Revenue growth remains highly volatile, peaking at 63.1% in 2024Q3, while operating margins have fluctuated significantly between -4.4% and 20.6% due to the high fixed-cost structure of the dredging fleet.
| 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 |
|---|
| Sales/Revenue | 888.28M | 762.69M | 589.63M | 648.78M | 726.15M | 733.6M | 711.52M | 620.79M | 592.16M | 767.59M | 856.88M | 806.83M | 731.42M | 687.58M | 624.5M | 686.92M | 622.24M | 586.88M | 515.76M | 425.98M | 423.4M | 350.86M | 0 | 0 | 318.8M |
| Revenue Growth % | 16.47% | 29.35% | -9.12% | -10.65% | -1.02% | 3.1% | 14.61% | 4.84% | -22.85% | -10.42% | 6.2% | 10.31% | 6.38% | 10.1% | -9.09% | 10.39% | 6.03% | 13.79% | 21.08% | 0.61% | 20.67% | - | - | -100% | - |
| Cost of Goods Sold | 684.79M | 602.12M | 511.89M | 617.61M | 580.88M | 562.37M | 557.76M | 500.28M | 526.47M | 552.13M | 760.96M | 714.34M | 631.12M | 510.27M | 534.32M | 564.14M | 534M | 517.58M | 447.81M | 368.99M | 372.05M | 319.11M | 328.2M | 294.6M | 260.5M |
| COGS % of Revenue | 77.09% | 78.95% | 86.82% | 95.2% | 79.99% | 76.66% | 78.39% | 80.59% | 88.91% | 71.93% | 88.81% | 88.54% | 86.29% | 74.21% | 85.56% | 82.13% | 85.82% | 88.19% | 86.83% | 86.62% | 87.87% | 90.95% | - | - | 81.71% |
| Gross Profit | 203.49M | 160.58M | 77.73M | 31.17M | 145.27M | 171.23M | 153.76M | 120.51M | 65.69M | 86.39M | 95.92M | 92.5M | 100.3M | 68.4M | 82.64M | 122.78M | 88.24M | 69.3M | 67.95M | 56.99M | 50.57M | 31.75M | -328.2M | -294.6M | 58.3M |
| Gross Margin % | 22.91% | 21.05% | 13.18% | 4.8% | 20.01% | 23.34% | 21.61% | 19.41% | 11.09% | 11.25% | 11.19% | 11.46% | 13.71% | 9.95% | 13.23% | 17.87% | 14.18% | 11.81% | 13.17% | 13.38% | 11.94% | 9.05% | - | - | 18.29% |
| Gross Profit Growth % | 26.72% | 106.58% | 149.36% | -78.54% | -15.16% | 11.36% | 27.59% | 83.45% | -23.96% | -9.94% | 3.71% | -7.78% | 46.63% | -17.23% | -32.7% | 39.14% | 27.33% | 2% | 19.23% | 12.7% | 59.28% | 109.67% | -11.41% | -605.32% | - |
| Operating Expenses | 77.97M | 67.77M | 49.51M | 58.91M | 61.84M | 59.46M | 55.63M | 67.89M | 84.98M | 58.36M | 72.96M | 68.64M | 48.89M | 45.52M | 29.16M | 54.35M | 45.99M | 43.21M | 38.97M | 31.38M | 38.69M | 33.51M | 27.9M | 29.8M | 25.2M |
| OpEx % of Revenue | 8.78% | 8.89% | 8.4% | 9.08% | 8.52% | 8.11% | 7.82% | 10.94% | 14.35% | 7.6% | 8.52% | 8.51% | 6.68% | 6.62% | 4.67% | 7.91% | 7.39% | 7.36% | 7.56% | 7.37% | 9.14% | 9.55% | - | - | 7.9% |
| Selling, General & Admin | 77.97M | 70.77M | 57.06M | 51.12M | 62.13M | 62.76M | 59.11M | 55.11M | 57.23M | 55.27M | 71.07M | 66.35M | 66.95M | 45.72M | 40.89M | 54.35M | 45.22M | 42.77M | 38.7M | 30.46M | 29.32M | 25.75M | 27.9M | 29.8M | 25.2M |
| SG&A % of Revenue | 8.78% | 9.28% | 9.68% | 7.88% | 8.56% | 8.55% | 8.31% | 8.88% | 9.67% | 7.2% | 8.29% | 8.22% | 9.15% | 6.65% | 6.55% | 7.91% | 7.27% | 7.29% | 7.5% | 7.15% | 6.93% | 7.34% | - | - | 7.9% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -3M | -7.54M | 7.79M | -294K | -3.29M | -3.48M | 12.78M | 28.94M | 3.09M | 1.9M | 2.29M | -18.05M | -198K | -11.74M | 0 | 773K | 440K | 262K | 919K | 9.37M | 7.77M | 0 | 0 | 0 |
| Operating Income | 125.52M | 92.81M | 28.22M | -27.74M | 83.43M | 111.77M | 98.13M | 52.62M | -19.29M | 26.98M | 22.96M | 23.85M | 32.26M | 32.63M | 53.48M | 68.43M | 42.25M | 26.1M | 28.98M | 25.61M | 12.66M | 2.41M | 32.1M | 38.2M | 33.1M |
| Operating Margin % | 14.13% | 12.17% | 4.79% | -4.28% | 11.49% | 15.24% | 13.79% | 8.48% | -3.26% | 3.51% | 2.68% | 2.96% | 4.41% | 4.75% | 8.56% | 9.96% | 6.79% | 4.45% | 5.62% | 6.01% | 2.99% | 0.69% | - | - | 10.38% |
| Operating Income Growth % | 35.25% | 228.87% | 201.74% | -133.24% | -25.35% | 13.9% | 86.48% | 372.73% | -171.52% | 17.51% | -3.75% | -26.05% | -1.16% | -38.98% | -21.85% | 61.96% | 61.9% | -9.95% | 13.15% | 102.28% | 425.39% | -92.49% | -15.97% | 15.41% | - |
| EBITDA | 168.94M | 135.5M | 70.74M | 18.54M | 126.45M | 149.95M | 135.27M | 103.01M | 36.67M | 81.8M | 87.54M | 73.98M | 78.88M | 70.06M | 90.76M | 102.73M | 75.27M | 56.22M | 58.19M | 54M | 13.45M | 30.99M | 48.4M | 54.1M | 48.4M |
| EBITDA Margin % | 19.02% | 17.77% | 12% | 2.86% | 17.41% | 20.44% | 19.01% | 16.59% | 6.19% | 10.66% | 10.22% | 9.17% | 10.78% | 10.19% | 14.53% | 14.96% | 12.1% | 9.58% | 11.28% | 12.68% | 3.18% | 8.83% | - | - | 15.18% |
| EBITDA Growth % | 24.67% | 91.54% | 281.64% | -85.34% | -15.67% | 10.85% | 31.32% | 180.93% | -55.18% | -6.56% | 18.33% | -6.21% | 12.58% | -22.8% | -11.65% | 36.48% | 33.89% | -3.38% | 7.75% | 301.56% | -56.61% | -35.97% | -10.54% | 11.78% | - |
| D&A (Non-Cash Add-back) | 43.42M | 42.7M | 42.52M | 46.27M | 43.02M | 38.18M | 37.15M | 50.39M | 55.96M | 54.83M | 64.58M | 50.13M | 46.62M | 37.43M | 37.28M | 34.3M | 33.02M | 30.12M | 29.21M | 28.39M | 786K | 28.58M | 16.3M | 15.9M | 15.3M |
| EBIT | 117.07M | 93.27M | 30.45M | -29.31M | 84.42M | 111.26M | 96.21M | 50.03M | -20.77M | 23.84M | 15.68M | 29.16M | 52.26M | 32.64M | 47.65M | 67.82M | 41.87M | 26.08M | 28.98M | 25.61M | 12.66M | 2.41M | 0 | 0 | 33.1M |
| Net Interest Income | -16.75M | -17.88M | -12.14M | -14.11M | -21.6M | -26.59M | -27.52M | -33.58M | -28.36M | -23.47M | -24.36M | -19.97M | -21.94M | -20.93M | -21.37M | -13.54M | -16.15M | -16.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 16.75M | 17.88M | 12.14M | 14.11M | 21.6M | 26.59M | 27.52M | 33.58M | 28.36M | 23.47M | 24.36M | 19.97M | 21.94M | 20.92M | 21.37M | 13.54M | 16.15M | 16.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -25.2M | -17.42M | -9.91M | -15.68M | -20.61M | -25.48M | -27.21M | -36.17M | -29.84M | -26.61M | -31.64M | -14.66M | -1.94M | 0 | -27.21M | -14.16M | -16.53M | -16.99M | -15.53M | 0 | -20.98M | -17.86M | -32.4M | -20.8M | -21.1M |
| Pretax Income | 100.32M | 75.39M | 18.31M | -43.41M | 62.82M | 86.29M | 70.92M | 16.45M | -49.13M | 365K | -8.69M | 9.19M | 30.32M | 11.71M | 26.8M | 54.27M | 25.72M | 9.11M | 13.46M | 3.16M | -8.32M | -15.45M | -300K | 17.4M | 12M |
| Pretax Margin % | 11.29% | 9.88% | 3.11% | -6.69% | 8.65% | 11.76% | 9.97% | 2.65% | -8.3% | 0.05% | -1.01% | 1.14% | 4.15% | 1.7% | 4.29% | 7.9% | 4.13% | 1.55% | 2.61% | 0.74% | -1.96% | -4.4% | - | - | 3.76% |
| Income Tax | 26.85M | 18.12M | 4.41M | -9.36M | 13.39M | 20.19M | 15.25M | 5.44M | -33.76M | -177K | -2.5M | -11.53M | 10.46M | 5.42M | 9.94M | 20.55M | 10.98M | 3.84M | 6.4M | 971K | -1.36M | -4.37M | 1.3M | 4.4M | 5.5M |
| Effective Tax Rate % | 26.77% | 24.04% | 24.06% | 21.56% | 21.32% | 23.39% | 21.51% | 33.05% | 68.72% | -48.49% | 28.75% | -125.49% | 34.5% | 46.26% | 37.11% | 37.87% | 42.71% | 42.14% | 47.56% | 30.77% | 16.4% | 28.25% | -433.33% | 25.29% | 45.83% |
| Net Income | 73.47M | 57.27M | 13.91M | -34.05M | 49.43M | 66.1M | 49.34M | -6.29M | -31.26M | -8.18M | -6.19M | 10.29M | -34.36M | -2.69M | 16.53M | 34.61M | 17.47M | 4.98M | 7.06M | 2.19M | -6.95M | -11.09M | -1.6M | 13M | 6.5M |
| Net Margin % | 8.27% | 7.51% | 2.36% | -5.25% | 6.81% | 9.01% | 6.93% | -1.01% | -5.28% | -1.07% | -0.72% | 1.28% | -4.7% | -0.39% | 2.65% | 5.04% | 2.81% | 0.85% | 1.37% | 0.51% | -1.64% | -3.16% | - | - | 2.04% |
| Net Income Growth % | 28.3% | 311.8% | 140.83% | -168.89% | -25.22% | 33.98% | 884.03% | 79.87% | -282.29% | -32.12% | -160.12% | 129.96% | -1174.99% | -116.31% | -52.24% | 98.13% | 250.83% | -29.44% | 222.93% | 131.43% | 37.3% | -592.94% | -112.31% | 100% | - |
| Net Income (Continuing) | 73.47M | 57.27M | 13.91M | -34.05M | 49.43M | 66.1M | 55.67M | 11.02M | -15.37M | 542K | -6.19M | 20.72M | 19.86M | 6.29M | 17.25M | 33.72M | 14.73M | 5.27M | 7.06M | 2.34M | -6.95M | -11.22M | -1.6M | 13M | 6.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -6.33M | 0 | -15.89M | -8.72M | 0 | -10.42M | -54.85M | -9.63M | 922K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -845K | -210K | 568K | -2.13M | -1.24M | 833K | 2.06M | 2M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.08 | 0.84 | 0.21 | -0.52 | 0.75 | 1.00 | 0.76 | -0.10 | -0.51 | -0.13 | -0.10 | 0.17 | -0.57 | -0.05 | 0.28 | 0.59 | 0.30 | 0.09 | 0.14 | 0.04 | -0.13 | -0.20 | -0.03 | 0.23 | 0.12 |
| EPS Growth % | 28.57% | 300% | 140.38% | -169.33% | -25% | 31.58% | 860% | 80.39% | -292.31% | -30% | -158.82% | 129.82% | -1161.06% | -116.14% | -52.54% | 96.67% | 233.33% | -35.71% | 255.33% | 130.31% | 35% | -594.44% | -112.52% | 91.67% | - |
| EPS (Basic) | 1.10 | 0.85 | 0.21 | -0.52 | 0.75 | 1.02 | 0.78 | -0.10 | -0.51 | -0.13 | -0.10 | 0.17 | -0.58 | -0.05 | 0.28 | 0.59 | 0.30 | 0.09 | 0.14 | 0.04 | -0.13 | -0.21 | -0.03 | 0.25 | 0.12 |
| Diluted Shares Outstanding | 67.75M | 67.84M | 66.96M | 66.05M | 66.3M | 65.87M | 65.04M | 63.61M | 61.37M | 61.37M | 60.41M | 60.52M | 60.1M | 59.67M | 59.23M | 58.87M | 58.63M | 58.48M | 52.22M | 55.5M | 55.5M | 55.5M | 55.5M | 55.5M | 55.5M |
| Basic Shares Outstanding | 66.87M | 67.07M | 66.47M | 66.05M | 65.59M | 64.74M | 63.6M | 62.24M | 61.37M | 60.74M | 60.41M | 59.94M | 59.49M | 59.2M | 58.89M | 58.65M | 58.51M | 58.47M | 48.91M | 52.66M | 52.66M | 52.66M | 52.66M | 52.66M | 52.66M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 28.72% | 11.59% | 22.85% | 79.96% | 14.09% | - | - | - | - | - | - |
Federal budget dependency
According to the provided financial data, GLDD's quarterly revenue growth has fluctuated significantly, reaching a peak of 63.1% in 2024Q3 before settling at 26.5% in 2025Q4, reflecting the inherent lumpiness of project-based maritime construction contracts and the timing of major USACE project awards.
The wide variance in top-line performance suggests that revenue recognition is heavily dependent on the specific phase of large-scale capital projects. Investors should monitor whether the recent growth acceleration is sustainable or merely a function of project mobilization timing rather than a structural increase in market demand.
As reported in the income statement, gross margins have exhibited notable volatility, ranging from a low of 7.7% in 2023Q3 to a high of 28.6% in 2025Q1, highlighting the company's high fixed-cost structure and sensitivity to vessel utilization rates across its dredging fleet.
The significant margin compression observed during periods of lower revenue suggests that the company struggles to absorb fixed vessel costs when project volume is insufficient. This volatility implies that profitability is highly sensitive to the successful execution of the bid pipeline and the avoidance of idle time.
Based on the reported figures, operating margins have fluctuated between -4.4% and 20.6% over the last ten quarters, indicating that the company's ability to scale operating income relative to gross profit is constrained by the high overhead required to maintain a Jones Act-compliant fleet.
The lack of consistent operating leverage suggests that SG&A expenses are not scaling efficiently with revenue growth. This may indicate that the company is carrying a persistent overhead burden that requires a higher baseline of project activity to achieve meaningful operating margin expansion.
Analysis of the income statement reveals that stock-based compensation, which reached $3.4M in 2025Q4, periodically dilutes net income, suggesting that reported EPS figures may be partially influenced by non-cash compensation expenses rather than purely operational performance improvements during those specific reporting periods.
The intermittent nature of stock-based compensation charges warrants further investigation into the company's long-term incentive structures. Investors should adjust for these non-cash items to better understand the underlying cash-generating capability of the core dredging operations.
While the company benefits from regulatory barriers, the data suggests that profitability is tethered to federal budget cycles, as evidenced by the sharp swing from a net loss in 2023Q3 to subsequent profitability, which may indicate vulnerability to shifts in government infrastructure spending priorities.
Short-term margin improvements may be masking the long-term risk of project delays or budget cuts within the USACE work plan. The reliance on a single dominant counterparty creates a concentration risk that could lead to sudden earnings contractions if federal funding for coastal protection is reprioritized.
Quick answers to the most common questions about buying GLDD stock.
For fiscal year 2025, Great Lakes Dredge & Dock Corporation (GLDD) reported total revenue of $888.3M. This represents a 178.6% increase compared to $318.8M in 2001.
Great Lakes Dredge & Dock Corporation (GLDD) is profitable, generating $73.5M in net income for the fiscal year ending 2025 with a net profit margin of 8.3%.
Great Lakes Dredge & Dock Corporation (GLDD) reported an operating income of $125.5M, resulting in an operating profit margin of 14.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Great Lakes Dredge & Dock Corporation (GLDD) generated $203.5M in gross profit for the year, representing a gross profit margin of 22.9%. This demonstrates the company's core pricing power and production efficiency.