Shimmick Reports Strong Q4 Earnings, Sees Backlog Growth

Construction firm highlights improved profitability, growing backlog, and new project wins

Mar. 13, 2026 at 1:49am

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Shimmick (NASDAQ:SHIM) executives reported the company closed out 2025 'strong and in line with our expectations,' pointing to improved profitability in its core operations, continued progress winding down legacy non-core work, and a growing backlog supported by a healthy market backdrop.

Why it matters

Shimmick's Q4 results and 2026 outlook suggest the construction firm is successfully executing on its strategy to focus on higher-margin core projects, wind down lower-margin non-core work, and drive operational improvements to deliver more consistent margins and better G&A leverage.

The details

For the full year 2025, Shimmick reported consolidated revenue of $493 million, consolidated gross margin of 7%, and adjusted EBITDA of $5 million. Shimmick projects revenue was $395 million, up 12% year over year, and represented 75% of total revenue. Gross margin on Shimmick projects expanded to 10%, a 400 basis point improvement from the prior year. Non-core project revenue declined to $96 million from $125 million in 2024 as the company continued to burn down that portion of the backlog.

  • Shimmick ended 2025 with $793 million of backlog.
  • New awards booked during Q4 totaled $135 million, producing a 1.4x book-to-burn for the quarter.
  • After year-end, the company reported additional awards totaling $128 million that were added to backlog in early 2026.

The players

Shimmick

An American construction firm that provides water and other critical infrastructure solutions in the United States.

Todd Yoder

The Chief Financial Officer of Shimmick.

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What they’re saying

“Shimmick's strategy is centered on three priorities: growing revenue by pursuing 'strategic risk-balanced work' aligned with its expertise, completing and winding down legacy low-margin non-core projects, and driving operational improvements to deliver more consistent margins and better G&A leverage.”

— Shimmick Executives (MarketBeat)

“Backlog remained well above a one-to-one book-to-burn ratio, calling this an indicator of demand and the company's ability to win work.”

— Shimmick Executives (MarketBeat)

What’s next

Shimmick expects to announce its first progressive design-build award since the CEO joined, describing it as a milestone. The project is valued at approximately $55 million, located in Southern California, and includes wastewater treatment and specialty electrical work. Shimmick expects to negotiate the construction contract at the end of 2026, with construction beginning in 2027.

The takeaway

Shimmick's strong Q4 performance and 2026 outlook suggest the company is successfully executing on its strategy to focus on higher-margin core projects, wind down lower-margin non-core work, and drive operational improvements to deliver more consistent margins and better G&A leverage.