Oil States International, Inc. Earnings Recaps
Q2 2026
Aug 2, 2026
The stock responded positively with a 4.6% gain, driven by better-than-expected sequential revenue and EBITDA growth, supported by a record backlog and continued strength in offshore and international markets.
Key takeaways
- Revenue grew 8% sequentially to $157 million, with adjusted EBITDA rising 14% to $19 million.
- Backlog reached $451 million, the highest in over a decade, up 5% sequentially and 24% year-over-year.
- Offshore Manufactured Products segment led growth with revenues of $93 million and segment EBITDA margin above 19%.
- Completion and Production Services and Downhole Technologies segments both posted sequential revenue and EBITDA increases, with Downhole revenues at the highest level since Q2 2023.
- Margins face pressure from elevated raw material costs, especially in shaped charges, but pricing discipline and mix improvements helped mitigate headwinds.
Q3 2025
Oct 31, 2025
Oil States International, Inc. delivered solid third quarter results amidst challenging market conditions, with a notable shift towards offshore projects contributing to revenue growth despite declines in U.S. operations.
Key takeaways
- Revenues of $165 million and adjusted EBITDA of $21 million align with guided expectations, with net income of $2 million ($0.03/share).
- Significant backlog growth to $399 million, buoyed by a 29% increase in bookings, positioning the company for future revenue and earnings growth.
- Offshore and international projects accounted for 75% of revenues, reflecting a strategic pivot towards higher-margin, long-cycle work.
- Cash flow from operations surged 105% sequentially to $31 million, with free cash flow of $23 million, enhancing financial flexibility going forward.
- Maintained a healthy balance sheet with no outstanding borrowings on the revolving credit facility, supported by proactive cash management and share repurchases.