- Q1 revenue $2.49B; net income $260.5M ($0.64 diluted); adjusted EBITDA $466M (or $453.2M ex-$12.8M FX gain).
- Operating cash flow $332.5M; free cash flow $276.9M; repurchased 4.3M shares for $264.8M; total shareholder distributions $284.7M; cash $960.8M; net cash $540.4M.
- Subsea inbound $1.90B with total backlog ~$16.47B; Subsea opportunities ~ $30B over 24 months and target of $10B Subsea orders in 2026; 2026 guidance includes Subsea revenue $9.2-9.6B, Surface revenue $1.15-1.3B, FCF $1.3-1.45B, capex ~$340M, and return >=70% of FCF to shareholders.
Financial summary
Q1 2026 revenue $2,492.7M; net income $260.5M ($0.64 diluted); adjusted net income $260.9M; adjusted EBITDA $466.0M ($453.2M excluding a $12.8M FX gain); net income ex-FX $247.6M.
Cash flow and capital returns
Operating cash flow $332.5M; capital expenditures $55.6M; free cash flow $276.9M; repurchased 4.3M shares for $264.8M and paid $19.9M dividend, totaling $284.7M returned to shareholders; cash $960.8M; net cash $540.4M.
Subsea performance
Subsea revenue $2,208.4M; operating profit $349.0M (15.8% margin); adjusted EBITDA $440.7M (20.0% margin); inbound orders $1,903.7M; Subsea backlog $15,800.4M; company reports a Subsea Opportunities List ~ $30B of potential awards over 24 months and a company target of $10B Subsea orders in 2026.
Surface Technologies and corporate
Surface Technologies revenue $284.3M; operating profit $37.1M (13.0% margin); inbound $248.7M; backlog $667.6M. Corporate: expense $37.1M, net interest expense $6M, provision for taxes $95.9M, D&A $103.6M.
2026 guidance
Guidance unchanged: Subsea revenue $9.2–9.6B with adjusted EBITDA margin 21–22%; Surface revenue $1.15–1.3B with margin 16.5–18%; corporate expense $115–125M; net interest $10–20M; effective tax rate 27–31%; FY capex ~ $340M; free cash flow $1.3–1.45B.
