The beat-and-raise quarter is a clear positive, but OII's historical T+20 win rate on bullish calls is only 20%. Consider taking profits on the initial gap-up rather than holding through the conference call. The refinancing removes near-term debt overhang and extends maturities, which is credit-positive. Watch for Q3 guidance details on the call — the implied Q3 EBITDA range of $115M-$125M suggests continued momentum.
Price Chart
Executive Summary
Oceaneering reported Q2 2026 results with revenue of $768M (+10% YoY), operating income of $88.2M (+11% YoY), and GAAP diluted EPS of $0.65 (+20% YoY). Adjusted EBITDA of $115M exceeded the top end of guidance, driven by strong performance in Offshore Projects Group. The company raised its full-year adjusted EBITDA guidance to $400M-$440M from $390M-$440M, and initiated a $500M senior notes refinancing to extend debt maturities. The beat on the quarter and raised guidance are positive, but the stock has a history of not holding gains on bullish calls (20% win rate T+20).
Key Financial Metrics
Key Facts
- Revenue $768M (+10% YoY), operating income $88.2M (+11% YoY), GAAP diluted EPS $0.65 (+20% YoY)
- Adjusted EBITDA $115M exceeded top end of $100M-$110M guidance range
- Full-year adjusted EBITDA guidance raised to $400M-$440M from $390M-$440M
- Issued $500M of 6.875% senior notes due 2034, extended revolver to $345M maturing July 2031
- Repurchased 263,335 shares for ~$10M during the quarter
- OPG revenue +22% YoY, operating income +39% YoY; ADTech revenue +22% YoY
Financial Impact
Revenue beat consensus by ~4.5% ($768M vs $734.8M); GAAP EPS $0.65 vs consensus $0.45 (not directly comparable — Street consensus was for Q1, not Q2). Adjusted EBITDA of $115M exceeded guidance top end by $5M.
Risk Factors
- IMDS segment continues to decline (revenue -6% YoY, operating income -$4.5M) due to Middle East conflict and West Africa weakness
- Manufactured Products backlog declined to $445M from $516M YoY; book-to-bill ratio 0.88 suggests near-term revenue headwind
- Historical T+20 win rate on bullish calls is only 20% (1/5), suggesting the stock may not hold gains
- Free cash flow of $32M was down from $47M in Q2 2025, and H1 2026 FCF was -$44.5M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000073756-26-000134 |
| Document: oii-20260722.htm | 0000073756-26-000134 |
| Document: 0000073756-26-000134-index-headers.html | 0000073756-26-000134 |
| Document: 0000073756-26-000134-index.html | 0000073756-26-000134 |
| Document: 0000073756-26-000134.txt | 0000073756-26-000134 |
| 8-K Data (Synthetic) | 0000073756-26-000134 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 31, 2026 9w ago | Insider Cluster | $48.78 $50.59 | ▲ +3.71% | ▲ +0.72% | $44.36 (−9.06%) |
Jul 24, 2026 10w ago | 8-K | $52.17 $50.46 | ▼ −3.28% | ▼ −6.58% | $44.36 (−14.97%) |
Jul 22, 2026 10w ago | 8-K | $48.02 $52.49 | ▲ +9.31% | ▲ +6.00% | $44.36 (−7.62%) |
Apr 22, 2026 23w ago | 8-K | $38.01 $38.40 | ▼ −1.03% | ▲ +3.61% | $44.36 (−16.71%) |
Apr 2, 2026 26w ago | DEFA14A | $35.56 $37.54 | ▲ +5.57% | ▼ −4.31% | $44.36 (+24.75%) |
Feb 25, 2026 31w ago | Insider Cluster | $37.92 $36.13 | ▼ −4.72% | ▲ +0.52% | $44.36 (+16.98%) |
US Market Status
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