Helix Energy Solutions Group (HLX) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered the highest Q4 earnings since 2013, with net income of $8.3 million ($0.06 per share), despite an $18.1 million non-cash impairment charge on oil and gas properties.

• Full year 2025 net income was $31 million ($0.21 per share), with adjusted EBITDA of $272 million and revenue of $1.29 billion.

• Strong cash and liquidity position at year-end, with $445 million in cash and $554 million in total liquidity, and negative net debt of $137 million.

• CEO Owen Kratz announced retirement; succession plan in place for a smooth leadership transition.

• Secured major multi-year contracts in the UK North Sea and Brazil, and renewed key contracts in the Gulf of America.

Financial highlights

• Q4 2025 revenue was $334 million, gross profit $51 million, net income $8.3 million, and adjusted EBITDA $74 million.

• Full year 2025 revenue was $1.29 billion, gross profit $159 million, and adjusted EBITDA margin was 21%.

• Q4 operating cash flow was $113 million; free cash flow was $107 million; full year free cash flow was $120 million.

• Q4 net income included an $18 million non-cash impairment loss related to Thunder Hawk oil and gas properties.

• Capital expenditures for 2025 were $16.3 million, down from $23.3 million in 2024.

Outlook and guidance

• 2026 revenue guidance is $1.2–$1.4 billion, with adjusted EBITDA expected between $230–$290 million and free cash flow of $100–$160 million.

• CapEx for 2026 is projected at $70–$80 million, mainly for regulatory maintenance and fleet renewal.

• 25% of free cash flow targeted for share repurchases.

• Seasonal impacts expected, with strongest quarters in Q2 and Q3; market improvement anticipated in late 2026 and 2027, especially in decommissioning and robotics.