Filing Flows › Oceaneering International (OII) › Q1 2026
Oceaneering International (OII) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 23, 2026
Oceaneering International (OII) reported revenue of $692M for the first quarter 2026 (Q1 2026), +3% from a year earlier and +4% from the quarter before. Operating margin was 8.3%, net earnings $36.1M (5.2% of revenue).
Oceaneering International, Q1 2026: revenue $692M (+3% year over year), operating margin 8.3%, net earnings $36.1M, operating cash flow −$59.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $692M | +4% | +3% |
| Gross profit | $127M | -4% | -6% |
| Operating profit | $57.8M | -12% | -21% |
| Net earnings | $36.1M | -80% | -28% |
| Operating cash flow | −$59.1M | -127% | — |
What changed
Revenue was $692.4M in Q1 2026, up 3% year over year and up 4% from the previous quarter. Subsea Robotics was the largest line at 31% of revenue. Aerospace and Defense Technologies added $34.1M year over year (up 35%), 190% of the total change. Offshore Projects Group declined 18%.
Gross margin was 18.4%, down 1.6 points from Q1 2025. Operating profit was $57.8M, a 8.3% margin (down 2.5 points year over year). Operating profit fell $15.7M even though revenue rose $17.9M versus Q1 2025, so costs grew faster than sales. Operating expenses grew 13% against revenue growth of 3%. Net earnings were $36.1M, down 28% year over year. The effective tax rate was 34.1%.
Operating cash flow was −$59.1M. Non-cash charges added back $27.2M of depreciation and amortization and $5.2M of share-based compensation. Working capital and other items used $127.6M. Capital expenditures of $17.4M exceeded it, leaving free cash flow of −$76.5M.
Questions
What was Oceaneering International's revenue in the first quarter 2026?
Oceaneering International (OII) reported revenue of $692M for the first quarter 2026 (Q1 2026), +3% from a year earlier and +4% from the quarter before.
Was Oceaneering International profitable in the first quarter 2026?
Operating profit was $57.8M (8.3% of revenue) and net earnings $36.1M.