HOS HORNBECK OFFSHORE SERVICES, INC.

Overview and Growth

In fiscal 2025, HORNBECK OFFSHORE SERVICES, INC. recorded $1.29B of revenue, net income of $30.83M, and an operating cash inflow of $136.75M. Revenue of $1.29B sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line contracted 4.9% from $1.36B in fiscal 2024; this top-line contraction left the company with a smaller revenue base. On a per-share basis, diluted EPS was $0.21, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS decreased by 41.7% from $0.36 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. The revenue-to-assets relationship was 0.49x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $159.14M as gross profit before recognizing operating expenses and other items. Gross margin was 12.3%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operating income was $65.14M, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 5.0% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $30.83M, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 2.4% margin after operating costs and the remaining recognized items. Pretax income was $42.48M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Measured against revenue, pretax income equaled 3.3%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $11.65M, providing the reported tax component that separates pretax and after-tax earnings. The effective relationship between income tax and positive pretax income was 27.4%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

At period end, the $2.62B asset base was financed through $1.04B of liabilities and $1.58B of equity. Current assets were $824.99M against $299.68M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 2.75x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $445.20M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 148.6% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Borrowings totaled $308.00M, adding a fixed financing obligation alongside the company’s equity capital. Debt equaled 0.19x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 11.8%, comparing borrowing with the total asset balance. Liabilities represented 39.6% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 17.0%, comparing reported cash and equivalents with the full positive asset balance.

Cash Flow and Earnings Quality

Cash flow from operations was $136.75M, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 4.44x, comparing cash generated by operations with the bottom-line earnings result. Capital spending was $16.34M, absorbing part of the cash generated from operations before free cash flow. Relative to operating cash flow, capital expenditures measured 12.0%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $120.41M, leaving a positive amount after capital expenditures. The free-cash-flow margin was 9.3%, measuring cash remaining after capital spending against revenue. Free cash flow equaled 4.6% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 26, 2026.