Oceaneering International, Inc. OII is set to report first-quarter 2026 earnings on April 22, after the closing bell. The Zacks Consensus Estimate for earnings is pegged at 35 cents per share and the same for revenues is pinned at $664 million.
Let us delve into the factors that might have influenced OII’s performance in the to-be-reported quarter. Before that, it is worth taking a look at the company’s performance in the last reported quarter.
Highlights of OII’s Q4 Earnings
In the last reported quarter, the Houston, TX-based oil and gas equipment and services company’s earnings beat the consensus mark. OII reported an adjusted profit of 45 cents per share, beating the Zacks Consensus Estimate of 44 cents. This was driven by strong year-over-year operating income from its Subsea Robotics, Manufactured Products and Aerospace and Defense Technologies segments. However, revenues of $668.6 million missed the Zacks Consensus Estimate of $711 million.
OII’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average positive surprise of 17.3%.
This is depicted in the graph below:
Oceaneering International, Inc. Price and EPS Surprise
Oceaneering International, Inc. price-eps-surprise | Oceaneering International, Inc. Quote
OII Stock’s Trend in Estimate Revision
The Zacks Consensus Estimate for first-quarter 2026 earnings has remained unchanged in the past 30 days. The estimated figure indicates an 18.6% year-over-year decrease. However, the Zacks Consensus Estimate for revenues implies a decrease of 1.6% from the year-ago period’s actual.
Factors to Consider Ahead of OII’s Q1 Results
Oceaneering International enters the first quarter of 2026 with strong operational momentum and improved pricing across key segments, particularly in Subsea Robotics, where remotely operated vehicle (ROV) pricing rose by about 7% and margins expanded. The company’s record $3.7 billion order intake and solid 1.33 book-to-bill ratio provide strong revenue visibility. Growth in the high-margin ADTech segment, backed by robust defense spending and a multiyear backlog, is expected to lift revenues. Additionally, continued backlog conversion in Manufactured Products and margin improvements across segments support profitability. Strong cash generation and a healthy $689 million cash balance enhance financial flexibility, positioning the company well to outperform expectations despite seasonal softness in the quarter to be reported.
Despite underlying strength, OII’s first quarter faces notable headwinds that could pressure results. Management expects consolidated revenues to decline sequentially due to weaker energy market activity early in the year, with offshore demand remaining subdued. A significant cash flow drag is anticipated from working capital outflows, as prior early customer payments in the fourth quarter of 2025 reduce first-quarter inflows. Offshore Projects Group is expected to see sharp declines in both revenues and operating income due to lower vessel utilization and a shift away from high-margin installation work. Additionally, flat-to-lower utilization in ROV operations and geographic mix impacts could weigh on margins. Elevated unallocated expenses and seasonal softness may further limit earnings upside.
What Does Our Model Predict for OII?
Our proven model does not predict an earnings beat for Oceaneering International this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, that is not the case here.
OII’s Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
OII’s Zacks Rank: OII currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to Consider
Here are some firms from the energy space that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
Liberty Energy Inc. LBRT currently has an Earnings ESP of +3.85% and a Zacks Rank of 3.
LBRT is scheduled to release first-quarter 2026 earnings on April 22. The Zacks Consensus Estimate for LBRT’s 2026 revenues indicates 0.2% year-over-year growth.Valued at around $4.3 billion, the company’s shares have surged 127.9% in a year.
Patterson-UTI Energy, Inc. PTEN presently has an Earnings ESP of +11.1% and a Zacks Rank #1. The firm is scheduled to release first-quarter 2026 earnings on April 22.
PTEN’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one, delivering a positive average surprise of 43%. Valued at around $3.6 billion, PTEN’s shares have jumped 60.2% in a year.
Enterprise Products Partners L.P. EPD currently has an Earnings ESP of +1.91% and a Zacks Rank of 2. It is scheduled to release its first-quarter 2026 earnings on April 28.
The Zacks Consensus Estimate for EPD’s 2026 earnings per share indicates 7.1% year-over-year growth. Valued at around $79.3 billion, EPD’s shares have gained 22% in a year.
Radical New Technology Could Hand Investors Huge Gains
Quantum Computing is the next technological revolution, and it could be even more advanced than AI.
While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.
Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power .
Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.
See Top Quantum Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Patterson-UTI Energy, Inc. (PTEN): Free Stock Analysis Report
Enterprise Products Partners L.P. (EPD): Free Stock Analysis Report
Oceaneering International, Inc. (OII): Free Stock Analysis Report
Liberty Energy Inc. (LBRT): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).