Trican Well Service (TCW) Q4 2025 earnings summary

Executive summary

• Q4 2025 results were stronger year-over-year, with higher operating activity and the full integration of the Iron Horse acquisition, contributing to 12% revenue growth to $1,096.2 million.

• Net profit rose to $112.2 million, with EPS of $0.58 basic and $0.57 diluted, up from $109.5 million and $0.55/$0.54 in 2024.

• Customer diversification and long-term relationships led to stable volumes and operational efficiency.

• Returned $96.3 million to shareholders via $41.6 million in dividends and $54.7 million in share repurchases.

• The company is positioned as a technical leader, focusing on electrification, natural gas equipment, and logistics expansion.

Financial highlights

• Q4 2025 revenue was CAD 322.7 million, up from CAD 275.5 million in Q4 2024; full-year revenue reached $1,096.2 million.

• Adjusted EBITDA was CAD 73.4 million (23% margin) for Q4 and $239.1 million for 2025, with a 22% margin.

• Net earnings were CAD 31.9 million for Q4 and $112.2 million for the year.

• Free cash flow for Q4 was CAD 46.6 million; full-year free cash flow reached $149.4 million ($0.77 per share basic).

• CapEx totaled CAD 15.1 million in Q4 and $62.9 million for 2025, focused on maintenance and upgrades.

Outlook and guidance

• Q1 2026 is expected to be in line with consensus, with activity levels improving as oil prices stabilize and customer schedules recover.

• The company remains bullish on Western Canada, expecting growth from LNG exports and increased well counts.

• 2026 capital budget is $122 million, with about half allocated to expansion, mainly natural gas fleet investments.

• Ongoing pricing pressure for completion services anticipated into early 2026 due to competitive market conditions.

• Anticipates allocating around 50% of free cash flow to shareholder returns via dividends and buybacks.