OCEANEERING INTERNATIONAL INC (OII) FY2025 10-K Annual Report
OCEANEERING INTERNATIONAL INC (OII) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 20, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
OCEANEERING INTERNATIONAL INC FY2025 10-K Analysis
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
OCEANEERING INTERNATIONAL INC FY2025 Key Financial MetricsXBRL
Revenue
$2.6B
▲ +4.1% YoY
Net Income
$354M
▲ +139.9% YoY
Gross Margin
21.5%
▲ +239bp YoY
Operating Margin
11.5%
▲ +183bp YoY
Net Margin
13.4%
▲ +758bp YoY
ROE
33.0%
▲ +1240bp YoY
Total Assets
$2.7B
▲ +14.2% YoY
EPS (Diluted)
$3.49
▲ +142.4% YoY
Operating Cash Flow
$319M
▲ +56.9% YoY
Source: XBRL data from OCEANEERING INTERNATIONAL INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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