Helix Energy Solutions Group, Inc. (NYSE:HLX) reported fourth-quarter results on Tuesday that exceeded profit expectations but came in below revenue forecasts.
The offshore energy services provider saw its shares gain 2.09% in premarket trading following the release.
Adjusted earnings per share totaled $0.06 for the quarter, ahead of the analyst consensus estimate of $0.02. Revenue reached $334.16 million, missing expectations of $303.53 million and declining 6% from $355.13 million recorded in the same quarter a year earlier.
Net income came in at $8.3 million, down from $20.1 million in the prior-year period, which included an $18.1 million non-cash impairment charge tied to oil and gas assets.
Adjusted EBITDA was $73.9 million, slightly higher than $71.6 million a year earlier but lower than the $103.7 million reported in the third quarter. The company generated strong free cash flow of $107.5 million during the quarter, helping lift its year-end cash balance to $445 million.
“Our fourth quarter financial results, accounting for seasonal impacts, highlight the outstanding execution by the Helix team,” said Owen Kratz, President and CEO. “We generated Free Cash Flow of over $100 million during the quarter, delivering $120 million of Free Cash Flow for the full year 2025.”
Within operating segments, Well Intervention revenue declined 20% year-on-year to $181 million, reflecting lower utilization rates and reduced integrated project activity.
Robotics revenue increased 7% to $87.3 million, supported by improved pricing and higher third-party trenching work. Shallow Water Abandonment revenue surged 53% to $57.6 million, mainly driven by stronger utilization of the Epic Hedron heavy lift barge.
For full-year 2025, Helix reported net income of $30.8 million, or $0.21 per diluted share, compared with $55.6 million, or $0.36 per share, in 2024. Annual revenue declined 5% to $1.29 billion from $1.36 billion in the previous year.