Expro Group Holdings (XPRO) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue reached $1.607 billion, with Adjusted EBITDA of $353 million (22% margin) and free cash flow of $127 million, more than doubling year-over-year and exceeding guidance.

• Q4 2025 revenue was $382 million, Adjusted EBITDA $88 million (23% margin), and free cash flow $28 million.

• Year-end order backlog was $2.5 billion, including a major four-year, $380 million contract in North Africa, providing strong revenue visibility into 2026.

• Major contract wins, technology deployments (e.g., XRD Spider), and strong safety performance highlighted operational strength across global campaigns.

• Net income for 2025 was $52 million, with a net income margin of 3%.

Financial highlights

• Adjusted EBITDA margin expanded for the fourth consecutive year, reaching 22% for 2025 and 23% in Q4.

• Adjusted free cash flow for 2025 was $127 million, with $28 million in Q4.

• Ended 2025 with $551 million in liquidity, including $197–$198 million in cash after voluntary debt repayments of $20–$43 million.

• Share repurchases totaled $40 million in 2025, representing 32% of adjusted free cash flow.

• Contribution margin for Q4 2025 was 44%.

Outlook and guidance

• 2026 revenue expected to be flat versus 2025, at $1,600–$1,650 million, with further EBITDA margin and free cash flow expansion projected.

• Adjusted EBITDA guidance for 2026 is $355–$375 million; adjusted free cash flow expected between $125 million and $145 million.

• At least 33% of 2026 free cash flow to be returned to shareholders, mainly via share repurchases.

• Q1 2026 projected to be seasonally lower due to winter and customer budget cycles, with sequential improvement expected through the year.

• Guidance assumes stable commodity prices; upside possible if offshore activity accelerates, especially in the second half and into 2027.