Calfrac Well Services (CFW) Q4 2025 earnings summary

Executive summary

• Entered 2026 with improved financial and operational strength, highlighted by a stronger balance sheet and strategic growth in Argentina's Vaca Muerta shale play.

• Completed fleet modernization in North America and focused on safety, operational excellence, and disciplined optimization.

• Leadership transition with a new CEO emphasizing data-driven analysis and strategic insight.

Financial highlights

• Q4 2025 revenue was $292.2M, down 23% year-over-year, mainly due to lower activity in Argentina, partially offset by higher North American activity.

• Adjusted EBITDA for Q4 2025 was $43.9M, up 27% from Q4 2024, driven by improved North American results.

• Net income for Q4 2025 was $14.5M (EPS $0.16 diluted), compared to a net loss of $6.4M (EPS -$0.07) in Q4 2024.

• Full-year 2025 revenue was $1.39B, down 11% from 2024; full-year Adjusted EBITDA was $224.7M, up 18%.

• Cash flows from operating activities in Q4 2025 were $98.8M, up from $91.0M in Q4 2024.

Outlook and guidance

• North American outlook remains constructive with expected modest increase in Canadian pressure pumping activity in 2026, especially in Montney and Duvernay.

• Argentina outlook is very positive for 2026, with strong utilization expected for two large unconventional fracturing fleets in Vaca Muerta.

• Board approved a 2026 capital budget of ~$75M, with an additional $10M in carryover capital expenditures from 2025.