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Oceaneering International (OII) investor relations material
Oceaneering International Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue rose 4% year-over-year to $698M, with net income up 56% to $54.4M ($0.54/share) for Q2 2025, and all segments posting year-over-year improvements in revenue, operating income, and margin.
Adjusted EBITDA increased 20% to $103M, surpassing guidance for the eighth consecutive quarter.
Operating income increased 31% to $79.2M for Q2 2025.
Diluted EPS rose to $0.54 for Q2 2025, up from $0.34 year-over-year, driven by strong contract execution and higher ROV day rates.
Free cash flow was $46.9M, with $10M spent on share repurchases in Q2 2025.
Financial highlights
Q2 2025 revenue: $698M (up from $668.8M in Q2 2024); net income: $54.4M (up from $35.0M); operating income: $79.2M (up from $60.4M).
Gross margin for Q2 2025 was $148.4M (21.3% of revenue), up from $120.2M (18.0%) in Q2 2024.
Cash and cash equivalents at June 30, 2025: $434M; net working capital: $696M.
Free cash flow for Q2 2025 was $46.9M after $30.3M in capex; cash flow from operations was $77.2M.
Book-to-bill ratio for Manufactured Products was 0.65 for the trailing 12 months; backlog at $516M.
Outlook and guidance
Q3 2025: Revenue expected to increase year-over-year; consolidated EBITDA forecasted at $100–110M.
Full-year 2025: Revenue projected to grow mid-single digits; adjusted EBITDA guidance narrowed to $390–420M.
Free cash flow for 2025 estimated at $110–130M.
SSR and ADTech segments expected to see revenue and profitability growth in Q3 2025; OPG profitability expected to decrease on flat revenue.
2025 capital expenditures expected between $115M and $120M, exclusive of acquisitions.
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