Trican Well Service (TCW) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 rose to $330.3 million, up from $259.1 million in Q1 2025, driven by increased operating activity and the Iron Horse acquisition.

• Adjusted EBITDAS and adjusted EBITDA were $77.7 million and $70.1 million, respectively, both higher year-over-year.

• Profit for Q1 2026 was $30.3 million ($0.14 per share), slightly down from $31.9 million ($0.17 per share) in Q1 2025, impacted by higher share-based compensation, technology expenses, and depreciation.

• Free cash flow reached $49.6 million ($0.24 per share basic), up from $43.0 million ($0.23 per share) in Q1 2025.

• $16.5 million was returned to shareholders via dividends and share repurchases.

Financial highlights

• Gross profit for Q1 2026 was $65.4 million, up from $53.7 million in Q1 2025.

• Administrative expenses increased to $21.3 million from $10.6 million year-over-year.

• Net debt decreased to $29.8 million at March 31, 2026, from $79.9 million at December 31, 2025.

• Working capital (excluding cash) was $142.7 million at March 31, 2026.

• Capital expenditures for Q1 2026 totaled $18.5 million, primarily for maintenance and electric ancillary fracturing equipment.

Outlook and guidance

• Market outlook remains constructive, supported by Canadian energy infrastructure improvements and expanding LNG export capacity.

• Anticipates sustained drilling and completions activity through 2026 and beyond, despite commodity price volatility and competitive pressures.

• Expects tightening supply and demand in H2 2026 to support improved pricing.

• Approved a 2026 capital budget of $122 million, including $40 million for a 100% natural gas-fueled hydraulic fracturing fleet.