10-K/A

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-33225

Great Lakes Dredge & Dock Corporation

(Exact name of registrant as specified in its charter)

     Delaware

     20-5336063

     (State or other jurisdiction of
incorporation or organization)

     (I.R.S. Employer
Identification No.)


9811 Katy Freeway, Suite 1200, Houston, TX		77024
(Address of principal executive offices)		(Zip Code)

(346) 359-1010

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, (Par Value $0.0001)	GLDD	Nasdaq Stock Market, LLC

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of common stock held by non-affiliates of the Registrant was $789,491,555 at June 30, 2025. The aggregate market value was computed using the closing price of the common stock as of June 30, 2025 on the Nasdaq Stock Market. (For purposes of calculating the foregoing amount only, all directors and executive officers of the registrant have been treated as affiliates.)

As of February 20, 2026, 66,780,798 shares of Registrant’s Common Stock, par value $.0001 per share, were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE


Part of 10-K		Documents Incorporated by Reference
Part III		Portions of the Proxy Statement to be filed with the Securities and Exchange Commission in connection with the 2026 Annual Meeting of Stockholders.

EXPLANATORY NOTE

Great Lakes Dredge & Dock Corporation (“Great Lakes”) is filing this Amendment No. 1 (this “Amendment”) to its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Form 10-K”) solely to include the Deloitte & Touche LLP (PCAOB ID No. 34) conformed signature and inserting a comma between “Houston” and “Texas” in the document titled “Report of Independent Registered Public Accounting Firm” relating to its opinion on Great Lakes’ financial statements (the “Financial Statement Audit Report”). The conformed signature in the Financial Statement Audit Report was inadvertently omitted in the 2025 Form 10-K. No other changes have been made to the 2025 Form 10-K.

This Amendment does not reflect events occurring after the filing of the 2025 Form 10-K, does not update disclosures contained in the 2025 Form 10-K and does not modify or amend the 2025 Form 10-K except as specifically described above. Pursuant to Rule 12b-15 of the Securities Exchange Act of 1934, as amended, this Amendment contains the complete text of each Item that is amended and certifications of the Company’s Principal Executive Officer and Principal Financial Officer required under Items 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, dated as of the date of this Amendment, as well updated inline XBRL exhibits.

Part II

Item 8. Financial Statements and Supplementary Data.

TABLE OF CONTENTS


	Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	3
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 AND 2024, AND FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023
Consolidated Balance Sheets	5
Consolidated Statements of Operations	6
Consolidated Statements of Comprehensive Income (Loss)	7
Consolidated Statements of Equity	8
Consolidated Statements of Cash Flows	9
Notes to Consolidated Financial Statements	10

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of Great Lakes Dredge & Dock Corporation

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Great Lakes Dredge & Dock Corporation and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

•

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013)issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated December 31, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Revenue Recognition – Estimated Costs at Completion— Refer to Notes 1 and 10 to the financial statements

Critical Audit Matter Description

During 2025, the Company’s contract revenues were $888.3 million, all of which represented revenue recognized over time as work progressed on individual contracts. The Company recognizes revenue on its contracts utilizing the cost-to-cost method for determining progress toward completion of each contract. Revenue is recognized using contract fulfillment costs incurred to date compared to total estimated fulfillment costs at completion. Daily costs and project duration are significant factors in the estimates of fulfillment costs at completion to complete the project.

We identified estimated contract fulfillment costs at completion used in revenue recognition as a critical audit matter because of the judgments inherent in management’s estimates related to contracts that were in progress at December 31, 2025. This required

extensive audit effort and a high degree of auditor judgment when performing audit procedures on the total estimated contract fulfillment costs which underlie management’s determination of revenue on contracts in progress.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to management's total estimated contract fulfillment costs at completion for contracts in progress included the following, among others:

•

We tested the effectiveness of internal controls over revenue recognition, including management's internal controls over estimated revenue and estimated contract fulfillment costs at completion.

•

We selected a sample of contracts with customers, and we performed the following:

Tested management's process of determining the estimated contract revenue and estimated contract fulfillment costs at completion and evaluated management's ability to achieve the total estimated contract fulfillment costs by obtaining relevant support and inquiring with the Company's project managers and engineers, comparing the estimates to management's work plans, and comparing expected profit margins to those achieved on similar contracts to evaluate whether the estimates were within an acceptable range, a range developed for further investigation considering the historical activity.

For a selection of contracts, we performed in-person site visits and held meetings with the project site managers and others who are part of the Company's operations responsible for execution of the projects and outside of the accounting and finance function, to evaluate the contract status against assumptions used by management to develop its estimated revenue and fulfillment costs

•

We evaluated management’s ability to accurately estimates contract fulfillment costs at completion by performing a hindsight analysis using historical projects and comparing the margin at contract inception compared to margin at completion.

/s/ Deloitte & Touche LLP

Houston, Texas

February 23, 2026

We have served as the Company's auditor since 1991.

Great Lakes Dredge & Dock Corporation and Subsidiaries

Consolidated Balance Sheets

As of December 31, 2025 and 2024

(in thousands, except per share amounts)


	2025			2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	13,361		$	10,216
Accounts receivable—net		70,169			118,030
Contract revenues in excess of billings		81,110			74,197
Inventories		27,926			29,866
Prepaid expenses		3,067			2,828
Other current assets		21,810			28,281
Total current assets		217,443			263,418

PROPERTY AND EQUIPMENT—Net		803,289			703,252
OPERATING LEASE ASSETS		76,266			96,099
GOODWILL		76,576			76,576
INVENTORIES—Noncurrent		97,645			95,269
OTHER		14,530			20,489
TOTAL	$	1,285,749		$	1,255,103

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	109,489		$	101,309
Accrued expenses		49,466			41,640
Operating lease liabilities		22,081			47,268
Billings in excess of contract revenues		34,780			25,796
Total current liabilities		215,816			216,013

LONG-TERM DEBT		378,169			448,216
OPERATING LEASE LIABILITIES—Noncurrent		55,622			50,432
DEFERRED INCOME TAXES		104,055			78,985
OTHER		14,945			12,547
Total liabilities		768,607			806,193

COMMITMENTS AND CONTINGENCIES (Note 12)
EQUITY:
Common stock—$.0001 par value; 170,000 shares authorized, 68,087 and 67,280 shares issued at December 31, 2025 and December 31, 2024, respectively, and 66,775 and 67,280 shares outstanding at December 31, 2025 and December 31, 2024, respectively.		7			7
Treasury stock; 1,312 and zero shares at December 31, 2025 and December 31, 2024, respectively.		(11,594	)		—
Additional paid-in capital		329,071			322,383
Accumulated retained earnings		200,954			127,485
Accumulated other comprehensive loss		(1,296	)		(965	)
Total equity		517,142			448,910
TOTAL	$	1,285,749		$	1,255,103

See notes to consolidated financial statements.

Great Lakes Dredge & Dock Corporation and Subsidiaries

Consolidated Statements of Operations

For the Years Ended December 31, 2025, 2024 and 2023

(in thousands, except per share amounts)


	2025			2024			2023

Contract revenues	$	888,277		$	762,693		$	589,625
Costs of contract revenues		684,792			602,117			511,893
Gross profit		203,485			160,576			77,732

General and administrative expenses		77,970			70,769			57,056
Other gains		(2,273	)		(2,998	)		(7,543	)
Operating income		127,788			92,805			28,219

Interest expense—net		(16,751	)		(17,880	)		(12,140	)
Loss on extinguishment of debt		(10,822	)		—			—
Other income		105			460			2,233
Income before income taxes		100,320			75,385			18,312

Income tax provision		(26,851	)		(18,120	)		(4,406	)
Net income	$	73,469		$	57,265		$	13,906

Basic earnings per share	$	1.10		$	0.85		$	0.21
Basic weighted average shares		66,869			67,085			66,469

Diluted earnings per share	$	1.08		$	0.84		$	0.21
Diluted weighted average shares		67,747			67,847			66,957

See notes to consolidated financial statements.

Great Lakes Dredge & Dock Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income

For the Years Ended December 31, 2025, 2024 and 2023

(in thousands)


	2025			2024		2023

Net income	$	73,469		$	57,265	$	13,906
Net change in cash flow derivative hedges—net of tax (1)		(331	)		1,050		(1,824	)
Comprehensive income	$	73,138		$	58,315	$	12,082

(1)

Net of income tax benefit of $112 for the year ended December 31, 2025, net of income tax provision of $(355) for the year ended December 31, 2024 and net of income tax benefit of $616 for the year ended December 31, 2023.

See notes to consolidated financial statements.

Great Lakes Dredge & Dock Corporation and Subsidiaries

Consolidated Statements of Equity

For the Years Ended December 31, 2025, 2024 and 2023

(in thousands)


														Accumulated
	Shares of								Additional					Other
	Common			Common		Treasury			Paid-In			Retained		Comprehensive
	Stock			Stock		Stock			Capital			Earnings		Loss			Total
BALANCE—January 1, 2023		66,188		$	6	$	—		$	312,091		$	56,314	$	(191	)	$	368,220
Share-based compensation		56			—		—			5,231			—		—			5,231
Vesting of restricted stock units and impact of shares withheld for taxes		156			—		—			(1,019	)		—		—			(1,019	)
Exercise of options and purchases from employee stock plans		223			—		—			1,034			—		—			1,034
Net income		—			—		—			—			13,906		—			13,906
Other comprehensive income—net of tax		—			—		—			—			—		(1,824	)		(1,824	)
BALANCE— December 31, 2023		66,623		$	6	$	—		$	317,337		$	70,220	$	(2,015	)	$	385,548
Share-based compensation		37			1		—			4,751			—		—			4,752
Vesting of restricted stock units and impact of shares withheld for taxes		411			—		—			(1,332	)		—		—			(1,332	)
Exercise of options and purchases from employee stock plans		209			—		—			1,627			—		—			1,627
Net income		—			—		—			—			57,265		—			57,265
Other comprehensive income—net of tax		—			—		—			—			—		1,050			1,050
BALANCE—December 31, 2024		67,280		$	7	$	—		$	322,383		$	127,485	$	(965	)	$	448,910
Share-based compensation		21			—		—			6,714			—		—			6,714
Vesting of restricted stock units and impact of shares withheld for taxes		644			—		—			(1,206	)		—		—			(1,206	)
Exercise of options and purchases from employee stock plans		142			—		—			1,180			—		—			1,180
Repurchase of common stock		(1,312	)		—		(11,594	)		—			—		—			(11,594	)
Net income		—			—		—			—			73,469		—			73,469
Other comprehensive loss—net of tax		—			—		—			—			—		(331	)		(331	)
BALANCE—December 31, 2025		66,775		$	7	$	(11,594	)	$	329,071		$	200,954	$	(1,296	)	$	517,142

See notes to consolidated financial statements.

Great Lakes Dredge & Dock Corporation and Subsidiaries

Consolidated Statements of Cash Flows

For the Years Ended December 31, 2025, 2024 and 2023

(in thousands)


	2025			2024			2023
OPERATING ACTIVITIES:
Net income	$	73,469		$	57,265		$	13,906
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization		43,422			42,699			42,525
Deferred income taxes		25,182			16,398			3,733
Gain on sale of assets		(2,273	)		(2,897	)		(485	)
Amortization of capitalized contract costs		17,492			21,895			11,474
Amortization of deferred financing fees		3,060			2,581			965
Loss on extinguishment of debt		10,822			—			—
Share-based compensation expense		11,470			8,580			6,316
Changes in assets and liabilities:
Accounts receivable		47,861			(63,220	)		(9,921	)
Contract revenues in excess of billings		(6,913	)		(5,462	)		(2,813	)
Inventories		(436	)		(4,898	)		(11,000	)
Prepaid expenses and other current assets		(9,810	)		(7,510	)		(21,724	)
Accounts payable and accrued expenses		14,172			8,689			1,376
Billings in excess of contract revenues		8,984			(3,764	)		19,647
Other noncurrent assets and liabilities		10,176			(294	)		(6,574	)
Cash provided by operating activities		246,678			70,062			47,425
INVESTING ACTIVITIES:
Purchases of property and equipment		(147,218	)		(125,145	)		(150,840	)
Proceeds from dispositions of property and equipment		2,609			9,450			30,699
Cash used in investing activities		(144,609	)		(115,695	)		(120,141	)
FINANCING ACTIVITIES:
Deferred financing fees		(2,168	)		(11,564	)		—
Payment for extinguishment of debt		(3,111	)		—			—
Taxes paid on settlement of vested share awards		(1,206	)		(1,332	)		(1,019	)
Exercise of options and purchases from employee stock plans		1,180			1,627			1,034
Borrowings under revolving loans		271,000			86,000			208,000
Borrowings under Second Lien Credit Agreement		—			100,000			—
Repayments of Second Lien Term loan		(100,000	)		—			—
Repayments of revolving loans		(251,000	)		(141,000	)		(118,000	)
Repurchases of common stock		(11,594	)		—			—
Payments on finance lease obligations		(2,025	)		(1,643	)		(84	)
Cash (used in) provided by financing activities		(98,924	)		32,088			89,931
Net increase (decrease) in cash, cash equivalents and restricted cash		3,145			(13,545	)		17,215
Cash, cash equivalents and restricted cash at beginning of period		10,216			23,761			6,546
Cash, cash equivalents and restricted cash at end of period	$	13,361		$	10,216		$	23,761

Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	13,361		$	10,216		$	22,841
Restricted cash included in other long-term assets		—			—			920
Cash, cash equivalents and restricted cash at end of period	$	13,361		$	10,216		$	23,761

Supplemental Cash Flow Information
Cash paid for interest	$	30,325		$	29,729		$	20,738

Non-cash Investing and Financing Activities
Property and equipment purchased but not yet paid	$	9,888		$	13,211		$	6,000

See notes to consolidated financial statements.

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF December 31, 2025 AND 2024 AND FOR THE

YEARS ENDED December 31, 2025, 2024 AND 2023

(In thousands, except per share amounts or as otherwise noted)

1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization—Great Lakes Dredge & Dock Corporation and its subsidiaries (the “Company” or “Great Lakes”) are in the business of marine construction, primarily dredging. The Company is the largest provider of dredging services in the United States which is complemented with a long history of performing significant international projects. In addition, the Company is fully engaged in expanding its core business into the offshore energy industry. The mobility of the Company’s fleet enables the Company to move equipment in response to changes in demand for dredging services.

Agreement and Plan of Merger with Saltchuk

On February 10, 2026, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Saltchuk Resources, Inc. (“Saltchuk”) and Huron MergeCo., Inc. (“Merger Sub”). Pursuant to the Merger Agreement, on the terms and subject to the conditions set forth therein, Merger Sub will commence a tender offer to purchase any and all of the outstanding shares of the Company’s common stock at $17.00 per share (the “Offer”) and, following the consummation of the Offer, Merger Sub will be merged with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of Saltchuk (collectively with the Offer, the “Transaction”).

The Transaction is expected to close in the second quarter of 2026, subject to customary closing conditions, including the tender of one share more than a majority of the outstanding shares of the Company’s common stock and receipt of required antitrust clearance. Upon closing of the Transaction, the Company’s common stock will be delisted from the Nasdaq Stock Market and deregistered under the Securities Exchange Act of 1934, as amended.

The Merger Agreement also contains certain termination rights for the Company and Saltchuk and further provides that, upon termination of the Merger Agreement under specified circumstances, including certain terminations in connection with an alternative acquisition proposal as permitted by the terms of the Merger Agreement, the Company will be required to pay Saltchuk a termination fee of approximately $37 million.

Principles of Consolidation and Basis of Presentation—The consolidated financial statements include the accounts of Great Lakes Dredge & Dock Corporation and its majority-owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. The equity method of accounting is used for investments in unconsolidated investees in which the Company has significant influence, but not control. Other investments, if any, are carried at cost.

Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Revenue and Cost Recognition on Contracts—Revenue is recognized using contract fulfillment costs incurred to date compared to total estimated costs at completion, also known as cost-to-cost, to measure progress towards completion. Additionally, the Company capitalizes certain pre-contract and pre-construction costs, and defers recognition over the life of the contract. The Company’s performance obligations are satisfied over time and revenue is recognized using the cost-to-cost method, described above. Contract modifications are changes in the scope or price (or both) of a contract that are approved by the parties to the contract. The Company recognizes a contract modification when the parties to a contract approve a modification that either creates new, or changes existing, enforceable rights and obligations of the parties to the contract. Contract modifications are routine in the performance of the Company’s contracts. In most instances, contract modifications are for services that are not distinct, and, therefore, are accounted for as part of the existing contract. Contract modifications are included in the transaction price only if it is probable that the modification estimate will not result in a significant reversal of revenue. Revisions in estimated gross profit percentages are recorded in the period during which the change in circumstances is experienced or becomes known. As the duration of most of the Company’s contracts is one year or less, the cumulative net impact of these revisions in estimates, individually and in the aggregate across projects, does not significantly affect results across annual reporting periods. Provisions for estimated losses on contracts in progress are made in the period in which such losses are determined.

The components of costs of contract revenues include labor, equipment (including depreciation, maintenance, insurance and long-term rentals), subcontracts, fuel, supplies, short-term rentals and project overhead. Hourly labor generally is hired on a project-by-project basis. The Company is a party to numerous collective bargaining agreements in the U.S. that govern its relationships with its unionized hourly workforce.

Classification of Current Assets and Liabilities—The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion, unless completion of such contracts extends significantly beyond one year.

Cash Equivalents—The Company considers all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents.

Accounts Receivable—Accounts receivable represent amounts due or billable under the terms of contracts with customers, including amounts related to retainage. The Company anticipates collection of retainage generally within one year, and accordingly presents retainage as a current asset. The Company provides an allowance for estimated uncollectible accounts receivable based on historical and expected losses and when events or conditions indicate that amounts outstanding are not recoverable.

Inventories—Inventories consist of pipe and spare parts used in the Company’s dredging operations. Pipe and spare parts are purchased in large quantities; therefore, a certain amount of pipe and spare part inventories is not anticipated to be used within the current year and is classified as long-term. Spare part inventories are stated at weighted average historical cost, and are charged to expense when used in operations. Pipe inventory is recorded at cost and amortized to expense over the period of its use.

Property and Equipment—Capital additions, improvements, and major renewals are classified as property and equipment and are carried at depreciated cost. Maintenance and repairs that do not significantly extend the useful lives of the assets or enhance the capabilities of such assets are charged to expenses as incurred. Depreciation is recorded over the estimated useful lives of property and equipment using the straight-line method and the mid-year depreciation convention. The estimated useful lives by class of assets are:


Class		Useful Life (years)
Buildings and improvements		10
Furniture and fixtures		5-10
Vehicles, dozers, and other light operating equipment and systems		3-5
Heavy operating equipment (dredges and barges)		10-30

Leasehold improvements are amortized over the shorter of their remaining useful lives or the remaining terms of the leases.

Goodwill—Goodwill represents the excess of acquisition cost over fair value of the net assets acquired. Goodwill is tested annually for impairment in the third quarter of each year, or more frequently should circumstances dictate. GAAP requires that goodwill of a reporting unit be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

When conducting the annual impairment test for goodwill, the Company can choose to assess qualitative factors to determine whether it is more likely than not the fair value of the reporting unit is below its carrying value. Qualitative factors considered include macroeconomic, industry and market environments, overall financial performance and market indications of value. If a qualitative assessment determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. The Company also may elect to forego this step and just perform the quantitative impairment test.

When performing a quantitative impairment test, the Company assesses the fair values of its reporting unit using both an income-based approach and a market-based approach. Under the income approach, the fair value of the reporting unit is based on the present value of estimated future cash flows. The income approach is dependent on a number of factors, including estimates of expected future revenue, profitability and capital expenditures related to our new build program, future market growth trends, forecasted revenues and expenses, working capital assumptions, appropriate discount rates and other variables. The market approach measures the value of a reporting unit through comparison to comparable companies. Under the market approach, the Company uses the guideline public company method by applying estimated market-based enterprise value multiples to the reporting unit’s estimated trailing and forward Adjusted EBITDA. The Company analyzes companies that performed similar services or are considered peers. Due to the fact that there are no public companies that are direct competitors, the Company weighs the results of this approach less than the income approach.

The Company has one operating segment which is also the Company’s one reportable segment and reporting unit of which the Company tests goodwill for impairment. In 2025, the Company performed a qualitative goodwill impairment test. The Company performed its annual test of impairment as of August 1, 2025 with no indication of impairment as of the test date. The Company assessed qualitative factors for any indications of potential impairment of the reporting unit. Upon completing this assessment, it was determined that the fair value of the reporting unit is more likely than not greater than its carrying value as of the assessment date and, as a result, a quantitative test was not performed. The Company will continue to monitor for changes in facts or circumstances that may impact its estimates. The Company will perform its next scheduled annual test of goodwill in the third quarter of 2026 should no triggering events occur which would require a test prior to the next annual test.

Long-Lived Assets—Long-lived assets are comprised of property and equipment subject to depreciation. Long-lived assets to be held and used are reviewed for possible impairment whenever events indicate that the carrying amount of such assets may not be recoverable. Recoverability of long-lived assets is measured by comparing the projected undiscounted cash flows associated with the assets to their carrying amounts. If an asset is considered impaired, the carrying amount would be reduced to its fair value. No triggering events were identified in 2025 or 2024. If long-lived assets are to be disposed, depreciation is discontinued, if applicable, and the assets are reclassified as held for sale at the lower of their carrying amounts or fair values less estimated costs to sell.

Other Gains and Losses—Other gains and losses include gains and losses on property and equipment that has been retired or otherwise disposed of and the transfer of control is complete. This also includes any impairment expense related to assets that have been designated as held for sale whose carrying amounts exceed their fair values. In 2025, the Company recognized $2.3 million in gains primarily on disposals of assets. In 2024, the Company recognized $2.9 million in gains primarily on disposals of assets and $0.1 million in adjustments to the gain associated with the early termination of an offshore energy contract in 2023. In 2023, the Company recognized $0.1 million in gains on disposals of assets. Additionally, the Company recognized a $7.4 million gain associated with the early termination of an offshore energy contract.

Self-insurance Reserves—The Company self-insures costs associated with its seagoing employees covered by the provisions of Jones Act, workers’ compensation claims, hull and equipment liability, and general business liabilities up to certain limits. Insurance reserves are established for estimates of the loss that the Company may ultimately incur on reported claims, as well as estimates of claims that have been incurred but not yet reported. In determining its estimates, the Company considers historical loss experience and judgments about the present and expected levels of cost per claim. Trends in actual experience are a significant factor in the determination of such reserves.

Income Taxes—The provision for income taxes includes federal, foreign, and state income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. Recorded deferred income tax assets and liabilities are based on the estimated future tax effects of differences between the financial and tax basis of assets and liabilities, given the effect of currently enacted tax laws. Refer to Note 8, Income Taxes.

Hedging Instruments—At times, the Company designates certain derivative contracts as a cash flow hedge as defined by GAAP. Accordingly, the Company formally documents, at the inception of each hedge, all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking hedge transactions. This process includes linking all derivatives to highly-probable forecasted transactions.

The Company formally assesses, at inception and on an ongoing basis, the effectiveness of hedges in offsetting changes in the cash flows of hedged items. Hedge accounting treatment may be discontinued when (1) it is determined that the derivative is no longer highly effective in offsetting changes in the cash flows of a hedged item (including hedged items for forecasted future transactions), (2) the derivative expires or is sold, terminated or exercised, (3) it is no longer probable that the forecasted transaction will occur or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate. If management elects to stop hedge accounting, it would be on a prospective basis and any hedges in place would be recognized in accumulated other comprehensive income (loss) until all the related forecasted transactions are completed or are probable of not occurring.

Recently Issued Accounting Pronouncements—In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740)” (“ASU 2023-09”). One of the amendments in ASU 2023-09 includes disclosure of, on an annual basis, a tabular rate reconciliation of (i) the reported income tax expense (or benefit) from continuing operations, to (ii) the product of the income (or loss) from continuing operations before income taxes and the applicable statutory federal income tax rate of the jurisdiction of domicile using specific categories, including separate disclosure for any reconciling items within certain categories that are equal to or greater than a specified quantitative threshold of 5%. ASU 2023-09 also requires disclosure of, on an annual basis, the year to date amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign jurisdictions, including additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received). We adopted ASU

2023-09 in the fourth quarter of 2025 and applied it prospectively, as disclosed in Note 8, Income Taxes. The adoption did not have an impact on our consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software. The ASU issued updated guidance on accounting for internal-use software, effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments modernize guidance to consider different methods of software development, updating the requirements for capitalization of software costs. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which amends Topic 326 to provide for a practical expedient for all entities and an accounting policy election for entities other than public business entities related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under FASB ASU 2016-10, Revenue from Contracts with Customers (Topic 606). All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. Entities should apply the new guidance prospectively. We are currently evaluating the potential impact of electing the practical expedient and do not expect it to have a material impact on our condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The ASU primarily requires companies to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The new guidance will be effective for the Company’s year ending December 31, 2027 and interim periods during the year ended December 31, 2028. Management is currently evaluating the impact of this guidance.

Reclassifications—Certain reclassifications have been made to prior period consolidated statements of cash flows to conform to current period presentation. These reclassifications have no effect on net cash flows.

2. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock.

The computations for basic and diluted earnings (loss) per share for the years ended December 31, 2025, 2024 and 2023 are as follows:


	2025		2024		2023

Net income	$	73,469	$	57,265	$	13,906

Weighted-average common shares outstanding — basic		66,869		67,085		66,469
Effect of stock options and restricted stock units		878		762		488

Weighted-average common shares outstanding — diluted		67,747		67,847		66,957

Basic earnings per share	$	1.10	$	0.85	$	0.21
Diluted earnings per share	$	1.08	$	0.84	$	0.21

For the years ended December 31, 2025, 2024 and 2023, 16 thousand, 57 thousand and 430 thousand, respectively, NQSOs and RSUs were excluded from the calculation of diluted earnings per share based on the application of the treasury stock method, as such NQSOs and RSUs were determined to be anti-dilutive.

3. PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2025 and 2024 are as follows:


	2025			2024

Land	$	9,348		$	9,348
Buildings and improvements		1,315			1,315
Furniture and fixtures		24,078			21,197
Operating equipment		1,068,285			922,402
Construction in progress		240,894			264,525
Total property and equipment		1,343,920			1,218,787
Accumulated depreciation		(540,631	)		(515,535	)
Property and equipment—net	$	803,289		$	703,252

Operating equipment of $100 was classified as held for sale, excluded from property and equipment, as of December 31, 2025. Other gains in the consolidated statement of operations for the year ended December 31, 2025 include $2.3 million of gains related to the retirement of assets which were classified as held for sale as of December 31, 2024. The Company had no assets classified as held for sale as of December 31, 2024.

Depreciation expense was $43.4 million, $42.7 million and $42.5 million, for the years ended December 31, 2025, 2024 and 2023, respectively.

4. LEASES

The Company leases certain operating equipment and office facilities under long-term operating leases expiring at various dates through 2030. Leases with an initial term greater than twelve months are recorded on the Company’s balance sheet as an operating or finance lease asset and operating or finance lease liability. Operating leases are included in operating lease assets, operating lease liabilities, and operating lease liabilities noncurrent in the Company's consolidated balance sheets. Finance leases are included in other assets, lease liabilities, and other in the Company's consolidated balance sheets and are measured at the present value of lease payments over the lease term. Substantially all of the Company’s leases are classified as operating leases. Leases with an initial term of twelve months or less with purchase options or extension options that are not reasonably certain to be exercised are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term.

The equipment leases contain renewal or purchase options that specify prices at the then fair value upon the expiration of the lease terms. The leases also contain default provisions that are triggered by an acceleration of debt maturity under the terms of the Company’s ABL Credit Agreement, or, in certain instances, cross default to other equipment leases and certain lease arrangements require that the Company maintain certain financial ratios comparable to those required by its ABL Credit Agreement. Additionally, the leases typically contain provisions whereby the Company indemnifies the lessors for the tax treatment attributable to such leases based on the tax rules in place at lease inception. The tax indemnifications do not have a contractual dollar limit. To date, no lessors have asserted any claims against the Company under these tax indemnification provisions.

The exercise of lease renewal options is at the Company’s sole discretion and is considered in the measurement of operating lease assets and operating lease liabilities when it is reasonably certain the Company will exercise the option. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

On November 1, 2023, the Company entered into a purchase agreement to sell certain vessels (the “Property”) for gross cash proceeds of $29.5 million. Concurrent with the sale of these certain vessels, the Company entered into a seven-year lease at an annual rental rate of approximately $4.2 million. The Company determined that the transactions represented a sale and leaseback and, accordingly, established new operating lease right of use assets and operating lease liabilities. The lease did not include an implicit rate of return; therefore, the Company used an incremental borrowing rate. Under the leaseback agreement, the Company has the option to i) purchase the Property after six years with an early buyout option; ii) purchase the Property at the end of the lease at the then fair value; iii) renew the lease at the then fair market value or iv) return the Property to the purchaser.

Lease costs

The Company’s lease costs are recorded in costs of contract revenues and general and administrative expenses. For the years ended December 31, 2025, 2024 and 2023, respectively, lease costs are as follows:

Lease terms and commitments


	2025		2024		2023
Operating lease costs	$	50,586	$	34,663	$	29,945
Finance lease costs
Amortization of finance lease assets		1,793		1,792		95
Interest expense on lease liabilities		250		380		24
Short-term lease costs		53,329		61,139		68,119
Total lease cost	$	105,958	$	97,974	$	98,183

As recorded on the balance sheet, the Company’s maturity analysis of its operating lease liabilities as of December 31, 2025 is as follows:


	Operating			Finance
2026	$	25,134		$	1,960
2027		20,469			422
2028		15,509			56
2029		12,041			—
2030		8,365			—
Thereafter		6,434			—
Minimum lease payments		87,952			2,438
Imputed interest		(10,249	)		(204	)
Present value of minimum lease liabilities	$	77,703		$	2,234

As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Additional information related to the Company’s leases as of December 31, 2025, 2024 and 2023 respectively, is as follows:


	2025			2024			2023
Operating
Weighted average remaining lease term (years)		3.9			3.2			4.5
Weighted average discount rate		6.5	%		6.5	%		5.6	%
Finance
Weighted average remaining lease term (years)		1.4			2.3			3.3
Weighted average discount rate		7.9	%		7.9	%		7.9	%

Supplemental balance sheet information related to finance leases as of December 31, 2025 and 2024 respectively, is as follows:


	2025			2024
Finance lease assets:
Other noncurrent assets	$	5,752		$	6,020
Accumulated depreciation		(3,680	)		(1,887	)
Total other noncurrent assets	$	2,072		$	4,133

Finance lease liabilities:
Accrued expenses		1,787			1,829
Other noncurrent liabilities		447			2,465
Total finance lease liabilities	$	2,234		$	4,294

Supplemental cash flow information related to leases during the years ended December 31, 2025, 2024 and 2023 respectively, is as follows:


	2025			2024			2023
Operating cash flows from operating leases	$	(50,353	)	$	(31,970	)	$	(29,016	)
Operating cash flows from finance leases		250			(380	)		(24	)
Financing cash flows from finance leases		(2,025	)		(1,643	)		(84	)
Lease liabilities arising from obtaining new operating lease assets		30,417			39,539			24,808
Lease liabilities arising from obtaining new finance lease assets		(284	)		2,264			3,757

5. ACCRUED EXPENSES

Accrued expenses at December 31, 2025 and 2024 were as follows:


	2025		2024

Payroll and employee benefits	$	24,209	$	20,140
Insurance		13,854		13,832
Interest		1,570		1,783
Fuel hedge contracts		1,256		1,065
Income and other taxes		2,141		2,130
Finance lease liabilities		1,787		1,829
Contract reserves		3,858		148
Other		791		713
Total accrued expenses	$	49,466	$	41,640

6. LONG-TERM DEBT

Long-term debt at December 31, 2025 and 2024 were as follows:


	2025		2024
Revolving credit facility	$	55,000	$	35,000
Second lien credit agreement		—		90,597
2029 Notes		323,169		322,619
Total	$	378,169	$	448,216

Second lien credit agreement

On April 24, 2024, the Company, Great Lakes Dredge & Dock Company, LLC, NASDI Holdings, LLC, Great Lakes Environmental & Infrastructure Solutions, LLC, Great Lakes U.S. Fleet Management, LLC, and Drews Services LLC (collectively, the “Credit Parties”) entered into a $150.0 million second lien credit agreement (as amended, supplemented or otherwise modified from time to time, the “Second Lien Credit Agreement”) with Guggenheim Corporate Funding, LLC, on behalf of one or more clients, as the lender, and Guggenheim Credit Services, LLC as Administrative Agent, Collateral Agent and Lead Arranger (“GCS”). On October 24, 2025, the Company utilized its revolver to fully repay and terminate the Second Lien Credit Agreement. As part of the repayment the Company incurred a loss on extinguishment due to the expensing of the remaining outstanding deferred debt issuance costs of $7.7 million and the payment of the call premium of $3.1 million, inclusive of fees.

Credit agreement

On April 24, 2024, the Credit Parties, PNC Bank, National Association (“PNC”), as agent for the lenders, and certain financial institutions party thereto entered into an amendment to the ABL Credit Agreement described below (the “ABL Amendment”). The ABL Amendment (w) eliminates the Company’s ability to increase the commitments under the senior secured revolving credit facility (x) modifies the pricing of loans and undrawn commitments as summarized below and (y) makes certain other customary changes in connection with the Credit Parties’ entry into the Second Lien Credit Agreement. The Company has availability of up to $200.0 million for the issuance of letters of credit under the ABL Amendment.

The ABL Amendment modifies the Applicable Margin for Advances (each as defined in the ABL Amendment) as follows: (i) following the ABL Amendment closing date through and including the date immediately prior to the date on which the Borrowing Base Certificate is required to be delivered for most recently completed fiscal quarter (commencing with the fiscal quarter ending on September 30, 2024) (the “Adjustment Date”), (a) the Applicable Margin for Domestic Rate Loans Advances is 1.50% and (b) the Applicable Margins for Term SOFR Rate Loans Advances is 2.50%, (ii) beginning as of the Adjustment Date, to the extent the quarterly average undrawn availability for the prior fiscal quarter is (x) greater than 66.7% of the Maximum Revolving Advance Amount, (a) the Applicable Margin for Domestic Rate Loans Advances is 1.25% and (b) the Applicable Margins for Term SOFR Rate Loans Advances is 2.25%; (y) to the extent the quarterly average undrawn availability for the prior fiscal quarter is less than or equal to 66.7% of the Maximum Revolving Advance Amount but greater than 33.3%, (a) the Applicable Margin for Domestic Rate Loans Advances is 1.50% and (b) the Applicable Margins for Term SOFR Rate Loans Advances is 2.50%; and (z) to the extent the quarterly average undrawn availability for the prior fiscal quarter is less than or equal to 33.3% of the Maximum Revolving Advance Amount, (a) Applicable Margin for Domestic Rate Loans Advances is 1.75% and (b) the Applicable Margin for Term SOFR Rate Loans Advances is 2.75%. Additionally, the Company has an option to borrow at Green Loan Advance Rates, each of which will be 0.05% lower than the corresponding applicable rate if the Company certifies that it will use such proceeds to invest in renewable energy and clean transportation projects and it complies with green loan principles.

On May 2, 2025, the Credit Parties, PNC, as agent for the lenders, and certain financial institutions party thereto entered into an amendment to the ABL Credit Agreement (the “ABL Second Amendment”). The ABL Second Amendment increased the aggregate principal amount of the Company’s senior secured revolving credit facility from $300.0 million to $330.0 million, with all other material terms remaining unchanged. The Company incurred approximately $0.6 million in debt issuance costs associated with entering into the ABL Second Amendment. These costs will be amortized over the remaining life of the facility.

On October 24, 2025 the Credit Parties, PNC, as agent for the lenders, and certain financial institutions party thereto entered into an amendment to the ABL Credit Agreement (the “ABL Third Amendment”), increasing the aggregate principal amount of the Company’s senior secured revolving credit facility from $330.0 million to $430.0 million and extending its maturity to the earlier of October 24, 2030 or the date that is ninety-one (91) days prior to the scheduled maturity date of the Company’s unsecured senior notes, which is currently June 1, 2029, if the Company fails to refinance its unsecured senior notes prior to their scheduled maturity date but only if such scheduled maturity date is prior to the maturity date of the ABL Credit Agreement.

On July 29, 2022, the Credit Parties entered into a second amended and restated revolving credit and security agreement (as amended by the ABL Amendment, the ABL Second Amendment and the ABL Third Amendment (together, the “Amendments”), and as may be further amended, supplemented or otherwise modified from time to time, the “ABL Credit Agreement”) with certain financial institutions from time to time party thereto as lenders, PNC Bank, National Association, as Agent (the “Agent”), PNC Capital Markets, CIBC Bank USA, Bank of America, N.A. and Truist Securities, Inc., as Joint Lead Arrangers and Joint Bookrunners, CIBC Bank USA and Truist Bank as Co-Syndication Agents, Bank of America, N.A., as Documentation Agent and PNC Bank National Association, as Green Loan Coordinator. The ABL Credit Agreement amended and restated the prior ABL Credit Agreement dated as of May 3, 2019 by and among the financial institutions from time to time party thereto as lenders, the Agent and the Credit Parties party thereto such that the terms and conditions of the prior credit agreement had been subsumed and replaced in their entirety by the terms and conditions of the ABL Credit Agreement, including the amount available under the revolving credit facility. The terms of the ABL Credit Agreement, other than as set forth in the Amendments above, are summarized below.

The maximum borrowing capacity under the ABL Credit Agreement is determined by a formula and may fluctuate depending on the value of the collateral included in such formula at the time of determination.

The ABL Credit Agreement contains a green loan option where the Company can borrow at the lower interest rates described below so long as such funds are used to fund capital investments related to renewable energy and clean transportation projects and are consistent with green loan principles. The green loan option is subject to a $35.0 million sublimit.

The ABL Credit Agreement contains customary representations and affirmative and negative covenants, including a springing financial covenant that requires the Credit Parties to maintain a fixed charge coverage ratio (ratio of earnings before income taxes, depreciation and amortization, net interest expenses, non-cash charges and losses and certain other non-recurring charges, minus capital expenditures, income and franchise taxes, to net cash interest expense plus scheduled cash principal payments with respect to debt plus restricted payments paid in cash) of not less than 1.10 to 1.00. The springing financial covenant is triggered when the undrawn availability of the ABL Credit Agreement is less than 12.5% of the maximum loan amount for five consecutive days. The ABL Credit Agreement also contains customary events of default (including non-payment of principal or interest on any material debt and breaches of covenants) as well as events of default relating to certain actions by the Company’s surety bonding providers. The obligations of the Credit Parties under the ABL Credit Agreement are unconditionally guaranteed, on a joint and several basis, by each existing and subsequently acquired or formed material direct and indirect domestic subsidiary of the Company. Borrowings under the ABL Credit Agreement will be used to pay fees and expenses related to the ABL Credit Agreement, finance acquisitions permitted

under the ABL Credit Agreement, finance ongoing working capital, for other general corporate purposes, and with respect to any green loan, fund capital investments related to renewable energy and clean transportation projects.

The obligations under the ABL Credit Agreement are secured by substantially all of the assets of the Credit Parties. The outstanding obligations thereunder shall be secured by a valid first priority perfected lien on substantially all of the U.S. flagged and located vessels of the Credit Parties and a valid perfected lien on all domestic accounts receivable and substantially all other assets of the Credit Parties, subject to the permitted liens and interests of other parties (including the Company’s surety bonding providers).

The Company had $55.0 million and $35.0 million borrowings on the revolver as of December 31, 2025 and 2024, respectively. There were $57.9 million and $43.5 million of letters of credit outstanding as of December 31, 2025 and 2024, respectively. The Company had $316.7 million and $221.2 million of net availability under the ABL Amendment as of December 31, 2025 and 2024, respectively. The availability under the ABL Amendment was suppressed by $0.4 million and $0.3 million as of December 31, 2025 and 2024, respectively, as a result of certain limitations of borrowing related to reserves and compliance with the Company's obligations set forth in the ABL Credit Agreement or the prior credit agreement. Based on the aforementioned variable interest rate components, the weighted average interest rate on the revolver borrowings is 5.71% and 6.70% as of December 31, 2025 and 2024, respectively.

Senior notes and subsidiary guarantors

In May 2021, the Company sold $325.0 million of unsecured 5.25% Senior Notes (the “2029 Notes”) pursuant to a private offering. The 2029 Notes were priced to investors at par and will mature on June 1, 2029. The Company used the net proceeds from the offering, together with cash on hand, to redeem all $325.0 million aggregate principal amount of its outstanding 8.00% Senior Notes due 2022.

The Company’s obligations under these 2029 Notes are guaranteed by each of the Company’s existing and future 100% owned domestic subsidiaries that are co-borrowers or guarantors under the ABL Credit Agreement. Such guarantees are full, unconditional and joint and several. The parent company issuer has no independent assets or operations and all non-guarantor subsidiaries have been determined to be minor.

The weighted average interest rate on the Company’s total outstanding borrowings, after adjusting for the effects of interest rate swaps, was 5.37%, and 6.77% as of December 31, 2025 and 2024, respectively.

Other

The scheduled principal payments through the maturity date of the Company’s long-term debt at December 31, 2025, are as follows:


Years Ending December 31,
2026	$	—
2027		—
2028		—
2029		380,000
2030		—
Thereafter		—
Total	$	380,000

The Company incurred amortization of deferred financing fees for its long-term debt of $3.1 million, $2.6 million and $1.0 million for each of the years ended December 31, 2025, 2024 and 2023. Such amortization is recorded as a component of net interest expense.

7. FAIR VALUE MEASUREMENTS

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy has been established by GAAP that requires an entity to maximize the use of observable

inputs and minimize the use of unobservable inputs when measuring fair value. The accounting guidance describes three levels of inputs that may be used to measure fair value:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company is exposed to counterparty credit risk associated with non-performance of its various derivative instruments. The Company’s risk would be limited to any unrealized gains on current positions. To help mitigate this risk, the Company transacts only with counterparties that are rated as investment grade or higher. In addition, all counterparties are monitored on a continuous basis.

The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. At times, the Company holds certain derivative contracts that it uses to manage foreign currency risk or commodity price risk. The Company does not hold or issue derivatives for speculative or trading purposes. The fair values of these financial instruments are summarized as follows:


		Fair Value at
	Fair Value
	Hierarchy	December 31, 2025				December 31, 2024
	Levels	Assets		Liabilities		Assets		Liabilities
Derivatives designated as cash flow hedging instruments:
Fuel hedge contracts	2	$	82	$	1,256	$	—	$	1,065
Interest rate swaps	2		—		116		217		—
Total derivatives		$	82	$	1,372	$	217	$	1,065

Fuel hedge contracts

The Company is exposed to certain market risks, primarily commodity price risk as it relates to the diesel fuel purchase requirements, which occur in the normal course of business. The Company enters into heating oil commodity swap contracts to hedge the risk that fluctuations in diesel fuel prices will have an adverse impact on cash flows associated with its domestic dredging contracts. The Company’s goal is to hedge approximately 80% of the eligible fuel requirements for work in domestic dredging backlog.

As of December 31, 2025, the Company was party to various swap arrangements to hedge the price of a portion of its diesel fuel purchase requirements for work in its backlog to be performed through May 2027. As of December 31, 2025, there were 14.4 million gallons remaining on these contracts representing forecasted domestic fuel purchases through May 2027. Under these swap agreements, the Company will pay fixed prices ranging from $2.03 to $2.47 per gallon.

At December 31, 2025 and 2024, the fair value liability of the fuel hedge contracts were estimated to be $1.3 million and $1.1 million, respectively, and is recorded in accrued expenses. For fuel hedge contracts considered to be highly effective, the losses reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the year ended December 31, 2025 were $0.1 million. The remaining gains and losses included in the accumulated other comprehensive income (loss) at December 31, 2025 will be reclassified into earnings over the next twelve months, corresponding to the period during which the hedged fuel is expected to be utilized. Changes in the fair value of fuel hedge contracts not considered highly effective are recorded as costs of contract revenues in the Statement of Operations. The fair value of fuel hedges are corroborated using inputs that are readily observable in public markets; therefore, the Company determines fair values of these fuel hedges using Level 2 inputs.

Interest rate swaps

The Company is exposed to certain market risks, including interest rate risks related to the floating interest rates on its variable rate debt. The Company has entered into interest rate swaps to convert a portion of its variable rate debt into fixed-rate debt and hedge the risk that fluctuations in interest rates could have an adverse impact on net interest expense.

As of December 31, 2025, the Company was party to one interest rate swap with a total notional value of $50 million effective August 5, 2024 and a maturity date of August 24, 2026. Under this interest rate swap, the Company will pay a fixed rate of 3.88% on

the notional amount and receive payments from the counterparty based on the 30-day SOFR rate, effectively modifying the Company’s exposure to interest rate risk by converting a portion of its floating-rate debt to a fixed interest rate of 6.13%.

As of December 31, 2025 the fair value liability of the Company’s interest rate swap was $116 and is recorded in accrued expenses in the consolidated balance sheets. For interest rate swaps considered to be highly effective, the gains reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the year ended December 31, 2025 were $166. The remaining gains and losses included in accumulated other comprehensive loss at December 31, 2025 will be reclassified into earnings over the next eight months, corresponding to the period during which the interest rate swap is expected to be utilized. Changes in the fair value of interest rate swaps not considered highly effective are recorded as interest expense in the consolidated statements of operations. The fair values of interest rate swaps are corroborated using inputs that are readily observable in public markets; therefore, the Company determines the fair value of these interest rate swaps using Level 2 inputs.

Assets and liabilities measured at fair value on a nonrecurring basis

All other nonfinancial assets and liabilities measured at fair value in the financial statements on a nonrecurring basis are subject to fair value measurements and disclosures. Nonfinancial assets and liabilities included in the consolidated balance sheets and measured on a nonrecurring basis consist of goodwill and long-lived assets. Goodwill and long-lived assets are measured at fair value to test for and measure impairment, if any, at least annually for goodwill or when necessary for both goodwill and long-lived assets.

Accumulated other comprehensive income

Changes in the components of the accumulated balances of other comprehensive income are as follows:


	2025			2024
Derivatives:
Fuel Hedge Contracts
Reclassification of derivative losses to earnings—net of tax	$	144		$	1,593
Change in fair value of derivatives—net of tax		(226	)		(208	)
Net change in cash flow derivative fuel hedges—net of tax	$	(82	)	$	1,385

Foreign Currency Exchange Hedge Contracts
Reclassification of derivative losses to earnings—net of tax	$	—		$	208
Change in fair value of derivatives—net of tax		—			(705	)
Net change in cash flow derivative foreign currency hedges—net of tax	$	—		$	(497	)

Interest Rate Swaps
Reclassification of derivative gains to earnings—net of tax	$	(166	)	$	(233	)
Change in fair value of derivatives—net of tax		(83	)		395
Net change in cash flow derivative foreign currency hedges—net of tax	$	(249	)	$	162
Total net change in cash flow derivative hedges - net of tax	$	(331	)	$	1,050

Adjustments reclassified from accumulated balances of other comprehensive income to earnings are as follows:


	Statement of Operations Location	2025			2024
Derivatives:
Fuel hedge contracts	Costs of contract revenues	$	192		$	2,132
Foreign currency exchange hedge contracts	Other income		—			278
Interest rate swaps	Interest expense—net		(222	)		(312	)
	Income tax (expense) benefit		(8	)		530
		$	(22	)	$	1,568

Other financial instruments

The carrying value of financial instruments included in current assets and current liabilities approximates fair value due to the short-term maturities of these instruments. Based on timing of the cash flows and comparison to current market interest rates, the carrying values of the ABL Amendment approximate fair value at December 31, 2025. In May 2021, the Company sold $325.0 million of the 2029 Notes pursuant to a private offering, which were outstanding at December 31, 2022 (See Note 6, Long-Term Debt). The 2029 Notes were priced to investors at par and will mature on June 1, 2029. The 2029 Notes are senior unsecured obligations of the Company and its subsidiaries that guarantee the 2029 Notes. The fair value of the 2029 Notes was $317.0 million at December 31, 2025, which is a Level 1 fair value measurement as the senior notes value was obtained using quoted prices in active markets. It is impracticable to determine the fair value of outstanding letters of credit or performance, bid and payment bonds due to uncertainties as to the amount and timing of future obligations, if any.

8. INCOME TAXES

The Company’s income tax provision for the years ended December 31, 2025, 2024 and 2023 are as follows:


	2025		2024		2023
Income tax provision	$	26,851	$	18,120	$	4,406

The Company’s income before income tax from domestic and foreign operations for the years ended December 31, 2025, 2024 and 2023 are as follows:


	2025			2024			2023
Domestic operations	$	101,527			77,285		$	19,549
Foreign operations		(1,207	)		(1,900	)		(1,237	)
Total income before income taxes	$	100,320		$	75,385		$	18,312

The provision for income taxes as of December 31, 2025, 2024 and 2023 is as follows:


	2025		2024			2023
Federal:
Current	$	—	$	156		$	—
Deferred		21,617		15,814			3,292
State:
Current		1,587		1,780			422
Deferred		3,565		584			442
Foreign:
Current		82		(214	)		250
Deferred		—		—			—
Total	$	26,851	$	18,120		$	4,406

We adopted ASU 2023-09 “Income Taxes (Topic: 740): Improvements to Income Tax Disclosures” on a prospective basis beginning with the year ended December 31, 2025. The Company’s income tax provision reconciles to the provision at the statutory U.S. federal income tax rate of 21% for the years ended December 31, 2025, as follows:


	2025
	Amount			Percent
Tax provision at statutory U.S. federal income tax rate	$	21,067			21.0	%
State income tax — net of federal income tax benefit (1)		4,819			4.8
Foreign tax effects		65			0.1
Tax credits		(719	)		(0.7	)
Nontaxable or nondeductible items
Nondeductible officer compensation		1,308			1.3
Other		311			0.3
Income tax provision	$	26,851			26.8	%

(1) State taxes in Texas and New Jersey made up the majority of the tax effect in this category.

The Company’s income tax provision reconciles to the provision at the statutory U.S. federal income tax rate of 21% for the years ended December 31, 2024 and 2023, as follows:


	2024			2023
Tax provision at statutory U.S. federal income tax rate		15,831			3,846
State income tax — net of federal income tax benefit		1,990			774
Research and development tax credits		(600	)		(796	)
Nondeductible officer compensation		894			178
Stock based compensation		132			315
Other		(127	)		89
Income tax provision	$	18,120		$	4,406

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, which, among other things, includes a broad range of tax reform provisions that may affect the Company's financial results. The OBBBA allows an elective deduction for domestic research and development, permanent reinstatement of bonus depreciation on qualified property and modifications to the calculation for excess business interest expense limitation under §163(j) to the current tax estimate, among other provisions. The OBBBA includes multiple effective dates, with certain provisions effective in 2025 and other phased in through 2027. There were no material impacts of the OBBBA on the Company’s tax provision for 2025. The future impacts of the tax related provisions in the OBBBA will depend on our facts in each year and anticipated guidance from the U.S. Department of the Treasury.

At December 31, 2025 and 2024, the Company had loss carryforwards for federal income tax purposes of $6.5 million and $2.9 million, respectively. The loss carryforwards at December 31, 2025 may be carried forward indefinitely. The Company also has indefinite life carryforwards as a result of interest limitations. Starting in 2022, the Company has research costs attributable to research and development that are currently expensed but are required to be capitalized for U.S. tax purposes and amortized primarily over 5 or 15 years.

At December 31, 2025 and 2024, the Company had gross net operating loss carryforwards for state income tax purposes totaling $173.2 million and $184.5 million, respectively, which expire between 2030 and 2045. The Company has established a valuation allowance that was $5.5 million and $7.3 million as of December 31, 2025 and 2024, respectively. The Company believes that the remaining net operating losses, net of the valuation allowance, will be fully utilized in future periods.

The Company also has no foreign gross net operating loss carryforwards as of December 31, 2025 and 2024, respectively

The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2025, 2024 and 2023 the Company had no interest and penalties recorded.

The Organisation for Economic Co-operation and Development has proposed a global minimum tax of 15% of reported profits (“Pillar 2”) that has been agreed upon in principle by over 140 countries. During 2023, many countries took steps to incorporate Pillar 2 model rule concepts into their domestic laws. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar 2 slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar 2. The Company will continue to analyze the law to determine potential impacts. At this time, the Company does not expect the Pillar 2 legislation to have a material impact on its consolidated financial statements.

The Company files income tax returns at the U.S. federal level and in various state and foreign jurisdictions. U.S. federal income tax years prior to 2022 are closed and no longer subject to examination. With few exceptions, the statute of limitations in state taxing jurisdictions in which the Company operates has expired for all years prior to 2021. In foreign jurisdictions in which the Company operates, years prior to 2021 are closed and are no longer subject to examination.

The Company’s deferred tax assets (liabilities) at December 31, 2025 and 2024 are as follows:


	2025			2024
Deferred tax assets:
Operating lease assets	$	20,184		$	25,753
Accrued liabilities		8,920			5,030
Federal NOLs and interest limitations		1,371			4,364
State NOLs		8,105			10,216
Research costs		—			7,681
Tax credit carryforwards		6,011			5,292
Valuation allowance		(5,489	)		(7,315	)
Total deferred tax assets		39,102			51,021

Deferred tax liabilities:
Depreciation and amortization		(123,377	)		(104,643	)
Operating lease liabilities		(19,780	)		(25,308	)
Other liabilities		—			(55	)
Total deferred tax liabilities		(143,157	)		(130,006	)
Net noncurrent deferred tax liabilities	$	(104,055	)	$	(78,985	)

Deferred tax assets relate primarily to reserves and other liabilities for costs and expenses not currently deductible for tax purposes as well as net operating loss and other carryforwards. Deferred tax liabilities relate primarily to the cumulative difference between book depreciation and amounts deducted for tax purposes. The Company evaluates its ability to realize deferred tax assets by considering all available positive and negative evidence. This evidence includes its cumulative earnings or losses in recent years. The Company further considers the impact on these cumulative earnings or losses of discontinued operations and other divested operations and joint ventures, restructuring charges and other nonrecurring adjustments that are not indicative of its ability to generate taxable income in future periods. The Company also considers sources of taxable income, such as the amount and timing of realization of its deferred tax liabilities relative to the timing of expiration of loss carryforwards. When it is estimated to be more likely than not that all or some portion of deferred tax assets will not be realized, the Company establishes a valuation allowance for the amount of such deferred tax assets considered to be unrealizable. After evaluating the positive and negative evidence for future realization of deferred tax assets, the Company recorded valuation allowances for certain state net operating loss carryforwards to reduce the balance of these deferred tax assets at December 31, 2025 and 2024 as it was more likely than not that the balance of these tax items would not be realized. By contrast, after evaluating the positive and negative evidence, the Company concluded that it was more likely than not that the deferred federal income tax asset and remaining state net operating loss carryforwards recorded at December 31, 2025 and 2024 would ultimately be realized and determined that no valuation allowance was required.

We adopted ASU 2023-09 on a prospective basis for the year ended December 31, 2025 and have included the following table as a result of our adoption, which represents income taxes paid, net of refunds received, for the year ended December 31, 2025:


	2025
Income taxes paid, net of refunds
Federal	$	575
State
New Jersey		550
Texas		527
Florida		215
New York		155
Virginia		127
Other States		20
Total	$	2,169

Below is a summary of income taxes paid for years ended December 31, 2024 and 2023:


	2024		2023
Income taxes paid, net of refunds		2,489		132

9. SHARE-BASED COMPENSATION

On May 5, 2021, the Company’s stockholders approved the Great Lakes Dredge & Dock Corporation 2021 Long-Term Incentive Plan (the “Incentive Plan”), which previously had been approved by the Company’s board of directors subject to stockholder approval. The Incentive Plan replaces the 2017 Long-Term Incentive Plan (the “Prior Plan”) and is largely based on the Prior Plan, but with updates to the available shares and other administrative changes. The Incentive Plan permits the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to the Company’s employees and directors for up to 1.5 million shares of common stock, plus the number of shares that remained available for future grant under the Prior Plan as of the effectiveness of the Incentive Plan. The Company may also issue share-based compensation as inducement awards to new employees upon approval of the board of directors and/or the applicable committee or committees thereof, as may be required.

Compensation cost charged to expense related to share-based compensation arrangements was $11.5 million, $8.6 million and $6.3 million, for the years ended December 31, 2025, 2024 and 2023, respectively.

Non-qualified stock options

The NQSO awards were granted with an exercise price equal to the market price of the Company’s common stock at the date of grant. The option awards generally vest in three equal annual installments commencing on the first anniversary of the grant date, and have ten year exercise periods.

The fair value of the NQSOs was determined at the grant date using a Black-Scholes option pricing model, which requires the Company to make several assumptions. The risk-free interest rate is based on the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. The annual dividend yield on the Company’s common stock is based on estimates of future dividends during the expected term of the NQSOs. The expected life of the NQSOs was determined from historical exercise data providing a reasonable basis upon which to estimate the expected life. The volatility assumptions were based on historical volatility of Great Lakes. There is not an active market for options on the Company’s common stock and, as such, implied volatility for the Company’s stock was not considered. Additionally, the Company’s general policy is to issue new shares of registered common stock to satisfy stock option exercises or grants of restricted stock. No NQSO awards were granted in 2025, 2024 and 2023. The aggregate intrinsic value of stock options represents the difference between market value on the date of exercise and the option price. No stock options were exercised during 2025. The aggregate intrinsic value of stock options exercised during 2024 was $0.1 million. No stock options were exercised during 2023.

There were no outstanding stock options or activity under the Incentive Plan as of December 31, 2025, and during the year ended December 31, 2025.

Restricted stock units

RSUs primarily vest in equal portions over the three-year vesting period. The fair value of RSUs was based upon the Company’s stock price on the date of grant. A summary of the status of the Company’s non-vested RSUs as of December 31, 2025, and changes during the year ended December 31, 2025, is presented below:


Non-vested Restricted Stock Units	Shares			Weighted-Average Grant-Date Fair Value
Outstanding as of January 1, 2025		1,646		$	9.52
Granted		1,019			11.50
Vested		(848	)		9.83
Forfeited		(33	)		9.52
Outstanding as of December 31, 2025		1,784		$	10.47

Expected to vest at December 31, 2025		1,908		$	10.53

As of December 31, 2025, there was $11.5 million of total unrecognized compensation cost related to non-vested RSUs granted under the Incentive Plan. That cost for non-vested RSUs is expected to be recognized over a weighted-average period of 2.0 years.

The Incentive Plan permits the employee to use vested shares from RSUs to satisfy the grantee’s U.S. federal income tax liability resulting from the issuance of the shares through the Company’s retention of that number of common shares having a market value as of the vesting date equal to such tax obligation up to the minimum statutory withholding requirements. The amount related to shares used for such tax withholding obligations was approximately $1.8 million, $2.5 million and $0.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Director compensation

The Company uses a combination of cash and share-based compensation to attract and retain qualified candidates to serve on its board of directors. Compensation is paid to non-employee directors. Directors who are employees receive no additional compensation for services as members of the board of directors or any of its committees. Share-based compensation is paid pursuant to the Incentive Plan. Each non-employee director of the Company receives an annual retainer of $176, payable quarterly in arrears, and is generally paid 45% in cash and 55% in common stock or deferred restricted stock units of the Company. Directors may elect to receive some or all of the cash retainer in common stock or deferred restricted stock units. In 2025, the Chairman of the Board of Directors received an additional $100 of annual compensation, paid 100% in common stock.

In the years ended December 31, 2025, 2024 and 2023, 21 thousand, 37 thousand and 56 thousand shares, respectively, of the Company’s common stock or restricted stock units were issued to non-employee directors under the Incentive Plan.

10. REVENUE

The Company’s revenue is derived from contracts for services with federal, state, local and foreign governmental entities and private customers. Revenues are generally derived from the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock.

Performance obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account upon which the Company’s revenue is calculated. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue as the performance obligation is satisfied. Fixed-price contracts, which comprise substantially all of the Company’s revenue, will most often represent a single performance obligation as the promise to transfer the individual services is not separately identifiable from other promises in the contracts and, therefore, not distinct.

The Company’s performance obligations are satisfied over time and revenue is recognized using contract fulfillment costs incurred to date compared to total estimated costs at completion, also known as cost-to-cost, to measure progress towards completion. As the Company’s performance creates an asset that the customer controls, this method provides a faithful depiction of the transfer of an asset to the customer. Generally, the Company has an enforceable right to payment for performance completed to date.

The majority of the Company’s contracts are completed in a year or less. At December 31, 2025, the Company had $763.2 million of remaining performance obligations, which the Company refers to as total dredging backlog. Total dredging backlog does not include $124.8 million of performance obligations related to offshore energy contracts. The Company expects to perform on its offshore energy contracts using the inclined fall-pipe vessel for subsea rock installation which is expected to be delivered and operational in the 2026. We anticipate that approximately 90% of the Company’s dredging backlog and 40% of the Company’s offshore energy backlog will be completed in 2026 with the remaining to be completed in 2027.

Transaction price

The transaction price is calculated using the Company’s estimated costs to complete a project plus a profit margin. These costs are based on the types of equipment required to perform the specified service, project site conditions, the estimated project duration, seasonality, location and complexity of a project.

The nature of the Company’s contracts gives rise to several types of variable consideration, including pay on quantity dredged for dredging projects and dredging project contract modifications. Estimated pay quantity is the amount of material the Company expects to dredge for which it will receive payment. Estimated quantity to be dredged is calculated using engineering estimates based on current survey data and the Company’s knowledge based on historical project experience.

Revenue by category

Domestically, the Company’s work generally is performed in coastal waterways and deep-water ports. The U.S. dredging market consists of four primary types of work: capital, coastal protection and maintenance. Foreign projects typically involve capital work.

The following table sets forth, by type of work, the Company’s contract revenues for the years ended December 31, 2025, 2024 and 2023:


Revenues	2025		2024		2023
Capital	$	441,056	$	348,085	$	186,715
Coastal protection		281,598		253,360		196,343
Maintenance		135,394		161,248		203,904
Total dredging revenues		858,048		762,693		586,962
Offshore energy		30,229		—		2,663
Total revenues	$	888,277	$	762,693	$	589,625

The following table sets forth, by type of customer, the Company’s contract revenues for the years ended December 31, 2025, 2024 and 2023:


Revenues	2025		2024		2023
Federal government	$	422,541	$	430,980	$	438,790
State and local government		115,841		154,427		129,583
Private		319,666		177,286		18,589
Total dredging revenues		858,048		762,693		586,962
Offshore energy - private		30,229		—		2,663
Total revenues	$	888,277	$	762,693	$	589,625

Contract balances

Billings on contracts are generally submitted after verification with the customers of physical progress and are recognized as accounts receivable in the balance sheet. For billings that do not match the timing of revenue recognition, the difference between amounts billed and recognized as revenue is reflected in the balance sheet as either contract revenues in excess of billings or billings in excess of contract revenues. Certain pre-contract and pre-construction costs are capitalized and reflected as contract assets in the balance sheet. Customer advances, deposits and commissions are reflected in the balance sheet as contract liabilities.

Accounts receivable at December 31, 2025 and 2024 are as follows:


	2025			2024
Completed contracts	$	2,979		$	660
Contracts in progress		56,283			105,159
Retainage		11,271			12,575
		70,533			118,394
Allowance for credit losses		(364	)		(364	)

Total accounts receivable—net	$	70,169		$	118,030

The components of contracts in progress at December 31, 2025 and 2024 are as follows:


	2025			2024
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress	$	193,341		$	206,933
Amounts billed		(129,801	)		(153,208	)
Costs and earnings in excess of billings for contracts in progress		63,540			53,725
Costs and earnings in excess of billings for completed contracts		17,570			20,472
Total contract revenues in excess of billings	$	81,110		$	74,197

Current portion of contract revenues in excess of billings	$	81,110		$	74,197

Billings in excess of costs and earnings:
Amounts billed	$	(821,398	)	$	(303,810	)
Costs and earnings for contracts in progress		786,618			278,014
Total billings in excess of contract revenues	$	(34,780	)	$	(25,796	)

At December 31, 2025 and 2024, costs to fulfill contracts with customers recognized as other current assets were $8.6 million and $10.3 million, respectively. At December 31, 2025 and 2024, costs to fulfill contracts with customers recognized as other noncurrent assets were $2.4 million and $7.6 million, respectively. These costs relate to pre-contract and pre-construction activities. During the years ended December 31, 2025 and 2024 the company amortized pre-contract and pre-construction costs of $17.5 million and $21.9 million, respectively. The Company recognized $25.8 million in revenues during the year ended December 31, 2025 that was recorded as billings in excess of contract revenues as of December 31, 2024.

The Company’s largest domestic customer is the U.S. Army Corps of Engineers (the “Corps”), which has responsibility for federally funded projects related to navigation and flood control of U.S. waterways. In 2025, 2024 and 2023, 48%, 57% and 75%, respectively, of contract revenues were earned from contracts with federal government agencies, including the Corps, as well as other federal entities such as the U.S. Coast Guard and U.S. Navy. At December 31, 2025 and 2024, approximately 12% and 19% respectively, of accounts receivable, including contract revenues in excess of billings and retainage, were due on contracts with federal government agencies. The Company depends on its ability to continue to obtain federal government contracts, and indirectly, on the amount of federal funding for new and current government dredging projects. Therefore, the Company’s operations can be influenced by the level and timing of federal funding.

The Company derived revenues and gross loss from foreign project operations for the years ended December 31, 2025, 2024, and 2023, as follows:


	2025			2024			2023
Contract revenues	$	—		$	—		$	—
Costs of contract revenues		(1,179	)		(1,808	)		(1,142	)
Gross loss	$	(1,179	)	$	(1,808	)	$	(1,142	)

In 2023, foreign revenues were primarily from work done in the Middle East. The majority of the Company’s long-lived assets are marine vessels and related equipment. At any point in time, the Company may employ certain assets outside of the U.S., as needed, to perform work on the Company’s foreign projects. As of December 31, 2024 and 2023, long-lived assets located outside of the U.S had no net book value. Currently our assets outside of the U.S. do not include dredges. Revenue from foreign projects has been concentrated in the Middle East which comprised less than 1% of total contract revenues in 2025, 2024 and 2023. At December 31, 2025, there were no accounts receivable due on contracts in the Middle East.

11. RETIREMENT PLANS

The Company sponsors two 401(k) savings plans, one covering substantially all non-union salaried employees (“Salaried Plan”), a second covering its hourly employees (“Hourly Plan”). Under the Salaried Plan and the Hourly Plan, individual employees may contribute a percentage of compensation and the Company will match a portion of the employees’ contributions. The Salaried Plan also includes a discretionary profit-sharing component, permitting the Company to make discretionary employer contributions to all eligible employees of these plans. Additionally, the Company sponsors a Supplemental Savings Plan in which the Company makes contributions for certain key executives. The Company’s expense for matching, discretionary and Supplemental Savings Plan contributions for 2025, 2024 and 2023, was $7.1 million, $6.1 million and $4.8 million, respectively.

The Company also contributes to various multiemployer pension plans pursuant to collective bargaining agreements. In 2025, 2024 and 2023, the Company contributed $7.5 million, $5.3 million and $5.2 million respectively to all of the multiemployer plans that provide pension benefits. The information available to the Company about the multiemployer plans in which it participates, whether via request to the plan or publicly available, is generally dated due to the nature of the reporting cycle of multiemployer plans and legal requirements under the Employee Retirement Income Security Act (“ERISA”) as amended by the Multiemployer Pension Plan Amendments Act (“MPPAA”). Based upon these plans’ most recently available annual reports, the Company’s contributions to these plans were less than 5% of each plan’s total contributions.

The Company does not expect any future increased contributions to have a material negative impact on its financial position, results of operations or cash flows for future years. The risks of participating in multiemployer plans are different from single employer plans as assets contributed are available to provide benefits to employees of other employers and unfunded obligations from an employer that discontinues contributions are the responsibility of all remaining employers. In addition, in the event of a plan’s termination or the Company’s withdrawal from a plan, the Company may be liable for a portion of the plan’s unfunded vested benefits. However, information from the plans’ administrators is not available to permit the Company to determine its share, if any, of unfunded vested benefits.

12. COMMITMENTS AND CONTINGENCIES

Commercial commitments

Performance and bid bonds are customarily required for dredging and marine construction projects. The Company has bonding agreements with Argonaut Insurance Company, Liberty Mutual Insurance Company and Philadelphia Indemnity Insurance Company, (collectively, the “Sureties”) under which the Company can obtain performance, bid and payment bonds. The Company also currently has outstanding bonds with ACE Holdings, Travelers Casualty and Surety Company of America, Berkley Insurance Company and Zurich American Insurance Company. Bid bonds are generally obtained for a percentage of bid value and amounts outstanding typically range from $1.0 million to $10.0 million. At December 31, 2025, the Company had outstanding performance bonds with a notional amount of approximately $1.3 billion. The revenue value remaining in backlog related to the projects totaled approximately $554.4 million.

Certain foreign projects performed by the Company have warranty periods, typically spanning no more than one to three years beyond project completion, whereby the Company retains responsibility to maintain the project site to certain specifications during the warranty period. Generally, any potential liability of the Company is mitigated by insurance, shared responsibilities with consortium partners, and/or recourse to owner-provided specifications.

Legal proceedings and other contingencies

As is customary with negotiated contracts and modifications or claims to competitively bid contracts with the federal government, the government has the right to audit the books and records of the Company to ensure compliance with such contracts, modifications, or claims, and the applicable federal laws. The government has the ability to seek a price adjustment based on the results of such audit. Any such audits have not had, and are not expected to have, a material impact on the financial position, operations or cash flows of the Company.

Various legal actions, claims, assessments and other contingencies arising in the ordinary course of business are pending against the Company and certain of its subsidiaries. The Company will defend itself vigorously on all matters. These matters are subject to many uncertainties, and it is possible that some of these matters could ultimately be decided, resolved or settled adversely to the Company. Although the Company is subject to various claims and legal actions that arise in the ordinary course of business, the Company is not currently a party to any material legal proceedings or environmental claims. The Company records an accrual when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe any of these proceedings, individually or in the aggregate, would be expected to have a material effect on results of operations, cash flows or financial condition.

Lease obligations

The Company leases certain operating equipment and office facilities under long-term operating leases expiring at various dates through 2030. The equipment leases contain renewal or purchase options that specify prices at the then fair value upon the expiration of the lease terms. The leases also contain default provisions that are triggered by an acceleration of debt maturity under the terms of the Company’s ABL Credit Agreement, or, in certain instances, cross default to other equipment leases and certain lease arrangements require that the Company maintain certain financial ratios comparable to those required by its ABL Credit Agreement. Additionally, the leases typically contain provisions whereby the Company indemnifies the lessors for the tax treatment attributable to such leases based on the tax rules in place at lease inception. The tax indemnifications do not have a contractual dollar limit. To date, no lessors have asserted any claims against the Company under these tax indemnification provisions.

13. SEGMENT INFORMATION

The Company reports segment information based on the management approach which designates the internal reporting used by the Chief Operating Decision Maker (“CODM”), which is the Company’s Chief Executive Officer, for making decisions and assessing performance as the source of the Company’s reportable segments. The Company has determined it has one reportable segment: dredging.

As the Company operates in one reportable segment, the CODM is provided financial reports which include (i) a consolidated statement of operations, (ii) plant expenses (as defined below), (iii) a summary of contract revenues by work type and backlog by customer type, (iv) a consolidated balance sheet and (v) a contract analysis of revenues and margins by project. These financial reports assist the CODM in assessing the Company’s financial performance and in allocating resources appropriately.

The dredging segment provides dredging services, which generally involves the enhancement or preservation of the navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. The Company derives its revenue primarily in the United States and manages its business activities on a consolidated basis. The accounting policies of the dredging segment are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. The CODM uses net income and Adjusted EBITDA to evaluate income generated from segment assets in deciding whether to reinvest profits into the operating segment or into other parts of the entity. Net income and Adjusted EBITDA are used to monitor budgeted versus actual results and to assess performance of the segment.

Net income from the Company’s reportable segment is as follows:


	2025			2024
Contract revenues	$	888,277		$	762,693
Less:
Direct contract cost		502,597			449,748
Plant expenses excluding depreciation expense *		138,773			109,670
Depreciation expense		43,422			42,699
General and administrative expenses		77,970			70,769
Other (gains) losses		(2,273	)		(2,998	)
Interest expense		17,312			18,556
Loss on extinguishment of debt		10,822			—
Interest income		(561	)		(676	)
Other (income) expense		(105	)		(460	)
Income tax provision		26,851			18,120
Net income	$	73,469		$	57,265

* Consists of indirect expenses that are allocated to contracts, including, but not limited to: maintenance, supplies, wear and insurance.


Great Lakes Dredge & Dock Corporation
Schedule II—Valuation and Qualifying Accounts
For the Years Ended December 31, 2025, 2024 and 2023
(In thousands)

	Beginning Balance		Additions			Deductions		Ending balance
Description
Year ended December 31, 2023
Allowances deducted from assets to which they apply:
Allowances for doubtful accounts	$	564	$	—		$	200	$	364
Valuation allowance for deferred tax assets		6,012		546			—		6,558
Total	$	6,576	$	546		$	200	$	6,922

Year ended December 31, 2024
Allowances deducted from assets to which they apply:
Allowances for doubtful accounts	$	364	$	—		$	—	$	364
Valuation allowance for deferred tax assets		6,558		757			—		7,315
Total	$	6,922	$	757		$	—	$	7,679

Year ended December 31, 2025
Allowances deducted from assets to which they apply:
Allowances for doubtful accounts	$	364	$	—		$	—	$	364
Valuation allowance for deferred tax assets		7,315		(1,826	)		—		5,489
Total	$	7,679	$	(1,826	)	$	—	$	5,853

Part IV

Item 15. Exhibits, Financial Statement Schedules.

(a) Documents filed as part of this report

1. Financial Statements

The financial statements are incorporated by reference in Item 8 of this Report.

2. Financial Statement Schedules

All other schedules, except Schedule II—Valuation and Qualifying Accounts on page 30, are omitted because they are not required or the required information is shown in the financial statements or notes thereto.

3. Exhibits

The exhibits required to be filed by Item 601 of Regulation S-K are listed in the “Exhibit Index” which is attached hereto and incorporated by reference herein.

I. EXHIBIT INDEX


Number		Document Description
2.1		Amended and Restated Agreement and Plan of Merger dated as of December 22, 2003, among Great Lakes Dredge & Dock Corporation, GLDD Acquisitions Corp., GLDD Merger Sub, Inc. and Vectura Holding Company LLC. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on January 6, 2004).

2.2		Agreement and Plan of Merger by and among GLDD Acquisitions Corp., Aldabra Acquisition Corporation, and certain shareholders of Aldabra Acquisition Corporation and GLDD Acquisitions Corp., dated as of June 20, 2006. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on June 22, 2006).

2.3		Agreement and Plan of Merger, dated as of February 10, 2026, by and among Great Lakes Dredge & Dock Corporation, Saltchuk Resources, Inc. and Huron MergeCo., Inc. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on February 11, 2026).

3.1		Second Amended and Restated Certificate of Incorporation of Great Lakes Dredge & Dock Corporation, effective May 9, 2024. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Quarterly Report on Form 10-Q filed with the Commission on August 6, 2024).

3.2		Second Amended and Restated Bylaws of Great Lakes Dredge & Dock Corporation, dated as of January 12, 2023. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on January 19, 2023).

3.3		Certificate of Ownership and Merger of Great Lakes Dredge & Dock Corporation with and into Great Lakes Dredge & Dock Holdings Corp. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on December 29, 2006).

4.1		Description of Great Lakes Dredge & Dock Corporation Securities Registered Pursuant to Section 12 of the Exchange Act.

4.2		Specimen Common Stock Certificate for Great Lakes Dredge & Dock Corporation. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Annual Report on Form 10-K filed with the Commission on March 22, 2007).

4.3		Indenture, dated May 25, 2021, among Great Lakes Dredge & Dock Corporation, as Issuer, the guarantors party thereto, and Wells Fargo Bank, National Association, as Trustee, relating to the 2029 Notes (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Quarterly Report on Form 10-Q filed with the Commission on August 3, 2021).

4.4		Form of 2029 Notes. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Quarterly Report on Form 10-Q filed with the Commission on August 3, 2021).

10.1		Employment Agreement between Great Lakes Dredge & Dock Corporation and Lasse Petterson, dated as of April 28, 2017. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on May 1, 2017). †

10.2		Employment Agreement between Great Lakes Dredge & Dock Corporation and Scott Kornblau, dated as of September 29, 2021. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on October 4, 2021). †

10.3		Employment Agreement between Great Lakes Dredge & Dock Corporation and Vivienne Schiffer, dated as of December 7, 2020. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Annual Report on Form 10-K filed with the Commission on February 23, 2022). †

10.4		Employment Agreement between Great Lakes Dredge & Dock Corporation and Eleni Beyko, dated as of January 8, 2021. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Annual Report on Form 10-K filed with the Commission on February 16, 2024). †

10.5		Second Amended and Restated Great Lakes Dredge & Dock Company, LLC Annual Bonus Plan effective as of January 1, 2012. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on January 17, 2012). †


Number		Document Description
10.6		401 (k) Savings Plan. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Annual Report on Form 10-K filed with the Commission on March 30, 2005). †

10.7		Amended and Restated Great Lakes Dredge & Dock Corporation Supplemental Savings Plan effective January 1, 2014. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Annual Report on Form 10-K filed with the Commission on March 11, 2014). †

10.8		Great Lakes Dredge & Dock Corporation Director Deferral Plan, adopted on November 8, 2017. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Annual Report on Form 10-K filed with the Commission on February 28, 2018). †

10.9		Form of Investor Rights Agreement among Aldabra Acquisition Corporation, Great Lakes Dredge & Dock Holdings Corp., Madison Dearborn Capital Partners IV, L.P., certain stockholders of Aldabra Acquisition Corporation and certain stockholders of GLDD Acquisitions Corp. (Incorporated by reference to Great Lakes Dredge & Dock Holding Corp.’s Registration Statement on Form S-4 filed with the Commission on August 24, 2006).

10.10		Great Lakes Dredge & Dock Corporation 2017 Long-Term Incentive Plan. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on May 17, 2017). †

10.11		Great Lakes Dredge & Dock Corporation 2021 Long-Term Incentive Plan, as amended. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on May 12, 2025). †

10.12		Form of Great Lakes Dredge & Dock Corporation Restricted Stock Unit Award Agreement pursuant to the Great Lakes Dredge & Dock Corporation 2017 Long-Term Incentive Plan. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Quarterly Report on Form 10-Q filed with the Commission on May 4, 2018). †

10.13		Form of Great Lakes Dredge & Dock Corporation Performance-Based Restricted Stock Unit Award Agreement (Three Year Form) pursuant to the Great Lakes Dredge & Dock Corporation 2017 Long-Term Incentive Plan. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Quarterly Report on Form 10-Q filed with the Commission on May 4, 2018). †

10.14		Restricted Stock Unit Award Notice pursuant to the Great Lakes Dredge & Dock Corporation 2017 Long-Term Incentive Plan. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Quarterly Report on Form 10-Q filed with the Commission on May 3, 2019). †

10.15		Performance-Based Restricted Stock Unit Award Notice pursuant to the Great Lakes Dredge & Dock Corporation 2017 Long-Term Incentive Plan. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Quarterly Report on Form 10-Q filed with the Commission on May 3, 2019). †

10.16		Purchase Agreement, dated May 12, 2021, by and among the Company, certain subsidiary guarantors named therein and BofA Securities, Inc., as representative of the initial purchasers named therein. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on May 18, 2021).

10.17		Second Amended and Restated Revolving Credit and Security Agreement dated as of July 29, 2022 by and among Great Lakes Dredge & Dock Corporation, as Borrower, each other Credit Party party hereto from time to time, the financial institutions which are now or which hereafter become a party hereto as lenders, PNC Bank, National Association, as Agent, PNC Capital Markets, CIBC Bank USA, Bank of America, N.A. and Truist Securities, Inc., as Joint Lead Arrangers and Joint Bookrunners, CIBC Bank USA and Truist Bank as Co-Syndication Agents, Bank of America, N.A., as Documentation Agent and PNC Bank National Association, as Green Loan Coordinator. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on August 1, 2022).

10.18		Vessel Construction Agreement, dated June 5, 2020 by and between Conrad Shipyard, L.L.C., and Great Lakes Dredge & Dock Company, LLC. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Quarterly Report on Form 10-Q filed with the Commission on August 4, 2020). (1)

10.19		Vessel Construction Agreement, dated November 15, 2021 by and between Philly Shipyard Inc., and Great Lakes Dredge & Dock Company, LLC. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Annual Report on Form 10-K filed with the Commission on February 23, 2022). (1)


Number		Document Description
10.20		Consulting Agreement, dated December 1, 2022, between Great Lakes Dredge & Dock Company, LLC and David E. Simonelli. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Quarterly Report on Form 10-Q filed with the Commission on May 2, 2023).

10.21		Amendment No. 1 to Second Amended and Restated Revolving Credit and Security Agreement, dated April 24, 2024. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on April 25, 2024).

10.22		Amendment No. 2 to Second Amended and Restated Revolving Credit and Security Agreement, dated May 2, 2025. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Quarterly Report on Form 10-Q filed with the Commission on August 5, 2025).

10.23		Amendment No. 3 to Second Amended and Restated Revolving Credit and Security Agreement, dated October 24, 2025 (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on October 27, 2025).

10.24		Form of Transaction Bonus Agreement. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on February 11, 2026). †

10.25		Great Lakes Dredge & Dock Company, LLC Severance Pay Plan. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on February 11, 2026). †

10.26		Letter Agreement, dated as of February 10, 2026, by and among Great Lakes Dredge & Dock Corporation, Saltchuk Resources, Inc. and Lasse Petterson. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on February 11, 2026). †

10.27		Letter Agreement, dated as of February 10, 2026, by and among Great Lakes Dredge & Dock Corporation, Saltchuk Resources, Inc. and Scott Kornblau. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on February 11, 2026). †

10.28		Letter Agreement, dated as of February 10, 2026, by and among Great Lakes Dredge & Dock Corporation, Saltchuk Resources, Inc. and Vivienne R. Schiffer. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Current Report on Form 8-K filed with the Commission on February 11, 2026). †

19		Great Lakes Dredge & Dock Corporation Insider Trading Policy.

21		Subsidiaries of Great Lakes Dredge & Dock Corporation.

23.1		Consent of Deloitte & Touche LLP.

31.1		Certification Pursuant to Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *

31.2		Certification Pursuant to Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *

32.1		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *

32.2		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *

97		Great Lakes Dredge & Dock Corporation Statement of Policy Regarding Incentive Compensation Recoupment. (Incorporated by reference to Great Lakes Dredge & Dock Corporation’s Annual Report on Form 10-K filed with the Commission on February 16, 2024).

101.INS		Inline XBRL Instance Document. *

101.SCH		Inline XBRL Taxonomy Extension Schema with embedded Linkbase documents. *

104		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) *

(1)

Portions of this exhibit have been omitted pursuant to Rule 601(b)(10) of Regulation S-K. The omitted information is not material and is the type of information that the Company treats as private and confidential.

* Filed herewith

† Compensatory plan or arrangement

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Great Lakes Dredge & Dock Corporation
	(registrant)

	By:		/s/ Scott Kornblau
			Scott Kornblau
			Senior Vice President and Chief Financial Officer
			(Principal Financial Officer and Duly Authorized Officer)

	Date: March 6, 2026