The Q4 EBITDA guidance of $85M-$95M implies a sharp sequential drop from Q3's $119M, driven by seasonality and project mix. The initial 2027 EBITDA range of $430M-$480M suggests mid-single-digit growth from the implied 2026 midpoint. Monitor the Q4 earnings call for color on 2027 margin trajectory and SSR utilization trends.
Price Chart
Executive Summary
Oceaneering reported Q3 2026 revenue of $785M (+6% YoY) and GAAP EPS of $0.52, which was below the Street consensus of $0.58. Adjusted EBITDA rose 7% to $119M, and free cash flow surged to $142M. The company initiated 2027 EBITDA guidance of $430M-$480M, implying continued growth, but the Q4 EBITDA guidance of $85M-$95M reflects typical seasonality and a sequential decline.
Key Financial Metrics
Key Facts
- Revenue increased 6% YoY to $785M in Q3 2026.
- GAAP diluted EPS was $0.52, down 27% YoY from $0.71.
- Adjusted EBITDA increased 7% YoY to $119M.
- Free cash flow was $142M, up from $77M in Q3 2025.
- Q4 2026 EBITDA guidance: $85M-$95M (sequential decline from Q3's $119M).
- Initial FY 2027 EBITDA guidance: $430M-$480M (vs. implied FY 2026 ~$400M-$440M).
- SSR segment EBITDA margin expanded to 39% from 36% YoY.
- Manufactured Products backlog was $435M at quarter-end, down from $568M a year ago.
- Completed $500M senior notes issuance and extended revolver to July 2031.
- Cash and liquidity exceeded $1.0B at quarter-end.
Financial Impact
Revenue $784.6M, GAAP net income $52.6M, Adjusted EBITDA $119.4M, Free cash flow $141.9M
Risk Factors
- Q4 EBITDA guidance implies a ~25% sequential decline from Q3, which may disappoint momentum traders.
- Manufactured Products backlog fell 23% YoY to $435M, signaling potential revenue headwinds in 2027.
- IMDS segment operating income remains low at $2.8M (4% margin), with ongoing Middle East conflict risk.
- ADTech margin compressed to 11% from 13% YoY due to program cost mix.
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000073756-26-000152 |
| Document: oii-20261021.htm | 0000073756-26-000152 |
| Document: 0000073756-26-000152-index-headers.html | 0000073756-26-000152 |
| Document: 0000073756-26-000152-index.html | 0000073756-26-000152 |
| Document: 0000073756-26-000152.txt | 0000073756-26-000152 |
| 8-K Data (Synthetic) | 0000073756-26-000152 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $36.62 | awaiting T+60 | — | $40.24 (+9.89%) |
Jul 31, 2026 12w ago | Insider Cluster | $48.72 | awaiting T+60 | — | $40.24 (−17.41%) |
Jul 24, 2026 13w ago | 8-K | $52.17 $44.43 | ▼ −14.84% | ▼ −18.54% | $40.24 (−22.87%) |
Jul 22, 2026 13w ago | 8-K | $48.02 $43.05 | ▼ −10.35% | ▼ −14.90% | $40.24 (−16.20%) |
Apr 22, 2026 26w ago | 8-K | $38.01 $42.82 | ▼ −12.65% | ▼ −7.64% | $40.24 (−5.87%) |
Apr 2, 2026 29w ago | DEFA14A | $35.56 $40.52 | ▲ +13.95% | ▼ −0.21% | $40.24 (+13.16%) |
Feb 25, 2026 34w ago | Insider Cluster | $37.92 $38.40 | ▲ +1.27% | ▼ −5.68% | $40.24 (+6.12%) |
US Market Status
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