Overview: A Strong Quarter for Great Lakes Dredge & Dock
Great Lakes Dredge & Dock (GLDD), the largest dredging service provider in the U.S., delivered another solid performance in Q3 2025. With $195.2 million in revenue, $17.7 million in net income, and $39.3 million in adjusted EBITDA, the company demonstrated strong project execution and efficient fleet management.
CEO Lasse Petterson credited these results to disciplined operations, experienced project teams, and effective equipment utilization, allowing GLDD to maintain high productivity and profitability across multiple large-scale projects.
Driving Factors Behind GLDD’s Performance
A key contributor to this success is Great Lakes Dredge & Dock’s $934.5 million backlog, with an additional $193.5 million in pending bids. This ensures revenue stability for the rest of 2025 and well into 2026.
Over 84% of the backlog comprises capital and coastal protection projects, which yield higher margins due to GLDD’s efficient execution and specialized fleet. The company’s ongoing focus on equipment utilization keeps its dredges operating at peak capacity, minimizing downtime and optimizing resource use.
Major LNG Port Deepening Projects
Three large-scale LNG dredging projects continue to drive growth for Great Lakes Dredge & Dock:
- Port Arthur LNG Phase 1 Project
- Brownsville Ship Channel Project (part of NextDecade’s Rio Grande LNG initiative)
- Woodside Louisiana LNG Project
The first two are actively underway, while the Woodside project is scheduled to begin in early 2026. These initiatives demonstrate GLDD’s capability to manage technically complex projects while maintaining strong equipment utilization and operational efficiency.
Resilience and Operational Continuity
Despite the ongoing government shutdown, Great Lakes Dredge & Dock confirmed that its operations remain unaffected. All projects with the U.S. Army Corps of Engineers are fully funded and progressing on schedule. This stability reinforces GLDD’s reputation for resilience and reliability, ensuring uninterrupted operations and steady cash flow.
Lessons from GLDD’s Success
The company’s performance highlights key takeaways for the wider dredging industry:
- Backlog strength drives stability and visibility.
- Efficient equipment utilization improves profitability.
- Diverse projects, from LNG ports to coastal protection, balance risk and reward.
- Operational continuity ensures client confidence during uncertain times.
By combining efficiency with a strong project mix, Great Lakes Dredge & Dock continues to set the benchmark for U.S. dredging operations.
Conclusion
The third quarter of 2025 reinforces Great Lakes Dredge & Dock’s leadership in the U.S. dredging sector. Its results reflect the power of effective planning, strategic backlog management, and superior equipment utilization.
With major LNG and coastal protection projects underway, GLDD is positioned for sustained growth through 2026, underscoring that efficiency, resilience, and technical expertise remain the foundation of long-term success in the dredging industry.