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Trican Well Service (TCW) investor relations material
Trican Well Service Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was $213.8M, up from $211.8M in Q2 2024, driven by higher activity despite weak gas prices.
Adjusted EBITDA was $44.9M (21% margin), and adjusted EBITDAS was $47.3M (22% margin), both up year-over-year.
Net earnings were $19.5M, or $0.11 per share, up from $16.2M ($0.08 per share) last year.
The Iron Horse acquisition is progressing, expected to close late Q3 or early Q4, expanding service capabilities and reach.
All three divisions—frac, coil, and cement—performed well, with coil operations gaining market share and technical recognition.
Financial highlights
Q2 revenue was $213.8M, with adjusted EBITDA of $44.9M (21% margin), up from $40.7M (19%) year-over-year.
Adjusted EBITDAS reached $47.3M (22% margin), compared to $45.2M (21%) in Q2 last year.
Free cash flow for Q2 2025 was $24.4M ($0.13 per share), up from $20.9M ($0.10 per share) in Q2 2024.
CapEx for Q2 2025 was $16.2M, mainly for maintenance and electric ancillary fracturing equipment.
Cash and cash equivalents at June 30, 2025 were $36.3M, with working capital at $114.1M.
Outlook and guidance
Q3 is expected to be strong, with Q4 moderating due to seasonality; the second half should resemble last year.
LNG Canada ramp-up and Trans Mountain Pipeline expansion are expected to boost gas activity and pricing in 2025 and beyond.
Margins are expected to remain stable in Q3, with a slight decrease in Q4.
Acquisition of Iron Horse expected to deliver immediate accretion and support further dividend increases.
Customers are already discussing next year's plans and equipment needs, increasing visibility into Q4 and 2026.
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