Oceaneering International, Inc. (OII Quick QuoteOII - Free Report) reported an adjusted profit of 30 cents per share for the first quarter of 2026, missing the Zacks Consensus Estimate of 35 cents. Moreover, the bottom line decreased from 43 cents in the year-ago quarter. This was due to lower operating income from its Offshore Projects Group and Integrity Management & Digital Solutions segments.

Total revenues were $692.4 million, which beat the Zacks Consensus Estimate of $664 million and increased approximately 2.7% from the year-ago quarter’s $674.5 million, driven by higher revenues in the company’s Subsea Robotics, Manufactured Products and Aerospace and Defense Technologies segments. In the first quarter of 2026, the Houston, TX-based oil and gas equipment and services company reported adjusted EBITDA of $83.7 million, a 13.4% decrease year over year.

Oceaneering International, Inc. Price, Consensus and EPS Surprise

Q1 Segmental Information of Oceaneering

Subsea Robotics (SSR): The unit provides remotely operated submersible vehicles for drill support, vessel-based inspection, subsea hardware installation, pipeline surveys and maintenance services.

Revenues totaled $214.3 million compared with the year-ago quarter’s $206 million.

The segment also reported an operating income of $55.5 million compared with $59.6 million a year ago.

The company’s segment delivered an EBITDA margin of 32% in the first quarter of 2026, decreasing from the prior-year period’s 35%. Revenue per day for remotely operated vehicles (“ROVs”) rose to $12,401, while ROV fleet utilization declined to 61%.

Manufactured Products: The segment focuses on the manufactured products business, theme park entertainment systems and automated guided vehicles.

Revenues totaled $143.6 million compared with the year-ago quarter’s $135 million.

The segment posted an operating profit of $26.1 million in the first quarter, up from the year-ago quarter’s $8.7 million.

The backlog totaled $492 million as of March 31, 2026, down 9.4% from the same time in 2025. For the 12 months ending March 31, 2026, the book-to-bill ratio was 0.91.

Offshore Projects Group (OPG): This segment involves Oceaneering’s former Subsea Projects unit, excluding survey services and global data solutions, the service and rental business and ROV tooling.

Revenues decreased about 17.9% to $135.4 million from $164.9 million in the year-ago quarter.

The unit’s operating income totaled $18.3 million compared with the prior-year quarter’s $35.7 million. The company’s operating income margin decreased to 14% from the prior-year quarter’s 22%.

Integrity Management & Digital Solutions (IMDS): This segment covers Oceaneering’s Asset Integrity unit, along with its global data solutions business.

Revenues of $67.9 million decreased from the year-ago quarter’s $71.4 million.

The segment reported an operating loss of $0.99 million, reversing the prior-year quarter’s operating profit of $3.5 million.

Aerospace and Defense Technologies (ADTech): The segment is engaged in Oceaneering’s government business, which focuses on defense subsea technologies, marine services and space systems.

Revenues totaled $131.2 million, up from $97.1 million recorded in the first quarter of 2025.

The operating income decreased to $8.1 million from $10.7 million in the year-ago quarter. Operating income margin decreased to 6%.

OII’s Capital Expenditure & Balance Sheet

The capital expenditure in the first quarter, including acquisitions, totaled $24.4 million.

As of March 31, 2026, OII had cash and cash equivalents worth $607.5 million and $688.9 million, respectively, along with a long-term debt of about $488.8 million. The debt-to-capitalization was 30.5%.

Q2 Outlook by Oceaneering

This Zacks Rank #3 (Hold) company expects stronger overall performance in the second quarter of 2026 compared to the same period in 2025, with consolidated revenues projected to rise and EBITDA estimated between $100 million and $110 million. Segment-wise, SSR is likely to see revenue growth but stable operating income, while Manufactured Products is forecasted to deliver increases in both revenues and profitability. OPG revenues are anticipated to remain steady, though operating income may dip slightly due to project mix changes. IMDS is expected to face declines in both revenue and earnings due to lower volumes in West Africa and Australia, along with uncertain activity in the Middle East. Meanwhile, ADTech is projected to post strong gains in operating income, supported by significantly higher revenues. Unallocated expenses are expected to be around $50 million.

The company has reaffirmed its full-year 2026 guidance at both the consolidated and segment levels, as previously outlined in its fourth-quarter 2025 earnings release and conference call. However, IMDS operating income is now expected to grow year over year at a more modest pace than earlier projected. The Manufactured Products segment is anticipated to report a full-year book-to-bill ratio in the range of 0.9 to 1.0.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Important Earnings at a Glance

While we have discussed OII’s first-quarter results in detail, let us take a look at three other key reports in this space.

Halliburton Company (HAL Quick QuoteHAL - Free Report) reported first-quarter 2026 adjusted net income per share of 55 cents, beating the Zacks Consensus Estimate of 49 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line fell from the year-ago adjusted profit of 60 cents due to softer activity in the North American region and the negative impact of geopolitical conflict in the Middle East, which hurt both of the company’s segments.

Meanwhile, revenues of $5.4 billion were 0.3% lower year over year but beat the Zacks Consensus Estimate of $5.3 billion.

Halliburton reported first-quarter capital expenditure of $192 million. As of March 31, 2026, the company had approximately $2 billion in cash/cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization ratio of 39.6.

Range Resources Corporation (RRC Quick QuoteRRC - Free Report) reported first-quarter 2026 adjusted earnings of $1.52 per share, which beat the Zacks Consensus Estimate of $1.33. The bottom line also improved from the prior-year level of 96 cents.

Total quarterly revenues of $1,018.3 million topped the Zacks Consensus Estimate of $919.3 million. The top line increased from the prior-year figure of $854 million.

Strong quarterly results can be attributed to higher gas-equivalent production and increased natural gas price realization.

At the end of the first quarter, Range Resources reported a total debt of $819.3 million, net of deferred financing costs.

EQT Corporation (EQT Quick QuoteEQT - Free Report) reported first-quarter 2026 adjusted earnings from continuing operations of $2.33 per share, which beat the Zacks Consensus Estimate of $2.23. The bottom line increased from the year-ago quarter’s figure of $1.18.

Adjusted operating revenues increased to $3,136 million from $2,153 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $3,127 million.

Strong quarterly results were driven by the increase in total sales volumes and higher realized natural gas equivalent prices.

As of March 31, 2026, the company had cash and cash equivalents of $326.6 million and net debt of $5.67 billion.