Oceaneering $(OII)$ reported Q4 2025 revenue of USD 669 million (-6%), operating income of USD 65.4 million (-16%), net income of USD 178 million (+217%, including a discrete tax benefit from releasing valuation allowances for deferred tax assets), and adjusted EBITDA of USD 90.5 million (-11%). Q4 2025 cash flow from operating activities was USD 221 million and free cash flow was USD 191 million; Oceaneering repurchased 419,005 shares for about USD 10.1 million. For FY 2025, Oceaneering posted revenue of USD 2.8 billion (+5%), operating income of USD 305 million (+24%), net income of USD 354 million (+140%), and adjusted EBITDA of USD 401 million (+16%). FY 2025 cash flow from operating activities was USD 319 million and free cash flow was USD 208 million; year-end cash and cash equivalents were USD 689 million (vs. USD 498 million at end-2024). Oceaneering repurchased 1.81 million shares for about USD 40.3 million, with about 5.4 million shares remaining under its current authorization. Management said FY 2025 included USD 3.7 billion of orders and an enterprise-wide book-to-bill ratio of 1.33, with backlog including a “landmark” ADTech award described as the largest initial contract value in company history. In Q4 2025, Subsea Robotics revenue was USD 212 million (essentially flat) with operating income up 7% to USD 67.8 million, supported by higher ROV revenue per day utilized (USD 11,550) despite lower utilization (62% vs. 66%); ADTech operating income rose 43% to USD 14.2 million on 29% higher revenue, while Offshore Projects Group operating income fell to USD 15.0 million (-62%) on lower project volume and mix. For 2026, Oceaneering guided to net income of USD 178 million to USD 203 million, consolidated EBITDA of USD 390 million to USD 440 million, and free cash flow of USD 100 million to USD 120 million, with Q1 2026 EBITDA expected at USD 80 million to USD 90 million.

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