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Oil & gas equipment & services · Energy · Fiscal year ends Dec 31
Oceaneering International reported revenue of $2.6B in the fiscal year ended Dec 2025, up 4.1% from the year before. Operating income was $305M, an operating margin of 11.5%, and net income was $354M. Operating cash flow of $319M less capital expenditure of $111M left free cash flow of $208M. It held more cash than debt (net cash $201M).
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 | 1,825 | 1,984 | 2,328 | 2,540 | 2,643 |
| Cost of revenue | 1,605 | 1,759 | 2,026 | 2,176 | 2,216 |
| Gross profit | 264 | 307 | 399 | 485 | 568 |
| Selling, general & admin | 224 | 197 | 218 | 239 | 264 |
| Operating income | 39.8 | 111 | 181 | 246 | 305 |
| Interest expense | 38.8 | 38.2 | 36.5 | 37.9 | 37.0 |
| Income tax | 43.6 | 53.1 | 63.7 | 77.4 | −67.9 |
| Net income | −49.3 | 25.9 | 97.4 | 147 | 354 |
| Diluted EPS | −0.49 | 0.26 | 0.95 | 1.44 | 3.49 |
| Diluted shares | 99.7 | 101 | 102 | 102 | 101 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 538 | 569 | 462 | 498 | 689 |
| Receivables | 263 | 297 | 331 | 304 | 308 |
| Inventory | 154 | 184 | 210 | 223 | 202 |
| Current assets | 1,188 | 1,297 | 1,306 | 1,388 | 1,512 |
| Net PP&E | 490 | 438 | 424 | 420 | 452 |
| Goodwill | 34.9 | 34.3 | 34.2 | 49.4 | 51.0 |
| Total assets | 1,963 | 2,032 | 2,239 | 2,336 | 2,667 |
| Payables | 122 | 148 | 156 | 182 | 175 |
| Deferred revenue | 88.2 | 113 | 165 | 141 | 115 |
| Current liabilities | 501 | 568 | 732 | 797 | 762 |
| Short-term debt | – | 0.0 | – | – | – |
| Long-term debt | 702 | 701 | 477 | 482 | 487 |
| Total liabilities | 1,452 | 1,506 | 1,605 | 1,616 | 1,591 |
| Shareholders' equity | 505 | 520 | 628 | 714 | 1,071 |
| Backlog (remaining obligations) | 235 | 267 | 432 | 454 | 396 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 225 | 121 | 210 | 203 | 319 |
| Capital expenditure | 50.2 | 81.0 | 101 | 107 | 111 |
| Free cash flow | 175 | 39.8 | 109 | 96.1 | 208 |
| Depreciation & amortisation | 140 | 121 | 105 | 103 | 102 |
| Stock-based compensation | 11.0 | 10.4 | 12.1 | 12.8 | 14.8 |
| Acquisitions | – | – | – | 27.1 | – |
| Share buybacks | – | – | – | 20.0 | 40.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.7% | 17.3% | 9.1% | 4.1% |
| Operating income growth (YoY) | – | 178.6% | 63.6% | 35.8% | 23.7% |
| EPS growth (YoY) | – | – | 265.4% | 51.6% | 142.4% |
| Gross margin | 14.5% | 15.5% | 17.1% | 19.1% | 21.5% |
| Operating margin | 2.2% | 5.6% | 7.8% | 9.7% | 11.5% |
| Net margin | −2.7% | 1.3% | 4.2% | 5.8% | 13.4% |
| Return on equityBlank when equity is negative | −9.8% | 5.0% | 15.5% | 20.6% | 33.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.7% | 7.6% | 12.0% | 16.0% | 16.0% |
| Free cash flow margin | 9.6% | 2.0% | 4.7% | 3.8% | 7.9% |
| Cash conversion (CFO ÷ net income) | −4.57x | 4.66x | 2.16x | 1.38x | 0.90x |
| Receivable days | 53 | 55 | 52 | 44 | 43 |
| Inventory days | 35 | 38 | 38 | 37 | 33 |
| Payable days | 28 | 31 | 28 | 30 | 29 |
| Interest cover | 1.03x | 2.90x | 4.96x | 6.49x | 8.24x |
| Debt ÷ equity | 1.39x | 1.35x | 0.76x | 0.67x | 0.46x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 164 | 132 | 15.5 | −15.5 | −201 |
| Current ratio | 2.37x | 2.28x | 1.78x | 1.74x | 1.99x |
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.