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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 revenue rose to $300.6 million, up from $221.6 million in Q3 2024, with profit of $28.9 million ($0.15 per share), driven by the Iron Horse acquisition and increased operating activity despite commodity price pressures and project delays.
The Iron Horse acquisition expanded operational capabilities, added fracturing spreads and coiled tubing units, and resulted in $2.5 million in transaction costs.
Free cash flow was $35.4 million, and the company maintained a positive working capital position.
Administrative expenses increased 40% year-over-year for the nine months ended September 30, 2025, reflecting technology investments and integration costs.
Financial highlights
Adjusted EBITDA was $66.9 million (22% of revenue), up from $53.1 million (24%) in Q3 2024; adjusted EBITDAS was $66.9 million and adjusted EBITDA $59.5 million.
Q3 2025 gross profit was $60.3 million (20% margin), up from $42.8 million (19%) in Q3 2024.
CapEx totaled $18.9 million, focused on maintenance, electrification, and equipment productivity.
Net debt at quarter-end was $130.6 million, mainly from the Iron Horse acquisition.
Year-to-date revenue reached $773.5 million, a 10% increase over the same period in 2024.
Outlook and guidance
Q4 is expected to be strong, with work shifted from September boosting activity; Q4 could be the best quarter of the year.
2026 is anticipated to be better than 2025, driven by improved gas prices, LNG export growth, and Canadian energy infrastructure developments.
Activity is expected to increase 3–5% year-over-year, with a focus on natural gas plays.
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.
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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