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Orion Group Holdings (ORN) Q3 2025 earnings results (third quarter 2025)

10-Q filed Oct 29, 2025

Orion Group Holdings (ORN) reported revenue of $225M for the third quarter 2025 (Q3 2025), -0.7% from a year earlier and +10% from the quarter before. Operating margin was 2.4%, net earnings $3.3M (1.5% of revenue).

Revenue$225M
Year over year-0.7%
Quarter over quarter+10%
Operating margin2.4%
Net earnings$3.3M

Orion Group Holdings, Q3 2025: revenue $225M (-0.7% year over year), operating margin 2.4%, net earnings $3.3M, operating cash flow $23.3M. The chart follows the revenue to costs, profit and cash.

Q3 2025AmountQ/QY/Y
Revenue$225M+10%-0.7%
Gross profit$29.8M+15%+10%
Operating profit$5.3M+55%-32%
Net earnings$3.3M+293%-23%
Operating cash flow$23.3M—-38%
Free cash flow$13.9M—-58%

What changed

Revenue was $225.1M in Q3 2025, down 1% year over year and up 10% from the previous quarter. Marine Segment was the largest line at 64% of revenue. Concrete Segment lost $4.5M year over year (down 5%), 286% of the total change.

Gross margin was 13.2%, up 1.3 points from a year earlier. Operating profit was $5.3M, a 2.4% margin (down 1.1 points year over year). Operating expenses grew 27% against a revenue fall of 1%. Net earnings were $3.3M, down 23% year over year. The effective tax rate was 8.8%.

Operating cash flow was $23.3M (down 38% year over year), 705% of net earnings. Non-cash charges added back $3.8M of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items added $14.8M. Capital expenditures of $9.3M left free cash flow of $13.9M.

Questions

What was Orion Group Holdings' revenue in the third quarter 2025?

Orion Group Holdings (ORN) reported revenue of $225M for the third quarter 2025 (Q3 2025), -0.7% from a year earlier and +10% from the quarter before.

Was Orion Group Holdings profitable in the third quarter 2025?

Operating profit was $5.3M (2.4% of revenue) and net earnings $3.3M.

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Source: Orion Group Holdings 10-Q on SEC EDGAR.