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Oceaneering: Oceaneering's Strong 2025 Execution Sets Stage for Continued Growth

Oceaneering reported a robust financial performance in 2025, with consolidated revenue reaching $2.8 billion, a 5% increase from 2024. The company's operating income improved significantly, rising by $58 million or 24% to $305 million, while adjusted EBITDA grew by $54 million or 16% to $401 million. Earnings per share (EPS) came in at $0.45, beating estimates of $0.44. The strong performance was driven by continued pricing progression, operational delivery, and growing contributions from Aerospace and Defense Technologies (ADTech).

OII

USD 34.79

-3.84%

A-Score: 4.2/10

Publication date: February 19, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • 2025 Revenue Growth Consolidated revenue reached $2.8 billion, reflecting a 5% increase compared to 2024.
  • Operating Income Improvement Operating income rose to $305 million, a $58 million (24%) increase year-over-year.
  • ADTech Growth Momentum Aerospace and Defense Technologies (ADTech) drove revenue and operating income growth across all three government-focused businesses.
  • 2026 EBITDA Guidance EBITDA projected to range between $390 million and $440 million, with year-over-year improvements in all segments except OPG.
  • Capital Allocation Strategy Organic capital expenditures set at $105–$115 million, with 40% allocated to growth projects and 60% to maintenance.

Segment Performance

The company's operating segments demonstrated varied performance, with all segments except IMDS achieving revenue increases. The ADTech segment is expected to drive growth in 2026, with significant improvements anticipated. As Roderick Larson noted, "We have momentum in ADTech, digital and software services, and international projects," highlighting the company's diversified growth drivers.

Guidance and Outlook

Oceaneering projects consolidated revenue to grow in the low to mid-single-digit percentage range in 2026, with EBITDA expected to range from $390 million to $440 million. The company anticipates free cash flow of $100 million to $120 million, with a year-over-year reduction primarily due to the early receipt of customer payments in the fourth quarter of 2025. Analysts estimate revenue growth at 8.1% next year, indicating a positive outlook.

Valuation and Metrics

With a P/E Ratio of 9.91, P/B Ratio of 3.26, and EV/EBITDA of 7.92, Oceaneering's valuation appears reasonable. The company's ROIC of 15.98% and ROE of 39.31% indicate strong profitability. The Net Debt / EBITDA ratio of -0.49 suggests a healthy balance sheet, providing flexibility for future acquisitions and investments.

Growth Drivers and Opportunities

Oceaneering's growth is driven by its diversified portfolio, including ADTech, digital and software services, and international projects. The company's expertise in ROVs, maritime, and space systems positions it well for future opportunities. Additionally, the integration of machine vision, machine learning, and AI is expected to improve inspection capabilities, driving growth in the IMDS segment.

Oceaneering's A-Score