Civeo (CVEO) Q4 2025 earnings summary

Executive summary

• Repurchased 17% of common stock in 2025, with 95% of the 20% buyback authorization completed post-year-end; 2.3 million shares repurchased in 2025 and 500,000 more post year-end.

• Achieved strong performance in Australia, driven by integrated services growth and a May 2025 acquisition, resulting in record annual revenues of $460.3 million.

• Realized meaningful margin recovery in Canada due to cost reduction initiatives.

• Entering 2026 with an improved cost structure and balance sheet, positioning for North American infrastructure opportunities.

• Full year 2025 revenues were $638.8 million, net loss $20.1 million, and operating cash flow $22.3 million.

Financial highlights

• Q4 2025 revenues were $161.6 million, up 7% year-over-year; adjusted EBITDA rose 90% to $21.7 million.

• Q4 net loss narrowed to $6.5 million ($0.56/share) from $15.1 million ($1.10/share) in Q4 2024.

• Full-year 2025 revenues were $638.8 million (down from $682.1 million in 2024); adjusted EBITDA increased 10% to $88.2 million.

• Q4 2025 free cash flow was $15.3 million, up from $2.1 million in Q4 2024.

• Operating cash flow in Q4 2025 was $19.3 million, up from $9.5 million in Q4 2024.

Outlook and guidance

• 2026 revenue guidance: $650–$700 million; adjusted EBITDA: $85–$90 million.

• 2026 CapEx guidance: $25–$30 million.

• Expect stable Australian occupancy and continued integrated services growth; Canadian oil sands activity to remain subdued but stable.

• Positioned for upside from North American infrastructure and data center projects, though material impact expected post-2026.

• Additional 10% share repurchase authorization announced upon completion of current program.