Oceaneering Q4 Revenue Falls 6% as Net Income Soars 217%, Guides 2026 Net Income $178M–$203M
Q4 2025 revenue declined 6% to $669M, adjusted EBITDA fell 11% to $90.5M and net income surged 217% to $178M on a deferred tax benefit. Full-year revenue rose 5% to $2.8B, EBITDA grew 16% to $401M, backlog reached $3.7B; 2026 guidance forecasts net income of $178M–$203M and EBITDA of $390M–$440M.
1. Fourth Quarter 2025 Results
Oceaneering reported Q4 revenue of $669M, down 6% year-over-year, operating income of $65.4M (-16%) and adjusted EBITDA of $90.5M (-11%). Net income surged 217% to $178M on a deferred tax benefit, operating cash flow was $221M, free cash flow $191M and shares repurchased totaled $10.1M.
2. Full-Year 2025 Performance
For full-year 2025, revenue increased 5% to $2.8B, operating income rose 24% to $305M and adjusted EBITDA grew 16% to $401M. Net income climbed 140% to $354M, operating cash flow reached $319M, free cash flow totaled $208M and share repurchases amounted to $40.3M, with year-end cash at $689M.
3. Orders and Backlog
The company secured $3.7B of orders in 2025, achieving an enterprise-wide book-to-bill ratio of 1.33 and ending the year with multi-year contracts, including the largest initial ADTech award in its history.
4. 2026 Guidance
Looking to 2026, Oceaneering expects net income of $178M–$203M, consolidated EBITDA of $390M–$440M, free cash flow of $100M–$120M and capital expenditures of $105M–$115M, while continuing share repurchase activity.