Calfrac Well Services (CFW) Q4 2025 earnings summary

Executive summary

• Entered 2026 with improved financial and operational strength, focusing on safety, operational excellence, and disciplined optimization.

• Completed fleet modernization in North America and expanded presence in Argentina's Vaca Muerta shale play.

• Leadership transition with new CEO in February 2026, emphasizing data-driven strategy.

Financial highlights

• Q4 2025 revenue was $292.2M, down 23% year-over-year, mainly due to lower activity in Argentina.

• Adjusted EBITDA for Q4 2025 rose to $43.9M from $34.5M in Q4 2024, driven by North American operations.

• Net income for Q4 2025 was $14.5M, reversing a net loss of $6.4M in Q4 2024.

• Full-year 2025 revenue was $1.39B, down 11% from 2024; net income was $41.9M, up from $8.5M.

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

Outlook and guidance

• North American outlook remains constructive, expecting modest increases in Canadian pressure pumping and moderate oil-directed activity in 2026.

• Argentina segment anticipates strong utilization of two large fracturing fleets in Vaca Muerta and continued cash repatriation to reduce leverage.

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