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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Shearwater GeoServices
Shearwater GeoServices (SHEARWATER) investor relations material
Shearwater GeoServices has been private
Shearwater GeoServices Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Q4 2025 saw a 63% year-over-year revenue increase to $168.9M, driven by strong multi-client revenues and improved fleet utilization at 67%, with 8.8 active vessels and two OBN crews.
EBITDA rose to $58.1M (31% margin), up from $44.1M (26%) in Q4 2024, while EBIT improved to -$15.1M from -$23.9M.
Cost reduction and efficiency programs, including a 20% headcount reduction, reduced the annual cost base by up to $40M and enhanced resilience.
Multi-client data acquisition in Brazil's Pelotas Basin entered its third season with robust industry funding, and new projects were launched in Nigeria.
Market remains challenging and competitive, but long-term outlook is positive due to increased focus on reserve replacement and exploration.
Financial highlights
Q4 revenue was $168.9M, up from $103.5M in Q4 2024; full-year revenue reached $638.6M.
Q4 EBITDA was $58.1M (31% margin); marine acquisition EBITDA was negative, while multi-client EBITDA was $48.8M.
CapEx was $2.7M in Q4, down from $19.1M in Q4 2024; free cash flow for Q4 was $45M, with cash at quarter-end of $64.7M.
Net interest-bearing debt stood at $553.7M; equity ratio at year-end was 42%.
Net loss for Q4 was $36.7M, compared to $39.3M in Q4 2024.
Outlook and guidance
Marine acquisition and seismic activity expected to remain muted into 2026, with competitive streamer and OBN markets impacting margins.
Backlog at mid-February 2026 stands at $335M, including multi-client commitments and minimum commitments from TotalEnergies.
Multi-client activity to continue in Pelotas, Nigeria, and West Africa, with strict return requirements.
Focus remains on resilience, liquidity, and cost discipline to navigate market softness.
Long-term outlook remains positive, supported by industry focus on reserve replacement and renewed exploration interest.
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Next Shearwater GeoServices earnings date
Q1 202629 May, 2026
Shearwater GeoServices
Next Shearwater GeoServices earnings date
Q1 202629 May, 2026
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