Great Lakes Dredge & Dock CORP

CIK:0001372020|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Contract revenues	$ 888,277	$ 762,693	$ 589,625
Revenue, Product and Service [Extensible Enumeration]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Costs of contract revenues	$ 684,792	$ 602,117	$ 511,893
Cost, Product and Service [Extensible Enumeration]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Gross profit	$ 203,485	$ 160,576	$ 77,732
General and administrative expenses	77,970	70,769	57,056
Other gains	(2,273)	(2,998)	(7,543)
Operating income	127,788	92,805	28,219
Interest expense—net	(16,751)	(17,880)	(12,140)
Loss on extinguishment of debt	(10,822)
Other income	105	460	2,233
Income before income taxes	100,320	75,385	18,312
Income tax benefit	(26,851)	(18,120)	(4,406)
Net income	$ 73,469	$ 57,265	$ 13,906
Basic earnings per share	$ 1.1	$ 0.85	$ 0.21
Basic weighted average shares	66,869	67,085	66,469
Diluted earnings per share	$ 1.08	$ 0.84	$ 0.21
Diluted weighted average shares	67,747	67,847	66,957

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES:
Net income	$ 73,469	$ 57,265	$ 13,906
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	43,422	42,699	42,525
Deferred income taxes	25,182	16,398	3,733
Gain on sale of assets	(2,273)	(2,897)	(485)
Amortization of capitalized contract costs	17,492	21,895	11,474
Amortization of deferred financing fees	3,060	2,581	965
Loss on extinguishment of debt	10,822
Share-based compensation expense	11,470	8,580	6,316
Changes in assets and liabilities:
Accounts receivable	47,861	(63,220)	(9,921)
Contract revenues in excess of billings	(6,913)	(5,462)	(2,813)
Inventories	(436)	(4,898)	(11,000)
Prepaid expenses and other current assets	(9,810)	(7,510)	(21,724)
Accounts payable and accrued expenses	14,172	8,689	1,376
Billings in excess of contract revenues	8,984	(3,764)	19,647
Other noncurrent assets and liabilities	10,176	(294)	(6,574)
Cash provided by operating activities	246,678	70,062	47,425
INVESTING ACTIVITIES:
Purchases of property and equipment	(147,218)	(125,145)	(150,840)
Proceeds from dispositions of property and equipment	2,609	9,450	30,699
Cash used in investing activities	(144,609)	(115,695)	(120,141)
FINANCING ACTIVITIES:
Deferred financing fees	(2,168)	(11,564)
Payment for extinguishment of debt	(3,111)
Taxes paid on settlement of vested share awards	(1,206)	(1,332)	(1,019)
Exercise of options and purchases from employee stock plans	1,180	1,627	1,034
Borrowings under revolving loans	271,000	86,000	208,000
Borrowings under Second Lien Credit Agreement		100,000
Repayments of Second Lien Term loan	(100,000)
Repayments of revolving loans	(251,000)	(141,000)	(118,000)
Repurchases of common stock	(11,594)
Payments on finance lease obligations	(2,025)	(1,643)	(84)
Cash (used in) provided by financing activities	(98,924)	32,088	89,931
Net increase (decrease) in cash, cash equivalents and restricted cash	3,145	(13,545)	17,215
Cash, cash equivalents and restricted cash at beginning of period	10,216	23,761	6,546
Cash, cash equivalents and restricted cash at end of period	13,361	10,216	23,761
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	13,361	10,216	22,841
Restricted cash included in other long-term assets			920
Cash, cash equivalents and restricted cash at end of period	13,361	10,216	23,761
Supplemental Cash Flow Information
Cash paid for interest	30,325	29,729	20,738
Cash paid for income taxes	2,169	2,489	132
Non-cash Investing and Financing Activities
Property and equipment purchased but not yet paid	$ 9,888	$ 13,211	$ 6,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 13,361	$ 10,216
Accounts receivable—net	70,169	118,030
Contract revenues in excess of billings	81,110	74,197
Inventories	27,926	29,866
Prepaid expenses	3,067	2,828
Other current assets	21,810	28,281
Total current assets	217,443	263,418
PROPERTY AND EQUIPMENT—Net	803,289	703,252
OPERATING LEASE ASSETS	76,266	96,099
GOODWILL	76,576	76,576
INVENTORIES—Noncurrent	97,645	95,269
OTHER	14,530	20,489
TOTAL	1,285,749	1,255,103
LIABILITIES AND EQUITY
Accounts payable	109,489	101,309
Accrued expenses	49,466	41,640
Operating lease liabilities	22,081	47,268
Billings in excess of contract revenues	34,780	25,796
Total current liabilities	215,816	216,013
LONG-TERM DEBT	378,169	448,216
OPERATING LEASE LIABILITIES—Noncurrent	55,622	50,432
DEFERRED INCOME TAXES	104,055	78,985
OTHER	14,945	12,547
Total liabilities	768,607	806,193
COMMITMENTS AND CONTINGENCIES (Note 12)
EQUITY:
Common stock - $.0001 par value; 170,000 shares authorized, 68,087 and 67,280 shares issued at December 31, 2025 and December 31, 2024, respectively, and 66,775 and 67,280 shares outstanding at December 31, 2025 and December 31, 2024, respectively.	7	7
Treasury stock; 1,312 and zero shares at December 31, 2025 and December 31, 2024, respectively.	11,594
Additional paid-in capital	329,071	322,383
Accumulated retained earnings	200,954	127,485
Accumulated other comprehensive loss	(1,296)	(965)
Total equity	517,142	448,910
TOTAL	$ 1,285,749	$ 1,255,103