Filing Flows › Oceaneering International (OII) › Q2 2026
Oceaneering International (OII) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 23, 2026
Oceaneering International (OII) reported revenue of $768M for the second quarter 2026 (Q2 2026), +10% from a year earlier and +11% from the quarter before. Operating margin was 11.5%, net earnings $65.0M (8.5% of revenue).
Oceaneering International, Q2 2026: revenue $768M (+10% year over year), operating margin 11.5%, net earnings $65.0M, operating cash flow $55.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $768M | +11% | +10% |
| Gross profit | $157M | +23% | +6% |
| Operating profit | $88.2M | +53% | +11% |
| Net earnings | $65.0M | +80% | +19% |
| Operating cash flow | $55.2M | — | -28% |
| Free cash flow | $32.0M | — | -32% |
What changed
Revenue was $768.2M in Q2 2026, up 10% year over year and up 11% from the previous quarter. Subsea Robotics was the largest line at 30% of revenue. Offshore Projects Group added $33.6M year over year (up 22%), 48% of the total change. Integrity Managements & Digital Solutions declined 6%.
Gross margin was 20.4%, down 0.8 points from Q2 2025. Operating profit was $88.2M, a 11.5% margin (up 0.1 points year over year). Of the extra revenue versus Q2 2025, 13% reached operating profit, above the 11% margin then. Operating expenses fell 1% while revenue rose 10%. Net earnings were $65.0M, up 19% year over year ($63.6M including minority interests, which bore $1.4M of losses). The effective tax rate was 26.1%.
Operating cash flow was $55.2M (down 28% year over year), 87% of net income including minority interests. Non-cash charges added back $27.4M of depreciation and amortization and $5.2M of share-based compensation. Working capital and other items used $41.1M. Capital expenditures of $23.2M left free cash flow of $32.0M.
Questions
What was Oceaneering International's revenue in the second quarter 2026?
Oceaneering International (OII) reported revenue of $768M for the second quarter 2026 (Q2 2026), +10% from a year earlier and +11% from the quarter before.
Was Oceaneering International profitable in the second quarter 2026?
Operating profit was $88.2M (11.5% of revenue) and net earnings $65.0M.