Helix Energy Solutions Group (HLX) Q2 2026 earnings summary

Executive summary

• Completed the sale of Helix Alliance (Shallow Water Abandonment segment) in May 2026 for $107.5 million, resulting in a pre-tax gain of $16.1 million, classified as discontinued operations.

• Entered into a merger agreement with Hornbeck Offshore Services, with closing expected September 1, 2026; Helix shareholders to own 45% of the combined company.

• Net income for Q2 2026 was $22.7 million ($0.15 per diluted share), reversing prior losses and reflecting improved operational results and a gain from discontinued operations.

• Adjusted EBITDA for Q2 2026 was $74.7 million, up significantly year-over-year.

Financial highlights

• Q2 2026 revenues were $304 million, up 21% year-over-year from $252 million in Q2 2025.

• Gross profit margin improved to 18% from 5% year-over-year.

• Operating cash flows reached $54 million; free cash flow was $47 million for Q2 2026.

• Cash and cash equivalents stood at $652.2 million; negative net debt of $347.9 million; total liquidity $716.5 million.

• Long-term debt at June 30, 2026 was $304.3 million.

Outlook and guidance

• Annual guidance withdrawn due to pending Hornbeck merger; qualitative outlook provided.

• Well Intervention: strong contract coverage in Gulf of America, North Sea, and Brazil, with some schedule gaps expected.

• Robotics: high utilization expected for North Sea vessels and trenchers; ROV utilization projected to improve over 2025.

• Production Facilities: Helix Producer under contract for 2026; Thunder Hawk and Droshky fields with ongoing and declining production, respectively.

• 2026 performance expected to benefit from strong backlog, higher commodity prices, and regulatory enforcement in the U.K.