Helix Energy Solutions Group reported fourth‑quarter 2025 net income of $8.3 million, or $0.06 per diluted share, and full‑year 2025 net income of $30.8 million, or $0.21 per diluted share. Adjusted EBITDA fell to $73.9 million in Q4 from $103.7 million in Q3, and to $272.0 million for the year from $303.1 million in 2024. Total revenue declined to $334.16 million in Q4, down from $355.13 million in Q4 2024, and to $1.29 billion for the year, a 5% drop from $1.36 billion in 2024. The company generated $120 million of free cash flow for the year and ended 2025 with a cash balance of $445 million.
The Q4 revenue decline reflects a 20% drop in oil prices and a seasonal slowdown in offshore activity, which reduced well‑intervention volumes. An $18.1 million non‑cash impairment charge related to the Thunder Hawk field further compressed earnings. Net income fell from $22.1 million in Q3 to $8.3 million in Q4, and from $20.1 million in Q4 2024 to $8.3 million in Q4 2025, underscoring the impact of the price decline and the impairment.
Full‑year results mirror the quarterly trend: revenue and adjusted EBITDA both fell, driven by lower oil‑price‑sensitive offshore work and the impairment charge. The company’s gross margin remained near 17.5% in Q3, but the mix shift toward higher‑margin robotics and shallow‑water abandonment offset some of the revenue decline. The decline in well‑intervention revenue, the largest segment, was the primary driver of the year‑over‑year revenue drop.
Segment performance highlights a mixed picture. Robotics and shallow‑water abandonment revenue grew year‑over‑year, reflecting new contracts in the UK North Sea and Brazil, while well‑intervention revenue fell as offshore activity slowed. The shift toward higher‑margin segments helped maintain profitability despite the overall revenue contraction.
Helix maintained its 2026 guidance, projecting revenue of $1.2 billion to $1.4 billion and adjusted EBITDA of $230 million to $290 million. Management expressed confidence that the company’s strong cash generation and robust balance sheet will support continued investment and strategic initiatives. The $445 million cash balance provides significant optionality for future projects and potential acquisitions.
Investors welcomed the results, citing the EPS and revenue beats, strong free‑cash‑flow generation, and the company’s solid liquidity position. The market reaction was driven by the company’s ability to exceed analyst expectations despite a challenging offshore environment, while acknowledging the ongoing headwinds from lower oil prices and a slower market. The guidance signals management’s confidence in a gradual recovery of core markets.
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