Short answer
OCEANEERING INTERNATIONAL INC (OII) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $2.6B (+4.1% year over year) and net income of $354M.
- Top risk flagged: OCSLA litigation risk: uncertainty from U.S. federal court cases on Presidential authority affecting offshore leasing under Outer Continental Shelf Lands Act
FY2025 key financial metrics · XBRL
- Revenue
- $2.6B
- +4.1% YoY
- Net income
- $354M
- +139.9% YoY
- Operating margin
- 11.5%
- +1.8 pp YoY
- Gross margin
- 21.5%
- +2.4 pp YoY
- EPS (diluted)
- $3.49
- +142.4% YoY
- ROE
- 33.0%
- +12.4 pp YoY
- Operating cash flow
- $319M
- +56.9% YoY
Source: XBRL data from the OCEANEERING INTERNATIONAL INC (OII) FY2025 10-K on SEC EDGAR. USD.
OCEANEERING INTERNATIONAL INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Provider of engineered products and services for offshore energy, defense, and aerospace industries
- No new products or business segments introduced or emphasized in FY2026 filing
- Strategic emphasis on refraining from stock options as employee and director compensation continuing since 2006
- Notable increase in net income to $353.8M in 2025 from $147.5M in 2024, driven by 4.6% revenue growth to $2.78B
- Significant deferred tax asset increase to $173.1M in 2025 vs $31.9M in 2024 impacting overall financial position
Management Discussion & Analysis
- Revenue $2.78B in 2025, up 5% YoY from $2.66B in 2024, growth in all segments except IMDS
- Operating income $305M (11%) in 2025 vs. $246M (9%) in 2024; net income $354M vs. $147M, EPS $3.49 vs. $1.44
- Best segment: Subsea Robotics operating income 30% ($257M) in 2025 vs. 28% ($235M) in 2024; worst: IMDS margin 4% ($11M) vs 3% ($10M)
- Cash flow: Operating cash inflow $319M; Capex $111M ($57M maintenance, $54M growth); share repurchases $40M; cash up $191M
- Outlook: 2026 revenue growth expected, led by ADTech and Subsea Robotics segments; OPG revenue and income forecast to decline sharply; rising defense market activity supporting ADTech growth
Risk Factors
- OCSLA litigation risk: uncertainty from U.S. federal court cases on Presidential authority affecting offshore leasing under Outer Continental Shelf Lands Act
- China geopolitical risk: on “Unreliable Entity List” since Sept 2025, banned from import/export and new investments in China
- Backlog risk: 30-day termination clauses with customers, risking sudden contract cancellations and payment defaults affecting revenue
- Competitive innovation risk: failure to timely develop energy-efficient, low-emission products risks losing customers to alternative suppliers
- Letter of credit risk: limited capacity and higher costs for letters of credit and surety bonds may restrict bidding on new contracts
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