Filing Flows › Hornbeck Offshore Services (HOS) › Q3 2025
Hornbeck Offshore Services (HOS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 23, 2025
Hornbeck Offshore Services (HOS) reported revenue of $377M for the third quarter 2025 (Q3 2025), +10% from a year earlier and +25% from the quarter before. Operating margin was 12.7%, net earnings $22.1M (5.9% of revenue).
Hornbeck Offshore Services, Q3 2025: revenue $377M (+10% year over year), operating margin 12.7%, net earnings $22.1M, operating cash flow $24.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $377M | +25% | +10% |
| Gross profit | $66.0M | +342% | +0.5% |
| Operating profit | $47.9M | — | +7% |
| Net earnings | $22.1M | — | -25% |
| Operating cash flow | $24.3M | — | -56% |
| Free cash flow | $22.6M | — | -57% |
What changed
Revenue was $377.0M in Q3 2025, up 10% year over year and up 25% from the previous quarter. Decommissioning was the largest line at 54% of revenue. Decommissioning added $51.8M year over year (up 34%), 150% of the total change. Production maximization declined 18%.
Gross margin was 17.5%, down 1.7 points from a year earlier. Operating profit was $47.9M, a 12.7% margin (down 0.3 points year over year). Of the extra revenue versus a year earlier, 9% reached operating profit, below the 13% margin then. Operating expenses fell 14% while revenue rose 10%. Net earnings were $22.1M, down 25% year over year. The effective tax rate was 46.5%.
Operating cash flow was $24.3M (down 56% year over year), 110% of net earnings. Non-cash charges added back $55.7M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items used $55.1M. After capital expenditures, net of proceeds from asset sales and insurance recoveries ($1.7M), free cash flow as the company reports it was $22.6M.
Questions
What was Hornbeck Offshore Services' revenue in the third quarter 2025?
Hornbeck Offshore Services (HOS) reported revenue of $377M for the third quarter 2025 (Q3 2025), +10% from a year earlier and +25% from the quarter before.
Was Hornbeck Offshore Services profitable in the third quarter 2025?
Operating profit was $47.9M (12.7% of revenue) and net earnings $22.1M.