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Dec 31, 2025
Oceaneering Q4 2025 Earnings Report
Oceaneering reported its financial results for the fourth quarter and full year ended December 31, 2025.
Key Takeaways
Oceaneering concluded 2025 with strong operational execution, delivering fourth quarter adjusted EBITDA at the high end of its guidance range, driven by robust free cash flow. Despite a challenging environment, the company achieved its seventh consecutive year of adjusted EBITDA growth for the full year, with all operating segments showing improvements.
Fourth quarter 2025 revenue decreased by 6% to $669 million compared to the fourth quarter of 2024.
Net income for Q4 2025 significantly increased by 217% to $178 million, including a discrete tax benefit.
Adjusted EBITDA for Q4 2025 was $90.5 million, an 11% decrease from the prior year.
The company generated $191 million in free cash flow during Q4 2025, primarily due to the timing of customer collections.
Revenue by Segment
Forward Guidance
For the full year 2026, Oceaneering expects net income to be between $178 million and $203 million, with consolidated EBITDA projected to be in the range of $390 million to $440 million. Free cash flow generation is forecasted between $100 million and $120 million, and capital expenditures are expected to be $105 million to $115 million. Share repurchase activity is anticipated to continue.
Positive Outlook
- ADTech is expected to be the primary growth engine, supported by existing backlog and increased spending in defense and government markets.
- Energy-focused businesses are anticipated to see results weighted towards the second half of 2026 as offshore activity improves.
- Consolidated EBITDA is projected to increase, with a range of $390 million to $440 million for FY 2026.
- Free cash flow generation is expected to be positive, ranging from $100 million to $120 million for FY 2026.
- Share repurchase activity is expected to continue in 2026.
Challenges Ahead
- First quarter 2026 consolidated revenue is expected to be lower compared to Q1 2025.
- Lower activity levels in energy markets are anticipated at the start of 2026.
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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