| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 692.43 | 2.7% |
| Total Income | 692.43 | 2.7% |
| Expenditure | 634.64 | 5.6% |
| PBT | 54.83 | 21.0% |
| Net Profit | 36.11 | 28.3% |
| OPM | 8.35% | 2.55pp |
| NPM | 5.21% | 2.25pp |
| EPS | 0.36 | 28.0% |
Oceaneering Reports Q1 2026 Results: Revenue Up 3% to $692 Million
23 Apr 2026 · 23 Apr, 2:31 am
Summary
Oceaneering reported first quarter 2026 results with revenue increasing by 3% to $692 million. However, operating income, net income, and adjusted EBITDA decreased compared to the first quarter of 2025. The company secured approximately $1 billion in total orders, including significant awards in Subsea Robotics and Aerospace and Defense Technologies. Management maintains full-year EBITDA guidance of $390 million to $440 million, anticipating ADTech as the primary growth driver and improved offshore activity levels in the second half of the year.
Key Highlights
- 1
Oceaneering's first quarter revenue increased by 3% to $692 million compared to the first quarter of 2025.
- 2
Operating income for the first quarter was $57.8 million, a decrease of 21% compared to the same period last year.
- 3
Net income for the first quarter decreased by 28% to $36.1 million compared to the first quarter of 2025.
- 4
Adjusted EBITDA for the first quarter was $83.7 million, a decrease of 13% compared to the prior year.
- 5
The company generated total orders of approximately $1 billion during the quarter.
- 6
Subsea Robotics secured over $300 million in awards, with ROV contract terms extending into 2031.
- 7
Aerospace and Defense Technologies received $175 million in awards during the quarter.
Management Comments
Rod Larson
Our first quarter unfolded largely as expected, driven by strong activity in Aerospace and Defense Technologies (ADTech). All of our energy segments produced results consistent with guidance with the exception of Integrity Management and Digital Solutions (IMDS), which was impacted by the Middle East conflict. Our consolidated adjusted EBITDA of $83.7 million was within our guidance range; however, results were impacted by the expected resolution of an ADTech contract dispute. Excluding that item, consolidated adjusted EBITDA would have been at the upper end of our guidance range.
Rod Larson
Considering the balance of 2026, we continue to believe that ADTech will be our primary growth driver. We also anticipate that offshore activity levels will improve in the second half of the year. This outlook, combined with our backlog, gives us the confidence to maintain our full-year EBITDA guidance range of $390 million to $440 million.
Informational and educational content only. Not investment advice.