Orion Group Holdings Inc Segments Disclosure
17.Segment Information
The Company has determined that it has two reportable segments pursuant to ASC Topic 280, Segment Reporting: marine and concrete, both operating under the Orion brand and logo. The Chief Operating Decision Maker (“CODM)”, identified as the Chief Executive Officer, allocates resources and assesses performance based on these two reportable and operating segments.
In making this determination, management considered both quantitative and qualitative factors under ASC 280-10-50-11, including similarities in products and services, production processes, customer types, distribution methods, and regulatory environments. Although the segments share certain macroeconomic drivers, they are managed separately and have distinct operating results reviewed by the CODM for purposes of resource allocation and performance evaluation.
Each segment has a designated management team responsible for day-to-day operations, and discrete
financial information is produced and evaluated at the segment level.
Segment operating income (loss) is the primary performance measure used by the CODM in assessing performance of the segments. Segment operating income (loss) represents revenues, less direct costs of contract revenues, selling, general, and administrative expenses, and gains or losses on the disposal of assets.
The CODM reviews segment results inclusive of all expenses directly attributable to the respective segments. Interest expense, income taxes, and other non-operating items are not allocated to the segments. The total of the segment operating income (loss) measures equals the Company’s consolidated operating income (loss); therefore, no reconciling items are required between total segment operating income and consolidated operating income.
Marine segment
Our marine segment provides construction, dredging and specialty services. Construction services include construction, restoration, maintenance, dredging and repair of marine transportation facilities, marine pipelines, bridges and causeways and marine environmental structures. Dredging services generally enhance or preserve the navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Specialty services include design, salvage, demolition, surveying, towing, diving and underwater inspection, excavation and repair.
Concrete segment
Our concrete segment provides turnkey concrete construction services, including concrete surface place and finish, site preparation, layout, forming, and rebar placement for large commercial, structural and other associated business areas.
Segment information for the periods presented is provided as follows:
Year Ended December 31, | ||||||||
2025 | 2024 | 2023 | ||||||
Amount | | Amount | Amount | |||||
Marine | (dollar amounts in thousands) | |||||||
Contract revenues | $ | 544,831 |
| $ | 521,250 | $ | 395,917 | |
Cost of contract revenues |
| 457,725 |
|
| 465,857 |
| 355,777 | |
Gross profit |
| 87,106 |
|
| 55,393 |
| 40,140 | |
Selling, general and administrative expenses |
| 57,730 |
|
| 54,491 |
| 43,307 | |
Gain on disposal of assets, net | (487) | (1,416) | (6,837) | |||||
Operating income | $ | 29,863 |
| $ | 2,318 | $ | 3,670 | |
Total assets | $ | 315,474 | $ | 316,199 | $ | 318,684 | ||
Property and equipment, net | $ | 84,332 | $ | 81,342 | $ | 82,215 | ||
Depreciation and amortization | $ | 18,983 | $ | 18,693 | $ | 18,219 | ||
Capital expenditures | $ | 37,579 | $ | 12,187 | $ | 8,375 | ||
Concrete | ||||||||
Contract revenues | $ | 307,429 |
| $ | 275,144 | $ | 315,861 | |
Cost of contract revenues |
| 288,921 |
|
| 239,377 |
| 294,338 | |
Gross profit |
| 18,508 |
|
| 35,767 |
| 21,523 | |
Selling, general and administrative expenses |
| 35,741 |
|
| 28,046 |
| 26,124 | |
Amortization of intangible assets | 427 | |||||||
Gain on disposal of assets, net | (1,981) | (1,482) | (1,618) | |||||
Intangible asset impairment loss | 6,890 | |||||||
Operating (loss) income | $ | (15,252) |
| $ | 9,203 | $ | (10,300) | |
Total assets | $ | 99,178 | $ | 101,118 | $ | 98,209 | ||
Property and equipment, net | $ | 3,878 | $ | 4,756 | $ | 5,619 | ||
Depreciation and amortization | $ | 3,279 | $ | 4,072 | $ | 5,659 | ||
Capital expenditures | $ | 1,283 | $ | 1,904 | $ | 534 | ||
Intersegment revenues totaled $3.9 million, $1.8 million and less than $0.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. These primarily relate to labor and equipment services between the marine and concrete segments and are eliminated in consolidation.
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 | |
| 2017 | Mar 13, 2018 | |
| 2016 | Mar 24, 2017 | |
| 2015 | Mar 15, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.