--- title: "Oceaneering | 8-K: FY2025 Q4 Revenue Misses Estimate at USD 668.57 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/276278317.md" datetime: "2026-02-18T22:04:24.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276278317.md) - [en](https://longbridge.com/en/news/276278317.md) - [zh-HK](https://longbridge.com/zh-HK/news/276278317.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/276278317.md) | [繁體中文](https://longbridge.com/zh-HK/news/276278317.md) # Oceaneering | 8-K: FY2025 Q4 Revenue Misses Estimate at USD 668.57 M Revenue: As of FY2025 Q4, the actual value is USD 668.57 M, missing the estimate of USD 678.16 M. EPS: As of FY2025 Q4, the actual value is USD 1.76. EBIT: As of FY2025 Q4, the actual value is USD 70.31 M. #### Fourth Quarter 2025 Financial Performance (compared to Fourth Quarter 2024) ##### Consolidated Metrics - **Revenue**: Oceaneering International, Inc. reported $669 million, a decrease of 6%. - **Operating Income**: $65.4 million, a decrease of 16%. - **Net Income**: $178 million, an increase of 217%, largely due to a discrete tax benefit from the release of valuation allowances for deferred tax assets. - **Adjusted EBITDA**: $90.5 million, an 11% decrease. - **Gross Margin**: $132,272 thousand, compared to $141,937 thousand in the prior year period. - **Operating Income Margin**: 10%, a decrease from 11% in the prior year period. - **EBITDA Margin**: 13%, down from 14% in the prior year period. - **Adjusted EBITDA Margin**: 14%, flat compared to the prior year period. ##### Cash Flow and Share Repurchases - **Cash Flow Provided by Operating Activities**: $221 million. - **Free Cash Flow**: $191 million. - **Shares Repurchased**: 419,005 shares for approximately $10.1 million. ##### Segment Performance - **Subsea Robotics (SSR)**: - Revenue: $211,687 thousand, essentially flat compared to $212,190 thousand in Q4 2024. - Operating Income: $67,828 thousand, a 7% improvement from $63,526 thousand in Q4 2024. - Operating Income Margin: 32%, up from 30% in Q4 2024. - EBITDA Margin: 38%. - ROV revenue per day utilized: $11,550, a 7% increase. - ROV fleet utilization: 62%, a decrease from 66%. - **Manufactured Products**: - Revenue: $132,405 thousand, a 7% decrease from $142,999 thousand in Q4 2024. - Operating Income: $20,370 thousand, a significant improvement from $4,163 thousand in Q4 2024. - Operating Income Margin: 15%, expanded from 3% in Q4 2024. - Backlog: $511 million on December 31, 2025. - Book-to-bill ratio (12-month period ending Dec 31, 2025): 0.84. - **Offshore Projects Group (OPG)**: - Revenue: $130,777 thousand, a 29% decrease from $184,386 thousand in Q4 2024. - Operating Income: $15,037 thousand, a 62% decrease from $39,313 thousand in Q4 2024. - Operating Income Margin: 11%, a decline from 21% in Q4 2024. - **Integrity Management & Digital Solutions (IMDS)**: - Revenue: $66,454 thousand, an 11% decrease from $75,062 thousand in Q4 2024. - Operating Income: -$124 thousand, a significant decline from $2,025 thousand in Q4 2024, reflecting lower activity and a loss from a commercial dispute resolution. - Operating Income Margin: 0%, a decline from 3% in Q4 2024. - **Aerospace and Defense Technologies (ADTech)**: - Revenue: $127,251 thousand, a 29% increase from $98,813 thousand in Q4 2024. - Operating Income: $14,223 thousand, a 43% increase from $9,930 thousand in Q4 2024. - Operating Income Margin: 11%, relatively flat compared to 10% in Q4 2024. - **Unallocated Expenses**: Increased 26% to $51,951 thousand due to additional accruals for performance-based compensation. #### Full Year 2025 Financial Performance (compared to Full Year 2024) ##### Consolidated Metrics - **Revenue**: Oceaneering International, Inc. reported $2.8 billion, an increase of 5%. - **Operating Income**: $305 million, an increase of 24%. - **Net Income**: $354 million, an increase of 140%. - **Adjusted EBITDA**: $401 million, an increase of 16%. - **Gross Margin**: $568,442 thousand, compared to $485,494 thousand in the prior year. - **Operating Income Margin**: 11%, up from 9% in the prior year. - **EBITDA Margin**: 15%, up from 13% in the prior year. - **Adjusted EBITDA Margin**: 14%, up from 13% in the prior year. ##### Cash Flow and Share Repurchases - **Cash Flow Provided by Operating Activities**: $319 million. - **Free Cash Flow**: $208 million. - **Year-end Cash and Cash Equivalents**: $689 million, compared to $498 million at the end of 2024. - **Shares Repurchased**: 1,810,732 shares for approximately $40.3 million. ##### Other Key Operational Metrics - **Total Orders Secured**: $3.7 billion in 2025. - **Enterprise-wide Book-to-Bill Ratio**: 1.33. #### Balance Sheet Highlights (as of December 31, 2025) - **Total Assets**: $2,667,254 thousand, up from $2,336,347 thousand at December 31, 2024. - **Current Liabilities**: $761,726 thousand, down from $796,938 thousand at December 31, 2024. - **Long-term Debt**: $487,417 thousand, up from $482,009 thousand at December 31, 2024. - **Equity**: $1,076,663 thousand, up from $720,322 thousand at December 31, 2024. #### Outlook and Guidance ##### Full Year 2026 Guidance 国际海洋工程 expects net income for full year 2026 to be between $178 million and $203 million, with consolidated EBITDA projected from $390 million to $440 million. Free cash flow generation is forecasted to be $100 million to $120 million, and capital expenditures are expected to be $105 million to $115 million, with continued share repurchase activity anticipated. ##### First Quarter 2026 Guidance (compared to First Quarter 2025) Consolidated first quarter 2026 revenue is expected to be lower, and consolidated EBITDA is projected to be in the range of $80 million to $90 million, driven by lower activity levels in energy markets at the start of 2026, which are expected to improve later in the year. Segment-level projections include slightly increased SSR revenue but decreased operating income, significantly increased Manufactured Products operating income on slightly lower revenue, and significantly decreased OPG revenue and operating income. IMDS revenue and operating income are expected to be relatively flat, while ADTech revenue is forecasted to increase significantly with marginally expanding operating income. ### Related Stocks - [Oceaneering International, Inc. (OII.US)](https://longbridge.com/en/quote/OII.US.md) ## Related News & Research - [Key facts: Bunge Increases Securitization to $2.0B; 8-K on Obligation](https://longbridge.com/en/news/281659964.md) - [Wealth First Promoters Confirm 74% Stake With No Encumbrance in FY26](https://longbridge.com/en/news/281530653.md) - [Cintas (CTAS) Valuation Check After Q3 Results And Higher Fiscal 2026 Guidance](https://longbridge.com/en/news/281225115.md) - [Harbor Capital Advisors Inc. Has $2.51 Million Position in Comfort Systems USA, Inc. $FIX](https://longbridge.com/en/news/281681825.md) - [Firefly Aerospace's Marc Weiser resigns from board](https://longbridge.com/en/news/281662054.md)