Innovex International Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 results exceeded guidance with $245M revenue and $48M adjusted EBITDA, driven by strong subsea and international growth. The TCO acquisition enhances technology and market reach, while robust cash flow and a strong balance sheet support continued disciplined expansion.
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Q1 2026 results exceeded guidance with $239M revenue and 21% EBITDA margin, driven by strong execution, subsea wins, and the DIS acquisition. Guidance for Q2 reflects ongoing Middle East disruptions, but margin improvement is expected in the second half of 2026.
Fiscal Year 2025
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Q4 2025 results exceeded guidance with strong revenue and free cash flow, driven by subsea deliveries and market share gains. Integration of recent acquisitions and disciplined capital allocation support a positive outlook, with margin improvement expected as legacy projects roll off.
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Q3 2025 saw strong revenue growth, high free cash flow, and successful Citadel integration, despite margin pressure from integration costs and tariffs. Exclusive OneSubsea agreement and facility consolidation set the stage for margin expansion and long-term growth, with a robust M&A pipeline and strong cash position.
Fiscal Year 2024
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Q3 revenue rose 9% year-over-year to $152M, driven by the Dril-Quip merger, while Adjusted EBITDA fell to $27.4M due to integration costs and accounting changes. Achieved $15M in annualized cost synergies, with Q4 guidance projecting $220–$230M in revenue and $35–$40M in Adjusted EBITDA.