Revenue growth has decelerated to 2.7% in 2026Q1, while gross margins remain constrained by high fixed costs, hovering at 18.4% in the most recent quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 | Mar'96 |
|---|
| Sales/Revenue | 2.8B | 2.78B | 2.66B | 2.42B | 2.07B | 1.87B | 1.83B | 2.05B | 1.91B | 1.92B | 2.27B | 3.06B | 3.66B | 3.29B | 2.78B | 2.19B | 1.92B | 1.82B | 1.98B | 1.74B | 1.28B | 998.54M | 780.18M | 639.25M | 547.47M | 523.82M | 416.82M | 400.3M | 358.1M | 368.8M | 289.5M |
| Revenue Growth % | 2.39% | 4.62% | 9.75% | 17.36% | 10.53% | 2.26% | -10.75% | 7.26% | -0.63% | -15.41% | -25.83% | -16.31% | 11.34% | 18.13% | 26.91% | 14.38% | 5.21% | -7.86% | 13.44% | 36.16% | 28.21% | 27.99% | 22.05% | 16.76% | 4.51% | 25.67% | 4.13% | 11.78% | -2.9% | 27.39% | 20.68% |
| Cost of Goods Sold | 2.24B | 2.22B | 2.18B | 2.03B | 1.76B | 1.61B | 1.66B | 1.95B | 1.78B | 1.73B | 1.99B | 2.46B | 2.8B | 2.52B | 2.15B | 1.68B | 1.45B | 1.38B | 1.51B | 1.33B | 984.08M | 819.26M | 648.38M | 528.47M | 433.3M | 420.68M | 311.23M | 284.6M | 259.7M | 275.2M | 214.1M |
| COGS % of Revenue | - | 79.58% | 81.76% | 83.55% | 85.12% | 85.87% | 91.03% | 95.2% | 93.23% | 89.87% | 87.71% | 80.23% | 76.52% | 76.71% | 77.44% | 76.8% | 75.68% | 75.98% | 76.49% | 76.29% | 76.87% | 82.05% | 83.11% | 82.67% | 79.15% | 80.31% | 74.67% | 71.1% | 72.52% | 74.62% | 73.96% |
| Gross Profit | 560.7M | 568.44M | 485.49M | 398.97M | 307.38M | 264.06M | 163.94M | 98.24M | 129.23M | 194.61M | 279.23M | 605.43M | 859.2M | 765.54M | 627.86M | 508.76M | 466.32M | 437.73M | 464.8M | 413.29M | 296.12M | 179.28M | 131.8M | 110.78M | 114.17M | 103.14M | 105.59M | 115.7M | 98.4M | 93.6M | 75.4M |
| Gross Margin % | 20.01% | 20.42% | 18.24% | 16.45% | 14.88% | 14.13% | 8.97% | 4.8% | 6.77% | 10.13% | 12.29% | 19.77% | 23.48% | 23.29% | 22.56% | 23.2% | 24.32% | 24.02% | 23.51% | 23.71% | 23.13% | 17.95% | 16.89% | 17.33% | 20.85% | 19.69% | 25.33% | 28.9% | 27.48% | 25.38% | 26.04% |
| Gross Profit Growth % | - | 17.09% | 21.69% | 29.8% | 16.4% | 61.07% | 66.87% | -23.98% | -33.6% | -30.3% | -53.88% | -29.54% | 12.24% | 21.93% | 23.41% | 9.1% | 6.53% | -5.82% | 12.46% | 39.57% | 65.17% | 36.02% | 18.97% | -2.96% | 10.69% | -2.32% | -8.74% | 17.58% | 5.13% | 24.14% | 15.47% |
| Operating Expenses | 271.83M | 263.89M | 239.22M | 217.64M | 196.51M | 224.27M | 610.02M | 214.89M | 198.26M | 183.95M | 208.46M | 231.62M | 230.87M | 220.42M | 199.26M | 173.93M | 156.82M | 145.61M | 147.24M | 123.66M | 101.78M | 85.21M | 67.94M | 56.79M | 46.46M | 43.73M | 73.29M | 71.3M | 62.2M | 61.1M | 55.2M |
| OpEx % of Revenue | - | 9.48% | 8.99% | 8.98% | 9.51% | 12% | 33.37% | 10.49% | 10.38% | 9.57% | 9.18% | 7.56% | 6.31% | 6.71% | 7.16% | 7.93% | 8.18% | 7.99% | 7.45% | 7.09% | 7.95% | 8.53% | 8.71% | 8.88% | 8.49% | 8.35% | 17.58% | 17.81% | 17.37% | 16.57% | 19.07% |
| Selling, General & Admin | 184.62M | 0 | 239.22M | 217.64M | 196.51M | 224.27M | 195.69M | 214.89M | 198.26M | 183.95M | 208.46M | 231.62M | 230.87M | 220.42M | 199.26M | 173.93M | 156.82M | 145.61M | 147.24M | 123.66M | 101.78M | 85.21M | 67.94M | 56.79M | 46.46M | 43.73M | 39.34M | 41.3M | 39M | 36.4M | 34.6M |
| SG&A % of Revenue | - | - | 8.99% | 8.98% | 9.51% | 12% | 10.71% | 10.49% | 10.38% | 9.57% | 9.18% | 7.56% | 6.31% | 6.71% | 7.16% | 7.93% | 8.18% | 7.99% | 7.45% | 7.09% | 7.95% | 8.53% | 8.71% | 8.88% | 8.49% | 8.35% | 9.44% | 10.32% | 10.89% | 9.87% | 11.95% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 263.89M | 0 | 0 | 0 | 0 | 414.32M | 0 | 0 | 0 | 0 | 0 | -387K | -1.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.95M | 30M | 23.2M | 24.7M | 20.6M |
| Operating Income | 288.87M | 304.55M | 246.27M | 181.33M | 110.86M | 39.8M | -446.08M | -116.65M | -145.48M | 10.66M | 70.76M | 373.81M | 628.33M | 545.12M | 428.6M | 334.83M | 309.5M | 292.12M | 317.56M | 289.62M | 194.34M | 94.07M | 63.86M | 54M | 67.7M | 59.41M | 32.3M | 44.4M | 36.2M | 32.5M | 20.2M |
| Operating Margin % | 10.31% | 10.94% | 9.25% | 7.48% | 5.37% | 2.13% | -24.4% | -5.7% | -7.62% | 0.55% | 3.12% | 12.21% | 17.17% | 16.58% | 15.4% | 15.27% | 16.14% | 16.03% | 16.06% | 16.62% | 15.18% | 9.42% | 8.19% | 8.45% | 12.37% | 11.34% | 7.75% | 11.09% | 10.11% | 8.81% | 6.98% |
| Operating Income Growth % | - | 23.67% | 35.81% | 63.56% | 178.56% | 108.92% | -282.42% | 19.82% | -1465.26% | -84.94% | -81.07% | -40.51% | 15.27% | 27.19% | 28% | 8.18% | 5.95% | -8.01% | 9.65% | 49.03% | 106.59% | 47.3% | 18.27% | -20.24% | 13.96% | 83.93% | -27.25% | 22.65% | 11.38% | 60.89% | 59.06% |
| EBITDA | 393.85M | 406.81M | 349.71M | 286.29M | 231.83M | 179.52M | 82.82M | 132.07M | 148.11M | 224.18M | 321.01M | 615.04M | 858.11M | 747.34M | 605.08M | 486.06M | 463.15M | 415.06M | 432.59M | 383.4M | 274.79M | 173.68M | 129.48M | 110.96M | 120.04M | 107.31M | 66.25M | 74.4M | 59.4M | 57.2M | 40.8M |
| EBITDA Margin % | 14.06% | 14.61% | 13.14% | 11.81% | 11.22% | 9.6% | 4.53% | 6.45% | 7.76% | 11.67% | 14.13% | 20.08% | 23.45% | 22.74% | 21.75% | 22.17% | 24.16% | 22.78% | 21.88% | 22% | 21.46% | 17.39% | 16.6% | 17.36% | 21.93% | 20.49% | 15.89% | 18.59% | 16.59% | 15.51% | 14.09% |
| EBITDA Growth % | 2.6% | 16.33% | 22.15% | 23.49% | 29.14% | 116.77% | -37.29% | -10.83% | -33.93% | -30.17% | -47.81% | -28.33% | 14.82% | 23.51% | 24.49% | 4.95% | 11.59% | -4.05% | 12.83% | 39.52% | 58.22% | 34.13% | 16.69% | -7.57% | 11.86% | 61.99% | -10.96% | 25.25% | 3.85% | 40.2% | 41.18% |
| D&A (Non-Cash Add-back) | 104.98M | 102.25M | 103.44M | 104.96M | 120.97M | 139.72M | 528.89M | 248.71M | 293.59M | 213.52M | 250.25M | 241.24M | 229.78M | 202.23M | 176.48M | 151.23M | 153.65M | 122.94M | 115.03M | 93.78M | 80.46M | 79.61M | 65.62M | 56.96M | 52.34M | 47.91M | 33.95M | 30M | 23.2M | 24.7M | 20.6M |
| EBIT | 244.42M | 322.88M | 262.83M | 197.58M | 117.27M | 33.1M | -455M | -288.11M | -148.09M | 10.66M | 79.66M | 408.51M | 628.33M | 545.12M | 426.14M | 338.98M | 311.23M | 297.56M | 320.7M | 289.62M | 194.34M | 94.07M | 63.86M | 54M | 67.7M | 56.6M | 38.37M | 32.3M | 44.4M | 36.22M | 32.5M |
| Net Interest Income | -17.06M | -22.49M | -25.79M | -21.1M | -32.51M | -36.33M | -40.82M | -34.82M | -27.78M | -20.46M | -21.42M | -24.44M | -4.42M | -1.64M | -2.28M | -208K | -5.43M | -7.09M | -12.58M | 0 | 0 | 0 | -3.54M | -10.01M | -12.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 10.84M | 14.48M | 12.12M | 15.43M | 5.71M | 2.48M | 3.08M | 7.89M | 9.96M | 7.36M | 3.9M | 607K | 293K | 554K | 1.94M | 888K | 580K | 694K | 907K | 0 | 0 | 0 | 999K | 573K | 668K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 31.95M | 36.98M | 37.92M | 36.52M | 38.22M | 38.81M | 43.9M | 42.71M | 37.74M | 27.82M | 25.32M | 25.05M | 4.71M | 2.19M | 4.22M | 1.1M | 6.01M | 7.78M | 13.48M | 14.14M | 6.61M | 0 | 4.54M | 10.59M | 13.46M | 7.86M | 6.4M | 2.5M | 600K | 0 | 0 |
| Other Income/Expense | -17.52M | -18.65M | -21.35M | -20.27M | -31.81M | -45.51M | -52.82M | -214.17M | -40.35M | -28.5M | -27.42M | -37.55M | -4.85M | -2.78M | -6.67M | 3.05M | -4.28M | -2.34M | -10.34M | -12.13M | -3.44M | 381K | -2.94M | -8.92M | -11.18M | -5.66M | -6.07M | -2.9M | -2.9M | -621K | 21M |
| Pretax Income | 271.35M | 285.9M | 224.92M | 161.06M | 79.05M | -5.71M | -498.9M | -330.82M | -185.83M | -17.84M | 43.35M | 336.26M | 623.48M | 542.34M | 421.92M | 337.88M | 305.22M | 289.77M | 307.22M | 277.5M | 190.9M | 94.45M | 60.92M | 45.08M | 56.52M | 50.94M | 26.23M | 41.5M | 35.6M | 41.2M | 19.9M |
| Pretax Margin % | 9.68% | 10.27% | 8.45% | 6.64% | 3.83% | -0.31% | -27.29% | -16.15% | -9.73% | -0.93% | 1.91% | 10.98% | 17.04% | 16.5% | 15.16% | 15.41% | 15.92% | 15.9% | 15.54% | 15.92% | 14.91% | 9.46% | 7.81% | 7.05% | 10.32% | 9.72% | 6.29% | 10.37% | 9.94% | 11.17% | 6.87% |
| Income Tax | -68.14M | -67.86M | 77.45M | 63.65M | 53.11M | 43.6M | -2.15M | 17.62M | 26.49M | -184.24M | 18.76M | 105.25M | 195.15M | 170.84M | 132.91M | 102.23M | 104.69M | 101.42M | 107.83M | 97.12M | 66.4M | 31.77M | 20.62M | 15.78M | 16.39M | 17.83M | 9.44M | 15.8M | 13.6M | 21.8M | 7.5M |
| Effective Tax Rate % | -25.11% | -23.74% | 34.43% | 39.52% | 67.18% | -763.67% | 0.43% | -5.33% | -14.26% | 1032.52% | 43.28% | 31.3% | 31.3% | 31.5% | 31.5% | 30.25% | 34.3% | 35% | 35.1% | 35% | 34.78% | 33.64% | 33.85% | 35% | 29% | 35% | 36% | 38.07% | 38.2% | 52.91% | 37.69% |
| Net Income | 339.49M | 353.76M | 147.47M | 97.4M | 25.94M | -49.31M | -496.75M | -348.44M | -212.33M | 166.4M | 24.59M | 231.01M | 428.33M | 371.5M | 289.02M | 235.66M | 200.53M | 188.35M | 199.39M | 180.37M | 124.49M | 62.68M | 40.3M | 29.3M | 40.13M | 33.11M | 16.78M | 25.7M | 22M | 19.4M | 12.4M |
| Net Margin % | 12.12% | 12.71% | 5.54% | 4.02% | 1.26% | -2.64% | -27.18% | -17.01% | -11.12% | 8.66% | 1.08% | 7.54% | 11.7% | 11.3% | 10.39% | 10.75% | 10.46% | 10.34% | 10.08% | 10.35% | 9.72% | 6.28% | 5.17% | 4.58% | 7.33% | 6.32% | 4.03% | 6.42% | 6.14% | 5.26% | 4.28% |
| Net Income Growth % | 85.81% | 139.89% | 51.4% | 275.48% | 152.61% | 90.07% | -42.56% | -64.11% | -227.6% | 576.8% | -89.36% | -46.07% | 15.3% | 28.54% | 22.64% | 17.52% | 6.47% | -5.53% | 10.54% | 44.89% | 98.62% | 55.53% | 37.54% | -26.99% | 21.21% | 97.27% | -34.69% | 16.82% | 13.4% | 56.45% | 125.45% |
| Net Income (Continuing) | 339.49M | 353.76M | 147.47M | 97.4M | 25.94M | -49.31M | -496.75M | -348.44M | -212.33M | 166.4M | 24.59M | 231.01M | 428.33M | 371.5M | 289.02M | 235.66M | 200.53M | 188.35M | 199.39M | 180.37M | 124.63M | 62.74M | 40.37M | 29.3M | 40.13M | 31.32M | 16.78M | 16.78M | 25.7M | 22M | 19.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.06M | 0 | 6.06M | 6.06M | 6.06M | 6.06M | 6.06M | 6.06M | 6.06M | 5.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.51M | 0 | 1.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M |
| EPS (Diluted) | 3.37 | 3.49 | 1.44 | 0.95 | 0.26 | -0.49 | -5.01 | -3.52 | -2.15 | 1.68 | 0.25 | 2.34 | 4.00 | 3.42 | 2.66 | 2.16 | 1.83 | 1.70 | 1.79 | 1.62 | 1.13 | 0.59 | 0.39 | 0.30 | 0.41 | 0.33 | 0.18 | 0.29 | 0.23 | 0.10 | 0.13 |
| EPS Growth % | 891.18% | 142.36% | 51.58% | 265.38% | 153.06% | 90.22% | -42.33% | -63.72% | -227.98% | 572% | -89.32% | -41.5% | 16.96% | 28.57% | 23.15% | 18.03% | 7.65% | -5.03% | 10.49% | 43.36% | 91.53% | 51.28% | 30% | -26.83% | 24.24% | 83.33% | -37.93% | 26.09% | 130% | -23.08% | 126.88% |
| EPS (Basic) | - | 3.49 | 1.46 | 0.97 | 0.26 | -0.49 | -5.01 | -3.52 | -2.16 | 1.69 | 0.25 | 2.36 | 4.30 | 3.43 | 2.68 | 2.18 | 1.85 | 1.71 | 1.83 | 1.65 | 1.16 | 0.60 | 0.40 | 0.31 | 0.42 | 0.34 | 0.18 | 0.29 | 0.24 | 0.10 | 0.13 |
| Diluted Shares Outstanding | 100.61M | 101.26M | 102.37M | 102.16M | 101.45M | 99.71M | 99.23M | 98.88M | 98.54M | 98.76M | 98.42M | 98.81M | 107.09M | 108.73M | 108.62M | 109M | 109.53M | 110.05M | 111.44M | 111.51M | 109.98M | 107.3M | 102.74M | 97.81M | 98.73M | 94.52M | 92.14M | 89.45M | 94.18M | 192M | 93.58M |
| Basic Shares Outstanding | 99.53M | 101.26M | 101.18M | 100.7M | 100.19M | 99.71M | 99.23M | 98.88M | 98.5M | 98.28M | 98.07M | 97.85M | 99.61M | 108.2M | 107.91M | 108.03M | 108.23M | 109.45M | 110.22M | 109.57M | 107.98M | 104.6M | 99.97M | 95.61M | 96.19M | 91.48M | 91.03M | 89.45M | 92.93M | 192M | 93.58M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 26.57% | 382.89% | 46.08% | 25.62% | 24.46% | 25.78% | 20.67% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Offshore project cycle volatility
According to recent financial disclosures, Oceaneering's revenue growth has exhibited significant volatility, shifting from a 22.1% expansion in late 2023 to a modest 2.7% increase by 2026Q1, reflecting the inherent lumpiness of project-based offshore energy contracts and the challenges of maintaining consistent top-line momentum.
The deceleration in revenue growth suggests that the company is struggling to sustain the high-growth phase observed in previous quarters, likely due to the timing of major subsea project awards. Investors should monitor whether the current low-single-digit growth represents a structural plateau or merely a temporary lull before the next cycle of offshore capital expenditure.
As reported in quarterly filings, gross margins have shown a gradual recovery from a low of 15.4% in 2024Q1 to 18.4% in 2026Q1, indicating that while pricing power is slowly improving, the company remains constrained by the high fixed-cost nature of its global ROV fleet.
The inability to consistently push gross margins above the 20% threshold suggests that competitive pressures in the subsea services market remain intense. This margin profile implies that Oceaneering is highly sensitive to utilization rates, and any failure to optimize fleet deployment could quickly erode the modest gains achieved over the past two years.
Based on the provided income statement data, operating income has fluctuated significantly, peaking at $86.5M in 2025Q3 before retreating to $57.8M in 2026Q1, which highlights the difficulty in achieving sustained operating leverage despite the company's efforts to manage its specialized labor and equipment overhead.
The lack of a clear, linear relationship between revenue growth and operating income suggests that the company's cost structure is not yet fully optimized for scalability. This may indicate that the firm is forced to maintain high levels of readiness and personnel, which prevents significant margin expansion during periods of moderate revenue growth.
Analysis of the income statement reveals that net income is frequently impacted by non-operating volatility, most notably the $177.7M reported in 2025Q4, which stands in stark contrast to the $36.1M recorded in 2026Q1, suggesting that reported earnings may not always reflect core operational performance.
The significant variance in net income warrants further investigation into the nature of these non-operating items, as they appear to mask the underlying profitability of the core robotics and manufacturing segments. Investors should focus on operating income as a more reliable indicator of the company's true fundamental health, given the potential for accounting noise to obscure operational trends.
While the company emphasizes its technological moat, the persistent inability to maintain gross margins above 20% suggests that the market may be overestimating the pricing power of its ROV fleet, as evidenced by the recent margin compression observed in the most recent quarterly reporting period.
Short-term observers might argue that the company's reliance on capital-intensive offshore projects leaves it vulnerable to any sudden downturn in commodity prices or a reduction in deepwater leasing activity. The lack of consistent margin expansion suggests that the competitive landscape remains commoditized, potentially limiting the long-term upside for shareholders.
Quick answers to the most common questions about buying OII stock.
For fiscal year 2025, Oceaneering International, Inc. (OII) reported total revenue of $2.78B. This represents a 861.7% increase compared to $289.5M in 1996.
Oceaneering International, Inc. (OII) is profitable, generating $353.8M in net income for the fiscal year ending 2025 with a net profit margin of 12.7%.
Oceaneering International, Inc. (OII) reported an operating income of $304.6M, resulting in an operating profit margin of 10.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Oceaneering International, Inc. (OII) generated $568.4M in gross profit for the year, representing a gross profit margin of 20.4%. This demonstrates the company's core pricing power and production efficiency.