Oceaneering Reports Fourth Quarter and Full Year 2025 Results
HOUSTON--( BUSINESS WIRE)--Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported fourth quarter and full year 2025 results.
"Looking ahead to 2026, we expect ADTech to be our primary growth engine, ..."
Fourth Quarter 2025 Results
Full Year 2025 Results
Rod Larson, Oceaneering's President and Chief Executive Officer, commented, "Our team concluded 2025 with strong operational execution, delivering fourth quarter adjusted EBITDA at the high end of our guidance range. We generated robust free cash flow of $191 million, driven primarily by the timing of customer collections. As expected, revenue and adjusted EBITDA declined compared to the fourth quarter of 2024 due to the unusually high level of international intervention and installation projects in our Offshore Projects Group segment (OPG) in the prior year.
"For the full year, we delivered solid financial results despite a challenging environment. Consolidated revenue and adjusted EBITDA both increased, making 2025 our seventh consecutive year of adjusted EBITDA growth. All of our operating segments achieved EBITDA improvements, with Manufactured Products and Aerospace and Defense Technologies (ADTech) recording the largest percentage increases. We secured $3.7 billion of orders in 2025 and ended the year with an enterprise-wide book-to-bill ratio of 1.33. Our backlog includes multi-year contracts in several segments, highlighted by a landmark ADTech award representing the largest initial contract value in our history.
"Looking ahead to 2026, we expect ADTech to be our primary growth engine, supported by our existing backlog and increased spending across defense and government markets. We anticipate results in our energy-focused businesses to be weighted towards the second half of the year as offshore activity improves. Based on these market dynamics and our current backlog, we are issuing our full year 2026 guidance."
Full Year 2026 Guidance
Fourth Quarter 2025 Segment Results
As compared to the fourth quarter of 2024:
First Quarter 2026 Guidance
As compared to the first quarter of 2025, consolidated first quarter 2026 revenue is expected to be lower and EBITDA is expected to be in the range of $80 million to $90 million. This is driven by lower activity levels in energy markets at the start of 2026, which are expected to improve as the year progresses.
At the segment level, for the first quarter of 2026, as compared to the first quarter of 2025:
Oceaneering will provide more specific guidance on its expectations for 2026 during its fourth quarter 2025 conference call.
Non-GAAP Financial Measures
Adjusted net income (loss) and earnings (loss) per share; EBITDA and adjusted EBITDA on a consolidated and on a segment basis (as well as EBITDA and adjusted EBITDA margins); and free cash flow are non-GAAP measures that exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, First Quarter 2026 Consolidated EBITDA Estimate, 2026 Consolidated EBITDA Estimate, 2026 Free Cash Flow Estimate, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.
Conference Call Details
Oceaneering has scheduled a conference call and webcast on Thursday, February 19, 2026 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time), to discuss its results for the fourth quarter and full year of 2025, as well as its guidance for the first quarter and full year of 2026. A link to the webcast will be posted on Oceaneering's Investor Relations website. A replay of the conference call will be made available on the website approximately two hours following the conclusion of the live call.
Forward-Looking Statements
This release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business, and financial performance and prospects of Oceaneering. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering’s expectations regarding: ADTech and offshore markets for 2026; first quarter 2026 guidance for consolidated revenue, consolidated EBITDA, revenue and operating income by segment, and Unallocated Expenses; full-year 2026 guidance for net income, consolidated EBITDA, free cash flow, capital expenditures, and that share purchase activity will continue in 2026; and the characterization, whether positive or otherwise, of market fundamentals, conditions, and dynamics, robotics markets, offshore energy activity levels (including by geographic location), pricing levels, day rates, ROV days utilized, average ROV revenue per day utilized, vessel utilization, growth, bidding activity, outlook, performance, opportunities, and future financials, including as increasing, favorable, positive, encouraging, improving, seasonal, strong, supportive, robust, meaningful, considerable, healthy, or significant (which is used herein to indicate a change of 20% or greater).
The forward-looking statements included in this release are based on Oceaneering's current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth, and the supply and demand of offshore drilling rigs; the indirect consequences of climate change and climate-related business trends; actions by members of OPEC and other oil exporting countries; decisions about offshore developments to be made by oil and gas exploration, development, and production companies; the use of subsea completions and our ability to capture associated market share; future budgetary and fiscal constraints imposed by the United States government, including the risk of government shutdowns; general economic and business conditions and industry trends and uncertainty, including those related to tariffs and retaliatory tariffs; the strength of the industry segments in which we are involved; cancellations of contracts, customer contract disputes, change orders, and other contractual modifications, force majeure declarations, and the exercise of contractual suspension rights and the resulting adjustments to our backlog; collections from our customers; our future financial performance, including as a result of the availability, terms, and deployment of capital; the consequences of significant changes in currency exchange rates; the volatility and uncertainties of credit markets; changes in data privacy and security laws, regulations, and standards; changes in tax laws, regulations, and interpretation by taxing authorities; changes in, or our ability to comply with, other laws and governmental regulations, including those relating to the environment; the continued availability of qualified personnel; our ability to obtain raw materials and parts on a timely basis and, in some cases, from limited sources; operating risks normally incident to offshore exploration, development, and production operations; hurricanes and other adverse weather and sea conditions; cost and time associated with drydocking of our vessels; the highly competitive nature of our businesses; adverse outcomes from legal or regulatory proceedings; the risks associated with integrating businesses we acquire; rapid technological changes; and social, political, military, and economic situations in foreign countries where we do business and the possibilities of civil disturbances, war, other armed conflicts, or terrorist attacks. For a more complete discussion of these and other risk factors, please see Oceaneering’s latest annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement.
About Oceaneering
Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries.
For more information, please visit www.oceaneering.com.
OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Dec 31, 2025
Dec 31, 2024
(in thousands)
ASSETS
Current assets (including cash and cash equivalents of $688,874 and $497,516)
$
1,512,400
$
1,387,896
Net property and equipment
451,693
420,098
Other assets
703,161
528,353
Total Assets
$
2,667,254
$
2,336,347
LIABILITIES AND EQUITY
Current liabilities
$
761,726
$
796,938
Long-term debt
487,417
482,009
Other long-term liabilities
341,448
337,078
Equity
1,076,663
720,322
Total Liabilities and Equity
$
2,667,254
$
2,336,347
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended
For the Year Ended
Dec 31, 2025
Dec 31, 2024
Sep 30, 2025
Dec 31, 2025
Dec 31, 2024
(in thousands, except per share amounts)
Revenue
$
668,574
$
713,450
$
742,898
$
2,784,156
$
2,661,161
Cost of services and products
536,302
571,513
590,166
2,215,714
2,175,667
Gross margin
132,272
141,937
152,732
568,442
485,494
Selling, general and administrative expense
66,889
64,057
66,224
263,890
239,224
Operating income (loss)
65,383
77,880
86,508
304,552
246,270
Interest income
4,118
3,407
3,704
14,483
12,124
Interest expense, net of amounts capitalized
(9,049
)
(9,741
)
(9,381
)
(36,977
)
(37,917
)
Equity in income (losses) of unconsolidated affiliates
276
142
97
1,046
929
Other income (expense), net
(2,529
)
(2,862
)
(1,021
)
2,796
3,510
Income (loss) before income taxes
58,199
68,826
79,907
285,900
224,916
Provision (benefit) for income taxes
(119,454
)
12,727
8,618
(67,861
)
77,448
Net Income (Loss)
$
177,653
$
56,099
$
71,289
$
353,761
$
147,468
Weighted average diluted shares outstanding
100,760
102,140
101,057
101,262
102,369
Diluted earnings (loss) per share
$
1.76
$
0.55
$
0.71
$
3.49
$
1.44
The above Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations should be read in conjunction with the Company's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
SEGMENT INFORMATION
For the Three Months Ended
For the Year Ended
Dec 31, 2025
Dec 31, 2024
Sep 30, 2025
Dec 31, 2025
Dec 31, 2024
($ in thousands)
Subsea Robotics
Revenue
$
211,687
$
212,190
$
218,767
$
855,216
$
829,822
Operating income (loss)
$
67,828
$
63,526
$
65,142
$
257,107
$
235,211
Operating income (loss) %
32
%
30
%
30
%
30
%
28
%
ROV days available
23,000
23,000
23,000
91,250
91,500
ROV days utilized
14,285
15,211
14,962
59,629
61,382
ROV utilization
62
%
66
%
65
%
65
%
67
%
Manufactured Products
Revenue
$
132,405
$
142,999
$
156,395
$
568,971
$
555,500
Operating income (loss)
$
20,370
$
4,163
$
24,651
$
72,460
$
43,000
Operating income (loss) %
15
%
3
%
16
%
13
%
8
%
Backlog at end of period
$
511,000
$
604,000
$
568,000
$
511,000
$
604,000
Offshore Projects Group
Revenue
$
130,777
$
184,386
$
171,046
$
616,045
$
591,037
Operating income (loss)
$
15,037
$
39,313
$
23,692
$
96,058
$
73,699
Operating income (loss) %
11
%
21
%
14
%
16
%
12
%
Integrity Management & Digital Solutions
Revenue
$
66,454
$
75,062
$
70,781
$
284,020
$
291,866
Operating income (loss)
$
(124
)
$
2,025
$
2,756
$
10,741
$
9,827
Operating income (loss) %
—
%
3
%
4
%
4
%
3
%
Aerospace and Defense Technologies
Revenue
$
127,251
$
98,813
$
125,909
$
459,904
$
392,936
Operating income (loss)
$
14,223
$
9,930
$
16,557
$
57,744
$
42,201
Operating income (loss) %
11
%
10
%
13
%
13
%
11
%
Unallocated Expenses
Operating income (loss)
$
(51,951
)
$
(41,077
)
$
(46,290
)
$
(189,558
)
$
(157,668
)
Total
Revenue
$
668,574
$
713,450
$
742,898
$
2,784,156
$
2,661,161
Operating income (loss)
$
65,383
$
77,880
$
86,508
$
304,552
$
246,270
Operating income (loss) %
10
%
11
%
12
%
11
%
9
%
The above Segment Information does not include adjustments for non-recurring transactions. See the tables below under the caption "Reconciliations of Non-GAAP to GAAP Financial Information" for financial measures that our management considers in evaluating our ongoing operations.
SELECTED CASH FLOW INFORMATION
For the Three Months Ended
For the Year Ended
Dec 31, 2025
Dec 31, 2024
Sep 30, 2025
Dec 31, 2025
Dec 31, 2024
(in thousands)
Capital expenditures, including acquisitions
$
30,440
$
61,023
$
24,215
$
111,015
$
134,285
Capitalized cloud-based service contract costs
5,588
—
7,161
17,012
—
Total Capital Expenditures
$
36,028
$
61,023
$
31,376
$
128,027
$
134,285
Depreciation and Amortization:
Energy Services and Products
Subsea Robotics
$
13,388
$
12,049
$
13,283
$
50,792
$
48,916
Manufactured Products
2,765
2,979
2,768
10,924
12,452
Offshore Projects Group
4,389
5,033
4,290
18,031
22,451
Integrity Management & Digital Solutions
1,887
1,615
1,830
7,286
6,025
Total Energy Services and Products
22,429
21,676
22,171
87,033
89,844
Aerospace and Defense Technologies
904
705
1,082
3,719
2,620
Unallocated Expenses
2,951
2,761
2,870
11,503
10,979
Total Depreciation and Amortization
$
26,284
$
25,142
$
26,123
$
102,255
$
103,443
RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION
In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release also includes non-GAAP financial measures (as defined under certain rules and regulations promulgated by the Securities and Exchange Commission). We have included adjusted net income (loss) and diluted earnings (loss) per Share (EPS), each of which excludes the effects of certain specified items, as set forth in the tables that follow. As a result, these amounts are non-GAAP financial measures. We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business. Furthermore, our management uses these measures as measures of the performance of our operations. We have also included disclosures of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDA Margins, 2025 consolidated adjusted EBITDA, consolidated adjusted EBITDA Margins, and free cash flow, and 2026 consolidated EBITDA and free cash flow estimates, as well as the following by segment: EBITDA, EBITDA margins, adjusted EBITDA, and adjusted EBITDA margins. We define EBITDA margin as EBITDA divided by revenue. Adjusted EBITDA and adjusted EBITDA margins and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. Due to the forward-looking nature of EBITDA for the first quarter of 2026, and for the full year of 2026, we cannot reliably predict certain of the necessary line items for the reconciliations to net income and, accordingly, have excluded such line items in the reconciliation. EBITDA and EBITDA margins, adjusted EBITDA and adjusted EBITDA margins, and related information by segment are each non-GAAP financial measures. We define free cash flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). We have included these disclosures in this press release because EBITDA, EBITDA margins, and free cash flow are widely used by investors for valuation purposes and for comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof provide more consistent measures than the unadjusted amounts. Furthermore, our management uses these measures for purposes of evaluating our financial performance. Our presentation of EBITDA, EBITDA margins, and free cash flow (and the adjusted amounts thereof) may not be comparable to similarly titled measures that other companies report. Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows, or any other measure prepared and reported in accordance with GAAP. The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.
Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)
For the Three Months Ended
Dec 31, 2025
Dec 31, 2024
Sep 30, 2025
Net Income (Loss)
Diluted EPS
Net Income (Loss)
Diluted EPS
Net Income (Loss)
Diluted EPS
(in thousands, except per share amounts)
Net income (loss) and diluted EPS as reported in accordance with GAAP
$
177,653
$
1.76
$
56,099
$
0.55
$
71,289
$
0.71
Pre-tax adjustments for the effects of:
Foreign currency (gains) losses
2,721
2,789
999
Total pre-tax adjustments
2,721
2,789
999
Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods
(1,389
)
77
(902
)
Discrete tax items:
Share-based compensation
—
(9
)
(4
)
Uncertain tax positions
1,044
2,744
(1,106
)
Valuation allowances
(155,503
)
(24,058
)
(6,279
)
Other
21,091
(182
)
(8,236
)
Total discrete tax adjustments
(133,368
)
(21,505
)
(15,625
)
Total of adjustments
(132,036
)
(18,639
)
(15,528
)
Adjusted Net Income (Loss)
$
45,617
$
0.45
$
37,460
$
0.37
$
55,761
$
0.55
Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)
100,760
102,140
101,057
For the Year Ended
Dec 31, 2025
Dec 31, 2024
Net Income (Loss)
Diluted EPS
Net Income (Loss)
Diluted EPS
(in thousands, except per share amounts)
Net income (loss) and diluted EPS as reported in accordance with GAAP
$
353,761
$
3.49
$
147,468
$
1.44
Pre-tax adjustments for the effects of:
Foreign currency (gains) losses
(2,760
)
(866
)
Total pre-tax adjustments
(2,760
)
(866
)
Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods
3,846
1,540
Discrete tax items:
Share-based compensation
(1,109
)
(1,985
)
Uncertain tax positions
(2,482
)
3,123
Valuation allowances
(167,496
)
(20,726
)
Other
11,426
(11,410
)
Total discrete tax adjustments
(159,661
)
(30,998
)
Total of adjustments
(158,575
)
(30,324
)
Adjusted Net Income (Loss)
$
195,186
$
1.93
$
117,144
$
1.14
Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)
101,262
102,369
EBITDA and Adjusted EBITDA and Margins
For the Three Months Ended
For the Year Ended
Dec 31, 2025
Dec 31, 2024
Sep 30, 2025
Dec 31, 2025
Dec 31, 2024
($ in thousands)
Net income (loss)
$
177,653
$
56,099
$
71,289
$
353,761
$
147,468
Depreciation and amortization
26,284
25,142
26,123
102,255
103,443
Subtotal
203,937
81,241
97,412
456,016
250,911
Interest expense, net of interest income
4,931
6,334
5,677
22,494
25,793
Amortization included in interest expense
(1,648
)
(1,555
)
(1,627
)
(6,421
)
(6,075
)
Provision (benefit) for income taxes
(119,454
)
12,727
8,618
(67,861
)
77,448
EBITDA
87,766
98,747
110,080
404,228
348,077
Adjustments for the effects of:
Foreign currency (gains) losses
2,721
2,789
999
(2,760
)
(866
)
Total of adjustments
2,721
2,789
999
(2,760
)
(866
)
Adjusted EBITDA
$
90,487
$
101,536
$
111,079
$
401,468
$
347,211
Revenue
$
668,574
$
713,450
$
742,898
$
2,784,156
$
2,661,161
EBITDA margin %
13
%
14
%
15
%
15
%
13
%
Adjusted EBITDA margin %
14
%
14
%
15
%
14
%
13
%
Free Cash Flow
For the Three Months Ended
For the Year Ended
Dec 31, 2025
Dec 31, 2024
Sep 30, 2025
Dec 31, 2025
Dec 31, 2024
(in thousands)
Net Income (loss)
$
177,653
$
56,099
$
71,289
$
353,761
$
147,468
Non-cash adjustments:
Depreciation and amortization
26,284
25,142
26,123
102,255
103,443
Other non-cash
(133,269
)
(8,575
)
(204
)
(113,373
)
3,291
Other increases (decreases) in cash from operating activities
150,461
55,711
4,055
(23,782
)
(50,988
)
Cash flow provided by (used in) operating activities
221,129
128,377
101,263
318,861
203,214
Purchases of property and equipment
(30,440
)
(33,874
)
(24,215
)
(111,015
)
(107,136
)
Free Cash Flow
$
190,689
$
94,503
$
77,048
$
207,846
$
96,078
First Quarter 2026 Consolidated EBITDA Estimate
For the Three Months Ending
March 31, 2026
Low
High
(in thousands)
Income (loss) before income taxes
$
51,000
$
57,000
Depreciation and amortization
26,000
29,000
Subtotal
77,000
86,000
Interest expense, net of interest income
5,000
6,000
Amortization included in interest expense
(2,000
)
(2,000
)
Consolidated EBITDA
$
80,000
$
90,000
2026 Consolidated EBITDA Estimate
For the Year Ending
December 31, 2026
Low
High
(in thousands)
Income (loss) before income taxes
$
270,000
$
307,000
Depreciation and amortization
105,000
114,000
Subtotal
375,000
421,000
Interest expense, net of interest income
21,000
26,000
Amortization included in interest expense
(6,000
)
(7,000
)
Consolidated EBITDA
$
390,000
$
440,000
2026 Free Cash Flow Estimate
For the Year Ending
December 31, 2026
Low
High
(in thousands)
Net income (loss)
$
178,000
$
203,000
Depreciation and amortization
105,000
114,000
Other increases (decreases) in cash from operating activities
(78,000
)
(82,000
)
Cash flow provided by (used in) operating activities
205,000
235,000
Purchases of property and equipment
(105,000
)
(115,000
)
Free Cash Flow
$
100,000
$
120,000
EBITDA and Adjusted EBITDA and Margins by Segment
For the Three Months Ended December 31, 2025
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and other
Total
($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP
$
67,828
$
20,370
$
15,037
$
(124
)
$
14,223
$
(51,951
)
$
65,383
Adjustments for the effects of:
Depreciation and amortization
13,388
2,765
4,389
1,887
904
2,951
26,284
Other pre-tax
—
—
—
—
—
(3,901
)
(3,901
)
EBITDA
81,216
23,135
19,426
1,763
15,127
(52,901
)
87,766
Adjustments for the effects of:
Foreign currency (gains) losses
—
—
—
—
—
2,721
2,721
Total of adjustments
—
—
—
—
—
2,721
2,721
Adjusted EBITDA
$
81,216
$
23,135
$
19,426
$
1,763
$
15,127
$
(50,180
)
$
90,487
Revenue
$
211,687
$
132,405
$
130,777
$
66,454
$
127,251
$
668,574
Operating income (loss) % as reported in accordance with GAAP
32
%
15
%
11
%
—
%
11
%
10
%
EBITDA Margin
38
%
17
%
15
%
3
%
12
%
13
%
Adjusted EBITDA Margin
38
%
17
%
15
%
3
%
12
%
14
%
For the Three Months Ended December 31, 2024
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and other
Total
($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP
$
63,526
$
4,163
$
39,313
$
2,025
$
9,930
$
(41,077
)
$
77,880
Adjustments for the effects of:
Depreciation and amortization
12,049
2,979
5,033
1,615
705
2,761
25,142
Other pre-tax
—
—
—
—
—
(4,275
)
(4,275
)
EBITDA
75,575
7,142
44,346
3,640
10,635
(42,591
)
98,747
Adjustments for the effects of:
Foreign currency (gains) losses
—
—
—
—
—
2,789
2,789
Total of adjustments
—
—
—
—
—
2,789
2,789
Adjusted EBITDA
$
75,575
$
7,142
$
44,346
$
3,640
$
10,635
$
(39,802
)
$
101,536
Revenue
$
212,190
$
142,999
$
184,386
$
75,062
$
98,813
$
713,450
Operating income (loss) % as reported in accordance with GAAP
30
%
3
%
21
%
3
%
10
%
11
%
EBITDA Margin
36
%
5
%
24
%
5
%
11
%
14
%
Adjusted EBITDA Margin
36
%
5
%
24
%
5
%
11
%
14
%
EBITDA and Adjusted EBITDA and Margins by Segment
For the Three Months Ended September 30, 2025
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and other
Total
($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP
$
65,142
$
24,651
$
23,692
$
2,756
$
16,557
$
(46,290
)
$
86,508
Adjustments for the effects of:
Depreciation and amortization
13,283
2,768
4,290
1,830
1,082
2,870
26,123
Other pre-tax
—
—
—
—
—
(2,551
)
(2,551
)
EBITDA
78,425
27,419
27,982
4,586
17,639
(45,971
)
110,080
Adjustments for the effects of:
Foreign currency (gains) losses
—
—
—
—
—
999
999
Total of adjustments
—
—
—
—
—
999
999
Adjusted EBITDA
$
78,425
$
27,419
$
27,982
$
4,586
$
17,639
$
(44,972
)
$
111,079
Revenue
$
218,767
$
156,395
$
171,046
$
70,781
$
125,909
$
742,898
Operating income (loss) % as reported in accordance with GAAP
30
%
16
%
14
%
4
%
13
%
12
%
EBITDA Margin
36
%
18
%
16
%
6
%
14
%
15
%
Adjusted EBITDA Margin
36
%
18
%
16
%
6
%
14
%
15
%
EBITDA and Adjusted EBITDA and Margins by Segment
For the Year Ended December 31, 2025
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and other
Total
($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP
$
257,107
$
72,460
$
96,058
$
10,741
$
57,744
$
(189,558
)
$
304,552
Adjustments for the effects of:
Depreciation and amortization
50,792
10,924
18,031
7,286
3,719
11,503
102,255
Other pre-tax
—
—
—
—
—
(2,579
)
(2,579
)
EBITDA
307,899
83,384
114,089
18,027
61,463
(180,634
)
404,228
Adjustments for the effects of:
Foreign currency (gains) losses
—
—
—
—
—
(2,760
)
(2,760
)
Total of adjustments
—
—
—
—
—
(2,760
)
(2,760
)
Adjusted EBITDA
$
307,899
$
83,384
$
114,089
$
18,027
$
61,463
$
(183,394
)
$
401,468
Revenue
$
855,216
$
568,971
$
616,045
$
284,020
$
459,904
$
2,784,156
Operating income (loss) % as reported in accordance with GAAP
30
%
13
%
16
%
4
%
13
%
11
%
EBITDA Margin
36
%
15
%
19
%
6
%
13
%
15
%
Adjusted EBITDA Margin
36
%
15
%
19
%
6
%
13
%
14
%
For the Year Ended December 31, 2024
SSR
MP
OPG
IMDS
ADTech
Unallocated Expenses and other
Total
($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP
$
235,211
$
43,000
$
73,699
$
9,827
$
42,201
$
(157,668
)
$
246,270
Adjustments for the effects of:
Depreciation and amortization
48,916
12,452
22,451
6,025
2,620
10,979
103,443
Other pre-tax
—
—
—
—
—
(1,636
)
(1,636
)
EBITDA
284,127
55,452
96,150
15,852
44,821
(148,325
)
348,077
Adjustments for the effects of:
Foreign currency (gains) losses
—
—
—
—
—
(866
)
(866
)
Total of adjustments
—
—
—
—
—
(866
)
(866
)
Adjusted EBITDA
$
284,127
$
55,452
$
96,150
$
15,852
$
44,821
$
(149,191
)
$
347,211
Revenue
$
829,822
$
555,500
$
591,037
$
291,866
$
392,936
$
2,661,161
Operating income (loss) % as reported in accordance with GAAP
28
%
8
%
12
%
3
%
11
%
9
%
EBITDA Margin
34
%
10
%
16
%
5
%
11
%
13
%
Adjusted EBITDA Margin
34
%
10
%
16
%
5
%
11
%
13
%