Helix Q4 net income $8.3M, down 63% QoQ; $18.1M impairment; cash $445M

HELIX ENERGY SOLUTIONS GROUP INC

2025-FY EPS reported $0.21 vs consensus $0.02 ▲ beat (+904.8%)

Q4 net income $8.3M ($0.06 diluted) vs Q3 $22.1M ($0.15) and Q4 2024 $20.1M ($0.13). Full year 2025 net income $30.8M ($0.21) vs 2024 $55.6M ($0.36).
Q4 revenue $334.2M, down 11% QoQ and 6% YoY; Well Intervention revenue fell 20% YoY; full-year revenue $1.29B.
Adjusted EBITDA Q4 $73.9M (down 29% QoQ); full year $272.0M vs $303.1M in 2024.
Non-cash impairment of Thunder Hawk oil and gas properties of $18.1M pre-tax in Q4 2025.
Free cash flow Q4 $107.5M; full year $120.4M. Cash $445.2M, negative net debt $137M. Repurchased 4.6M shares for $30.2M in 2025.

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