Oceaneering International Inc【OII】株式ニュース

Oceaneering Reports First Quarter 2026 ResultsApril 22, 2026 5:01 PM
Business Wire
Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported first quarter 2026 results.

First Quarter 2026 Results

As compared to the first quarter of 2025:

Revenue was $692 million, an increase of 3%.

Operating income was $57.8 million, a decrease of 21%.

Net income was $36.1 million, a decrease of 28%.

Adjusted EBITDA was $83.7 million, a decrease of 13%.

Cash Flow

Cash flow used in operating activities was $(59.1) million.

Free cash flow was $(76.5) million.

Quarter-end cash and cash equivalents totaled $607 million, compared to $382 million at the end of the same period last year.

Rod Larson, Oceaneering's President and Chief Executive Officer, commented, "Our first quarter unfolded largely as expected, driven by strong activity in Aerospace and Defense Technologies (ADTech). All of our energy segments produced results consistent with guidance with the exception of Integrity Management and Digital Solutions (IMDS), which was impacted by the Middle East conflict. Our consolidated adjusted EBITDA of $83.7 million was within our guidance range; however, results were impacted by the expected resolution of an ADTech contract dispute. Excluding that item, consolidated adjusted EBITDA would have been at the upper end of our guidance range.

"We also achieved several notable commercial and technology milestones during the quarter. On a consolidated basis, we generated total orders of approximately $1 billion. This included just over $300 million in Subsea Robotics (SSR) awards, with ROV contract terms extending into 2031, and $175 million in ADTech awards. We continued to develop our autonomous systems portfolio, including our Freedom™ platform. One commercial unit is currently operating in West Africa and we are progressing toward testing and customer demonstration of a specialized unit for the Defense Innovation Unit (DIU), reinforcing our position as a provider of dual-use technology in the energy and growing defense markets.

"Considering the balance of 2026, we continue to believe that ADTech will be our primary growth driver. We also anticipate that offshore activity levels will improve in the second half of the year. This outlook, combined with our backlog, gives us the confidence to maintain our full-year EBITDA guidance range of $390 million to $440 million."

Updated 2026 Guidance

Full-year 2026 consolidated and segment guidance remains as provided in the fourth quarter 2025 earnings release and conference call, with the exception of IMDS operating income, which is expected to increase year over year but at a lower level than previously anticipated. In addition, the Manufactured Products book-to-bill ratio is expected to be in the range of 0.9 to 1.0 for the full year.

First Quarter 2026 Segment Results

As compared to the first quarter of 2025:

SSR revenue increased to $214 million; however, operating income decreased 7% to $55.5 million and EBITDA margin declined to 32%. This was primarily attributable to a decline in ROV fleet utilization from 67% to 61%. Results were also impacted by geographic mix and costs associated with development of the Freedom™ vehicle for the DIU and deployment of the Ocean Intervention II. ROV revenue per day utilized increased to $12,401, reflecting a mix of improved pricing and discrete first-quarter items.

Manufactured Products operating income increased to $26.1 million and margin expanded to 18% on a 6% increase in revenue. These improvements were driven by continued execution of higher-margin backlog and strong performance in Rotator valves. As of March 31, 2026, backlog was $492 million, with the decrease due to the timing of awards. The book-to-bill ratio was 0.91 for the 12-month period ending on March 31, 2026.

As anticipated, Offshore Projects Group (OPG) operating income of $18.3 million was lower and margin declined to 14% on an 18% decrease in revenue. The year-over-year decline primarily reflects the comparison to an unusually strong first quarter of 2025, with the first quarter of 2026 reflecting more typical seasonality in the U.S. Gulf and decreased international activity.

IMDS revenue decreased by 5% and operating income decreased by $4.5 million on lower volume in West Africa and Australia. Activity in the Middle East, which was expected to grow, was flat in the first quarter due to the recent conflict.

ADTech revenue increased 35% to $131 million, driven by higher activity tied to the large contract awarded in 2025 and increased submarine repair and maintenance activity. Operating income decreased 24% to $8.1 million and margin declined to 6% due to an accrual associated with the aforementioned resolution of a contract dispute.

At the corporate level, Unallocated Expenses increased 10% to $49.3 million, consistent with expectations.

No shares were repurchased during the quarter.

Second Quarter 2026 Guidance

As compared to the second quarter of 2025:

Consolidated second quarter 2026 revenue is projected to increase and EBITDA is expected to be in the range of $100 million to $110 million.

At the segment level, for the second quarter of 2026:

SSR revenue is expected to increase while operating income is expected to be flat.

Manufactured Products revenue and operating income are forecasted to increase.

OPG revenue is expected to be relatively flat and operating income is expected to decrease slightly on changes in project mix.

IMDS revenue and operating income are projected to decrease due to lower volumes in West Africa and Australia and uncertainty in Middle East volumes.

ADTech is expected to generate increased operating income on significantly higher revenue.

Unallocated Expenses are expected to be in the $50 million range.

Non-GAAP Financial Measures

Adjusted net income (loss) and earnings (loss) per share; EBITDA and adjusted EBITDA on a consolidated and on a segment basis (as well as EBITDA and adjusted EBITDA margins); and free cash flow are non-GAAP measures that exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, Second Quarter 2026 Consolidated EBITDA Estimate, 2026 Consolidated EBITDA Estimate, 2026 Free Cash Flow Estimate, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.

Conference Call Details

Oceaneering has scheduled a conference call and webcast on Thursday, April 23, 2026 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time), to discuss its results for the first quarter of 2026 and guidance for the second quarter and full year of 2026. A link to the webcast will be posted on Oceaneering's Investor Relations website. A replay of the conference call will be made available on the website approximately two hours following the conclusion of the live call.

Forward-Looking Statements

This release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business, and financial performance and prospects of Oceaneering. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering’s expectations regarding: the resolution of an ADTech contract dispute, ADTech and the offshore markets for 2026; IMDS operating income for the full year of 2026; Manufactured Products book-to-bill ratio for the full year of 2026; second quarter 2026 guidance for consolidated revenue, consolidated EBITDA, revenue, and operating income by segment, and Unallocated Expenses; full-year 2026 guidance for net income, consolidated EBITDA, free cash flow, capital expenditures, and that share purchase activity will continue in 2026; and the characterization, whether positive or otherwise, of market fundamentals, conditions, and dynamics, robotics markets, offshore energy activity levels (including by geographic location), pricing levels, day rates, ROV days utilized, average ROV revenue per day utilized, vessel utilization, growth, bidding activity, outlook, performance, opportunities, and future financials, including as increasing, favorable, positive, encouraging, improving, seasonal, strong, supportive, robust, meaningful, considerable, healthy, or significant (which is used herein to indicate a change of 20% or greater).

The forward-looking statements included in this release are based on Oceaneering's current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth, and the supply and demand of offshore drilling rigs; the indirect consequences of climate change and climate-related business trends; actions by members of OPEC and other oil exporting countries; decisions about offshore developments to be made by oil and gas exploration, development, and production companies; the use of subsea completions and our ability to capture associated market share; future budgetary and fiscal constraints imposed by the United States government, including the risk of government shutdowns; general economic and business conditions and industry trends and uncertainty, including those related to tariffs and retaliatory tariffs; the strength of the industry segments in which we are involved; cancellations of contracts, customer contract disputes, change orders, and other contractual modifications, force majeure declarations, and the exercise of contractual suspension rights and the resulting adjustments to our backlog; collections from our customers; our future financial performance, including as a result of the availability, terms, and deployment of capital; the consequences of significant changes in currency exchange rates; the volatility and uncertainties of credit markets; changes in data privacy and security laws, regulations, and standards; changes in tax laws, regulations, and interpretation by taxing authorities; changes in, or our ability to comply with, other laws and governmental regulations, including those relating to the environment; the continued availability of qualified personnel; our ability to obtain raw materials and parts on a timely basis and, in some cases, from limited sources; operating risks normally incident to offshore exploration, development, and production operations; hurricanes and other adverse weather and sea conditions; cost and time associated with drydocking of our vessels; the highly competitive nature of our businesses; adverse outcomes from legal or regulatory proceedings; the risks associated with integrating businesses we acquire; rapid technological changes; and social, political, military, and economic situations in foreign countries where we do business and the possibilities of civil disturbances, war, other armed conflicts, or terrorist attacks. For a more complete discussion of these and other risk factors, please see Oceaneering’s latest annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement.

About Oceaneering

Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries.

For more information, please visit www.oceaneering.com.

OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

Mar 31, 2026

Dec 31, 2025

(in thousands)

ASSETS

Current assets (including cash and cash equivalents of $607,470 and $688,874)

$

1,516,910

$

1,512,400

Net property and equipment

444,930

451,693

Other assets

681,355

703,161

Total Assets

$

2,643,195

$

2,667,254

LIABILITIES AND EQUITY

Current liabilities

$

729,247

$

761,726

Long-term debt

488,813

487,417

Other long-term liabilities

312,380

341,448

Equity

1,112,755

1,076,663

Total Liabilities and Equity

$

2,643,195

$

2,667,254

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months Ended

Mar 31, 2026

Mar 31, 2025

Dec 31, 2025

(in thousands, except per share amounts)

Revenue

$

692,429

$

674,523

$

668,574

Cost of services and products

565,159

539,512

536,302

Gross margin

127,270

135,011

132,272

Selling, general and administrative expense

69,482

61,539

66,889

Operating income (loss)

57,788

73,472

65,383

Interest income

5,061

3,644

4,118

Interest expense, net of amounts capitalized

(9,105

)

(9,075

)

(9,049

)

Equity in income (losses) of unconsolidated affiliates

277

362

276

Other income (expense), net

808

975

(2,529

)

Income (loss) before income taxes

54,829

69,378

58,199

Provision (benefit) for income taxes

18,722

19,001

(119,454

)

Net Income (Loss)

$

36,107

$

50,377

$

177,653

Weighted average diluted shares outstanding

100,613

101,903

100,760

Diluted earnings (loss) per share

$

0.36

$

0.49

$

1.76

The above Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations should be read in conjunction with the Company's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q.

SEGMENT INFORMATION

For the Three Months Ended

Mar 31, 2026

Mar 31, 2025

Dec 31, 2025

($ in thousands)

Subsea Robotics

Revenue

$

214,273

$

205,976

$

211,687

Operating income (loss)

$

55,508

$

59,632

$

67,828

Operating income (loss) %

26

%

29

%

32

%

ROV days available

22,500

22,500

23,000

ROV days utilized

13,674

15,093

14,285

ROV utilization

61

%

67

%

62

%

Manufactured Products

Revenue

$

143,648

$

135,037

$

132,405

Operating income (loss)

$

26,085

$

8,667

$

20,370

Operating income (loss) %

18

%

6

%

15

%

Backlog at end of period

$

492,000

$

543,000

$

511,000

Offshore Projects Group

Revenue

$

135,376

$

164,941

$

130,777

Operating income (loss)

$

18,344

$

35,666

$

15,037

Operating income (loss) %

14

%

22

%

11

%

Integrity Management & Digital Solutions

Revenue

$

67,884

$

71,418

$

66,454

Operating income (loss)

$

(998

)

$

3,462

$

(124

)

Operating income (loss) %

(1

)%

5

%

—

%

Aerospace and Defense Technologies

Revenue

$

131,248

$

97,151

$

127,251

Operating income (loss)

$

8,111

$

10,665

$

14,223

Operating income (loss) %

6

%

11

%

11

%

Unallocated Expenses

Operating income (loss)

$

(49,262

)

$

(44,620

)

$

(51,951

)

Total

Revenue

$

692,429

$

674,523

$

668,574

Operating income (loss)

$

57,788

$

73,472

$

65,383

Operating income (loss) %

8

%

11

%

10

%

The above Segment Information does not include adjustments for non-recurring transactions. See the tables below under the caption "Reconciliations of Non-GAAP to GAAP Financial Information" for financial measures that our management considers in evaluating our ongoing operations.

SELECTED CASH FLOW INFORMATION

For the Three Months Ended

Mar 31, 2026

Mar 31, 2025

Dec 31, 2025

(in thousands)

Capital expenditures, including acquisitions

$

17,405

$

26,088

$

30,440

Capitalized cloud-based service contract costs

6,964

1,727

5,588

Total Capital Expenditures

$

24,369

$

27,815

$

36,028

Depreciation and Amortization:

Energy Services and Products

Subsea Robotics

$

13,718

$

11,736

$

13,388

Manufactured Products

2,774

2,650

2,765

Offshore Projects Group

4,755

4,689

4,389

Integrity Management & Digital Solutions

1,942

1,730

1,887

Total Energy Services and Products

23,189

20,805

22,429

Aerospace and Defense Technologies

1,006

833

904

Unallocated Expenses

2,976

2,810

2,951

Total Depreciation and Amortization

$

27,171

$

24,448

$

26,284

RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release also includes non-GAAP financial measures (as defined under certain rules and regulations promulgated by the Securities and Exchange Commission). We have included adjusted net income (loss) and diluted earnings (loss) per Share (EPS), each of which excludes the effects of certain specified items, as set forth in the tables that follow. As a result, these amounts are non-GAAP financial measures. We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business. Furthermore, our management uses these measures as measures of the performance of our operations. We have also included disclosures of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), EBITDA Margins, fourth quarter of 2025 consolidated adjusted EBITDA, consolidated adjusted EBITDA margins, and free cash flow, second quarter of 2026 consolidated EBITDA estimate, and full year 2026 consolidated EBITDA and free cash flow estimates, as well as the following by segment: EBITDA, EBITDA margins, adjusted EBITDA, and adjusted EBITDA margins. We define EBITDA margin as EBITDA divided by revenue. Adjusted EBITDA and adjusted EBITDA margins and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. Due to the forward-looking nature of EBITDA for the second quarter of 2026, and for the full year of 2026, we cannot reliably predict certain of the necessary line items for the reconciliations to net income and, accordingly, have excluded such line items in the reconciliation. EBITDA and EBITDA margins, adjusted EBITDA and adjusted EBITDA margins, and related information by segment are each non-GAAP financial measures. We define free cash flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). We have included these disclosures in this press release because EBITDA, EBITDA margins, and free cash flow are widely used by investors for valuation purposes and for comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof provide more consistent measures than the unadjusted amounts. Furthermore, our management uses these measures for purposes of evaluating our financial performance. Our presentation of EBITDA, EBITDA margins, and free cash flow (and the adjusted amounts thereof) may not be comparable to similarly titled measures that other companies report. Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows, or any other measure prepared and reported in accordance with GAAP. The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.

RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)

For the Three Months Ended

Mar 31, 2026

Mar 31, 2025

Dec 31, 2025

Net Income(Loss)

Diluted EPS

Net Income (Loss)

Diluted EPS

Net Income (Loss)

Diluted EPS

(in thousands, except per share amounts)

Net income (loss) and diluted EPS as reported in accordance with GAAP

$

36,107

$

0.36

$

50,377

$

0.49

$

177,653

$

1.76

Adjustments, net of tax effect, for the effects of:

Foreign currency (gains) losses

(2,663

)

(365

)

1,332

Total adjustments, net of tax effect

(2,663

)

(365

)

1,332

Discrete tax items:

Share-based compensation

(2,169

)

(1,103

)

—

Uncertain tax positions

(573

)

(2,411

)

1,044

Valuation allowances

423

(3,261

)

(155,503

)

Other

(1,039

)

780

21,091

Total discrete tax adjustments

(3,358

)

(5,995

)

(133,368

)

Total of adjustments

(6,021

)

(6,360

)

(132,036

)

Adjusted Net Income (Loss)

$

30,086

$

0.30

$

44,017

$

0.43

$

45,617

$

0.45

Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)

100,613

101,903

100,760

EBITDA and Adjusted EBITDA and Margins

For the Three Months Ended

Mar 31, 2026

Mar 31, 2025

Dec 31, 2025

($ in thousands)

Net income (loss)

$

36,107

$

50,377

$

177,653

Depreciation and amortization

27,171

24,448

26,284

Subtotal

63,278

74,825

203,937

Interest expense, net of interest income

4,044

5,431

4,931

Amortization included in interest expense

(1,649

)

(1,556

)

(1,648

)

Provision (benefit) for income taxes

18,722

19,001

(119,454

)

EBITDA

84,395

97,701

87,766

Adjustments for the effects of:

Foreign currency (gains) losses

(728

)

(1,050

)

2,721

Total of adjustments

(728

)

(1,050

)

2,721

Adjusted EBITDA

$

83,667

$

96,651

$

90,487

Revenue

$

692,429

$

674,523

$

668,574

EBITDA margin %

12

%

14

%

13

%

Adjusted EBITDA margin %

12

%

14

%

14

%

Free Cash Flow

For the Three Months Ended

Mar 31, 2026

Mar 31, 2025

Dec 31, 2025

(in thousands)

Net Income (loss)

$

36,107

$

50,377

$

177,653

Non-cash adjustments:

Depreciation and amortization

27,171

24,448

26,284

Other non-cash

9,168

14,429

(133,269

)

Other increases (decreases) in cash from operating activities

(131,564

)

(169,972

)

150,461

Cash flow provided by (used in) operating activities

(59,118

)

(80,718

)

221,129

Purchases of property and equipment

(17,405

)

(26,088

)

(30,440

)

Free Cash Flow

$

(76,523

)

$

(106,806

)

$

190,689

Second Quarter 2026 Consolidated EBITDA Estimate

For the Three Months Ending

June 30, 2026

Low

High

(in thousands)

Income (loss) before income taxes

$

69,000

$

75,000

Depreciation and amortization

27,000

30,000

Subtotal

96,000

105,000

Interest expense, net of interest income

6,000

7,000

Amortization included in interest expense

(2,000

)

(2,000

)

Consolidated EBITDA

$

100,000

$

110,000

2026 Consolidated EBITDA Estimate

For the Year Ending

December 31, 2026

Low

High

(in thousands)

Income (loss) before income taxes

$

270,000

$

307,000

Depreciation and amortization

105,000

114,000

Subtotal

375,000

421,000

Interest expense, net of interest income

21,000

26,000

Amortization included in interest expense

(6,000

)

(7,000

)

Consolidated EBITDA

$

390,000

$

440,000

2026 Free Cash Flow Estimate

For the Year Ending

December 31, 2026

Low

High

(in thousands)

Net income (loss)

$

178,000

$

203,000

Depreciation and amortization

105,000

114,000

Other increases (decreases) in cash from operating activities

(78,000

)

(82,000

)

Cash flow provided by (used in) operating activities

205,000

235,000

Purchases of property and equipment

(105,000

)

(115,000

)

Free Cash Flow

$

100,000

$

120,000

EBITDA and Adjusted EBITDA and Margins by Segment

For the Three Months Ended March 31, 2026

SSR

MP

OPG

IMDS

ADTech

Unallocated Expenses

and other

Total

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

$

55,508

$

26,085

$

18,344

$

(998

)

$

8,111

$

(49,262

)

$

57,788

Adjustments for the effects of:

Depreciation and amortization

13,718

2,774

4,755

1,942

1,006

2,976

27,171

Other pre-tax

—

—

—

—

—

(564

)

(564

)

EBITDA

69,226

28,859

23,099

944

9,117

(46,850

)

84,395

Adjustments for the effects of:

Foreign currency (gains) losses

—

—

—

—

—

(728

)

(728

)

Total of adjustments

—

—

—

—

—

(728

)

(728

)

Adjusted EBITDA

$

69,226

$

28,859

$

23,099

$

944

$

9,117

$

(47,578

)

$

83,667

Revenue

$

214,273

$

143,648

$

135,376

$

67,884

$

131,248

$

692,429

Operating income (loss) % as reported in accordance with GAAP

26

%

18

%

14

%

(1

)%

6

%

8

%

EBITDA Margin

32

%

20

%

17

%

1

%

7

%

12

%

Adjusted EBITDA Margin

32

%

20

%

17

%

1

%

7

%

12

%

For the Three Months Ended March 31, 2025

SSR

MP

OPG

IMDS

ADTech

Unallocated Expenses

and other

Total

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

$

59,632

$

8,667

$

35,666

$

3,462

$

10,665

$

(44,620

)

$

73,472

Adjustments for the effects of:

Depreciation and amortization

11,736

2,650

4,689

1,730

833

2,810

24,448

Other pre-tax

—

—

—

—

—

(219

)

(219

)

EBITDA

71,368

11,317

40,355

5,192

11,498

(42,029

)

97,701

Adjustments for the effects of:

Foreign currency (gains) losses

—

—

—

—

—

(1,050

)

(1,050

)

Total of adjustments

—

—

—

—

—

(1,050

)

(1,050

)

Adjusted EBITDA

$

71,368

$

11,317

$

40,355

$

5,192

$

11,498

$

(43,079

)

$

96,651

Revenue

$

205,976

$

135,037

$

164,941

$

71,418

$

97,151

$

674,523

Operating income (loss) % as reported in accordance with GAAP

29

%

6

%

22

%

5

%

11

%

11

%

EBITDA Margin

35

%

8

%

24

%

7

%

12

%

14

%

Adjusted EBITDA Margin

35

%

8

%

24

%

7

%

12

%

14

%

For the Three Months Ended December 31, 2025

SSR

MP

OPG

IMDS

ADTech

Unallocated Expenses

and other

Total

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

$

67,828

$

20,370

$

15,037

$

(124

)

$

14,223

$

(51,951

)

$

65,383

Adjustments for the effects of:

Depreciation and amortization

13,388

2,765

4,389

1,887

904

2,951

26,284

Other pre-tax

—

—

—

—

—

(3,901

)

(3,901

)

EBITDA

81,216

23,135

19,426

1,763

15,127

(52,901

)

87,766

Adjustments for the effects of:

Foreign currency (gains) losses

—

—

—

—

—

2,721

2,721

Total of adjustments

—

—

—

—

—

2,721

2,721

Adjusted EBITDA

$

81,216

$

23,135

$

19,426

$

1,763

$

15,127

$

(50,180

)

$

90,487

Revenue

$

211,687

$

132,405

$

130,777

$

66,454

$

127,251

$

668,574

Operating income (loss) % as reported in accordance with GAAP

32

%

15

%

11

%

—

%

11

%

10

%

EBITDA Margin

38

%

17

%

15

%

3

%

12

%

13

%

Adjusted EBITDA Margin

38

%

17

%

15

%

3

%

12

%

14

%

View source version on businesswire.com: https://www.businesswire.com/news/home/20260422610169/en/
investorrelations@oceaneering.com

Hilary Frisbie

Senior Director, Investor Relations

Oceaneering International, Inc.

713-329-4755

Original: Oceaneering Reports First Quarter 2026 Results

Oceaneering Reports Fourth Quarter and Full Year 2025 ResultsFebruary 18, 2026 5:01 PM
Business Wire
Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported fourth quarter and full year 2025 results.

Fourth Quarter 2025 Results

As compared to the fourth quarter of 2024:

Revenue was $669 million, a decrease of 6%.

Operating income was $65.4 million, a decrease of 16%.

Net income was $178 million, an increase of 217%, which included a discrete tax benefit due to the release of valuation allowances for deferred tax assets.

Adjusted EBITDA was $90.5 million, a decrease of 11%.

Cash Flow and Share Repurchases

Cash flow provided by operating activities was $221 million.

Free cash flow was $191 million.

Shares repurchased were 419,005 for approximately $10.1 million.

Full Year 2025 Results

As compared to the full year 2024:

Revenue was $2.8 billion, an increase of 5%.

Operating income was $305 million, an increase of 24%.

Net income was $354 million, an increase of 140%.

Adjusted EBITDA was $401 million, an increase of 16%.

Cash Flow and Share Repurchases

Cash flow provided by operating activities was $319 million.

Free cash flow was $208 million.

Year-end cash and cash equivalents totaled $689 million, compared to $498 million at the end of 2024.

Shares repurchased were 1,810,732 for approximately $40.3 million. Approximately 5.4 million shares remain under the current repurchase authorization.

Rod Larson, Oceaneering's President and Chief Executive Officer, commented, "Our team concluded 2025 with strong operational execution, delivering fourth quarter adjusted EBITDA at the high end of our guidance range. We generated robust free cash flow of $191 million, driven primarily by the timing of customer collections. As expected, revenue and adjusted EBITDA declined compared to the fourth quarter of 2024 due to the unusually high level of international intervention and installation projects in our Offshore Projects Group segment (OPG) in the prior year.

"For the full year, we delivered solid financial results despite a challenging environment. Consolidated revenue and adjusted EBITDA both increased, making 2025 our seventh consecutive year of adjusted EBITDA growth. All of our operating segments achieved EBITDA improvements, with Manufactured Products and Aerospace and Defense Technologies (ADTech) recording the largest percentage increases. We secured $3.7 billion of orders in 2025 and ended the year with an enterprise-wide book-to-bill ratio of 1.33. Our backlog includes multi-year contracts in several segments, highlighted by a landmark ADTech award representing the largest initial contract value in our history.

"Looking ahead to 2026, we expect ADTech to be our primary growth engine, supported by our existing backlog and increased spending across defense and government markets. We anticipate results in our energy-focused businesses to be weighted towards the second half of the year as offshore activity improves. Based on these market dynamics and our current backlog, we are issuing our full year 2026 guidance."

Full Year 2026 Guidance

Net income is expected to be in the range of $178 million to $203 million.

Consolidated EBITDA is projected to be in the range of $390 million to $440 million.

Free cash flow generation is forecasted to be in the range of $100 million to $120 million.

Capital expenditures are expected to be in the range of $105 million to $115 million.

Share repurchase activity is expected to continue.

Fourth Quarter 2025 Segment Results

As compared to the fourth quarter of 2024:

Subsea Robotics (SSR) revenue of $212 million was essentially flat while operating income improved 7% to $67.8 million, and EBITDA margin improved to 38%. Margin expansion was driven by a 7% increase in ROV revenue per day utilized to $11,550, more than offsetting a decrease in ROV fleet utilization from 66% to 62%.

Manufactured Products operating income of $20.4 million improved significantly and operating income margin expanded to 15% on 7% less revenue. Backlog was $511 million on December 31, 2025. The book-to-bill ratio was 0.84 for the 12-month period ending on December 31, 2025.

OPG operating income of $15.0 million represented a year-over-year decrease of 62% on a 29% decrease in revenue. Operating income margin declined to 11%. These results reflect fewer high-margin international projects that positively benefited the fourth quarter of 2024.

Integrity Management and Digital Solutions (IMDS) revenue decreased by 11%, with operating income and operating income margin declining significantly. The revenue decline largely reflects lower activity in Europe and West Africa, while the operating income decline was due to the revenue decline plus a loss realized as the result of the resolution of a commercial dispute.

ADTech operating income increased 43% to $14.2 million on a 29% increase in revenue. Operating income margin was relatively flat at 11%.

At the corporate level, Unallocated Expenses increased 26% to $52.0 million, due to additional accruals for performance-based compensation.

First Quarter 2026 Guidance

As compared to the first quarter of 2025, consolidated first quarter 2026 revenue is expected to be lower and EBITDA is expected to be in the range of $80 million to $90 million. This is driven by lower activity levels in energy markets at the start of 2026, which are expected to improve as the year progresses.

At the segment level, for the first quarter of 2026, as compared to the first quarter of 2025:

SSR revenue is expected to increase slightly while operating income is expected to decrease due to changes in geographic mix.

Manufactured Products operating income is forecasted to increase significantly on slightly lower revenue.

OPG revenue and operating income are projected to decrease significantly due to year-over-year changes in volume and project mix.

IMDS revenue and operating income are expected to be relatively flat.

ADTech revenue is forecasted to increase significantly while operating income will expand marginally on project mix.

Unallocated Expenses are expected to be in the $50 million range, due to higher costs associated with wage inflation, increased information technology costs, and foreign exchange impacts.

Oceaneering will provide more specific guidance on its expectations for 2026 during its fourth quarter 2025 conference call.

Non-GAAP Financial Measures

Adjusted net income (loss) and earnings (loss) per share; EBITDA and adjusted EBITDA on a consolidated and on a segment basis (as well as EBITDA and adjusted EBITDA margins); and free cash flow are non-GAAP measures that exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, First Quarter 2026 Consolidated EBITDA Estimate, 2026 Consolidated EBITDA Estimate, 2026 Free Cash Flow Estimate, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.

Conference Call Details

Oceaneering has scheduled a conference call and webcast on Thursday, February 19, 2026 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time), to discuss its results for the fourth quarter and full year of 2025, as well as its guidance for the first quarter and full year of 2026. A link to the webcast will be posted on Oceaneering's Investor Relations website. A replay of the conference call will be made available on the website approximately two hours following the conclusion of the live call.

Forward-Looking Statements

This release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business, and financial performance and prospects of Oceaneering. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering’s expectations regarding: ADTech and offshore markets for 2026; first quarter 2026 guidance for consolidated revenue, consolidated EBITDA, revenue and operating income by segment, and Unallocated Expenses; full-year 2026 guidance for net income, consolidated EBITDA, free cash flow, capital expenditures, and that share purchase activity will continue in 2026; and the characterization, whether positive or otherwise, of market fundamentals, conditions, and dynamics, robotics markets, offshore energy activity levels (including by geographic location), pricing levels, day rates, ROV days utilized, average ROV revenue per day utilized, vessel utilization, growth, bidding activity, outlook, performance, opportunities, and future financials, including as increasing, favorable, positive, encouraging, improving, seasonal, strong, supportive, robust, meaningful, considerable, healthy, or significant (which is used herein to indicate a change of 20% or greater).

The forward-looking statements included in this release are based on Oceaneering's current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth, and the supply and demand of offshore drilling rigs; the indirect consequences of climate change and climate-related business trends; actions by members of OPEC and other oil exporting countries; decisions about offshore developments to be made by oil and gas exploration, development, and production companies; the use of subsea completions and our ability to capture associated market share; future budgetary and fiscal constraints imposed by the United States government, including the risk of government shutdowns; general economic and business conditions and industry trends and uncertainty, including those related to tariffs and retaliatory tariffs; the strength of the industry segments in which we are involved; cancellations of contracts, customer contract disputes, change orders, and other contractual modifications, force majeure declarations, and the exercise of contractual suspension rights and the resulting adjustments to our backlog; collections from our customers; our future financial performance, including as a result of the availability, terms, and deployment of capital; the consequences of significant changes in currency exchange rates; the volatility and uncertainties of credit markets; changes in data privacy and security laws, regulations, and standards; changes in tax laws, regulations, and interpretation by taxing authorities; changes in, or our ability to comply with, other laws and governmental regulations, including those relating to the environment; the continued availability of qualified personnel; our ability to obtain raw materials and parts on a timely basis and, in some cases, from limited sources; operating risks normally incident to offshore exploration, development, and production operations; hurricanes and other adverse weather and sea conditions; cost and time associated with drydocking of our vessels; the highly competitive nature of our businesses; adverse outcomes from legal or regulatory proceedings; the risks associated with integrating businesses we acquire; rapid technological changes; and social, political, military, and economic situations in foreign countries where we do business and the possibilities of civil disturbances, war, other armed conflicts, or terrorist attacks. For a more complete discussion of these and other risk factors, please see Oceaneering’s latest annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement.

About Oceaneering

Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries.

For more information, please visit www.oceaneering.com.

OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

Dec 31, 2025

Dec 31, 2024

(in thousands)

ASSETS

Current assets (including cash and cash equivalents of $688,874 and $497,516)

$

1,512,400

$

1,387,896

Net property and equipment

451,693

420,098

Other assets

703,161

528,353

Total Assets

$

2,667,254

$

2,336,347

LIABILITIES AND EQUITY

Current liabilities

$

761,726

$

796,938

Long-term debt

487,417

482,009

Other long-term liabilities

341,448

337,078

Equity

1,076,663

720,322

Total Liabilities and Equity

$

2,667,254

$

2,336,347

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months Ended

For the Year Ended

Dec 31, 2025

Dec 31, 2024

Sep 30, 2025

Dec 31, 2025

Dec 31, 2024

(in thousands, except per share amounts)

Revenue

$

668,574

$

713,450

$

742,898

$

2,784,156

$

2,661,161

Cost of services and products

536,302

571,513

590,166

2,215,714

2,175,667

Gross margin

132,272

141,937

152,732

568,442

485,494

Selling, general and administrative expense

66,889

64,057

66,224

263,890

239,224

Operating income (loss)

65,383

77,880

86,508

304,552

246,270

Interest income

4,118

3,407

3,704

14,483

12,124

Interest expense, net of amounts capitalized

(9,049

)

(9,741

)

(9,381

)

(36,977

)

(37,917

)

Equity in income (losses) of unconsolidated affiliates

276

142

97

1,046

929

Other income (expense), net

(2,529

)

(2,862

)

(1,021

)

2,796

3,510

Income (loss) before income taxes

58,199

68,826

79,907

285,900

224,916

Provision (benefit) for income taxes

(119,454

)

12,727

8,618

(67,861

)

77,448

Net Income (Loss)

$

177,653

$

56,099

$

71,289

$

353,761

$

147,468

Weighted average diluted shares outstanding

100,760

102,140

101,057

101,262

102,369

Diluted earnings (loss) per share

$

1.76

$

0.55

$

0.71

$

3.49

$

1.44

The above Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations should be read in conjunction with the Company's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q.

SEGMENT INFORMATION

For the Three Months Ended

For the Year Ended

Dec 31, 2025

Dec 31, 2024

Sep 30, 2025

Dec 31, 2025

Dec 31, 2024

($ in thousands)

Subsea Robotics

Revenue

$

211,687

$

212,190

$

218,767

$

855,216

$

829,822

Operating income (loss)

$

67,828

$

63,526

$

65,142

$

257,107

$

235,211

Operating income (loss) %

32

%

30

%

30

%

30

%

28

%

ROV days available

23,000

23,000

23,000

91,250

91,500

ROV days utilized

14,285

15,211

14,962

59,629

61,382

ROV utilization

62

%

66

%

65

%

65

%

67

%

Manufactured Products

Revenue

$

132,405

$

142,999

$

156,395

$

568,971

$

555,500

Operating income (loss)

$

20,370

$

4,163

$

24,651

$

72,460

$

43,000

Operating income (loss) %

15

%

3

%

16

%

13

%

8

%

Backlog at end of period

$

511,000

$

604,000

$

568,000

$

511,000

$

604,000

Offshore Projects Group

Revenue

$

130,777

$

184,386

$

171,046

$

616,045

$

591,037

Operating income (loss)

$

15,037

$

39,313

$

23,692

$

96,058

$

73,699

Operating income (loss) %

11

%

21

%

14

%

16

%

12

%

Integrity Management & Digital Solutions

Revenue

$

66,454

$

75,062

$

70,781

$

284,020

$

291,866

Operating income (loss)

$

(124

)

$

2,025

$

2,756

$

10,741

$

9,827

Operating income (loss) %

—

%

3

%

4

%

4

%

3

%

Aerospace and Defense Technologies

Revenue

$

127,251

$

98,813

$

125,909

$

459,904

$

392,936

Operating income (loss)

$

14,223

$

9,930

$

16,557

$

57,744

$

42,201

Operating income (loss) %

11

%

10

%

13

%

13

%

11

%

Unallocated Expenses

Operating income (loss)

$

(51,951

)

$

(41,077

)

$

(46,290

)

$

(189,558

)

$

(157,668

)

Total

Revenue

$

668,574

$

713,450

$

742,898

$

2,784,156

$

2,661,161

Operating income (loss)

$

65,383

$

77,880

$

86,508

$

304,552

$

246,270

Operating income (loss) %

10

%

11

%

12

%

11

%

9

%

The above Segment Information does not include adjustments for non-recurring transactions. See the tables below under the caption "Reconciliations of Non-GAAP to GAAP Financial Information" for financial measures that our management considers in evaluating our ongoing operations.

SELECTED CASH FLOW INFORMATION

For the Three Months Ended

For the Year Ended

Dec 31, 2025

Dec 31, 2024

Sep 30, 2025

Dec 31, 2025

Dec 31, 2024

(in thousands)

Capital expenditures, including acquisitions

$

30,440

$

61,023

$

24,215

$

111,015

$

134,285

Capitalized cloud-based service contract costs

5,588

—

7,161

17,012

—

Total Capital Expenditures

$

36,028

$

61,023

$

31,376

$

128,027

$

134,285

Depreciation and Amortization:

Energy Services and Products

Subsea Robotics

$

13,388

$

12,049

$

13,283

$

50,792

$

48,916

Manufactured Products

2,765

2,979

2,768

10,924

12,452

Offshore Projects Group

4,389

5,033

4,290

18,031

22,451

Integrity Management & Digital Solutions

1,887

1,615

1,830

7,286

6,025

Total Energy Services and Products

22,429

21,676

22,171

87,033

89,844

Aerospace and Defense Technologies

904

705

1,082

3,719

2,620

Unallocated Expenses

2,951

2,761

2,870

11,503

10,979

Total Depreciation and Amortization

$

26,284

$

25,142

$

26,123

$

102,255

$

103,443

RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release also includes non-GAAP financial measures (as defined under certain rules and regulations promulgated by the Securities and Exchange Commission). We have included adjusted net income (loss) and diluted earnings (loss) per Share (EPS), each of which excludes the effects of certain specified items, as set forth in the tables that follow. As a result, these amounts are non-GAAP financial measures. We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business. Furthermore, our management uses these measures as measures of the performance of our operations. We have also included disclosures of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDA Margins, 2025 consolidated adjusted EBITDA, consolidated adjusted EBITDA Margins, and free cash flow, and 2026 consolidated EBITDA and free cash flow estimates, as well as the following by segment: EBITDA, EBITDA margins, adjusted EBITDA, and adjusted EBITDA margins. We define EBITDA margin as EBITDA divided by revenue. Adjusted EBITDA and adjusted EBITDA margins and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. Due to the forward-looking nature of EBITDA for the first quarter of 2026, and for the full year of 2026, we cannot reliably predict certain of the necessary line items for the reconciliations to net income and, accordingly, have excluded such line items in the reconciliation. EBITDA and EBITDA margins, adjusted EBITDA and adjusted EBITDA margins, and related information by segment are each non-GAAP financial measures. We define free cash flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). We have included these disclosures in this press release because EBITDA, EBITDA margins, and free cash flow are widely used by investors for valuation purposes and for comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof provide more consistent measures than the unadjusted amounts. Furthermore, our management uses these measures for purposes of evaluating our financial performance. Our presentation of EBITDA, EBITDA margins, and free cash flow (and the adjusted amounts thereof) may not be comparable to similarly titled measures that other companies report. Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows, or any other measure prepared and reported in accordance with GAAP. The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.

Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)

For the Three Months Ended

Dec 31, 2025

Dec 31, 2024

Sep 30, 2025

Net Income (Loss)

Diluted EPS

Net Income (Loss)

Diluted EPS

Net Income (Loss)

Diluted EPS

(in thousands, except per share amounts)

Net income (loss) and diluted EPS as reported in accordance with GAAP

$

177,653

$

1.76

$

56,099

$

0.55

$

71,289

$

0.71

Pre-tax adjustments for the effects of:

Foreign currency (gains) losses

2,721

2,789

999

Total pre-tax adjustments

2,721

2,789

999

Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods

(1,389

)

77

(902

)

Discrete tax items:

Share-based compensation

—

(9

)

(4

)

Uncertain tax positions

1,044

2,744

(1,106

)

Valuation allowances

(155,503

)

(24,058

)

(6,279

)

Other

21,091

(182

)

(8,236

)

Total discrete tax adjustments

(133,368

)

(21,505

)

(15,625

)

Total of adjustments

(132,036

)

(18,639

)

(15,528

)

Adjusted Net Income (Loss)

$

45,617

$

0.45

$

37,460

$

0.37

$

55,761

$

0.55

Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)

100,760

102,140

101,057

For the Year Ended

Dec 31, 2025

Dec 31, 2024

Net Income (Loss)

Diluted EPS

Net Income (Loss)

Diluted EPS

(in thousands, except per share amounts)

Net income (loss) and diluted EPS as reported in accordance with GAAP

$

353,761

$

3.49

$

147,468

$

1.44

Pre-tax adjustments for the effects of:

Foreign currency (gains) losses

(2,760

)

(866

)

Total pre-tax adjustments

(2,760

)

(866

)

Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods

3,846

1,540

Discrete tax items:

Share-based compensation

(1,109

)

(1,985

)

Uncertain tax positions

(2,482

)

3,123

Valuation allowances

(167,496

)

(20,726

)

Other

11,426

(11,410

)

Total discrete tax adjustments

(159,661

)

(30,998

)

Total of adjustments

(158,575

)

(30,324

)

Adjusted Net Income (Loss)

$

195,186

$

1.93

$

117,144

$

1.14

Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)

101,262

102,369

EBITDA and Adjusted EBITDA and Margins

For the Three Months Ended

For the Year Ended

Dec 31, 2025

Dec 31, 2024

Sep 30, 2025

Dec 31, 2025

Dec 31, 2024

($ in thousands)

Net income (loss)

$

177,653

$

56,099

$

71,289

$

353,761

$

147,468

Depreciation and amortization

26,284

25,142

26,123

102,255

103,443

Subtotal

203,937

81,241

97,412

456,016

250,911

Interest expense, net of interest income

4,931

6,334

5,677

22,494

25,793

Amortization included in interest expense

(1,648

)

(1,555

)

(1,627

)

(6,421

)

(6,075

)

Provision (benefit) for income taxes

(119,454

)

12,727

8,618

(67,861

)

77,448

EBITDA

87,766

98,747

110,080

404,228

348,077

Adjustments for the effects of:

Foreign currency (gains) losses

2,721

2,789

999

(2,760

)

(866

)

Total of adjustments

2,721

2,789

999

(2,760

)

(866

)

Adjusted EBITDA

$

90,487

$

101,536

$

111,079

$

401,468

$

347,211

Revenue

$

668,574

$

713,450

$

742,898

$

2,784,156

$

2,661,161

EBITDA margin %

13

%

14

%

15

%

15

%

13

%

Adjusted EBITDA margin %

14

%

14

%

15

%

14

%

13

%

Free Cash Flow

For the Three Months Ended

For the Year Ended

Dec 31, 2025

Dec 31, 2024

Sep 30, 2025

Dec 31, 2025

Dec 31, 2024

(in thousands)

Net Income (loss)

$

177,653

$

56,099

$

71,289

$

353,761

$

147,468

Non-cash adjustments:

Depreciation and amortization

26,284

25,142

26,123

102,255

103,443

Other non-cash

(133,269

)

(8,575

)

(204

)

(113,373

)

3,291

Other increases (decreases) in cash from operating activities

150,461

55,711

4,055

(23,782

)

(50,988

)

Cash flow provided by (used in) operating activities

221,129

128,377

101,263

318,861

203,214

Purchases of property and equipment

(30,440

)

(33,874

)

(24,215

)

(111,015

)

(107,136

)

Free Cash Flow

$

190,689

$

94,503

$

77,048

$

207,846

$

96,078

First Quarter 2026 Consolidated EBITDA Estimate

For the Three Months Ending

March 31, 2026

Low

High

(in thousands)

Income (loss) before income taxes

$

51,000

$

57,000

Depreciation and amortization

26,000

29,000

Subtotal

77,000

86,000

Interest expense, net of interest income

5,000

6,000

Amortization included in interest expense

(2,000

)

(2,000

)

Consolidated EBITDA

$

80,000

$

90,000

2026 Consolidated EBITDA Estimate

For the Year Ending

December 31, 2026

Low

High

(in thousands)

Income (loss) before income taxes

$

270,000

$

307,000

Depreciation and amortization

105,000

114,000

Subtotal

375,000

421,000

Interest expense, net of interest income

21,000

26,000

Amortization included in interest expense

(6,000

)

(7,000

)

Consolidated EBITDA

$

390,000

$

440,000

2026 Free Cash Flow Estimate

For the Year Ending

December 31, 2026

Low

High

(in thousands)

Net income (loss)

$

178,000

$

203,000

Depreciation and amortization

105,000

114,000

Other increases (decreases) in cash from operating activities

(78,000

)

(82,000

)

Cash flow provided by (used in) operating activities

205,000

235,000

Purchases of property and equipment

(105,000

)

(115,000

)

Free Cash Flow

$

100,000

$

120,000

EBITDA and Adjusted EBITDA and Margins by Segment

For the Three Months Ended December 31, 2025

SSR

MP

OPG

IMDS

ADTech

Unallocated Expenses and other

Total

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

$

67,828

$

20,370

$

15,037

$

(124

)

$

14,223

$

(51,951

)

$

65,383

Adjustments for the effects of:

Depreciation and amortization

13,388

2,765

4,389

1,887

904

2,951

26,284

Other pre-tax

—

—

—

—

—

(3,901

)

(3,901

)

EBITDA

81,216

23,135

19,426

1,763

15,127

(52,901

)

87,766

Adjustments for the effects of:

Foreign currency (gains) losses

—

—

—

—

—

2,721

2,721

Total of adjustments

—

—

—

—

—

2,721

2,721

Adjusted EBITDA

$

81,216

$

23,135

$

19,426

$

1,763

$

15,127

$

(50,180

)

$

90,487

Revenue

$

211,687

$

132,405

$

130,777

$

66,454

$

127,251

$

668,574

Operating income (loss) % as reported in accordance with GAAP

32

%

15

%

11

%

—

%

11

%

10

%

EBITDA Margin

38

%

17

%

15

%

3

%

12

%

13

%

Adjusted EBITDA Margin

38

%

17

%

15

%

3

%

12

%

14

%

For the Three Months Ended December 31, 2024

SSR

MP

OPG

IMDS

ADTech

Unallocated Expenses and other

Total

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

$

63,526

$

4,163

$

39,313

$

2,025

$

9,930

$

(41,077

)

$

77,880

Adjustments for the effects of:

Depreciation and amortization

12,049

2,979

5,033

1,615

705

2,761

25,142

Other pre-tax

—

—

—

—

—

(4,275

)

(4,275

)

EBITDA

75,575

7,142

44,346

3,640

10,635

(42,591

)

98,747

Adjustments for the effects of:

Foreign currency (gains) losses

—

—

—

—

—

2,789

2,789

Total of adjustments

—

—

—

—

—

2,789

2,789

Adjusted EBITDA

$

75,575

$

7,142

$

44,346

$

3,640

$

10,635

$

(39,802

)

$

101,536

Revenue

$

212,190

$

142,999

$

184,386

$

75,062

$

98,813

$

713,450

Operating income (loss) % as reported in accordance with GAAP

30

%

3

%

21

%

3

%

10

%

11

%

EBITDA Margin

36

%

5

%

24

%

5

%

11

%

14

%

Adjusted EBITDA Margin

36

%

5

%

24

%

5

%

11

%

14

%

EBITDA and Adjusted EBITDA and Margins by Segment

For the Three Months Ended September 30, 2025

SSR

MP

OPG

IMDS

ADTech

Unallocated Expenses and other

Total

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

$

65,142

$

24,651

$

23,692

$

2,756

$

16,557

$

(46,290

)

$

86,508

Adjustments for the effects of:

Depreciation and amortization

13,283

2,768

4,290

1,830

1,082

2,870

26,123

Other pre-tax

—

—

—

—

—

(2,551

)

(2,551

)

EBITDA

78,425

27,419

27,982

4,586

17,639

(45,971

)

110,080

Adjustments for the effects of:

Foreign currency (gains) losses

—

—

—

—

—

999

999

Total of adjustments

—

—

—

—

—

999

999

Adjusted EBITDA

$

78,425

$

27,419

$

27,982

$

4,586

$

17,639

$

(44,972

)

$

111,079

Revenue

$

218,767

$

156,395

$

171,046

$

70,781

$

125,909

$

742,898

Operating income (loss) % as reported in accordance with GAAP

30

%

16

%

14

%

4

%

13

%

12

%

EBITDA Margin

36

%

18

%

16

%

6

%

14

%

15

%

Adjusted EBITDA Margin

36

%

18

%

16

%

6

%

14

%

15

%

EBITDA and Adjusted EBITDA and Margins by Segment

For the Year Ended December 31, 2025

SSR

MP

OPG

IMDS

ADTech

Unallocated Expenses and other

Total

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

$

257,107

$

72,460

$

96,058

$

10,741

$

57,744

$

(189,558

)

$

304,552

Adjustments for the effects of:

Depreciation and amortization

50,792

10,924

18,031

7,286

3,719

11,503

102,255

Other pre-tax

—

—

—

—

—

(2,579

)

(2,579

)

EBITDA

307,899

83,384

114,089

18,027

61,463

(180,634

)

404,228

Adjustments for the effects of:

Foreign currency (gains) losses

—

—

—

—

—

(2,760

)

(2,760

)

Total of adjustments

—

—

—

—

—

(2,760

)

(2,760

)

Adjusted EBITDA

$

307,899

$

83,384

$

114,089

$

18,027

$

61,463

$

(183,394

)

$

401,468

Revenue

$

855,216

$

568,971

$

616,045

$

284,020

$

459,904

$

2,784,156

Operating income (loss) % as reported in accordance with GAAP

30

%

13

%

16

%

4

%

13

%

11

%

EBITDA Margin

36

%

15

%

19

%

6

%

13

%

15

%

Adjusted EBITDA Margin

36

%

15

%

19

%

6

%

13

%

14

%

For the Year Ended December 31, 2024

SSR

MP

OPG

IMDS

ADTech

Unallocated Expenses and other

Total

($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP

$

235,211

$

43,000

$

73,699

$

9,827

$

42,201

$

(157,668

)

$

246,270

Adjustments for the effects of:

Depreciation and amortization

48,916

12,452

22,451

6,025

2,620

10,979

103,443

Other pre-tax

—

—

—

—

—

(1,636

)

(1,636

)

EBITDA

284,127

55,452

96,150

15,852

44,821

(148,325

)

348,077

Adjustments for the effects of:

Foreign currency (gains) losses

—

—

—

—

—

(866

)

(866

)

Total of adjustments

—

—

—

—

—

(866

)

(866

)

Adjusted EBITDA

$

284,127

$

55,452

$

96,150

$

15,852

$

44,821

$

(149,191

)

$

347,211

Revenue

$

829,822

$

555,500

$

591,037

$

291,866

$

392,936

$

2,661,161

Operating income (loss) % as reported in accordance with GAAP

28

%

8

%

12

%

3

%

11

%

9

%

EBITDA Margin

34

%

10

%

16

%

5

%

11

%

13

%

Adjusted EBITDA Margin

34

%

10

%

16

%

5

%

11

%

13

%

View source version on businesswire.com: https://www.businesswire.com/news/home/20260218550694/en/
investorrelations@oceaneering.com

Hilary Frisbie

Senior Director, Investor Relations

Oceaneering International, Inc.

713-329-4755

Original: Oceaneering Reports Fourth Quarter and Full Year 2025 Results