HELIX ENERGY SOLUTIONS GROUP INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HELIX ENERGY SOLUTIONS GROUP INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	488	581	740	752	734	675	873	1,290	1,359	1,291
Cost of revenue	441	519	618	614	654	659	822	1,089	1,139	1,132
Gross profit	46.5	62.2	122	138	79.9	15.4	50.6	200	220	159
Selling, general and administrative	65.9	63.3	70.3	69.8	61.1	63.4	76.8	94.4	91.7	75.9
Operating income	-63.2	-1.13	51.5	68	13	-48.7	-44.9	63.5	127	65.1
Interest expense	45.1	38.3	32.6	31.2	30.5	23.5	20.2	21.4	33.9	33
Interest income	2.09	2.59	3.24	2.61	0.83	0.29	1.23	4.02	11.3	10.2
Other non-operating income	3.51	-1.43	-6.32	1.17	4.72	-1.49	-23.3	-3.59	-3.92	-1.39
Pre-tax income	-93.9	-20.4	31	65.6	1.38	-70.6	-75.2	7.51	82.1	42.5
Income tax	-12.5	-50.4	2.4	7.86	-18.7	-8.96	12.6	18.4	26.4	11.7
Net income to minority interests	0
Net income	-81.4	30.1	28.6	57.9	22.2	-61.5	-87.8	-10.8	55.6	30.8
EBITDA	51	108	162	181	147	92.8	97.8	228	301	253
EPS, basic	-0.73	0.20	0.19	0.39	0.13	-0.41	-0.58	-0.07	0.37	0.21
EPS, diluted	-0.73	0.20	0.19	0.38	0.13	-0.41	-0.58	-0.07	0.36	0.21
Shares, basic (weighted)	112	145	147	148	149	150	151	151	152	148
Shares, diluted (weighted)	112	145	147	150	150	150	151	151	155	148

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	357	267	279	208	291	254	187	332	368	54.2
Receivables	102	113	67.9	125	132	144	213	280	259	165
Other current assets	37.4	41.8	51.6	50.5	102	58.3	58.7	85.2	83	33.2
Total current assets	523	452	451	438	526	530	461	698	710	257
Property, plant and equipment	1,652	1,806	1,827	1,873	1,783	1,658	1,642	1,573	1,438	754
Lease right-of-use assets			0	201	150	104	198	169	330	17.8
Goodwill	0		0	7.16	0					0
Intangible assets			1.4	3.85	3.81	3.47	4.47	4.11	3.63	0
Other non-current assets	72.5	105	70.1	84.5	40	18.4	50.5	44.8	48.2	20.7
Total assets	2,247	2,363	2,348	2,597	2,498	2,326	2,389	2,556	2,597	1,153
Accounts payable	60.2	81.3	54.8	69.1	50	88	135	135	145	58.3
Accrued liabilities	58.6	71.7	85.6	62.4	87	91.7	73.6	203	90.5	91
Deferred revenue	8.91	12.6	10.1	11.6	8.14	8.27	9.96	32.8	14.9	3.92
Short-term debt	67.6	110	47.3	99.7	90.7	42.9	38.2	48.3	9.19	30.3
Total current liabilities	186	266	191	285	279	278	298	449	304	142
Long-term debt	558	386	393	306	259	262	226	313	306	410
Lease liabilities			0	152	101	50.2	155	116	286	17.2
Other non-current liabilities	53	40.7	39.5	38.6	3.88	0.98	95.2	66.2	67	8.36
Total liabilities	965	795	730	894	754	679	873	1,055	1,077	584
Total debt	626	496	440	406	350	305	264	362	315	441
Paid-in capital										259
Retained earnings	323	353	383	445	465	411	323	312	368	311
Other comprehensive income	-97	-69.8	-74	-64.7	-51.6	-56.1	-105	-83	-101	-2.14
Shareholders' equity	1,282	1,567	1,618	1,700	1,740	1,647	1,517	1,501	434	568
Total equity	1,282	1,567	1,618	1,700	1,740	1,647	1,517	1,501	434	568
Total liabilities and equity	2,247	2,363	2,348	2,597	2,498	2,326	2,389	2,556	2,597	1,153
Shares outstanding										53.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-81.4	30.1	28.6	57.7	20.1	-61.7	-87.8	-10.8	55.6	30.8
Depreciation and amortization	114	109	111	113	134	142	143	164	173	187
Stock-based compensation	5.86	10.9	9.93	11.5	8.57	7.69	7.45	6.51	7.27	6.57
Deferred income tax	14.8	-54.6	-2.43	3.49	-3.88	-15.2	4.39	11.5	10.6	-8.07
Change in receivables	-22.4	-28.4	20.9	-3.05	-8.42	-14.2	-29.9	-64.5	13.7	-37.5
Change in payables	-0.63	33.4	-1.82	-31.3	10.8	46.6	9.81	32	-9.16	-18.4
Cash from operations	38.7	51.6	197	170	98.8	140	51.1	152	186	137
Capital expenditures	-186	-231	-137	-141	-20.2	-8.32	-33.5	-19.6	-23.3	-16.3
Acquisitions		0	0	-4.08	0		-113
Cash from investing	-147	-221	-136	-142	-19.3	-8.27	-138	-18.7	-22.8	-16.3
Debt issued								299
Stock issued	96.5	220	0	0
Share buybacks	-0.34							-12	-29.6
Cash from financing	-25.5	77.5	-46.2	-45.8	-52.6	-96	-44.8	25.1	-125	-45.1
Exchange rate effect	-3.63	1.95	-1.68	1.64	1.82	-0.04	-5.99	-15.8	-2.04	1.82
Net change in cash	-138	-90.1	12.9	-16.9	28.8	35.8	-138	143	35.8	77.2
Free cash flow	-148	-179	59.7	28.8	78.6	132	17.6	133	163	120
Interest paid	18.7	10.4	7.37	1.91	15.9	20.7	18.3	21	25.4	30.8
Income taxes paid	5.64	6.02	5.71	8.86	7.43	8.31	9.52	7.39	14.1	29.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $10.60 on September 1, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-3.7%	Operating income / revenue.
EBITDA margin	7.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-12.6%	Pre-tax income / revenue.
Net margin	-7.7%	Net income / revenue.
Operating cash flow margin	2.0%	Cash from operations / revenue.
Return on equity (ROE)	-4.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.6%	Net income / average total assets.
Return on invested capital (ROIC)	-1.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	3.8%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	11.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-27.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	46.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-48.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	38.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-16.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	37.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-44.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	6.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-41.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	10.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-26.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	38.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-26.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	89.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	8.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	30.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-27.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-20.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-55.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-21.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-14.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.00x	Current assets / current liabilities.
Quick ratio	1.75x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.90x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.36x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	19.9%	Total debt / total assets.
Liabilities / assets	45.4%	Total liabilities / total assets.
Net debt	$264.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.63x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-1.08x	Operating income / interest expense.
Working capital	$523.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	6.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.77B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.34x	Revenue / average total assets.
Fixed asset turnover	0.64x	Revenue / average property, plant and equipment.
Receivables turnover	2.89x	Revenue / average receivables.
Days sales outstanding	126 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.46	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$5.96	Revenue / diluted weighted shares.
Operating cash flow per share	$0.12	Cash from operations / diluted weighted shares.
Book value per share	$9.11	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.96	Tangible book value / shares outstanding.
Cash per share	$2.12	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.56B	Share price x shares outstanding.
Enterprise value	$1.83B	Market cap + total debt - cash - short-term investments.
P/S	1.23x	Market cap / revenue.
P/B	0.77x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.88x	Market cap / tangible book value, when positive.
P/OCF	62.5x	Market cap / cash from operations, when positive.
EV/Sales	1.44x	Enterprise value / revenue.
EV/EBITDA	18.2x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-6.3%	Net income / market cap (the inverse of P/E).

What was HELIX ENERGY SOLUTIONS GROUP INC's revenue in fiscal 2025?

HELIX ENERGY SOLUTIONS GROUP INC reported revenue of $1.29B for fiscal 2025, 4.9% lower than the year before.

Was HELIX ENERGY SOLUTIONS GROUP INC profitable in fiscal 2025?

Yes. Net income was $30.8M, a net margin of 2.4%.

How much free cash flow did HELIX ENERGY SOLUTIONS GROUP INC generate in fiscal 2025?

Cash from operations of $136.7M minus capital expenditures of $16.3M left free cash flow of $120.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to HELIX ENERGY SOLUTIONS GROUP INC