Oceaneering International Stock Earnings Reports

Oceaneering reported a strong Q3 2025, beating guidance with consolidated adjusted EBITDA of $111 million (their highest quarterly EBITDA since Q4 2015) and revenue of $743 million, up 9% year-over-year. Operating income rose 21% to $86.5 million. The company generated $77 million of free cash flow after $24.2 million of investments, ended the quarter with $506 million of cash and repurchased ~$10 million of stock. By segment: Subsea Robotics (SSR) had flat revenue and operating income with improved ROV revenue/day ($11,254) despite 65% utilization; Manufactured Products doubled operating income (16% margin) on a 9% revenue increase driven by conversion of higher‑margin backlog; Offshore Projects Group (OPG) saw 16% revenue growth and 17% operating income growth (14% margin) supported by U.S. Gulf vessel utilization and favorable project mix; IMDS improved on the absence of a prior-year noncash charge; ADTech grew strongly (+27% revenue, +36% operating income) as defense contract activity ramps. Backlog was $568 million in Manufactured Products; book-to-bill for trailing 12 months was 0.82. Q4 2025 guidance: consolidated EBITDA $80–$90 million, with segment expectations varying (SSR mid-to-upper-30% EBITDA margin, ADTech significant growth, OPG and IMDS down). Full-year 2025 adjusted EBITDA expected $391–$401 million; full-year free cash flow guidance maintained at $110–$130 million. Initial 2026 consolidated EBITDA guidance: $390–$440 million, with significant ADTech growth, stable energy businesses, and similar free cash flow profile to 2025. Management noted strategic fleet and cost actions (sale of underutilized survey vessel, one chartered vessel not to be renewed) and will continue share repurchases (≈5.8M shares remain authorized). CFO Alan Curtis will retire Jan 1, 2026, transitioning to an advisory role; Mike Sumruld joins as SVP Finance.