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Constellation Oil Services
Constellation Oil Services (COSH) investor relations material
Constellation Oil Services Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Nov, 2025
Executive summary
Adjusted EBITDA for the first nine months reached $143 million, with Q3 2025 at $44.2 million (32% margin), driven by strong contract execution, high fleet uptime (97% in Q3), and successful rig transitions.
Contract backlog rose to $1.9 billion, up 21–22% year-over-year, with the fleet fully contracted for 2025 and significant coverage into 2026.
Several contract extensions, new LOIs, and exclusivity agreements added $90–$150 million to backlog, supporting strong revenue visibility into 2026 and 2027.
Positioned for sustainable growth, with plans to initiate shareholder distributions as leverage and cash targets are met, potentially by late 2026.
Q3 2025 saw a net loss of $13.7 million, compared to a profit in Q3 2024, mainly due to higher operating costs and the absence of prior year one-off items.
Financial highlights
Q3 2025 operating revenues reached $138–$138.4 million, up year-over-year, driven by semi-fleet and new contracts despite maintenance impacts.
Adjusted EBITDA for Q3 2025 was $44–$44.2 million (32% margin), with YTD adjusted EBITDA at $143 million.
Operating cash flow through Q3 2025 was $169.8–$170 million, up from the prior year, aided by mobilization fees.
CAPEX for the nine months was $109 million, mainly for contract transitions and fleet maintenance.
Net debt decreased to $437–$437.1 million as of Q3 2025, down from December 2024, supporting improved financial flexibility.
Outlook and guidance
Full-year adjusted EBITDA guidance raised to $195–$210 million, with CAPEX guidance at $150 million and revenue guidance for 2025 at $575–$590 million.
Contract coverage stands at 72% for 2026 and 47% for 2027, providing strong revenue visibility.
Several new and extended contracts for key rigs support a robust backlog into 2028.
Positive cash flow is expected to cover debt service and contract transitions, with potential for dividend distributions by late 2026 if leverage and cash targets are met.
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Next Constellation Oil Services earnings date
Q4 202524 Mar, 2026
Constellation Oil Services
Next Constellation Oil Services earnings date
Q4 202524 Mar, 2026
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