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Calfrac Well Services (CFW) investor relations material
Calfrac Well Services Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Generated Adjusted EBITDA of $48.5 million and net income of $4.3 million in Q3 2025, with sequential and year-over-year improvement in North America due to more operating days per fleet and cost reductions.
Argentina contributed positively, though below record H1 2025 levels; significant funds were repatriated from Argentina, reducing long-term debt.
Announced a $35 million rights offering, fully backstopped by major shareholders, to support debt repayment and strengthen the balance sheet.
Financial highlights
Q3 2025 revenue was $323.4 million, down 25% year-over-year, mainly due to lower activity in Argentina and a reduced North American footprint.
Adjusted EBITDA for Q3 2025 was $48.5 million, down from $65.0 million in Q3 2024; net income was $4.3 million versus a $6.7 million loss in Q3 2024.
Cash flow from operating activities increased to $30.1 million from $16.5 million year-over-year.
Capital expenditures in Q3 2025 were $32.8 million, with $19.9 million directed to Argentina.
As of September 30, 2025, long-term debt was $310.0 million, with net debt at $329.6 million.
Outlook and guidance
North American industry activity expected to decline in Q4 2025 due to customer budget exhaustion and macroeconomic headwinds; moderate oil-directed activity increase anticipated in 2026.
Natural gas activity expected to remain stable with a positive 2026 outlook due to increased LNG capacity.
Argentina's Q4 2025 activity to decline sequentially, but 2026 outlook remains strong, supported by Vaca Muerta development and recent political developments.
Capital spending for 2026 projected to be significantly lower than previous years.
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Next Calfrac Well Services earnings date
Q4 202513 Mar, 2026
Next Calfrac Well Services earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
Calfrac Well Services Ltd. is a Canada-based company that provides specialized oilfield services, including hydraulic fracturing, coiled tubing, cementing, and other well stimulation services. The company supports exploration and production companies in optimizing oil and natural gas recovery from reservoirs. Calfrac operates in multiple regions, including Canada, the United States, and Latin America, serving a range of energy sector clients. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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