Cash from operating activities was $77.2 million, capital expenditures were $30.3 million, resulting in free cash flow of $46.9 million.
In Q2 2025, Oceaneering reported net income of $54.4 million or $0.54 per share, with consolidated revenue increasing 4% year-over-year to $698 million.
Operating income rose 31% to $79.2 million and adjusted EBITDA grew 20% to $103 million, marking 8 straight quarters of meeting or exceeding adjusted EBITDA guidance.
Segment results included SSR operating income of $64.5 million (4% improvement), Manufactured Products operating income of $18.8 million (31% rise), OPG operating income of $21.7 million (significant improvement), IMDS improved operating income on flat revenue, and ADTech operating income increased 125% to $16.3 million.
The company repurchased approximately $10 million of common stock for the fourth consecutive quarter and ended with $434 million in cash and no borrowings on its revolving credit facility.
ASUS earnings declined to $0.13 from $0.19 due to timing of construction activities.
Consolidated earnings per share (EPS) for Q2 2025 were $0.87, up from $0.85 in Q2 2024.
Consolidated revenue increased by $7.7 million compared to Q2 2024, with water and electric segments contributing increases and ASUS revenue declining.
Electric segment EPS rose to $0.03 from $0.01 due to new 2025 electric rates.
Golden State Water's EPS increased to $0.73 from $0.67, driven by new 2025 water rates and higher investment gains.
Operating expenses increased due to higher supply costs and wildfire mitigation efforts authorized in the electric rate case.
Year-to-date EPS through June 2025 was $1.57, $0.10 higher than the same period in 2024.
Dafinchi