Oceaneering International (OII) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Oceaneering published the results on October 21, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Oceaneering reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Q3 2026 results include a $19.0 million loss on extinguishment of debt from Oceaneering's refinancing. Oceaneering excludes it from adjusted EBITDA but not from adjusted net income.
• Q4 2025 diluted EPS of $1.76 included a discrete tax benefit from the release of valuation allowances for deferred tax assets.

Source: Oceaneering Q3 2026 results, October 21, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Oceaneering splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Oceaneering's Subsea Robotics revenue was $233 million in Q3 2026, up 6% from $219 million in Q3 2025, 30% of total revenue.
• Oceaneering's Manufactured Products revenue was $168 million in Q3 2026, up 8% from $156 million in Q3 2025, 21% of total revenue.
• Oceaneering's Offshore Projects Group revenue was $173 million in Q3 2026, up 1% from $171 million in Q3 2025, 22% of total revenue.
• Oceaneering's Integrity Management & Digital Solutions revenue was $75.8 million in Q3 2026, up 7% from $70.8 million in Q3 2025, 10% of total revenue.
• Oceaneering's Aerospace and Defense Technologies revenue was $135 million in Q3 2026, up 7% from $126 million in Q3 2025, 17% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The fourth quarter outlook is stated against the fourth quarter of 2025. The $430 million to $480 million range is Oceaneering's initial EBITDA guidance for full year 2027.

In its Q3 2026 release, Oceaneering said:

“Consolidated fourth quarter 2026 revenue is expected to increase and EBITDA is expected to be in the range of $85 million to $95 million.”

“Unallocated Expenses are expected to be in the $50 million range.”

“Consolidated EBITDA is expected to be in the range of $430 million to $480 million.”

“Free cash flow generation is expected to exceed the level forecasted for 2026.”

Source: Oceaneering Q3 2026 release, Oct 21, 2026.

This is the company's own guidance as of Oct 21, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the OII forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release. Oceaneering reports in thousands; figures here are rounded to $0.1 million.

We do not hold a confirmed date for Oceaneering's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 21, 2026

Oceaneering's revenue was $784.6 million in Q3 2026, up 6% from $742.9 million. Its four energy segments brought in $649.5 million: Subsea Robotics $233.0 million, Offshore Projects Group $172.5 million, Manufactured Products $168.2 million and Integrity Management & Digital Solutions $75.8 million. Aerospace and Defense Technologies (ADTech) added $135.1 million, up 7%. (Oceaneering Form 10-Q, Q3 2026, Oct 22, 2026; Oceaneering Q3 2026 release, Oct 21, 2026)

Oceaneering's Subsea Robotics segment, mainly remotely operated vehicles (ROVs) and survey work, grew revenue on higher ROV revenue per day utilized, which rose to $11,781, and increased Survey activity. Fleet utilization stayed at 65%. More ROV work in Europe, Guyana and West Africa largely offset lower activity in the U.S. Gulf. (Oceaneering Q3 2026 release, Oct 21, 2026)

Oceaneering said Manufactured Products revenue rose 8% mainly because of the final resolution of a legacy mobility solutions contract, while umbilical manufacturing was relatively stable and Grayloc Products had lower activity. ADTech serves mainly U.S. government agencies and their prime contractors, and its lower operating income came from increases in pass-through activities and certain program costs. (Oceaneering Q3 2026 release, Oct 21, 2026; Oceaneering Form 10-K, 2025, Feb 20, 2026)

Oceaneering earns most of its revenue outside the U.S.: $455.3 million of foreign revenue in the quarter against $329.2 million in the United States. The largest foreign areas were the United Kingdom at $112.0 million, Africa at $101.4 million and Norway at $73.6 million. In 2025 its top five customers were 31% of consolidated revenue, and the U.S. Government alone was 12%. (Oceaneering Form 10-Q, Q3 2026, Oct 22, 2026; Oceaneering Form 10-K, 2025, Feb 20, 2026)

Oceaneering's GAAP diluted EPS fell to $0.52 in Q3 2026 from $0.71, even though operating income rose 7% to $92.2 million. The quarter carried a $19.0 million loss on extinguishment of debt from its refinancing, and income tax expense rose to $16.5 million from $8.6 million. (Oceaneering Q3 2026 release, Oct 21, 2026)

Oceaneering's adjusted diluted EPS was $0.50, against $0.55. Its adjustments to net income cover only foreign currency losses and discrete tax items (net reductions of $3.5 million this quarter and $15.6 million a year earlier), so the debt extinguishment loss stays in adjusted net income. Adjusted EBITDA does exclude it and rose to $119.4 million from $111.1 million. (Oceaneering Q3 2026 release, Oct 21, 2026)

Oceaneering's weighted average diluted shares were 100,805 thousand against 101,057 thousand a year earlier. It repurchased 101,038 shares for approximately $5.0 million in the quarter. (Oceaneering Q3 2026 release, Oct 21, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Oceaneering guides by quarter and by segment in its release. For Q4 2026 it expects consolidated revenue to increase from a year earlier and EBITDA of $85 million to $95 million, with Subsea Robotics operating income expected to decrease on lower ROV utilization as certain rigs transit from the U.S. Gulf to other regions. Unallocated Expenses are expected in the $50 million range. (Oceaneering Q3 2026 release, Oct 21, 2026)

Oceaneering also gave initial 2027 guidance: consolidated EBITDA of $430 million to $480 million, free cash flow above the level forecast for 2026, and continued share repurchases. Its 2026 free cash flow estimate is $100 million to $120 million. In the quarter it issued $500 million of 6.875% Senior Notes due 2034 and extended its revolving credit facility to July 2031. (Oceaneering Q3 2026 release, Oct 21, 2026)

A consensus figure is the average of the models published by the analysts who cover Oceaneering, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Oceaneering's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning OII is on is OII a buy or a sell?, what analysts expect next is on the OII forecast, and what the company does is on the Oceaneering International (OII) stock page.

Every number on this page can be traced to a document Oceaneering published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.