OCEANEERING INTERNATIONAL INC
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
OII$35.06+0.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Cash Flows from Operating Activities: | |||
| Net income (loss) | $353,761 | $147,468 | $97,403 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 102,255 | 103,443 | 104,960 |
| Deferred income tax provision (benefit) | (140,603) | (11,293) | (26,785) |
| Inventory write-downs | 15,430 | — | — |
| Net loss (gain) on sales of property and equipment and other | (3,321) | 502 | (1,012) |
| Noncash compensation | 14,755 | 12,807 | 12,057 |
| Noncash impact of lease accounting | 366 | 1,275 | 2,370 |
| Excluding the effects of acquisitions, increase (decrease) in cash from: | |||
| Accounts receivable and contract assets | 53,869 | (8,000) | (83,075) |
| Inventory | 5,824 | (13,092) | (25,423) |
| Other operating assets | (21,913) | (16,247) | (18,208) |
| Capitalized cloud-based service contract costs | (17,012) | — | — |
| Currency translation effect on working capital, excluding cash | 72 | (14,675) | 3,250 |
| Current liabilities | (32,173) | 8,663 | 125,695 |
| Other operating liabilities | (12,449) | (7,637) | 18,723 |
| Total adjustments to net income (loss) | (34,900) | 55,746 | 112,552 |
| Net Cash Provided by Operating Activities | 318,861 | 203,214 | 209,955 |
| Cash Flows from Investing Activities: | |||
| Purchases of property and equipment | (111,015) | (107,136) | (100,726) |
| Business acquisitions, net of cash acquired | — | (27,149) | — |
| Proceeds from redemption of investments in Angolan bonds | — | — | 6,229 |
| Purchase of Angolan bonds | — | (7,000) | — |
| Proceeds from sale of equity investment | — | 11,800 | — |
| Distributions of capital from unconsolidated affiliates | 2,004 | 3,182 | 2,520 |
| Proceeds from sale of property and equipment | 8,879 | 217 | 7,847 |
| Other investing activities | 3,899 | 1,915 | (2,223) |
| Net Cash Used in Investing Activities | (96,233) | (124,171) | (86,353) |
| Cash Flows from Financing Activities: | |||
| Repurchase of 2024 Senior Notes | — | — | (400,000) |
| Net proceeds from issuance of 6.000% Senior Notes, net of issuance costs | — | (112) | 177,671 |
| Purchases of treasury stock | (40,270) | (20,046) | — |
| Employer tax withholding on settlement of shares | (5,281) | (6,884) | (4,968) |
| Net Cash Used in Financing Activities | (45,551) | (27,042) | (227,297) |
| Effect of exchange rates on cash | 14,281 | (16,051) | (3,484) |
| Net Increase (Decrease) in Cash and Cash Equivalents | 191,358 | 35,950 | (107,179) |
| Cash and Cash Equivalents—Beginning of Period | 497,516 | 461,566 | 568,745 |
| Cash and Cash Equivalents—End of Period | $688,874 | $497,516 | $461,566 |
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