Helix Energy Solutions Group Inc (HLX) · Nov 4, 2026 · Earnings

Hornbeck earnings show merger scale, but integration costs bite

In line — First combined quarter; no clean published consensus

Hornbeck’s first post-merger earnings show $106M of adjusted EBITDA, strong backlog and early synergies, but major integration costs drive a reported loss.

This is the first operating snapshot of the Hornbeck-Helix platform. The September 1 merger has combined marine transportation, subsea services and well intervention into one offshore-services company, but the quarter contains only one month of Helix operations, so the reported numbers are not yet a clean run-rate.

Figure	Q3 2026	Q2 2026	Q3 2025
Revenue (Financial Summary)	$293.3M (+60.1%)	$183.3M	$199.1M
Adjusted EBITDA (Financial Summary)	$105.9M (+58.8%)	$66.7M	$84.7M
Adjusted EBITDA margin (Financial Summary)	36.1%	36.4%	42.5%
Adjusted free cash flow (Non-GAAP reconciliation)	$58.7M (+129.6%)	$25.6M	$44.2M
Reported diluted EPS (Income Statement)	$(0.40)	$0.06	$0.28

The underlying operating result is better than the headline loss suggests. Revenue reached $293.3 million and adjusted EBITDA rose to $105.9 million, while adjusted free cash flow more than doubled sequentially. The loss was largely the accounting and compensation bill for closing the merger: $119.8 million of merger-related and accelerated stock-compensation costs were recorded in the quarter. Excluding those costs, adjusted diluted EPS was $0.13 versus $0.09 in the prior quarter, but the adjusted EBITDA margin still slipped from 36.4% to 36.1%.

The merger is already adding meaningful operating breadth, not just accounting scale. Well Intervention contributed $78.0 million of revenue and $32.4 million of adjusted EBITDA in its first month inside the group, with 88.1% utilization; Subsea Services also grew sharply as Helix assets began contributing. Those numbers are encouraging, but they are partial-period contributions, so the next full quarter is the first real test of the combined platform.

Early synergy execution is ahead of the bare minimum, but most of the strategic case remains forward-looking. Hornbeck says it has actioned approximately $20 million of annualized cost savings against a $30 million first-year run-rate target, alongside Shell integrated-services agreements and a $1.9 billion contracted backlog. The Shell work and backlog make the cross-selling thesis more tangible, but the filing does not yet demonstrate the full $45 million revenue-synergy target in realized results.

The new outlook establishes a sizeable combined-company earnings base, rather than a revision to an existing guide. Management introduced fourth-quarter 2026 adjusted EBITDA guidance of $90 million to $100 million and full-year 2027 guidance of $500 million to $550 million, supported by $1.9 billion of backlog and only a modest assumed improvement in Gulf drilling activity. Because this is the first post-merger outlook and there is no clean standalone consensus for the new entity, the appropriate benchmark is execution against the merger plan—not a precise beat-or-miss call.

The main tension is that integration is producing both the opportunity and the near-term noise. Cash of $471.6 million, net debt of $259.0 million and $125.0 million of undrawn revolver capacity provide room to fund ROV systems and MPSV projects, but the business still has a large stacked marine fleet, planned drydock activity and substantial future investment requirements. The filing supports the strategic logic of the combination, while leaving delivery and revenue synergies to be proven over coming quarters.

Bottom line: The first combined quarter leans encouraging because the acquired businesses are contributing real EBITDA, backlog and early cost savings. But it is not yet a clean earnings verdict: the reported loss and margin pressure show that the merger story remains in its integration phase, not its harvest phase.

What to watch next

November 5 earnings call and first full combined quarter

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Hornbeck earnings show merger scale, but integration costs bite

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