Orion Group Holdings Inc Revenue Disclosure
3.Revenue
Contract revenues are recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The following table represents a disaggregation of the Company’s contract revenues by service line for the marine and concrete segments:
Year Ended December 31, | |||||||||
| 2025 | | 2024 | | 2023 | ||||
Marine Segment |
| |
| |
| | |||
Construction | $ | 453,170 | $ | 448,321 | $ | 297,462 | |||
Dredging |
| 76,429 |
| 57,048 |
| 60,667 | |||
Specialty services |
| 15,232 |
| 15,881 |
| 37,788 | |||
Marine segment contract revenues | $ | 544,831 | $ | 521,250 | $ | 395,917 | |||
Concrete Segment |
|
| |
| |||||
Structural | $ | 45,819 | $ | 61,545 | $ | 53,827 | |||
Light commercial |
| 261,610 |
| 213,599 |
| 262,034 | |||
Concrete segment contract revenues | $ | 307,429 | $ | 275,144 | $ | 315,861 | |||
Total contract revenues | $ | 852,260 | $ | 796,394 | $ | 711,778 | |||
The Company has determined that it has two reportable segments as described in Note 17, but has disaggregated its contract revenues in the above chart in terms of services provided within such segments. Additionally, both the marine and concrete segments have limited contracts with multiple performance obligations. The Company’s contracts are often estimated and bid as one project and performance is evaluated as one project, not by individual services performed by each.
Additionally, the table below represents contract revenue by type of customer for the years ended December 31, 2025, 2024 and 2023, respectively:
| ||||||||||||||||
2025 | | % | | 2024 | | % | | 2023 | | % |
| |||||
Federal Government | $ | 162,992 |
| 19 | % | $ | 234,175 |
| 30 | % | $ | 153,410 |
| 22 | % | |
State Governments |
| 116,304 |
| 14 | % |
| 74,286 |
| 9 | % |
| 59,354 |
| 8 | % | |
Local Government |
| 158,990 |
| 19 | % |
| 123,160 |
| 15 | % |
| 99,621 |
| 14 | % | |
Private Companies |
| 413,974 |
| 48 | % |
| 364,773 |
| 46 | % |
| 399,393 |
| 56 | % | |
Total contract revenues | $ | 852,260 |
| 100 | % | $ | 796,394 |
| 100 | % | $ | 711,778 |
| 100 | % | |
On March 10, 2023, the United States Navy awarded the Dragados/Hawaiian Dredging/Orion Joint Venture a contract to complete the construction of a dry dock at Pearl Harbor Naval Shipyard. The Company’s joint venture with Dragados/Hawaiian Dredging is a related-party transaction. The Company’s portion of work as a dedicated subcontractor totals $463.9 million.
For the years ended December 31, 2025, 2024 and 2023, the United States Navy, which is included in the Federal Government category, accounted for 14%, 25% and 13%, respectively, of total contract revenue.
For the years ended December 31, 2025, 2024 and 2023, the Company’s revenue related to the joint venture subcontract was approximately $121.5 million, $199.4 million and $90.5 million, respectively.
The Company does not believe that the loss of any one of its customers would have a material adverse effect on the Company or its subsidiaries and affiliates since no single specific customer sustains such a large portion of receivables or contract revenue over time.
Contract revenues generated outside the United States totaled 5%, 7% and 5% of total revenues for the years ended December 31, 2025, 2024 and 2023, respectively, and were primarily located in the Caribbean Basin.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 4, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
| 2023 | Mar 1, 2024 | |
| 2022 | Mar 16, 2023 | |
| 2021 | Mar 7, 2022 | |
| 2020 | Mar 2, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 27, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.