.25M | 3.08M | 1.84M | 2.09M | 1.08M | 465K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 25.18M | 0 | 3.73M | -9.27M | 12.31M | 20.51M | 15.13M | 5.76M | -34.68M | -6.11M | -2.69M | -14.5M | -304K | 3.1M | 14.33M | 7.41M | 1.4M | 1.6M | -918K | -6.78M | 0 | -6.39M | 0 | 0 | 0 |
| Other Non-Cash Items | 29.1M | 16.63M | 6.8M | 12.4M | 2.85M | 40K | -834K | 5.32M | 10.48M | -4.73M | 5.73M | 1.03M | -17.68M | 368K | -7.1M | 1.72M | 2.03M | 1.98M | 23K | -1.92M | -1.36M | -940K | 5M | -500K | -1.7M |
| Working Capital Changes | 64.03M | -81.38M | -19.54M | -14.67M | -62.99M | -52.64M | 83.05M | 60.52M | 798K | -7.79M | -36.36M | -11.26M | 23.08M | -45.1M | -44.11M | 44.3M | 1.73M | -24.63M | -41.65M | 12.02M | 244.41K | 7.28M | 0 | 0 | 0 |
| Change in Receivables | 40.95M | -68.68M | -12.73M | 11.99M | -51.7M | -19.2M | 40.39M | -8.36M | 12.54M | 41.27M | -20.19M | 11.01M | 36.26M | -16.6M | -25.66M | 56.6M | -33.28M | 0 | 0 | 0 | 0 | -2.1M | 0 | 0 | 0 |
| Change in Inventory | -436K | -4.9M | -11M | -14.26M | -2.71M | -2.38M | -1.94M | -921K | -2.24M | -6.24M | -6.61M | 120K | -5.14M | -2.87M | -4.67M | 2.63M | 9.84M | -16.22M | -14.04M | -6.14M | 0 | -3.2M | 0 | 0 | 0 |
| Change in Payables | 14.17M | 0 | 1.38M | -1.97M | -698K | -11.41M | 12.55M | 65.38M | -6.5M | -36.63M | -9.38M | -18.01M | -4.64M | -23.57M | -13.07M | -13.47M | 24.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -144.61M | -115.69M | -120.14M | -140.91M | -112.2M | -43.17M | -25.76M | -35.12M | -51.12M | -72.58M | -73.13M | -116.72M | -46.25M | -63.44M | -16.72M | -62.7M | -24.87M | -26.26M | -77.76M | -21.51M | -49.34M | -11.42M | -183.4M | -17.2M | -42.9M |
| Capital Expenditures | -147.22M | -125.14M | -150.84M | -143.01M | -116.66M | -47.62M | -49.41M | -49.42M | -68.23M | -83.8M | -74.45M | -91.91M | -66.65M | -62.48M | -33.43M | -25.26M | -24.67M | -44.48M | -110.99M | -29.76M | 0 | -23.09M | -37.7M | 0 | -13.8M |
| CapEx % of Revenue | 16.57% | 16.41% | 25.58% | 22.04% | 16.07% | 6.49% | 6.94% | 7.96% | 11.52% | 10.92% | 8.69% | 11.39% | 9.11% | 9.09% | 5.35% | 3.68% | 3.96% | 7.58% | 21.52% | 6.99% | - | 6.58% | - | - | 4.33% |
| Acquisitions | 2.61M | 0 | 30.7M | 2.1M | 4.46M | 4.45M | 5.59M | 13.88M | 8.59M | 10.05M | 1.32M | -27.05M | 0 | 0 | 0 | -37.87M | -1.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 9.45M | 0 | 0 | 0 | 0 | 18.06M | 425K | 8.53M | 1.17M | 0 | 2.24M | 20.4M | -958K | 16.72M | 431K | 1.03M | 18.23M | 33.23M | 8.25M | -49.34M | 11.66M | -145.7M | -17.2M | -29.1M |
| Cash from Financing | -98.92M | 32.09M | 89.93M | -679K | -1.46M | -6.26M | -11.86M | -85.46M | 34.17M | 30.81M | 15.9M | 35.13M | 22.46M | -23.55M | 57.41M | -15.61M | -36.36M | 13.69M | 88.65M | -9.35M | 50.85M | -6.84M | 164.9M | -12.3M | 24.2M |
| Debt Issued (Net) | -84.19M | 43.36M | 89.92M | 0 | 0 | 0 | -11.5M | -83.8M | 39.74M | 38.45M | 16.41M | 36.59M | 21.95M | -5.08M | 72.49M | -12.25M | -32.37M | 17.68M | -28K | -57.49M | -4.46M | -5.69M | 0 | 0 | 0 |
| Equity Issued (Net) | -10.41M | -1.33M | 1.03M | 1.15M | 2.32M | -3.87M | 4.84M | 0 | 0 | 0 | -1.43M | 0 | 0 | 0 | 0 | 0 | 0 | -12K | 91.77M | -25K | 55.2M | 25K | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18.56M | -4.75M | -4.01M | -3.99M | -3.98M | -994K | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -11.59M | -1.33M | 0 | 0 | 0 | -3.87M | 0 | -1.21M | -328K | -171K | -1.43M | -497K | -308K | -231K | 0 | 0 | 0 | -6K | 0 | -65K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -4.32M | -9.94M | -1.02M | -1.83M | -3.79M | -2.39M | -5.2M | -1.66M | -5.57M | -7.64M | 930K | -1.46M | 511K | 90K | -10.34M | 656K | 0 | 6K | -2.1M | 48.16M | 112.88K | -1.17M | 164.9M | -12.3M | 24.2M |
| Net Change in Cash | 3.15M | -13.54M | 16.3M | -138.91M | -71.05M | 29.52M | 152.54M | 17.11M | 4.68M | -3.02M | -28.2M | -32.95M | 50.9M | -88.85M | 64.81M | 45.23M | -7.23M | 2.24M | 4.6M | 3.04M | 724.26K | -813K | 1.2M | -1.1M | 1.4M |
| Free Cash Flow | 99.46M | -55.08M | -103.42M | -142.33M | -72.05M | 31.33M | 140.75M | 88.23M | -46.71M | -45.13M | -45.33M | -43.11M | 8.17M | -64.34M | -8.87M | 98.27M | 29.33M | -29.68M | -117.27M | 4.14M | -788.62K | -5.64M | -18M | 28.4M | 6.3M |
| FCF Margin % | 11.2% | -7.22% | -17.54% | -21.94% | -9.92% | 4.27% | 19.78% | 14.21% | -7.89% | -5.88% | -5.29% | -5.34% | 1.12% | -9.36% | -1.42% | 14.31% | 4.71% | -5.06% | -22.74% | 0.97% | -0.19% | -1.61% | - | - | 1.98% |
| FCF Growth % | 280.56% | 46.74% | 27.34% | -97.56% | -329.99% | -77.74% | 59.52% | 288.89% | -3.51% | 0.45% | -5.16% | -627.7% | 112.7% | -625.42% | -109.03% | 235.04% | 198.83% | 74.69% | -2934.71% | 624.59% | 86.01% | 68.69% | -163.38% | 350.79% | - |
| FCF per Share | 1.47 | -0.81 | -1.54 | -2.15 | -1.09 | 0.48 | 2.16 | 1.39 | -0.76 | -0.74 | -0.75 | -0.71 | 0.14 | -1.08 | -0.15 | 1.67 | 0.50 | -0.51 | -2.25 | 0.07 | -0.01 | -0.10 | -0.32 | 0.51 | 0.11 |
| FCF Conversion (FCF/Net Income) | 3.36x | 1.22x | 3.41x | -0.02x | 0.90x | 1.19x | 3.85x | -21.87x | -0.69x | -4.73x | -4.71x | 4.74x | -2.18x | 0.69x | 1.49x | 3.57x | 3.09x | 2.97x | -0.89x | 15.51x | 0.11x | -1.57x | -12.31x | 2.18x | 3.09x |
| Interest Paid | 0 | 29.73M | 0 | 0 | 0 | 26.43M | 0 | 30.86M | 34.79M | 26.56M | 25.39M | 0 | 20.08M | 0 | 12.48M | 13.27M | 14.76M | 15.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 392K | 0 | 290K | 365K | 200K | 586K | 0 | 1.79M | 0 | 5.27M | 16.33M | 8.68M | 4.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Federal budget dependency
As reported in financial statements, GLDD's operating cash flow to net income ratio has fluctuated wildly, reaching a high of 6.31 in 2025Q4, which suggests that reported earnings often fail to capture the underlying cash-generative capacity of the company's project-based maritime operations.
The significant divergence between net income and operating cash flow indicates that non-cash accruals and working capital swings are the primary drivers of reported profitability. Investors should monitor whether this high conversion ratio in recent quarters reflects sustainable operational efficiency or merely the timing of milestone payments on large-scale dredging contracts.
Based on the provided quarterly data, free cash flow margins have remained highly inconsistent, swinging from a negative 30.2% in 2023Q4 to a positive 19.6% in 2025Q4, illustrating the company's struggle to maintain consistent cash generation amidst a heavy fleet renewal cycle.
The erratic FCF trajectory appears to be a direct consequence of the lumpy nature of dredging projects and the periodic, high-cost maintenance requirements of a Jones Act-compliant fleet. This volatility suggests that the company's cash flow profile is currently more sensitive to project timing than to underlying operational margin expansion.
According to recent SEC filings, GLDD's capital expenditures have remained elevated, peaking at 31.3% of revenue in 2025Q2, which highlights the substantial financial burden of maintaining and modernizing a specialized maritime fleet in a high-cost regulatory environment.
The high ratio of CapEx to revenue suggests that a significant portion of operating cash flow is being reinvested to sustain the company's competitive moat rather than being returned to shareholders. This capital intensity may limit the company's financial flexibility during periods of reduced federal infrastructure spending.
As evidenced by the data, working capital changes have been a major source of cash flow volatility, with a notable $29.8M inflow in 2025Q4 contrasting sharply with a $61.0M outflow in 2024Q4, reflecting the inherent risks of percentage-of-completion accounting in large-scale construction.
These dramatic swings in working capital suggest that the company's cash position is highly susceptible to the timing of project billings and collections from the U.S. Army Corps of Engineers. Analysts should investigate whether these fluctuations indicate potential delays in project execution or simply the standard rhythm of contract-based revenue recognition.
Quick answers to the most common questions about buying GLDD stock.
Great Lakes Dredge & Dock Corporation (GLDD) generated $246.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Great Lakes Dredge & Dock Corporation (GLDD) generated $99.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Great Lakes Dredge & Dock Corporation (GLDD) spent $147.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Great Lakes Dredge & Dock Corporation (GLDD) spent $11.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.