Orion Group Q1 Revenue Rises 15% to $216M, Backlog Climbs to $668M
Orion Group Holdings reported Q1 2026 revenue of $216.3M, GAAP net income of $4.7M ($0.12/share), and adjusted EBITDA of $8.7M, up 15% and 7% year-over-year, driven by Concrete segment growth and strong project execution. Booked awards and change orders totaled $219M, backlog increased to $668M and full-year revenue guidance reaffirmed.
1. Q1 Financial Results
For the quarter ended March 31, 2026, Orion Group Holdings generated $216.3 million in revenue, a 15% increase from the prior year, with GAAP net income of $4.7 million, or $0.12 per diluted share, reversing last year’s loss. Adjusted EBITDA rose 7% to $8.7 million and cash flow from operations reached $4.9 million.
2. Segment Highlights
The Concrete segment delivered strong top-line and adjusted EBITDA growth, fueled by data center, cold storage and advanced manufacturing projects. The Marine segment saw growing demand for defense and port modernization work, and integration of the J.E. McAmis acquisition expanded technical capabilities for waterfront infrastructure contracts.
3. Awards and Backlog
Orion booked $219 million in awards and change orders during Q1, including Army maintenance dredging in Hawaii, a petroleum terminal expansion and multiple data center site works. Total backlog rose to $668 million from $640 million at year-end, supported by a $24 billion opportunity pipeline.
4. Guidance Reaffirmed
The company reaffirmed full-year 2026 targets of $900 million to $950 million in revenue, $54 million to $58 million in adjusted EBITDA and $0.36 to $0.42 in adjusted EPS, underpinned by disciplined operations and a healthy project pipeline.