The Q1 miss on both revenue and EPS vs consensus, combined with a GAAP operating loss and margin compression, creates near-term downside risk. However, the reaffirmed FY2026 guidance and growing backlog ($668M) provide a positive narrative for the rest of the year. Traders should watch the Q2 earnings call for any signs of margin recovery and whether the Concrete segment's strong growth can offset Marine's revenue decline.
Price Chart
Executive Summary
Orion Group Holdings reported Q1 2026 revenue of $216.3M (+15% YoY) and GAAP EPS of $0.12, swinging from a -$0.04 loss in Q1 2025. However, GAAP EPS of $0.12 missed the consensus estimate of $0.08 by a wide margin, and revenue of $216.3M fell short of the $222.3M consensus. The company reaffirmed its full-year 2026 guidance for revenue of $900M-$950M, Adjusted EBITDA of $54M-$58M, and Adjusted EPS of $0.36-$0.42. The miss on both top and bottom lines against consensus, combined with a GAAP operating loss of $0.8M and a decline in Adjusted EBITDA margin to 4.0% from 4.3% a year ago, tempers the positive YoY comparisons.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $216.3M, up 15% YoY from $188.7M, but below consensus of $222.3M
- GAAP EPS of $0.12, up from -$0.04 YoY, but below consensus estimate of $0.08
- Adjusted EPS of $0.05, up from $0.01 YoY
- Adjusted EBITDA of $8.7M, up 7% YoY from $8.2M; margin contracted to 4.0% from 4.3%
- GAAP operating loss of $0.8M vs operating income of $0.8M in Q1 2025
- Backlog grew to $668M from $640M at year-end 2025; $219M in new awards in Q1
- Reaffirmed FY2026 guidance: revenue $900M-$950M, Adj. EBITDA $54M-$58M, Adj. EPS $0.36-$0.42
- Total debt of $72M at quarter-end, up from $8M at year-end 2025, primarily due to the J.E. McAmis acquisition
- Cash flow from operations of $4.9M vs -$3.4M in Q1 2025
Financial Impact
Revenue miss of ~$6M vs consensus; EPS miss of $0.03 vs consensus; GAAP operating loss of $0.8M
Risk Factors
- Revenue and EPS missed consensus estimates, which could lead to negative price reaction
- GAAP operating loss of $0.8M vs operating income of $0.8M a year ago
- Adjusted EBITDA margin declined to 4.0% from 4.3% YoY
- Total debt increased significantly to $72M from $8M at year-end 2025 due to acquisition financing
- Marine segment revenue declined 13% YoY to $110.1M from $127.2M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001402829-26-000034 |
| Document: orn-20260428xex99d2.htm | 0001402829-26-000034 |
| Document: orn-20260428x8k.htm | 0001402829-26-000034 |
| Document: 0001402829-26-000034-index-headers.html | 0001402829-26-000034 |
| Document: 0001402829-26-000034-index.html | 0001402829-26-000034 |
| Document: 0001402829-26-000034.txt | 0001402829-26-000034 |
| 8-K Data (Synthetic) | 0001402829-26-000034 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 10d ago | 8-K | $8.52 | awaiting T+60 | — | $8.83 (+3.64%) |
Oct 9, 2026 16d ago | SC 13G | $9.12 | awaiting T+60 | — | $8.83 (−3.18%) |
Aug 4, 2026 11w ago | Insider Cluster | $10.33 | awaiting T+60 | — | $8.83 (−14.52%) |
Jul 29, 2026 12w ago | 8-K | $9.08 $8.41 | ▲ +7.38% | ▲ +12.11% | $8.83 (+2.75%) |
Apr 29, 2026 25w ago | 8-K | $12.01 $12.69 | ▲ +5.66% | ▲ +1.55% | $8.83 (−26.48%) |
Apr 8, 2026 28w ago | Press Release | $11.82 $14.89 | ▲ +25.97% | ▲ +15.19% | $8.83 (−25.30%) |
Apr 1, 2026 29w ago | DEFA14A | $11.24 $17.14 | ▲ +52.49% | ▲ +39.11% | $8.83 (−21.44%) |
Mar 19, 2026 31w ago | Press Release | $10.39 $14.51 | ▲ +39.65% | ▲ +25.23% | $8.83 (−15.01%) |
Mar 6, 2026 33w ago | Insider Cluster | $11.66 $13.83 | ▲ +18.61% | ▲ +5.83% | $8.83 (−24.27%) |
Mar 4, 2026 33w ago | 8-K | $11.82 $13.83 | ▲ +17.01% | ▲ +5.71% | $8.83 (−25.30%) |
US Market Status
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