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Oil & gas equipment & services · Energy · Fiscal year ends Dec 31
Hornbeck Offshore Services reported revenue of $1.3B in the fiscal year ended Dec 2025, down 4.9% from the year before. Operating income was $65M, an operating margin of 5.0%, and net income was $31M. Operating cash flow of $137M less capital expenditure of $16M left free cash flow of $120M. It held more cash than debt (net cash $110M).
Ranks among the 17 oil & gas equipment & services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 675 | 873 | 1,290 | 1,359 | 1,291 |
| Cost of revenue | 659 | 822 | 1,089 | 1,139 | 1,132 |
| Gross profit | 15.4 | 50.6 | 200 | 220 | 159 |
| Selling, general & admin | 63.4 | 76.8 | 94.4 | 91.7 | 75.9 |
| Operating income | −48.7 | −44.9 | 63.5 | 127 | 65.1 |
| Interest expense | 23.5 | 20.2 | 21.4 | 33.9 | 33.0 |
| Pre-tax income | −70.6 | −75.2 | 7.5 | 82.1 | 42.5 |
| Income tax | −9.0 | 12.6 | 18.4 | 26.4 | 11.7 |
| Net income | −61.5 | −87.8 | −10.8 | 55.6 | 30.8 |
| Diluted EPS | −0.41 | −0.58 | −0.07 | 0.36 | 0.21 |
| Diluted shares | 150 | 151 | 151 | 155 | 148 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 254 | 187 | 332 | 368 | 418 |
| Receivables | 144 | 213 | 280 | 259 | 241 |
| Current assets | 530 | 461 | 698 | 710 | 825 |
| Net PP&E | 1,658 | 1,642 | 1,573 | 1,438 | 1,289 |
| Total assets | 2,326 | 2,389 | 2,556 | 2,597 | 2,616 |
| Payables | 88.0 | 135 | 135 | 145 | 112 |
| Deferred revenue | 8.3 | 10.0 | 32.8 | 14.9 | 17.1 |
| Current liabilities | 278 | 298 | 449 | 304 | 300 |
| Short-term debt | 42.9 | 38.2 | 48.3 | 9.2 | 9.6 |
| Long-term debt | 262 | 226 | 313 | 306 | 298 |
| Total liabilities | 679 | 873 | 1,055 | 1,077 | 1,036 |
| Shareholders' equity | 1,647 | 1,517 | 1,501 | 1,520 | 1,580 |
| Backlog (remaining obligations) | 348 | 847 | 850 | 1,400 | 1,300 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 140 | 51.1 | 152 | 186 | 137 |
| Capital expenditure | 8.3 | 33.5 | 19.6 | 23.3 | 16.3 |
| Free cash flow | 132 | 17.6 | 133 | 163 | 120 |
| Depreciation & amortisation | 142 | 143 | 164 | 173 | 187 |
| Stock-based compensation | 7.7 | 7.5 | 6.5 | 7.3 | 6.6 |
| Acquisitions | – | 113 | – | – | – |
| Share buybacks | – | – | 12.0 | 29.6 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 29.4% | 47.7% | 5.3% | −4.9% |
| Operating income growth (YoY) | – | – | – | 100.7% | −48.9% |
| EPS growth (YoY) | – | – | – | – | −41.7% |
| Gross margin | 2.3% | 5.8% | 15.5% | 16.2% | 12.3% |
| Operating margin | −7.2% | −5.1% | 4.9% | 9.4% | 5.0% |
| Net margin | −9.1% | −10.1% | −0.8% | 4.1% | 2.4% |
| Return on equityBlank when equity is negative | −3.7% | −5.8% | −0.7% | 3.7% | 2.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −2.4% | −2.1% | 3.0% | 5.6% | 2.8% |
| Free cash flow margin | 19.5% | 2.0% | 10.3% | 12.0% | 9.3% |
| Cash conversion (CFO ÷ net income) | −2.28x | −0.58x | −14.1x | 3.34x | 4.44x |
| Receivable days | 78 | 89 | 79 | 69 | 68 |
| Payable days | 49 | 60 | 45 | 46 | 36 |
| Interest cover | −2.07x | −2.22x | 2.97x | 3.76x | 1.98x |
| Debt ÷ equity | 0.19x | 0.17x | 0.24x | 0.21x | 0.19x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 51.5 | 77.5 | 29.5 | −52.9 | −110 |
| Current ratio | 1.90x | 1.55x | 1.56x | 2.33x | 2.75x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.