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Side-by-side financial comparison of APA Corporation (APA) and OCEANEERING INTERNATIONAL INC (OII). Click either name above to swap in a different company.
APA Corporation is the larger business by last-quarter revenue ($2.2B vs $692.4M, roughly 3.2× OCEANEERING INTERNATIONAL INC). APA Corporation runs the higher net margin — 15.0% vs 5.2%, a 9.8% gap on every dollar of revenue. On growth, OCEANEERING INTERNATIONAL INC posted the faster year-over-year revenue change (2.7% vs -24.3%). Over the past eight quarters, OCEANEERING INTERNATIONAL INC's revenue compounded faster (1.8% CAGR vs 1.4%).
APA Corporation, a holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston.
Oceaneering International, Inc. is a subsea engineering and applied technology company based in Houston, Texas, U.S. that provides engineered services and hardware to customers who operate in marine, space, and other environments.
APA vs OII — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $2.2B | $692.4M |
| Net Profit | $331.0M | $36.1M |
| Gross Margin | — | — |
| Operating Margin | 32.5% | — |
| Net Margin | 15.0% | 5.2% |
| Revenue YoY | -24.3% | 2.7% |
| Net Profit YoY | -22.1% | -79.7% |
| EPS (diluted) | $0.79 | $0.36 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $692.4M | ||
| Q4 25 | $2.2B | $668.6M | ||
| Q3 25 | $2.3B | $742.9M | ||
| Q2 25 | $2.3B | $698.2M | ||
| Q1 25 | $2.7B | $674.5M | ||
| Q4 24 | $2.9B | $713.5M | ||
| Q3 24 | $2.7B | $679.8M | ||
| Q2 24 | $2.8B | $668.8M |
| Q1 26 | — | $36.1M | ||
| Q4 25 | $331.0M | $177.7M | ||
| Q3 25 | $205.0M | $71.3M | ||
| Q2 25 | $603.0M | $54.4M | ||
| Q1 25 | $418.0M | $50.4M | ||
| Q4 24 | $425.0M | $56.1M | ||
| Q3 24 | $-223.0M | $41.2M | ||
| Q2 24 | $541.0M | $35.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 20.6% | ||
| Q2 25 | — | 21.3% | ||
| Q1 25 | — | 20.0% | ||
| Q4 24 | — | 19.9% | ||
| Q3 24 | — | 19.3% | ||
| Q2 24 | — | 18.0% |
| Q1 26 | — | — | ||
| Q4 25 | 32.5% | 9.8% | ||
| Q3 25 | 33.7% | 11.6% | ||
| Q2 25 | 31.8% | 11.3% | ||
| Q1 25 | 31.9% | 10.9% | ||
| Q4 24 | 31.4% | 10.9% | ||
| Q3 24 | -5.2% | 10.5% | ||
| Q2 24 | 34.4% | 9.0% |
| Q1 26 | — | 5.2% | ||
| Q4 25 | 15.0% | 26.6% | ||
| Q3 25 | 9.0% | 9.6% | ||
| Q2 25 | 26.0% | 7.8% | ||
| Q1 25 | 15.4% | 7.5% | ||
| Q4 24 | 14.6% | 7.9% | ||
| Q3 24 | -8.1% | 6.1% | ||
| Q2 24 | 19.0% | 5.2% |
| Q1 26 | — | $0.36 | ||
| Q4 25 | $0.79 | $1.75 | ||
| Q3 25 | $0.57 | $0.71 | ||
| Q2 25 | $1.67 | $0.54 | ||
| Q1 25 | $0.96 | $0.49 | ||
| Q4 24 | $0.97 | $0.55 | ||
| Q3 24 | $-0.60 | $0.40 | ||
| Q2 24 | $1.46 | $0.34 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $516.0M | — |
| Total DebtLower is stronger | $4.3B | $488.8M |
| Stockholders' EquityBook value | $6.1B | $1.1B |
| Total Assets | $17.8B | $2.6B |
| Debt / EquityLower = less leverage | 0.70× | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $516.0M | $695.9M | ||
| Q3 25 | $475.0M | $7.0M | ||
| Q2 25 | $107.0M | $7.0M | ||
| Q1 25 | $67.0M | $7.0M | ||
| Q4 24 | $625.0M | $504.5M | ||
| Q3 24 | $64.0M | — | ||
| Q2 24 | $160.0M | — |
| Q1 26 | — | $488.8M | ||
| Q4 25 | $4.3B | $487.4M | ||
| Q3 25 | $4.3B | — | ||
| Q2 25 | $4.3B | — | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $6.0B | $482.0M | ||
| Q3 24 | $6.4B | — | ||
| Q2 24 | $6.7B | — |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $6.1B | $1.1B | ||
| Q3 25 | $6.0B | $907.7M | ||
| Q2 25 | $5.9B | $842.1M | ||
| Q1 25 | $5.4B | $773.1M | ||
| Q4 24 | $5.3B | $714.3M | ||
| Q3 24 | $5.1B | $698.0M | ||
| Q2 24 | $5.4B | $651.0M |
| Q1 26 | — | $2.6B | ||
| Q4 25 | $17.8B | $2.7B | ||
| Q3 25 | $17.7B | $2.5B | ||
| Q2 25 | $18.1B | $2.3B | ||
| Q1 25 | $18.5B | $2.3B | ||
| Q4 24 | $19.4B | $2.3B | ||
| Q3 24 | $19.4B | $2.4B | ||
| Q2 24 | $20.2B | $2.3B |
| Q1 26 | — | 0.44× | ||
| Q4 25 | 0.70× | 0.46× | ||
| Q3 25 | 0.72× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.96× | — | ||
| Q4 24 | 1.13× | 0.67× | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 1.24× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $808.0M | — |
| Free Cash FlowOCF − Capex | — | $-76.5M |
| FCF MarginFCF / Revenue | — | -11.1% |
| Capex IntensityCapex / Revenue | — | 2.5% |
| Cash ConversionOCF / Net Profit | 2.44× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $238.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $808.0M | $221.1M | ||
| Q3 25 | $1.5B | $101.3M | ||
| Q2 25 | $1.2B | $77.2M | ||
| Q1 25 | $1.1B | $-80.7M | ||
| Q4 24 | $1.0B | $128.4M | ||
| Q3 24 | $1.3B | $91.9M | ||
| Q2 24 | $877.0M | $52.6M |
| Q1 26 | — | $-76.5M | ||
| Q4 25 | — | $190.7M | ||
| Q3 25 | — | $77.0M | ||
| Q2 25 | — | $46.9M | ||
| Q1 25 | — | $-106.8M | ||
| Q4 24 | — | $94.5M | ||
| Q3 24 | — | $67.0M | ||
| Q2 24 | — | $29.8M |
| Q1 26 | — | -11.1% | ||
| Q4 25 | — | 28.5% | ||
| Q3 25 | — | 10.4% | ||
| Q2 25 | — | 6.7% | ||
| Q1 25 | — | -15.8% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 4.5% |
| Q1 26 | — | 2.5% | ||
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 3.3% | ||
| Q2 25 | — | 4.3% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | — | 4.7% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 3.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.44× | 1.24× | ||
| Q3 25 | 7.12× | 1.42× | ||
| Q2 25 | 1.96× | 1.42× | ||
| Q1 25 | 2.62× | -1.60× | ||
| Q4 24 | 2.44× | 2.29× | ||
| Q3 24 | — | 2.23× | ||
| Q2 24 | 1.62× | 1.50× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APA
| Oil And Gas Excluding Purchased | $1.7B | 76% |
| Oil And Gas Purchased | $323.0M | 15% |
| Oil Reserves | $114.0M | 5% |
| Other | $72.0M | 3% |
| Natural Gas Reserves | $30.0M | 1% |
OII
| Backlog at end of period | $492.0M | 71% |
| Other | $162.8M | 24% |
| ROV days available | $22.5M | 3% |
| ROV days utilized | $15.1M | 2% |
