US Market News
2月前
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
US Market News
4月前
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
Hot Features
プレミアム
登録してリアルタイムのアラート、カスタムポートフォリオ、市場の動きを入手してください。
Hulk Hogan is God
5年前
whytestocks
6年前
メールアドレスで登録
