ebitda
95–105 $million
Q2 2025
official guidance
| Revenue | $22.1B |
|---|---|
| Operating income | $1.7B |
| Net income | $1.2B |
| Free cash flow | $1.9B |
| Operating margin | 7.8% |
| Net margin | 5.5% |
| Return on equity | 9.3% |
| Period | TTM 2026-06-30 |
OpenFilings analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong execution and backlog support upside, despite cyclical and cash-flow risks.
Latest call · Q2 2026Buy: Oceaneering delivered a strong Q1, with revenue up 13% to $675 million, adjusted EBITDA up 57% to $96.7 million, and full-year EBITDA guidance reiterated at $380–$430 million.
The bull case is broad-based backlog and approximately $1.2 billion of Q1 orders, including a record Department of Defense award; the key tension is that negative free cash flow of $106.8 million and limited incremental rig contracting leave the thesis dependent on vessel activity, pricing, and second-half execution.
Q2 EBITDA guidance is $95–$105 million, with expected improvement across SSR, OPG, IMDS, and ADTech.
SSR pricing is expected to continue rising, with management targeting a 5%–10% exit-rate increase and revenue per ROV day potentially reaching $11,000.
OPG’s international projects are expected to conclude in Q2; sustaining Gulf of Mexico, West Africa, Brazil, and Asia-Pacific activity is important for the full-year outlook.
ADTech must convert the record Department of Defense award from readiness costs into material operating income growth.
Oil-price sensitivity remains a near-term risk, particularly if Brent falls below the $60–$70 range assumed by management.
SSR retains strong positioning, with ROV contracts on 79 of 131 contracted floating rigs and a 60% share of that contracted market.
The shift toward vessel-based activity can offset weaker drill-support demand, but analysts highlighted the lack of incremental rig contracts as a structural constraint.
GDi could expand IMDS and create additional ROV, tooling, and OPG work through AI-enabled offshore and subsea inspection; underwater deployment remains in testing rather than commercial scale.
The company’s integrated ROV, vessel, tooling, and inspection offering may provide greater customer retention and share of project economics than standalone ROV services.
ADTech’s large government contract could diversify earnings, but the segment must demonstrate sustainable margins after absorbing initial prime-contractor readiness costs.
Q1 operating cash flow was negative $80.7 million and free cash flow was negative $106.8 million, while the company still repurchased approximately $10 million of stock.
Manufactured Products recorded a $10.4 million theme-park-ride inventory reserve, and backlog declined $54 million year over year to $543 million.
Analyst questioning underscored weak incremental rig contracting; management’s 2026-plus growth offset depends heavily on vessel activity and assumes no protracted industry downturn.
Management did not quantify the revenue or earnings contribution from GDi or the Department of Defense contract, limiting visibility into the quality and timing of the growth outlook.
A broad pullback by customers could affect high-cost drilling-related SSR activity first, while management’s confidence relies substantially on customer conversations and pipeline commentary.
ebitda
95–105 $million
Q2 2025
official guidance
ebitda
380–430 $million
FY 2025
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
CARRIER GLOBAL CORPORATION
CARRIER GLOBAL CORPORATION
CARRIER GLOBAL CORPORATION
CARRIER GLOBAL CORPORATION
CARRIER GLOBAL CORPORATION
CARRIER GLOBAL CORPORATION