Calfrac Well Services

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Calfrac Well Services Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.

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Q4 2025 earnings summary19 Mar, 2026

Executive summary

Entered 2026 with improved financial and operational strength, highlighted by a stronger balance sheet and strategic growth in Argentina's Vaca Muerta shale play.
Completed fleet modernization in North America and focused on safety, operational excellence, and disciplined optimization.
Leadership transition with a new CEO emphasizing data-driven analysis and strategic insight.

Financial highlights

Q4 2025 revenue was $292.2M, down 23% year-over-year, mainly due to lower activity in Argentina, partially offset by higher North American activity.
Adjusted EBITDA for Q4 2025 was $43.9M, up 27% from Q4 2024, driven by improved North American results.
Net income for Q4 2025 was $14.5M (EPS $0.16 diluted), compared to a net loss of $6.4M (EPS -$0.07) in Q4 2024.
Full-year 2025 revenue was $1.39B, down 11% from 2024; full-year Adjusted EBITDA was $224.7M, up 18%.
Cash flows from operating activities in Q4 2025 were $98.8M, up from $91.0M in Q4 2024.

Outlook and guidance

North American outlook remains constructive with expected modest increase in Canadian pressure pumping activity in 2026, especially in Montney and Duvernay.
Argentina outlook is very positive for 2026, with strong utilization expected for two large unconventional fracturing fleets in Vaca Muerta.
Board approved a 2026 capital budget of ~$75M, with an additional $10M in carryover capital expenditures from 2025.

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