# Orion Group Holdings Inc (ORN) Informational only - not investment advice. CIK: 0001402829 SIC: 1600 Heavy Construction Other Than Bldg Const - Contractors SIC breadcrumb: [Construction](/division/C/) > [SIC Major Group 16](/major-group/16/) > [SIC 1600 Heavy Construction Other Than Bldg Const - Contractors](/industry/1600/) Latest 10-K filed: 2026-03-04 SEC page: https://www.sec.gov/edgar/browse/?CIK=1402829 Filing source: https://www.sec.gov/Archives/edgar/data/1402829/000140282926000011/orn-20251231x10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-04 · accession 0001402829-26-000011 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001402829.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 852,260,000 USD | 2025 | verified | | Net income | 2,488,000 USD | 2025 | verified | | Assets | 414,652,000 USD | 2025 | verified | | Free cash flow | -10,796,000 USD | 2025 | computed | | Net margin | 0.29% | 2025 | computed | | Operating margin | 1.71% | 2025 | computed | | Revenue YoY | +7.01% | 2025 | computed | | ROE | 1.56% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | ORN | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 0.3% | 3.6% | 25 | 9 | | Operating margin | 1.7% | 7.2% | 25 | 9 | | Revenue growth | 7.0% | 7.0% | 50 | 9 | | FCF margin | -1.3% | 5.0% | 25 | 9 | | ROE | 1.6% | 11.2% | 25 | 9 | | ROA | 0.6% | 3.1% | 25 | 9 | | Liabilities / equity | 1.61 | 2.09 | 25 | 9 | | Current ratio | 1.36 | 1.30 | 62 | 9 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 1600 Heavy Construction Other Than Bldg Const - Contractors, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 852260000 | USD | 2025 | 2026-03-04 | | Net income | 2488000 | USD | 2025 | 2026-03-04 | | Assets | 414652000 | USD | 2025 | 2026-03-04 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001402829.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | 520,894,000 | 708,390,000 | 709,942,000 | 601,360,000 | 748,322,000 | 711,778,000 | 796,394,000 | 852,260,000 | | Net income | -3,620,000 | 400,000 | -94,422,000 | -5,359,000 | 20,220,000 | -14,560,000 | -12,612,000 | -17,875,000 | -1,644,000 | 2,488,000 | | Operating income | 4,074,000 | 1,538,000 | -100,540,000 | 2,193,000 | 26,586,000 | -9,317,000 | -8,030,000 | -6,630,000 | 11,521,000 | 14,611,000 | | Gross profit | 67,482,000 | 62,240,000 | 16,776,000 | 64,041,000 | 84,703,000 | 40,967,000 | 50,742,000 | 61,663,000 | 91,160,000 | 105,614,000 | | Diluted EPS | -0.13 | 0.01 | -3.31 | -0.18 | 0.67 | -0.47 | -0.40 | -0.55 | -0.05 | 0.06 | | Operating cash flow | 23,149,000 | 34,133,000 | 21,931,000 | -716,000 | 46,032,000 | 69,000 | 9,565,000 | 17,178,000 | 12,676,000 | 28,066,000 | | Capital expenditures | 18,715,000 | 10,729,000 | 17,714,000 | 17,199,000 | 14,694,000 | 16,975,000 | 14,584,000 | 8,909,000 | 14,091,000 | 38,862,000 | | Assets | 447,676,000 | 433,285,000 | 312,870,000 | 394,844,000 | 414,189,000 | 351,750,000 | 367,155,000 | 416,893,000 | 417,317,000 | 414,652,000 | | Liabilities | 221,472,000 | 202,019,000 | 171,285,000 | 256,823,000 | 254,695,000 | 203,652,000 | 229,355,000 | 295,418,000 | 266,638,000 | 255,620,000 | | Stockholders' equity | 226,204,000 | 231,266,000 | 141,585,000 | 138,021,000 | 159,494,000 | 148,098,000 | 137,800,000 | 121,475,000 | 150,679,000 | 159,032,000 | | Cash and cash equivalents | 305,000 | 9,086,000 | 8,684,000 | 128,000 | 1,589,000 | 12,293,000 | 3,784,000 | 30,938,000 | 28,316,000 | 1,588,000 | | Free cash flow | 4,434,000 | 23,404,000 | 4,217,000 | -17,915,000 | 31,338,000 | -16,906,000 | -5,019,000 | 8,269,000 | -1,415,000 | -10,796,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | -18.13% | -0.76% | 2.85% | -2.42% | -1.69% | -2.51% | -0.21% | 0.29% | | Operating margin | | | -19.30% | 0.31% | 3.74% | -1.55% | -1.07% | -0.93% | 1.45% | 1.71% | | Return on equity | -1.60% | 0.17% | -66.69% | -3.88% | 12.68% | -9.83% | -9.15% | -14.71% | -1.09% | 1.56% | | Return on assets | -0.81% | 0.09% | -30.18% | -1.36% | 4.88% | -4.14% | -3.44% | -4.29% | -0.39% | 0.60% | | Liabilities / equity | 0.98 | 0.87 | 1.21 | 1.86 | 1.60 | 1.38 | 1.66 | 2.43 | 1.77 | 1.61 | | Current ratio | 1.66 | 1.57 | 1.59 | 1.42 | 1.30 | 1.22 | 1.16 | 1.26 | 1.41 | 1.36 | ## As-reported value updates 2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/ORN/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001402829.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | -0.10 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 0.01 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | -0.39 | reported discrete quarter | | 2023-Q2 | 2023-03-31 | | -12,595,000 | | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 182,534,000 | | -0.01 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | -255,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 168,476,000 | | -0.02 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 201,594,000 | -4,365,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 160,672,000 | -6,057,000 | -0.19 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | -6,057,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 192,167,000 | | -0.20 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | -6,603,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 226,675,000 | | 0.12 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 216,880,000 | 6,754,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 188,653,000 | -1,414,000 | -0.04 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | -1,414,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 205,286,000 | | 0.02 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | 841,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 225,097,000 | | 0.08 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 233,223,000 | -240,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 216,301,000 | 4,687,000 | 0.12 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from ORN's latest 10-K: [/company/ORN/business/](/company/ORN/business/). ## Risk Factors Verbatim Item 1A Risk Factors from ORN's latest 10-K: [/company/ORN/risk-factors/](/company/ORN/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1402829/000140282926000046/orn-20260630x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-07-29 Report date: 2026-06-30 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS Unless the context otherwise indicates, all references in this Quarterly Report on Form 10-Q to “Orion,” “the Company,” “we,” “our,” or “us” are to Orion Group Holdings, Inc. and its subsidiaries as a whole. Certain information in this Quarterly Report on Form 10-Q, including but not limited to Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), may constitute forward-looking statements as such term is defined within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts, including those that express a belief, expectation, or intention are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, our pipeline of opportunities, conversion of backlog, revenues, income and capital spending. Our forward-looking statements are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “potential,” “plan,” “goal,” “may,” “will,” “could,” “would” or other words that convey the uncertainty of future events or outcomes. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control, including unforeseen productivity delays and other difficulties encountered in project execution, challenges incurred by virtue of our position as a substantial subcontractor that reports to a significantly larger project contractor, levels of government funding or other governmental budgetary constraints, contract modifications and changes, including change orders and contract cancellation at the discretion of the customer, and the general economic impact of government shutdowns, tariffs, trade wars and other geopolitical tensions. These and other important factors, including those described under “Risk Factors” in Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”) may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date of this report; we disclaim any obligation to update these statements unless required by securities law, and we caution you not to rely on them unduly. MD&A provides a narrative analysis explaining the reasons for material changes in the Company’s (i) financial condition since the most recent fiscal year-end, and (ii) results of operations during the current fiscal year-to-date period and current fiscal quarter as compared to the corresponding periods of the preceding fiscal year. In order to better understand such changes, this MD&A should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in our 2025 Form 10-K, Part II, Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our 2025 Form 10-K and with our unaudited condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. ​ 28 ​ Table of Contents Overview Orion Group Holdings, Inc. and its subsidiaries (hereafter collectively referred to as the “Company”), is a leading specialty construction company serving the infrastructure, industrial, and building sectors, providing services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through our marine segment and our concrete segment. Our marine segment provides construction, dredging and specialty services. Construction services include construction, restoration, maintenance, dredging and repair of marine transportation facilities, marine pipelines, bridges and causeways and marine environmental structures. Dredging services generally enhance or preserve the navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Specialty services include design, salvage, demolition, surveying, towing, diving and underwater inspection, excavation and repair. We also perform engineering design, analysis, and consulting projects for both internal and external clients. Our concrete segment provides turnkey concrete construction services, including concrete surface place and finish, site preparation, layout, forming, and rebar placement for large commercial, structural and other associated business areas. ​ Our contracts are obtained primarily through competitive bidding in response to “requests for proposals” by federal, state and local agencies and through negotiation and competitive bidding with private parties and general contractors. Our bidding activity and strategies are affected by factors such as our backlog, current utilization of equipment and other resources, job location, our ability to obtain necessary surety bonds and competitive considerations. The timing and location of awarded contracts may result in unpredictable fluctuations in the results of our operations. ​ Most of our revenue is derived from fixed-price contracts. We record revenue on construction contracts over time, measured by the percentage of actual contract costs incurred to date to total estimated costs for each contract. There are a number of factors that can create variability in contract performance and therefore impact the results of our operations. The most significant of these include the following: ​ [[GREPCENT_TABLE]] [["","\u25cf","completeness and accuracy of the original bid;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","increases in commodity prices such as concrete, steel and fuel;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","customer delays, work stoppages, and other costs due to weather and environmental restrictions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","subcontractor performance;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","unforeseen site conditions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","availability and skill level of workers; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a change in availability and proximity of equipment and materials."]] [[/GREPCENT_TABLE]] All of these factors can have a negative impact on our contract performance, which can adversely affect the timing of revenue recognition and ultimate contract profitability. We plan our operations and bidding activity with these factors in mind and they generally have not had a material adverse impact on the results of our operations in the past. ​ 29 ​ Table of Contents Recent Developments JEM Acquisition On February 3, 2026, we entered into a Securities Purchase Agreement (the “Purchase Agreement”) and completed an acquisition (the “JEM Acquisition”) of all of the capital stock of J.E. McAmis, Inc., a California corporation, and all of the membership interests in JEM Marine Leasing, LLC, a Washington limited liability company (collectively, “JEM”). The purchase price consisted of: (a) $44.9 million in cash, subject to adjustments pursuant to the Purchase Agreement; a $12.0 million unsecured subordinated promissory note issued to the sellers; and 182,392 shares of Orion’s common stock, and (b) contingent post-closing cash payments dependent upon project profit realized from contracts of JEM under backlog identified in the Purchase Agreement. The cash consideration and related expenses were funded with cash on hand and borrowings of approximately $46.9 million under the UMB Credit Agreement (as defined below).   JEM is engaged in the business of providing dredging, jetty and breakwater construction, environmental restoration and rehabilitation, and dam and spillway construction.   UMB Credit Agreement On December 23, 2025, we entered into a five-year $120.0 million Credit Agreement (as amended, the “UMB Credit Agreement”) with certain financial institutions from time-to-time party thereto, as lenders, and UMB Bank, N.A., as administrative agent and issuing bank.  The UMB Credit Agreement consists of a $60.0 million revolving loan, a $20.0 million equipment term loan, and a $40.0 million acquisition term loan. Consolidated Results of Operations Backlog Information Our contract backlog represents our estimate of the revenues we expect to realize under the portion of contracts remaining to be performed. Given the typical duration of our contracts, which is generally less than a year, our backlog at any point in time usually represents only a portion of the revenue that we expect to realize during a twelve-month period. We have not been adversely affected by contract cancellations or modifications in the past, however we may be in the future, especially in periods of economic uncertainty. Backlog as of the periods ended below were as follows (in millions): [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","June 30, 2026","\u200b \u200b \u200b","December 31, 2025"],["Marine segment","\u200b","$","554","\u200b","$","480"],["Concrete segment","\u200b","","168","\u200b","","160"],["Consolidated","\u200b","$","722","\u200b","$","640"]] [[/GREPCENT_TABLE]] ​ Backlog is not necessarily indicative of future results. In addition to our backlog under contract, we also have a substantial number of projects in negotiation or pending award at any given time. 30 ​ Table of Contents Income Statement Comparisons Three months ended June 30, 2026 compared with three months ended June 30, 2025 [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Three Months Ended June 30,"],["\u200b","\u200b \u200b \u200b","2026","2025"],["\u200b","\u200b \u200b \u200b","Amount","\u200b \u200b \u200b","Amount"],["\u200b","\u200b","(dollar amounts in thousands)"],["Contract revenues","\u200b","$","221,878","","$","205,286"],["Cost of contract revenues","\u200b","","198,951","","","179,489"],["Gross profit","\u200b","","22,927","","","25,797"],["Selling, general and administrative expenses","\u200b","","24,395","","","22,774"],["Gain on disposal of assets, net","\u200b","\u200b","(153)","\u200b","\u200b","(409)"],["Operating (loss) income","\u200b","","(1,315)","","","3,432"],["Other (expense) income:","\u200b","","\u200b","","","\u200b"],["Interest expense","\u200b","","(2,505)","","","(2,920)"],["Other income","\u200b","","149","","","117"],["Other expense, net","\u200b","","(2,356)","","","(2,803)"],["(Loss) income before income taxes","\u200b","","(3,671)","","","629"],["Income tax expense (benefit)","\u200b","","474","","","(212)"],["Net (loss) income","\u200b","$","(4,145)","","$","841"]] [[/GREPCENT_TABLE]] ​ Contract Revenues. Contract revenues for the three months ended June 30, 2026 of $221.9 million increased $16.6 million, or 8%, as compared to $205.3 million in the prior year period.  The increase was driven by the concrete segment, reflecting strong demand, new project awards and higher volumes. This increase was partially offset by a reduction in marine revenue, primarily attributable to the timing of project start-ups due to client-related issues such as site readiness and timing of delivery of [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1402829/000140282926000011/orn-20251231x10k.htm Complete FY 2025 MD&A: /company/ORN/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-04 Report date: 2025-12-31 Item  7.        MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations is based on and should be read in conjunction with our consolidated financial statements and the accompanying notes beginning on page F-1 of this Annual Report on Form 10-K. Certain statements made in our discussion may be forward-looking. Forward-looking statements involve risks and uncertainties and a number of other factors that could cause actual results or outcomes to differ materially from our expectations. See “Forward-Looking Statements” at the beginning of this Annual Report on Form 10-K for additional discussion of some of these risks and uncertainties. Unless the context requires otherwise, when we refer to the “Company,” “we,” “us” and “our,” we are describing Orion Group Holdings, Inc. and its consolidated subsidiaries and affiliates. Overview We are a leading specialty construction company serving the infrastructure, industrial, and building sectors, providing services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through our marine segment and our concrete segment. Our marine segment provides construction and dredging services, including marine transportation facility construction, marine pipeline construction, construction of marine environmental structures, dredging of waterways, channels, and ports, environmental dredging, engineering and design, and specialty services related to marine construction, fabrication, and dredging. ​ Our concrete segment provides turnkey concrete construction services, including concrete placement and finishing, site preparation, layout, forming, and rebar placement for large commercial, structural, and other concrete projects. ​ Our contracts are obtained primarily through competitive bidding in response to “requests for proposals” by federal, state and local agencies and through negotiation and competitive bidding with private parties and general contractors. Our bidding activity and strategies are affected by factors such as our backlog, current utilization of equipment and other resources, job location, our ability to obtain necessary surety bonds and competitive considerations. The timing and location of awarded contracts may result in unpredictable fluctuations in the results of our operations. ​ Most of our revenue is derived from fixed-price contracts. We record revenue on construction contracts over time, measured by the percentage of actual contract costs incurred to date to total estimated costs for each contract. There are a number of factors that can create variability in contract performance and therefore impact the results of our operations. ​ The most significant of these include the following: ​ [[GREPCENT_TABLE]] [["","\u25cf","completeness and accuracy of the original bid;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","increases in commodity prices such as concrete, steel and fuel;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","customer delays, work stoppages, and other costs due to weather and environmental restrictions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","subcontractor performance;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","unforeseen site conditions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","availability and skill level of workers; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a change in availability and proximity of equipment and materials."]] [[/GREPCENT_TABLE]] ​ All of these factors can have a negative impact on our contract performance, which can adversely affect the timing of revenue recognition and ultimate contract profitability. We plan our operations and bidding activity with these factors in mind and they generally have not had a material adverse impact on the results of our operations in the past. ​ 29 Table of Contents Recent Developments ​ JEM Acquisition ​ On February 3, 2026, we entered into a Securities Purchase Agreement (the “JEM Purchase Agreement”) and completed an acquisition (the “JEM Acquisition”) of all of the capital stock of J.E. McAmis, Inc., a California corporation, and all of the membership interests in JEM Marine Leasing, LLC, a Washington limited liability company (collectively, “JEM”). ​ The purchase price consisted of: (a) $50.0 million in cash, subject to adjustments pursuant to the purchase agreement; a $12.0 million unsecured subordinated promissory note issued to the sellers; and 182,392 shares of Orion’s common stock, and (b) contingent post-closing cash payments dependent upon project profit realized from contracts of JEM under backlog identified in the JEM Purchase Agreement. The cash consideration and related expenses was funded with cash on hand and borrowings of approximately $46.9 million under the UMB Credit Agreement (as defined below). ​ JEM is engaged in the business of providing dredging, jetty and breakwater construction, environmental restoration and rehabilitation, and dam and spillway construction. ​ UMB Credit Agreement ​ On December 23, 2025, we entered into a five-year $120.0 million Credit Agreement (the “UMB Credit Agreement”) with certain financial institutions from time-to-time party thereto, as lenders, and UMB Bank, N.A., as administrative agent and issuing bank.  The UMB Credit Agreement consists of a $60.0 million revolving loan, a $20.0 million equipment term loan, and a $40.0 million acquisition term loan. ​ 2025 Recap and 2026 Outlook ​ In 2025, we recorded revenues of $852 million, an increase of 7% as compared with 2024. $545 million of total revenue was attributable to our marine segment and the remaining $307 million to our concrete segment. Our net income was $2.5 million, as compared with net loss of $1.6 million in the prior year. In addition, we ended 2025 with a consolidated backlog of $640 million. Looking to 2026, we will continue to execute our strategic plan focused on developing opportunities across the infrastructure, industrial, and building sectors. ​ Marine segment Demand for our marine construction services remains strong, supported by our differentiated capabilities, specialized equipment fleet, and diversified service offerings within the marine construction industry. We continue to pursue opportunities that support the maintenance, repair, and expansion of infrastructure that facilitates the movement of goods and people across waterways. Long-term demand is driven by the expansion of the Panama Canal, the continued increase in the size of global shipping fleets, and the resulting need for U.S. ports and private marine infrastructure owners to deepen channels, strengthen wharves, and modernize marine structures to accommodate larger vessels. ​ In addition to port and navigation-related work, demand for marine construction services continues to be supported by public-sector infrastructure investment, coastal restoration initiatives, and energy-related marine construction. We believe our current equipment fleet and operating capabilities position us well to compete for and execute projects across both public and private end markets. ​ Over the long term, we expect favorable demand trends for our marine segment, driven by: [[GREPCENT_TABLE]] [["","\u25cf","Ongoing repair, rehabilitation, and modernization needs across aging U.S. marine infrastructure;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Continued investment in U.S. Navy and other federal marine infrastructure;"]] [[/GREPCENT_TABLE]] 30 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","Sustained demand from downstream energy-related customers, including large capital projects and recurring maintenance work;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Increases in cargo volumes and vessel sizes transiting the Panama Canal, requiring Gulf Coast and Atlantic Seaboard ports to expand infrastructure and perform additional dredging;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Potential project opportunities resulting from the Water Resources Reform and Development Act (\u201cWRRDA Act\u201d), which authorizes funding for the development and maintenance of the nation\u2019s waterways and addresses funding gaps in the Harbor Maintenance Trust Fund;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","A continued focus on coastal restoration and resilience projects along the Gulf Coast, including work funded through the RESTORE Act; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Federal disaster recovery funding administered by the U.S. Army Corps of Engineers (\u201cUSACE\u201d), including approximately $7 billion allocated for projects in Texas."]] [[/GREPCENT_TABLE]] Concrete segment Demand for our concrete segment’s services remains steady, although the timing of certain project releases may be affected by inflationary pressures, interest rate uncertainty, labor availability, supply chain constraints, and broader macroeconomic conditions. We continue to see favorable long-term demand fundamentals for our concrete construction services, supported by population growth, business expansion, and infrastructure investment across our core and expanding markets. ​ In Texas, major metropolitan areas and surrounding suburban corridors continue to experience strong population and commercial growth, supporting demand for warehouse and distribution facilities, education and institutional projects, office and retail development, grocery stores, multi-family housing, and structural concrete work for business, residential, and mixed-use developments. Texas also continues to see growth in data center construction, supported by the availability of developable land and access to power and fiber infrastructure. In addition, we are seeing increasing opportunities in other high-growth markets, including Florida, which supports our strategy to selectively expand our geographic footprint and diversify our revenue base. ​ Over the long term, we expect favorable demand trends for our concrete segment, driven by: [[GREPCENT_TABLE]] [["","\u25cf","Continued population growth in Texas and other high-growth states, supported by corporate relocations and in-migration;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Ongoing investment in warehouse, distribution, and data center facilities across our core and expanding markets; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Selective geographic expansion beyond Texas, including increased activity in Florida and other attractive regional markets."]] [[/GREPCENT_TABLE]] Beginning in the first quarter of fiscal 2026,we will update our reportable segments to better align with how management evaluates performance and allocates resources. Specifically, we will no longer allocate our corporate expenses to our operating segments. Rather, corporate expenses will be reported as a separate non-operating segment. Consolidated results of operations Backlog information Our contract backlog represents our estimate of the revenues we expect to realize under the portion of contracts remaining to be performed. Given the typical duration of our contracts, which is generally less than a year, our backlog at any point in time usually represents only a portion of the revenue that we expect to realize during a twelve-month period. We have 31 Table of Contents not been adversely affected by contract cancellations or modifications in the past; however, we may be in the future, especially in periods of economic uncertainty. Backlog as of the periods ended below are as follows (in millions): [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/ORN/mda/fy2025/ All MD&A years: /company/ORN/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/ORN/mda/fy2024/): filed 2025-03-06; accession 0001402829-25-000005 (https://www.sec.gov/Archives/edgar/data/1402829/000140282925000005/orn-20241231x10k.htm) - [FY 2023 MD&A](/company/ORN/mda/fy2023/): filed 2024-03-01; accession 0001402829-24-000015 (https://www.sec.gov/Archives/edgar/data/1402829/000140282924000015/orn-20231231x10k.htm) - [FY 2022 MD&A](/company/ORN/mda/fy2022/): filed 2023-03-16; accession 0001402829-23-000010 (https://www.sec.gov/Archives/edgar/data/1402829/000140282923000010/orn-20221231x10k.htm) - [FY 2021 MD&A](/company/ORN/mda/fy2021/): filed 2022-03-07; accession 0001402829-22-000007 (https://www.sec.gov/Archives/edgar/data/1402829/000140282922000007/orn-20211231x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 1600 Heavy Construction Other Than Bldg Const - Contractors) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Growth & output](/thread/growth-output/), [Housing & construction](/thread/housing-construction/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/ORN.md · JSON record: /company/ORN.json · verified financials: /company/ORN/financials.json / /company/ORN/financials.csv · machine TOC for the whole site: /llms.txt