Trican Well Service (TCW) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $213.8 million, up from $211.8 million in Q2 2024, driven by increased operating activity and level-loaded customer programs, with June being particularly strong despite weak natural gas prices.

• Adjusted EBITDA for Q2 2025 was $44.9 million, up from $40.7 million in Q2 2024, with all three divisions—frac, coil, and cement—performing well and coil operations gaining market share and technical recognition.

• Net earnings for Q2 2025 were $19.5 million ($0.11 per share), compared to $16.2 million ($0.08 per share) in Q2 2024.

• Free cash flow for Q2 2025 was $24.4 million ($0.13 per share), up from $20.9 million ($0.10 per share) in Q2 2024.

• Announced acquisition of Iron Horse Coiled Tubing Inc. for $77.35 million in cash and 33.76 million shares, expanding service capabilities and geographic reach.

Financial highlights

• Q2 2025 revenue was $213.8 million, with gross profit margin at 19% and adjusted EBITDA margin at 21%, both up year-over-year.

• Net earnings were $19.5 million, or $0.11 per share (basic and diluted).

• Free cash flow for the quarter was $24.4 million.

• CapEx totaled $16.2 million, primarily for maintenance and electric ancillary fracturing equipment.

• Cash and cash equivalents at June 30, 2025 were $36.3 million, with working capital at $114.1 million.

Outlook and guidance

• Capital budget for 2025 remains at $70.4 million, focused on maintenance, targeted growth, and electric frac support and logistics investments.

• Q3 is expected to be strong, with Q4 moderating but still solid; 2025 activity should mirror 2024.

• LNG Canada exports and Trans Mountain Pipeline expansion are expected to boost oil and gas demand and prices in 2026.

• Margins are expected to remain stable in Q3, with some moderation in Q4.

• Modest growth in annual oilfield activity in Canada is expected, supporting continued attractive returns.