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Trican Well Service (TCW) investor relations material
Trican Well Service Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 results were stronger year-over-year, with higher operating activity and the full integration of the Iron Horse acquisition, contributing to 12% revenue growth to $1,096.2 million.
Net profit rose to $112.2 million, with EPS of $0.58 basic and $0.57 diluted, up from $109.5 million and $0.55/$0.54 in 2024.
Customer diversification and long-term relationships led to stable volumes and operational efficiency.
Returned $96.3 million to shareholders via $41.6 million in dividends and $54.7 million in share repurchases.
The company is positioned as a technical leader, focusing on electrification, natural gas equipment, and logistics expansion.
Financial highlights
Q4 2025 revenue was CAD 322.7 million, up from CAD 275.5 million in Q4 2024; full-year revenue reached $1,096.2 million.
Adjusted EBITDA was CAD 73.4 million (23% margin) for Q4 and $239.1 million for 2025, with a 22% margin.
Net earnings were CAD 31.9 million for Q4 and $112.2 million for the year.
Free cash flow for Q4 was CAD 46.6 million; full-year free cash flow reached $149.4 million ($0.77 per share basic).
CapEx totaled CAD 15.1 million in Q4 and $62.9 million for 2025, focused on maintenance and upgrades.
Outlook and guidance
Q1 2026 is expected to be in line with consensus, with activity levels improving as oil prices stabilize and customer schedules recover.
The company remains bullish on Western Canada, expecting growth from LNG exports and increased well counts.
2026 capital budget is $122 million, with about half allocated to expansion, mainly natural gas fleet investments.
Ongoing pricing pressure for completion services anticipated into early 2026 due to competitive market conditions.
Anticipates allocating around 50% of free cash flow to shareholder returns via dividends and buybacks.
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