Calfrac Well Services (CFW) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 13% YoY to $365.7 million; Adjusted EBITDA reached $54.5 million and net income was $16.3 million, supported by stronger North American results.

• Net debt fell $10.7 million in Q3 and $81.7 million, or 42%, since Dec. 31, 2025, to $115.1 million.

Financial highlights

• Q3 revenue was $365.7 million vs. $323.4 million YoY; 9M revenue was $1,097.8 million vs. $1,095.8 million.

• Q3 Adjusted EBITDA was $54.5 million vs. $48.5 million; net income was $16.3 million vs. $4.3 million.

• 9M net income from continuing operations was $67.0 million vs. $27.4 million; diluted continuing-operations EPS was $0.67 vs. $0.31.

• Q3 operating cash flow was $31.8 million vs. $30.1 million; free cash flow was $11.1 million vs. negative $1.2 million.

Outlook and guidance

• North American completion demand is expected to remain constructive through 2026 and Q1 2027; winter weather and holidays may periodically reduce utilization in Q4 2026 and Q1 2027.

• Selective fleet deployment, improved utilization, and gradually improving pricing—led by the U.S. market—are expected to support stronger returns.

• Argentina fracturing activity is expected to improve through year-end and early Q1 2027; coiled tubing and cementing expansions are expected to start operating in 2027.