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Helix Energy Solutions Group (HLX) investor relations material
Helix Energy Solutions Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Achieved net income of $22.1 million ($0.15 per share) in Q3 2025, the highest quarterly results since 2014, with Adjusted EBITDA of $104 million, driven by strong operational execution in robotics, Brazil, and shallow water segments.
Q3 revenue reached $377 million, up from $302 million in Q2 2025 and $342 million in Q3 2024, with cash and cash equivalents at $338 million and liquidity at $430 million at quarter end.
Backlog stood at $1.3 billion as of September 30, 2025, supported by new multi-year contracts in robotics and well intervention.
Signed major long-term contracts, including a three-year well intervention contract in the Gulf of America and a four-year robotics agreement for North Sea trenching.
Offshore energy services provider with global operations, focused on well intervention, robotics, decommissioning, and renewables.
Financial highlights
Q3 2025 revenue was $376.96 million, gross profit $66 million (18% margin), and net income $22.1 million, with Adjusted EBITDA of $104 million and free cash flow of $23 million.
Year-to-date: $957 million revenue, $109 million gross profit, $23 million net income, $198 million adjusted EBITDA, and $13 million free cash flow.
Cash and cash equivalents at $338 million; liquidity at $430 million; negative net debt of $31 million at quarter end.
Long-term debt at quarter-end was $307 million, with no significant maturities until 2029.
Q3 2025 gross margin was 18%, net margin 5.8%, and net working capital $484.1 million.
Outlook and guidance
2025 revenue guidance narrowed to $1.23–$1.29 billion; Adjusted EBITDA $240–$270 million; free cash flow $100–$140 million.
Capex forecast for 2025 is $70–$80 million, focused on vessel maintenance, regulatory certifications, and robotics fleet renewal.
Q4 expected to be impacted by winter seasonality, especially in the North Sea, Gulf of Mexico shelf, and APAC; backlog of $1.3 billion provides multi-year contract coverage.
2026 expected to see improved activity in shallow water abandonment and robotics, with competitive rates and mid- to long-term growth in decommissioning and renewables.
Continued headwinds in spot markets for well intervention and shallow water abandonment through 2025 and into 2026.
Why Q3 EBITDA highest since 2014 despite downtime?
Well Intervention operating income variance
Factors influencing full year FCF guidance range
Q4000 deployment strategy for 2026?
North Sea market recovery and Seawell plans?
Impact of 2026 SH vessel special surveys?
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Next Helix Energy Solutions Group earnings date
Q4 202525 Feb, 2026
Next Helix Energy Solutions Group earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Helix Energy Solutions Group Inc. provides offshore energy services related to well intervention, robotics, and production. The company supports oil and gas operators with services such as decommissioning, pipeline inspection, and well deconstruction. It operates specialized vessels and remotely operated vehicles for work in deepwater environments. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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