Oceaneering | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 768.18 M

Revenue: As of FY2026 Q2, the actual value is USD 768.18 M, beating the estimate of USD 734.78 M.

EPS: As of FY2026 Q2, the actual value is USD 0.65.

EBIT: As of FY2026 Q2, the actual value is USD 89.63 M.

Overall Company Performance

Oceaneering International, Inc. reported that its total revenue increased 10% to $768 million in the second quarter of 2026 compared to the second quarter of 2025. Operating income for the quarter increased 11% to $88.2 million, and net income attributable to Oceaneering International, Inc. increased 19% to $65.0 million. Adjusted EBITDA rose 11% to $115 million.

Cash Flow and Balance Sheet

Cash flow provided by operating activities was $55.2 million, and free cash flow was $32.0 million for the quarter ended June 30, 2026. Quarter-end cash and cash equivalents totaled $629 million, an increase from $434 million in the same period last year. The company repurchased 263,335 shares for approximately $10.0 million.

Segment Performance (Second Quarter 2026 vs. Second Quarter 2025)

Subsea Robotics (SSR)

Revenue increased to $232 million. Operating income increased 3% to $66.3 million, and the EBITDA margin remained flat at 35%. ROV revenue per day utilized increased to $11,894, while ROV fleet utilization slightly decreased to 66% from 67%.

Manufactured Products

Revenue increased 3% to $149.030 million. Operating income increased to $21.9 million, and the operating income margin expanded to 15%. The backlog as of June 30, 2026, was $445 million, and the book-to-bill ratio for the 12-month period ending June 30, 2026, was 0.88.

Offshore Projects Group (OPG)

Revenue increased 22% to $182.843 million. Operating income increased to $30.0 million, and the operating income margin improved to 16%.

Integrity Management & Digital Solutions (IMDS)

Revenue decreased 6% to $70.844 million. Operating income decreased by $4.5 million to $100 thousand, resulting in an operating income margin of 0%.

Aerospace and Defense Technologies (ADTech)

Revenue increased 22% to $133 million. Operating income increased slightly to $16.4 million, but the operating income margin declined to 12%.

Unallocated Expenses

Unallocated Expenses were essentially flat at $46.6 million, aligning with expectations.

Outlook / Guidance

Oceaneering International, Inc. updated its full-year 2026 consolidated adjusted EBITDA guidance range to $400 million to $440 million. The company expects IMDS operating income to decrease significantly, with its operating income margin projected to be in the low-single-digit percentage range for the full year. For the third quarter of 2026, consolidated revenue is projected to increase, and consolidated EBITDA is expected to be in the range of $115 million to $125 million, with most segments anticipating increased revenue and operating income, except Manufactured Products which is expected to slightly decrease, and IMDS operating income expected to be relatively flat.