The guidance cut on Adj. EBITDA and EPS, combined with a GAAP net loss and a significant EPS miss, signals deteriorating profitability in the Marine segment. Traders should watch the Q3 2026 earnings for evidence of Marine project start-up recovery and margin stabilization; the stock is likely to reprice lower on the lowered earnings trajectory.
Price Chart
Executive Summary
Orion Group Holdings reported Q2 2026 revenue of $221.9M (+8% YoY) but a GAAP net loss of -$0.10/share vs. consensus EPS of $0.14, a significant miss. Adjusted EBITDA fell to $7.9M from $11.0M a year ago, and the company lowered its full-year 2026 Adjusted EBITDA guidance to $50M-$54M (from $54M-$58M) and Adjusted EPS to $0.23-$0.30 (from $0.36-$0.42), while revenue guidance was unchanged. The miss was driven by Marine segment weakness from delayed project start-ups and lower equipment utilization, partially offset by strong Concrete segment growth.
Key Financial Metrics
Key Facts
- Q2 2026 GAAP net loss of $4.1M vs. net income of $0.8M in Q2 2025
- GAAP EPS of -$0.10 missed consensus estimate of $0.14 by 171%
- Adjusted EBITDA fell to $7.9M from $11.0M in Q2 2025, a 28% decline
- Full-year 2026 Adjusted EBITDA guidance lowered to $50M-$54M from $54M-$58M
- Full-year 2026 Adjusted EPS guidance lowered to $0.23-$0.30 from $0.36-$0.42
- Revenue of $221.9M grew 8% YoY but missed consensus of $248.3M
- Marine segment revenue declined to $130.8M from $135.3M YoY; Concrete revenue surged to $91.0M from $70.0M
- Total backlog grew to $722M from $640M at Dec 2025, with $277M in new awards in Q2
Financial Impact
Q2 GAAP net loss of $4.1M vs. prior-year profit of $0.8M; Adjusted EBITDA down 28% YoY to $7.9M; full-year guidance for Adj. EBITDA cut by ~$4M at midpoint and Adj. EPS cut by ~$0.13 at midpoint
Risk Factors
- Further Marine segment weakness from delayed project starts and client-related issues
- Elevated debt of $99M and negative operating cash flow of -$12.7M YTD could pressure liquidity
- Integration risk from J.E. McAmis acquisition may continue to weigh on margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001402829-26-000044 |
| Document: orn-20260728xex99d2.htm | 0001402829-26-000044 |
| Document: orn-20260728x8k.htm | 0001402829-26-000044 |
| Document: 0001402829-26-000044-index-headers.html | 0001402829-26-000044 |
| Document: 0001402829-26-000044-index.html | 0001402829-26-000044 |
| Document: 0001402829-26-000044.txt | 0001402829-26-000044 |
| 8-K Data (Synthetic) | 0001402829-26-000044 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 10d ago | 8-K | $8.52 | awaiting T+60 | — | $8.98 (+5.40%) |
Oct 9, 2026 16d ago | SC 13G | $9.12 | awaiting T+60 | — | $8.98 (−1.54%) |
Aug 4, 2026 11w ago | Insider Cluster | $10.33 | awaiting T+60 | — | $8.98 (−13.07%) |
Jul 29, 2026 12w ago | 8-K | $9.08 $8.41 | ▲ +7.38% | ▲ +12.11% | $8.98 (+1.10%) |
Apr 29, 2026 25w ago | 8-K | $12.01 $12.69 | ▲ +5.66% | ▲ +1.55% | $8.98 (−25.23%) |
Apr 8, 2026 28w ago | Press Release | $11.82 $14.89 | ▲ +25.97% | ▲ +15.19% | $8.98 (−24.03%) |
Apr 1, 2026 29w ago | DEFA14A | $11.24 $17.14 | ▲ +52.49% | ▲ +39.11% | $8.98 (−20.11%) |
Mar 19, 2026 31w ago | Press Release | $10.39 $14.51 | ▲ +39.65% | ▲ +25.23% | $8.98 (−13.57%) |
Mar 6, 2026 33w ago | Insider Cluster | $11.66 $13.83 | ▲ +18.61% | ▲ +5.83% | $8.98 (−22.98%) |
Mar 4, 2026 33w ago | 8-K | $11.82 $13.83 | ▲ +17.01% | ▲ +5.71% | $8.98 (−24.03%) |
US Market Status
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