Oil States International (OIS) Q4 2025 earnings summary

Executive summary

• Delivered strong Q4 2025 results with adjusted EBITDA exceeding guidance, historically high cash flows from operations, and $50M in debt retirement, resulting in a net cash position at year-end.

• Strategic shift toward offshore and international markets, now comprising 77% of revenues, with continued exit from underperforming U.S. land-based operations.

• Backlog reached $435M, highest since 2015, with a 1.3x book-to-bill ratio, reflecting diversified offshore, international, and military awards.

• Advanced offshore technologies and successful deployments, including record-setting deepwater riser system and new contracts for Managed Pressure Drilling and Riser Gas Handling Systems.

• Net loss for Q4 2025 was $117M, driven by $124.9M in asset impairments and restructuring charges.

Financial highlights

• Q4 2025 revenues of $178M, up 8% sequentially and year-over-year; adjusted consolidated EBITDA of $23M, up 9% sequentially.

• Reported net loss of $117M ($2.04/share) due to asset impairments and restructuring; adjusted net income of $8M ($0.13/share).

• Full-year adjusted EBITDA of $83M, adjusted net income of $22M, and adjusted EPS of $0.37.

• Q4 cash flow from operations of $50M (up 63% sequentially); free cash flow $53.6M; full-year cash flow from operations $105M.

• Cash on hand at year-end exceeded outstanding debt by $15M.

Outlook and guidance

• 2026 revenue guidance: $680M–$700M; EBITDA: $90M–$95M, both up meaningfully year-over-year.

• Q1 2026 guidance: revenues $150M–$155M, EBITDA $18M–$19M; Q1 expected to be seasonally weakest.

• 2026 cash flow from operations expected at $60M–$65M; CapEx planned at $20M–$25M.

• Backlog and book-to-bill expected to remain strong, supporting earnings visibility into 2026 and beyond.

• U.S. land restructuring initiatives are essentially complete, positioning for long-term growth and improved returns.