Calfrac Well Services
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Calfrac Well Services (CFW) investor relations material

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, focusing on safety, operational excellence, and disciplined optimization.

  • Completed fleet modernization in North America and expanded presence in Argentina's Vaca Muerta shale play.

  • Leadership transition with new CEO in February 2026, emphasizing data-driven strategy.

Financial highlights

  • Q4 2025 revenue was $292.2M, down 23% year-over-year, mainly due to lower activity in Argentina.

  • Adjusted EBITDA for Q4 2025 rose to $43.9M from $34.5M in Q4 2024, driven by North American operations.

  • Net income for Q4 2025 was $14.5M, reversing a net loss of $6.4M in Q4 2024.

  • Full-year 2025 revenue was $1.39B, down 11% from 2024; net income was $41.9M, up from $8.5M.

  • Cash flows from operating activities in Q4 2025 were $98.8M, up from $91.0M year-over-year.

Outlook and guidance

  • North American outlook remains constructive, expecting modest increases in Canadian pressure pumping and moderate oil-directed activity in 2026.

  • Argentina segment anticipates strong utilization of two large fracturing fleets in Vaca Muerta and continued cash repatriation to reduce leverage.

  • Board approved a 2026 capital budget of $75M, with an additional $10M in carryover capital expenditures.

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