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; new 10% repurchase authorization announced.

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

• Margin recovery in Canada due to cost reduction initiatives.

• Entering 2026 with improved cost structure and balance sheet, positioned 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 was $6.5 million ($0.56/share), improved from $15.1 million loss ($1.10/share) in Q4 2024.

• Full year 2025 adjusted EBITDA was $88.2 million (up from $79.9 million in 2024).

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

• Capital expenditures for 2025 were $20.2 million, down from $26.1 million in 2024.

Outlook and guidance

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

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

• Australia expected to see stable occupancy and continued integrated services growth; Canada to remain stable but subdued, with upside from infrastructure projects.

• 2026 expected to be a positioning year for anticipated infrastructure growth in 2027 and beyond.

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