10-K · February 26, 2026
Helix reported a stronger-than-expected Q4 with revenue of $334,162,000 and diluted EPS of $0.06 and generated strong free cash flow of $107 million in Q4 2025. The company emphasizes a strategy focused on well…
Earnings analysis · 10-Q
HLX earnings analysis
Filed April 24, 2026 · Our reading of the company's report
The latest report
Helix reported Q1 2026 revenue of $287,946,000, up $9,882,000 (4%) versus Q1 2025 and ahead of consensus. GAAP diluted EPS was $(0.09) (down from $0.02 in Q1 2025), while consolidated gross margin compressed to 3% from…
Read full summary
Helix reported Q1 2026 revenue of $287,946,000, up $9,882,000 (4%) versus Q1 2025 and ahead of consensus. GAAP diluted EPS was $(0.09) (down from $0.02 in Q1 2025), while consolidated gross margin compressed to 3% from 10% a year ago. The company generated strong operating cash flow of $61,786,000 and Free Cash Flow of $58,975,000, leaving cash of $501,272,000 and Net Debt of negative $197,511,000 as of March 31, 2026.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.09
- Gross margin
- 3%
What stood out
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Revenue beat and modest YoY growth
Q1 2026 revenue was $287,946,000, up $9,882,000 (4%) versus $278,064,000 in Q1 2025 and above consensus ($264,715,440).
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Strong free cash flow generation
Cash flows from operating activities were $61,786,000 and Free Cash Flow was $58,975,000 in Q1 2026 (vs. $16,442,000 and $11,954,000 in Q1 2025).
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Net cash (negative net debt) position improved
Cash and cash equivalents were $501,272,000 and long-term debt was $303,761,000, producing Net Debt of $(197,511,000) as of March 31, 2026 (improved from $(137,201,000) at Dec 31, 2025).
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Robotics and Shallow Water Abandonment revenue growth
Robotics revenue rose to $62,373,000 (+$11,331,000, +22% YoY) and Shallow Water Abandonment to $21,236,000 (+$4,418,000, +26% YoY).
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Backlog provides near-term visibility
Consolidated backlog totaled approximately $1.2 billion as of March 31, 2026, with about $551 million expected to be performed over the remainder of 2026.
What to watch
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Gross margin compression
Consolidated gross profit fell to $8,828,000 (gross margin 3%) in Q1 2026 from $27,538,000 (gross margin 10%) in Q1 2025, a decrease of $18,710,000 (68%).
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Production Facilities profitability swing
Production Facilities swung to a gross loss of $(7,451,000) in Q1 2026 from a gross profit of $7,460,000 in Q1 2025, a negative change of $14,911,000.
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GAAP net loss for the quarter
GAAP net loss was $13,406,000 for the three months ended March 31, 2026 (vs. net income of $3,072,000 in Q1 2025).
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Merger-related litigation and transaction completion risk
Item 1A notes new litigation risk relating to the Merger Agreement that could cause injunctions or substantial costs; the filing references the three-month period ended March 31, 2026 in connection with reporting and timing of disclosures.
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Foreign currency translation impact
For the three-month period ended March 31, 2026 the company recorded foreign currency translation losses of $11,600,000 to accumulated other comprehensive loss (and recorded net foreign currency gains of $300,000 relating to transactional positions).
Management's outlook
No explicit numeric revenue or EPS guidance provided. MD&A states 2026 performance is expected to be supported by backlog, higher commodity prices and deferred work; consolidated backlog is ~$1.2 billion with ~$551 million expected to be performed in remainder of 2026.
Earlier filings 4
10-Q · April 24, 2025
Helix reported Q1 net revenues of $278,064,000 (down $18,147,000 or 6.1% vs Q1 2024's $296,211,000) while returning to profitability with net income of $3,072,000 and diluted EPS of $0.02 versus a net loss of…
10-K · February 27, 2025
Helix presents a diversified offshore services strategy focused on well intervention, robotics (including growing renewable-energy work), shallow water abandonment and production facilities. For 2024 the company…
10-Q · October 24, 2024
Helix Energy Solutions Group, Inc. reported third-quarter 2024 revenue of $342 million, down significantly 13.6% from the previous year and 13.6% sequentially. However, EPS rose to $0.19, reflecting a stark growth…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.