$HOS

HELIX ENERGY SOLUTIONS GROUP INC

CIK:0000866829|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 304,016	$ 251,682	$ 570,726	$ 512,980
Cost of sales	247,818	238,228	496,849	460,406
Gross profit	56,198	13,454	73,877	52,574
Transaction-related costs	(8,340)		(8,340)
Selling, general and administrative expenses	(21,143)	(16,496)	(41,574)	(34,195)
Income (loss) from operations	26,715	(3,042)	23,963	18,379
Net interest expense	(4,372)	(6,176)	(9,781)	(12,213)
Other income (expense), net	(154)	437	144	80
Royalty income and other	218	(5)	1,906	1,411
Income (loss) from continuing operations before income taxes	22,407	(8,786)	16,232	7,657
Income tax provision (benefit)	7,142	(3,724)	6,209	1,335
Income (loss) from continuing operations	15,265	(5,062)	10,023	6,322
Income (loss) from discontinued operations, net of tax	7,455	2,464	(709)	(5,848)
Net income (loss)	$ 22,720	$ (2,598)	$ 9,314	$ 474
Basic and diluted earnings (loss) per share of common stock:
Continuing operations, Basic (in dollars per share)	$ 0.1	$ (0.04)	$ 0.07	$ 0.04
Discontinued operations, Basic (in dollars per share)	0.05	0.02	(0.01)	(0.04)
Net income (loss) per common share, Basic (in dollars per share)	0.15	(0.02)	0.06	0
Continuing operations, Diluted (in dollars per share)	0.1	(0.04)	0.07	0.04
Discontinued operations, Diluted (in dollars per share)	0.05	0.02	(0.01)	(0.04)
Net income (loss) per common share, Diluted (in dollars per share)	$ 0.15	$ (0.02)	$ 0.06	$ 0
Weighted average common shares outstanding:
Basic (in shares)	147,220	148,515	147,192	149,770
Diluted (in shares)	148,107	148,515	148,002	150,539

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash flows from operating activities:

Net Income (Loss)

$ 9,314

$ 474

Less: Loss from discontinued operations, net of tax

709

5,848

Income from continuing operations

10,023

6,322

Adjustments to reconcile income from continuing operations to net cash provided by (used in) continuing operating activities:

Depreciation and amortization, excluding amortization of deferred certification and dry dock costs

58,159

58,131

Amortization of deferred certification and dry dock costs

19,716

18,161

Deferred certification and dry dock costs

(8,412)

(30,571)

Amortization of debt discount

130

117

Amortization of debt issuance costs

1,083

1,015

Share-based compensation

2,772

3,274

Deferred income taxes

736

(687)

Unrealized foreign currency losses

(438)

(1,333)

Changes in operating assets and liabilities:

Accounts receivable, net

38,180

(71,310)

Other current assets

(4,161)

4,208

Income tax receivable

(7,821)

(18,232)

Accounts payable and accrued liabilities

(4,748)

26,293

Other, net

(3,717)

3,539

Net cash provided by (used in) continuing operating activities

101,502

(1,073)

Net cash provided by discontinued operating activities

14,181

382

Net cash provided by (used in) operating activities

115,683

(691)

Cash flows from investing activities:

Capital expenditures

(9,988)

(8,580)

Net cash used in continuing investing activities

(9,988)

(8,580)

Net cash provided by (used in) discontinued investing activities

104,208

(378)

Net cash provided by (used in) investing activities

94,220

(8,958)

Cash flows from financing activities:

Repayment of MARAD Debt

(4,763)

(4,537)

Repurchases of common stock and payments of related excise tax

(151)

(30,214)

(70)

(7,266)

Proceeds from issuance of ESPP shares

960

1,237

Net cash used in continuing financing activities

(4,024)

(40,780)

Net cash used in financing activities

(4,024)

(40,780)

Effect of exchange rate changes on cash and cash equivalents

1,159

2,142

Net increase (decrease) in cash and cash equivalents

207,038

(48,287)

Cash and cash equivalents:

Balance, beginning of year

^[1]

445,196

368,030

Balance, end of period

^[1]

$ 652,234

$ 319,743

[1]	Includes cash and cash equivalents of continuing and discontinued operations.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 652,234	$ 418,289
Accounts receivable, net of allowance for credit losses of $2,523 and $2,564, respectively	204,864	240,604
Other current assets	82,368	65,321
Current assets of discontinued operations		100,778
Total current assets	939,466	824,992
Property and equipment	3,015,408	3,024,768
Less accumulated depreciation	(1,782,787)	(1,735,287)
Property and equipment, net	1,232,621	1,289,481
Operating lease right-of-use assets	287,061	301,711
Deferred certification and dry dock costs, net	56,059	69,959
Other assets, net	54,811	50,442
Non-current assets of discontinued operations		79,319
Total assets	2,570,018	2,615,904
Current liabilities:
Accounts payable	124,049	111,587
Accrued liabilities	72,758	90,965
Current maturities of long-term debt	9,516	9,644
Current operating lease liabilities	64,794	60,208
Current liabilities of discontinued operations		27,274
Total current liabilities	271,117	299,678
Long-term debt	294,789	298,351
Operating lease liabilities	241,299	260,608
Deferred tax liabilities	104,765	105,571
Other non-current liabilities	74,392	71,433
Non-current liabilities of discontinued operations		351
Total liabilities	986,362	1,035,992
Commitments and contingencies
Shareholders' equity:
Common stock, no par, 240,000 shares authorized, 147,382 and 147,186 shares issued, respectively	1,222,354	1,218,494
Retained earnings	408,228	398,914
Accumulated other comprehensive loss	(46,926)	(37,496)
Total shareholders' equity	1,583,656	1,579,912
Total liabilities and shareholders' equity	$ 2,570,018	$ 2,615,904