Oil States International Earnings Call Transcripts
Fiscal Year 2026
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The company has transformed its business, now generating 75% of revenue from international and offshore markets, with a focus on higher-margin, technology-driven segments. Strong free cash flow, a robust backlog, and a net cash position support ongoing share repurchases and targeted M&A. Growth is expected in offshore, military, and renewable sectors.
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Q1 2026 saw $145M in revenue and $17M adjusted EBITDA, with offshore and international projects comprising 72% of revenue. Backlog remains strong at $430M, and guidance for Q2 is $157–$162M in revenue. Geopolitical tensions and project delays pose risks, but offshore growth opportunities remain robust.
Fiscal Year 2025
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Q4 2025 saw strong revenue and cash flow growth, with adjusted EBITDA and backlog at multi-year highs, driven by offshore and international focus. Guidance for 2026 anticipates further revenue and EBITDA growth, supported by a robust backlog and disciplined capital allocation.
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Management outlined a strategic pivot toward offshore and international markets, emphasizing technology leadership, robust backlog, and strong free cash flow. Capital allocation priorities include share repurchases, organic growth, and selective M&A, with a focus on long-term value creation.
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Q3 2025 results showed strong offshore and international growth, with 75% of revenue from these markets and a decade-high backlog. Despite U.S. land weakness and tariff impacts, cash flow and margins improved, and guidance points to further revenue and EBITDA growth in Q4.
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Q2 2025 saw strong offshore and international growth, with 72% of revenue from these markets and robust backlog supporting future earnings. Margins and cash flow improved, while U.S. land operations were further streamlined. Full-year EBITDA guidance was maintained, with higher margins expected.
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First quarter 2025 results met or exceeded guidance, with strong international demand, record backlog, and robust cash flow. Tariff impacts are limited and mainly affect a small segment, while capital allocation focuses on share repurchases and debt reduction.
Fiscal Year 2024
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Q4 2024 saw strong offshore and international growth, offsetting U.S. land headwinds, with revenues of $165M and adjusted EBITDA of $19M. 2025 guidance projects $700–$735M in revenue and $88–$93M in EBITDA, with a focus on margin improvement, technology, and shareholder returns.
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Q3 saw strong offshore and international performance, with 65% of revenue from these markets and record bookings. Strategic U.S. exits and cost controls are driving margin improvements, while new technologies and collaborations support future growth.
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Revenues and adjusted EBITDA rose strongly sequentially, led by offshore and international growth, while U.S. land activity remained flat. Cost reductions and new technology adoption boosted margins, and guidance for 2024 EBITDA and free cash flow was reaffirmed.