0000073756-26-000136
SEC filingQ2营收增10%至$768M，OPG驱动盈利超预期，Diluted EPS升至$0.65。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $768,184K | $698,161K | +10% |
| Gross Profit | $156,982K | $148,427K | +5.8% |
| Gross Margin | 20.4% | 21.3% | -90 bps |
| Operating Income | $88,237K | $79,189K | +11.4% |
| Operating Margin | 11.5% | 11.3% | +20 bps |
| Net Income (attributable to Oceaneering) | $65,015K | $54,442K | +19.4% |
| Diluted EPS | $0.65 | $0.54 | +20.4% |
| Operating Cash Flow | -$3,912K | -$3,531K | — |
| Free Cash Flow | -$44,497K | — | — |
注：Free Cash Flow = Operating Cash Flow - Capex（$40,585K），为计算值。
Q2营收增长10%至$768M，主要由OPG（+22.5%）和ADTech（+21.8%）驱动，但Gross Margin下滑90 bps至20.4%，主要因成本上升及产品组合变化。Operating Margin小幅提升20 bps至11.5%，得益于OPG和Manufactured Products利润率改善，但IMDS利润率大幅恶化（从6%降至0.1%）。
盈利质量方面，Net Income增长19.4%至$65M，但经营现金流为负（-$3.9M），主要因Accounts Receivable和Contract Assets增加$120M，反映项目里程碑和客户付款时间。剔除一次性项（ADTech和解计提$6.8M、theme park存货减值$7.5M）后，run-rate盈利能力更强。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Subsea Robotics | $232,016K | +6.0% | $66,325K | 28.6% | 平均日费率提升，survey业务增长 |
| Manufactured Products | $149,030K | +2.7% | $21,935K | 14.7% | 高利润率backlog执行，umbilicals改善 |
| Offshore Projects Group | $182,843K | +22.5% | $30,019K | 16.4% | 国际项目组合有利，执行良好 |
| IMDS | $70,844K | -6.0% | $100K | 0.1% | 西非活动减少，中东冲突影响 |
| ADTech | $133,451K | +21.8% | $16,425K | 12.3% | OTECH业务增长，但利润率下滑 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and Cash Equivalents | $629,473K | $688,874K (Dec 31, 2025) |
| Total Debt (principal) | $500,000K | $500,000K |
| Inventory | $197,726K | $201,595K |
| Contract Assets | $230,873K | $216,808K |
| Contract Liabilities | $125,100K | $115,033K |
| Operating Cash Flow (H1) | -$3,912K | -$3,531K |
| Capex (H1) | $40,585K | $56,360K |
| Free Cash Flow (H1) | -$44,497K | — |
注：Net Debt = $500M - $629M = -$129M（净现金），但未披露EBITDA，故不计算Net Debt/EBITDA。
资本配置：
前瞻指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY26 | Capex | $105M-$115M | reported |
| FY26 | Tax Payments | $95M-$105M | reported |
一次性异常项：
主要风险：