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Trican Well Service (TCW) investor relations material
Trican Well Service Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 delivered strong results with revenue rising to $300.6 million, up from $221.6 million in Q3 2024, driven by the Iron Horse acquisition and increased activity despite commodity price pressures and project delays.
Adjusted EBITDA was $66.9 million (22% margin), and adjusted EBITDAS was $66.9 million, both higher than Q3 2024.
Net income was $28.9 million, or $0.15 per share, up from $24.5 million ($0.12 per share) in Q3 2024.
The Iron Horse acquisition expanded operational capabilities, adding fracturing spreads and coiled tubing units, with transaction costs impacting the quarter.
September was weak due to work being pushed into Q4, but management expects delayed work to boost Q4 performance.
Financial highlights
Q3 2025 gross profit was $60.3 million (20% margin), up from $42.8 million (19%) in Q3 2024.
Free cash flow for Q3 2025 was $35.4 million; CapEx totaled $18.9 million, focused on maintenance and electric equipment upgrades.
Year-to-date revenue reached $773.5 million, a 10% increase over the same period in 2024.
Administrative expenses increased 40% year-over-year for the nine months ended September 30, 2025, due to technology investments and integration costs.
Net debt at September 30, 2025 was $130.6 million, up from a net cash position of $26.3 million at year-end 2024, mainly due to the Iron Horse acquisition.
Outlook and guidance
Q4 is expected to be strong, potentially the best quarter of the year, as delayed Q3 work shifts forward.
Management anticipates a stable 2025 and a better 2026, driven by improved gas prices, LNG export growth, and Canadian energy infrastructure developments.
Q4 2025 Iron Horse results are expected to be lower than anticipated due to deferred customer capital programs, but strong activity is forecast for Q1 2026.
Activity is expected to increase 3–5% year-over-year, with a constructive North American gas market outlook.
LNG Canada and other projects are expected to support improved natural gas pricing and increased demand for pressure pumping services through 2026 and beyond.
Iron Horse division Q4 2025 performance outlook?
Long-term impact of NCIB on share count?
Demand for Tier 4 DGB equipment exceed supply?
Q4 2025 performance vs. prior quarters
Decision timeline for 100% nat gas frac fleet
Sand logistics: opportunity and M&A focus
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Next Trican Well Service earnings date
Q4 202519 Feb, 2026
Next Trican Well Service earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Trican Well Service Ltd provides pressure pumping and other oilfield services to oil and gas exploration and production companies. Its services include hydraulic fracturing, cementing, coiled tubing, and related technical support aimed at enhancing reservoir recovery. The company operates primarily in the Western Canadian Sedimentary Basin. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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