Oceaneering International, Inc. reported financial results for the third quarter ended September 30, 2026, showing an increase in revenue and operating income compared to the same period in 2025. For the quarter, total revenue rose 6% to $785 million. Operating income increased 7% to $92.2 million, while net income attributable to the company decreased 26% to $52.6 million. Adjusted EBITDA for the quarter was $119 million, an increase of 7% year-over-year.
The company generated significant cash flow during the period, with operating activities providing $163 million. Free cash flow totaled $142 million. At the end of the quarter, Oceaneering held $735 million in cash and cash equivalents, an increase from $506 million at the same time last year. The company repurchased approximately 101,038 shares for about $5.0 million during the quarter.
Segment performance varied across the company. Subsea Robotics (SSR) revenue increased to $233 million, with operating income rising 16% to $75.4 million. Manufactured Products revenue increased 8%, while operating income remained relatively flat at $25.1 million. Offshore Projects Group (OPG) results remained relatively flat, while Integrity Management and Digital Solutions (IMDS) revenue increased 7%. Aerospace and Defense Technologies (ADTech) revenue increased 7% to $135 million, though operating income decreased to $14.7 million.
Regarding guidance, Oceaneering expects consolidated fourth quarter 2026 revenue to increase and EBITDA to be in the range of $85 million to $95 million. The company also provided initial full-year 2027 guidance, projecting consolidated EBITDA between $430 million and $480 million. Oceaneering stated that free cash flow generation is expected to exceed the level forecasted for 2026 and that share repurchase activity is expected to continue.
