Oil States International (OIS) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $169.8M, up 8% QoQ and 3% YoY; Adjusted EBITDA was $20.1M, up 6% QoQ, and net income was $3.1M, or $0.05/share.

• Results exceeded July guidance; growth was led by Offshore Manufactured Products and Downhole Technologies.

• Offshore Manufactured Products backlog reached $482M, its highest level since December 2014, with offshore and international projects driving bookings.

Financial highlights

• Adjusted net income was $8.5M, or $0.15 diluted/share, versus $4.7M, or $0.08, a year earlier; Q3 included $5.5M of pre-tax charges.

• 9M revenue was $471.8M versus $490.5M; net income was $10.1M versus $7.9M, and Adjusted EBITDA was $55.8M versus $60.6M.

• Q3 operating cash flow was $5.3M, including $9.6M of net working-capital investment; 9M operating cash flow used $2.8M, mainly reflecting working-capital investment.

• 9M capital expenditures were $10.4M and asset-sale proceeds were $13.1M.

Outlook and guidance

• Q4 guidance: revenue of $172M–$184M and Adjusted EBITDA of $20M–$23M.

• Q4 free cash flow is expected at $15M–$25M, with working-capital release anticipated subject to seasonal slowing in customer collections.

• Management expects 2027 revenue and EBITDA growth broadly in line with market estimates, led by offshore and international markets; U.S. land spending is expected to rise modestly.

• Explosive-powder access and raw-material cost pressures are expected to begin moderating in Q1–Q2 2027.