Oceaneering Q3 revenue beats on growth in subsea robotics performance
OII•Oceaneering’s third-quarter revenue rose 6% year over year to $785 million, beating estimates, while adjusted EPS of $0.50 missed expectations and net income fell 26% to $52.6 million. The company expects fourth-quarter 2026 EBITDA of $85 million to $95 million and 2027 EBITDA of $430 million to $480 million.
1. Revenue and earnings
Oceaneering reported third-quarter revenue of $785 million, up 6% year over year and above the $773.23 million analyst consensus. Adjusted EPS was $0.50, below the $0.58 consensus, while net income declined 26% year over year to $52.6 million.
2. Business performance
Higher ROV revenue per day, increased Survey activity and improved margins in Subsea Robotics drove year-over-year improvement. Manufactured Products revenue grew following resolution of a legacy mobility solutions contract, while lower activity and profitability in Grayloc Products weighed on results. Improved operational cash flow, lower tax payments and lower capital spending supported free cash flow.
3. Outlook
Oceaneering expects fourth-quarter 2026 EBITDA of $85 million to $95 million and 2027 EBITDA of $430 million to $480 million. It expects 2027 free cash flow to exceed its 2026 forecast.
