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Jun 30
Oceaneering Q2 2025 Earnings Report
Oceaneering delivered strong Q2 2025 results with significant improvements in operating income and net income across all segments.
Key Takeaways
Oceaneering achieved revenue growth, higher operating income, and stronger margins across all business segments, driven by robust ROV activity, backlog conversion in Manufactured Products, and strong execution in Offshore Projects Group.
Revenue grew 4% YoY to $698M
Net income rose 56% YoY to $54.4M
Adjusted EBITDA increased 20% YoY to $103M
Free cash flow reached $46.9M with $434M in cash position
Oceaneering
Oceaneering
Oceaneering Revenue by Segment
Revenue by Segment
Subsea Robotics Revenue
CapyFin.comManufactured Products Revenue
CapyFin.com Forward Guidance
Oceaneering expects continued growth in revenue and profitability across most segments, with strong ROV activity and backlog conversion supporting 2025 results.
Positive Outlook
- Consolidated revenue expected to grow mid-single digits
- Adjusted EBITDA guidance raised to $390M-$420M
- SSR revenue expected to increase mid-single digits
- Manufactured Products profitability to increase significantly
- ADTech revenue and profitability forecasted to increase significantly
Challenges Ahead
- OPG operating profitability expected to decrease
- IMDS revenue expected to remain flat despite margin expansion
- Survey business contributions expected to be lower than anticipated
- Unallocated expenses projected at $45M-$50M
- Book-to-bill ratio below 1.0 indicating slower backlog replenishment