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Orion Group Holdings booked $179 million in new awards and change orders in the third quarter of 2026, while revenue rose 14% to $256.2 million. The Houston-based specialty construction company also secured positions on two additional U.S. Navy contracting programs and reiterated its full-year 2026 financial guidance.
The awards spanned marine infrastructure and concrete construction. Marine projects included a significant wharf repair for the U.S. Navy, the next construction phase of the North Jetty project and two projects in Hawaii. Recent Concrete awards included a large concrete paving package, new phases of data center campuses, a college research building and a water treatment plant.
Orion won positions on the $9 billion U.S. Navy VENTI Multiple Award Construction Contract, or MACC, and the $700 million NAVFAC Northwest Waterfront MACC.
The VENTI MACC is the largest procurement action in Naval Facilities Engineering Systems Command ("NAVFAC") Northwest’s history and covers a broad range of major construction projects across the region. The waterfront program focuses on building, repairing and modernizing piers, wharves and other critical waterfront infrastructure.
The company said the programs limit the pool of qualified contractors competing for potential future task orders. The program values represent contracting opportunities, rather than awards booked by Orion.
"In Marine, end markets remain strong, and we are actively engaging early on large, complex projects, sharpening our competitive positioning. Our recent selection on two additional U.S. Navy MACC contract vehicles broadens our access to significant federal opportunities. Continued investment in defense, port, and maritime infrastructure reinforces our confidence in Orion’s outlook and our ability to create long-term shareholder value", concluded Boone.
For the quarter ended September 30, 2026, contract revenue increased $31.1 million from $225.1 million in the third quarter of 2025. Orion attributed the increase to double-digit growth in both operating segments, reflecting highly active projects, disciplined execution, favorable operating conditions and the acquisition of J.E. McAmis.
GAAP net income reached $5.5 million, or $0.14 per diluted share, compared with $3.3 million, or $0.08 per diluted share, a year earlier. Adjusted EBITDA increased 37% to $17.9 million from $13.1 million. Adjusted EPS was $0.12 per diluted share.
"We delivered a strong third quarter, marked by double-digit revenue growth, expanding profitability and margins, and solid bookings and awards. These results reflect the health of our end markets and our commitment to delivering with predictable excellence", said Travis Boone, President and Chief Executive Officer of Orion. "We expect this momentum to continue into the fourth quarter, and we are pleased to reiterate our 2026 annual guidance."
Gross profit rose 11% to $33.1 million from $29.8 million. Higher revenue volume and stronger Concrete segment profitability drove the increase, partly offset by Marine close-out benefits recorded in 2025 that did not recur in 2026.
"The Concrete segment delivered an outstanding quarter, highlighted by top- and bottom-line growth with excellent margin expansion benefitted by strong execution. Activity remains robust across mission-critical and large-scale infrastructure markets, supported by our geographic growth, broader site civil services, and a diverse mix of project awards."
Selling, general and administrative expenses declined to $24.7 million from $25.1 million in the third quarter of last year.
As of September 30, 2026, Orion reported working capital of $81 million, including $5.7 million in unrestricted cash and cash equivalents. Total debt outstanding stood at $109 million, including $83 million in borrowings under the UMB Credit Facility.
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