Helix Energy (HLX) Q4 2025 Earnings Transcript
The Motley Fool
by newsfeedback@fool.com (Motley Fool Transcribing)February 24, 2026
AI-Generated Deep Dive Summary
Helix Energy (HLX) reported a strong Q4 2025 performance, with $334 million in revenue and $8 million in net income—its highest fourth-quarter results since 2013. Adjusted EBITDA reached $74 million, driven by improved Gulf of Mexico shelf operations and higher vessel utilization. Free cash flow totaled $107 million, reflecting strong operating cash flow of $113 million. For the full year 2025, revenue hit $1.3 billion, with adjusted EBITDA at $272 million. Despite these positive figures, Helix faces challenges in 2026, including $40 million in EBITDA reductions due to the Thunder Hawk workover and C Helix 1 recertification expenses.
The company’s robotics segment continued its momentum, with all six trenchers, seven vessels, and three boulder grabs operating at full capacity. In Brazil, three vessels secured long-term contracts, including higher rates for Petrobras under SH 1 and SH 2, while the Q7000 completed a Shell contract. In the North Sea, Helix landed a multiyear P&A contract, ensuring high utilization for its Seawell and other vessels in 2026.
Looking ahead, Helix forecasts 2026 revenue between $1.2 billion and $1.4 billion, with EBITDA expected to range from $230 million to $290 million—down due to the Thunder Hawk workover and C Helix 1 docking costs. Capital expenditures are projected at $70 million to $80 million, with free cash flow expected between $100 million and $160 million. The company plans to repurchase shares worth 25% of its free cash flow for the year.
However, risks remain. The Thunder Hawk’s
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Originally published on The Motley Fool on 2/24/2026