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Calfrac Well Services (CFW) investor relations material
Calfrac Well Services Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved Adjusted EBITDA of $77.0 million in Q2 2025, up 39% sequentially, driven by improved North American utilization and strong Argentina performance.
Revenue for Q2 2025 was $402.3 million, down 6% year-over-year due to lower North American activity and pricing, partially offset by growth in Argentina.
Net income from continuing operations was $15.3 million ($0.18 per share diluted), down from $24.5 million in Q2 2024, mainly due to higher taxes in Argentina.
Cash flow from operating activities surged to $73.5 million from $9.0 million year-over-year, reflecting improved working capital management.
Completed North American fleet modernization and reduced operating footprint to 10 fleets in anticipation of softer H2 activity.
Financial highlights
Q2 2025 revenue: $402.3 million (down 6% YoY); Adjusted EBITDA: $77.0 million (up 18% YoY); Net income: $15.3 million (down 38% YoY).
Six-month revenue: $772.3 million (up 2% YoY); Adjusted EBITDA: $132.3 million (up 45% YoY); Net income: $23.1 million (up 7% YoY).
Cash and cash equivalents at quarter-end: $51.8 million, with over half held in Argentina and subsequently repatriated.
Capital expenditures in Q2: $40.8 million, including $24.6 million for Argentina expansion and North American fleet upgrades.
Outlook and guidance
North American oil-weighted completion activity expected to be lower YoY but more resilient than past cycles; natural gas completions to rise slightly.
Argentina expected to deliver strong full-year results, though H2 activity will decline due to budget exhaustion in Vaca Muerta.
Capital expenditures for 2025 revised down to $145 million due to reduced North American maintenance needs.
Anticipates robust cash flow for the remainder of 2025, focused on debt reduction.
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