OII earnings analysis
What we found in OII'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
Oceaneering reported Q1 2026 revenue of $692,429,000 (vs. $674,523,000 a year ago) while GAAP diluted EPS fell to $0.36 from $0.49. Operating income contracted to $57,788,000 (8% of revenue) as Energy operating results declined 21% year-over-year despite strength in ADTech and Manufactured Products. The company used $59,118,000 of cash in operating activities and expects 2026 organic capex of $105 million to $115 million.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue beat and grew year-over-year
- Consolidated revenue was $692,429,000 in Q1 2026 versus $674,523,000 in Q1 2025 (management notes a ~3% increase in revenue).
- ADTech revenue drove growth
- ADTech revenue increased to $131,248,000 from $97,151,000 in the prior-year quarter, reflecting higher activity and margins in OTECH and Marine Services.
- Manufactured Products margin expansion
- Manufactured Products operating income improved to $26,085,000 (18% operating margin) from $8,667,000 (6% margin) a year ago.
- Solid liquidity position
- As of March 31, 2026 Oceaneering had cash and cash equivalents of $607,000,000, working capital of $788,000,000 and $215,000,000 of unused commitments under its Revolving Credit Facility.
- Lower quarterly capex and full-year capex guidance
- Q1 2026 capital expenditures were $17,000,000 (down from $26,000,000 in Q1 2025); management expects 2026 organic capex of $105,000,000 to $115,000,000.
- Manufactured Products backlog and book-to-bill stable
- Manufactured Products backlog was $492,000,000 as of March 31, 2026 and trailing 12‑month book-to-bill was 0.91 (vs. 0.90 prior year).
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.
- Earnings and operating income contraction
- Diluted earnings per share declined to $0.36 in Q1 2026 from $0.49 in Q1 2025, and consolidated operating income decreased to $57,788,000 from $73,472,000 (management: operating results decreased by 21% on a 3% increase in revenue).
- Negative operating cash flow
- Net cash used in operating activities was $(59,118,000) in Q1 2026, contributing to a net decrease in cash and cash equivalents of $(81,404,000) for the quarter.
- IMDS deterioration and geopolitical impact
- IMDS revenue fell to $67,884,000 from $71,418,000 and IMDS recorded an operating loss of $998,000 in Q1 2026 versus operating income of $3,462,000 in Q1 2025; management attributed weakness in part to the conflict in the Middle East.
- OPG revenue and profit decline
- Offshore Projects Group revenue decreased to $135,376,000 from $164,941,000 and operating income fell to $18,344,000 from $35,666,000 year-over-year.
- Subsea Robotics utilization drop
- ROV days utilized declined to 13,674 (utilization 61%) from 15,093 (67%), and Subsea Robotics operating income fell to $55,508,000 from $59,632,000.
- Near-term debt maturity
- The company has $500,000,000 aggregate principal amount of 2028 Senior Notes outstanding maturing on February 1, 2028.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.36
- Operating margin
- 8%
- Segment
- Subsea Robotics: Revenue $214,273,000; Operating income $55,508,000; Operating margin 26% (prior: Revenue $205,976,000; Op income $59,632,000; 29%)
- Segment
- Manufactured Products: Revenue $143,648,000; Operating income $26,085,000; Operating margin 18% (prior: Revenue $135,037,000; Op income $8,667,000; 6%)
- Segment
- Offshore Projects Group (OPG): Revenue $135,376,000; Operating income $18,344,000; Operating margin 14% (prior: Revenue $164,941,000; Op income $35,666,000; 22%)
- Segment
- Integrity Management & Digital Solutions (IMDS): Revenue $67,884,000; Operating income (loss) $(998,000); Operating margin (1)% (prior: Revenue $71,418,000; Op income $3,462,000; 5%)
- Segment
- Aerospace & Defense Technologies (ADTech): Revenue $131,248,000; Operating income $8,111,000; Operating margin 6% (prior: Revenue $97,151,000; Op income $10,665,000; 11%)
- Segment
- Total Energy: Revenue $561,181,000; Operating income $98,939,000; Operating margin 18% (prior: Revenue $577,372,000; Op income $107,427,000; 19%)
What they said about what is next.
The Form 10-Q does not provide consolidated revenue or EPS guidance. The filing provides 2026 estimates for organic capital expenditures of $105,000,000 to $115,000,000 and estimates full-year income tax payments of $95,000,000 to $105,000,000. (No numeric consolidated EBITDA or revenue/EPS guidance was included in this 10‑Q.)
The filing reads about the same as the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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