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Dec 31, 2025
Helix Q4 2025 Earnings Report
Helix Energy Solutions Group, Inc. reported its fourth quarter and full year 2025 financial results, highlighting a net income of $8.3 million and Adjusted EBITDA of $73.9 million.
Key Takeaways
Helix reported a decrease in quarterly revenue to $334.2 million compared to $355.1 million in the prior year, primarily driven by lower utilization in the Well Intervention segment. Despite seasonal impacts and a non-cash impairment charge of $18.1 million, the company maintained a strong cash position and generated significant free cash flow of $107.5 million in Q4.
Net income for Q4 2025 was $8.3 million, or $0.06 per diluted share, including an $18.1 million pre-tax impairment charge.
Free Cash Flow for the quarter was robust at $107.5 million, contributing to a year-end cash balance of $445.2 million.
Well Intervention revenues saw a 20% year-over-year decline due to lower vessel utilization and the stacking of the Seawell.
The company successfully secured a multi-year P&A program in the UK North Sea for up to 34 subsea wells.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management expects the near-term market to continue at its current pace with momentum building for improvements in the latter half of 2026 and into 2027.
Positive Outlook
- Secured a multi-year P&A program in the UK North Sea for up to 34 wells.
- Thunder Hawk field expected to resume production in early April.
- Strong cash balance of $445 million provides significant optionality for deployment.
- Anticipated market improvements in the latter half of 2026.
- Sales efforts finding pockets of market resilience despite macro headwinds.
Challenges Ahead
- Market remains volatile with oil prices declining nearly 20% year over year.
- Slower oil and gas offshore market resulting in non-cash impairment charges.
- Seasonal impacts expected to continue affecting execution in the short term.
- Lower utilization trends in certain vessel classes like Well Intervention.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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