Filing Flows › Hornbeck Offshore Services (HOS) › Q4 2025
Hornbeck Offshore Services (HOS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Hornbeck Offshore Services (HOS) reported revenue of $334M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -11% from the quarter before. Operating margin was 3.7%, net earnings $8.3M (2.5% of revenue).
Hornbeck Offshore Services, Q4 2025: revenue $334M (-6% year over year), operating margin 3.7%, net earnings $8.3M, operating cash flow $113M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $334M | -11% | -6% |
| Gross profit | $50.6M | -23% | -14% |
| Operating profit | $12.3M | -74% | -60% |
| Net earnings | $8.3M | -63% | -59% |
| Operating cash flow | $113M | +366% | +45% |
| Free cash flow | $107M | — | +64% |
What changed
Revenue was $334.2M in Q4 2025, down 6% year over year and down 11% from the previous quarter. Decommissioning was the largest line at 64% of revenue.
Gross margin was 15.2%, down 1.4 points from Q4 2024. Operating profit was $12.3M, a 3.7% margin (down 5.0 points year over year). Operating expenses grew 37% against a revenue fall of 6%. The fastest-growing cost line was Other operating costs (+4111%). Net earnings were $8.3M, down 59% year over year. The effective tax rate was -31.3%.
Operating cash flow was $113.2M (up 45% year over year), 1368% of net earnings. Non-cash charges added back $43.9M of depreciation and amortization and $1.6M of share-based compensation. Working capital and other items added $59.4M. After capital expenditures, net of proceeds from asset sales and insurance recoveries ($5.7M), free cash flow as the company reports it was $107.5M.
Questions
What was Hornbeck Offshore Services' revenue in the fourth quarter 2025?
Hornbeck Offshore Services (HOS) reported revenue of $334M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -11% from the quarter before.
Was Hornbeck Offshore Services profitable in the fourth quarter 2025?
Operating profit was $12.3M (3.7% of revenue) and net earnings $8.3M.