HLX earnings analysis
What we found in HLX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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).
- 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).
- 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).
- 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).
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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%).
- 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.
- 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).
- 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.
- 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).
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.09
- Gross margin
- 3%
- Segment
- Well Intervention: $209,443,000 revenue (+$11,069,000, +6% YoY); gross profit $15,203,000 (7% margin) vs $24,322,000 prior (12% prior).
- Segment
- Robotics: $62,373,000 revenue (+$11,331,000, +22% YoY); gross profit $10,593,000 (17% margin) vs $8,016,000 prior (16% prior).
- Segment
- Shallow Water Abandonment: $21,236,000 revenue (+$4,418,000, +26% YoY); gross loss $(8,851,000) (-42% margin) vs $(11,582,000) prior (-69% prior).
- Segment
- Production Facilities: $18,736,000 revenue (-$1,101,000, -6% YoY); gross loss $(7,451,000) (-40% margin) vs $7,460,000 prior (38% prior).
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing HLX makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever