Calfrac Reports Third Quarter 2026 Results
Key Highlights
- ➤Revenue $365.7 million, up 13 percent year over year
- ➤Adjusted EBITDA $54.5 million, up 12 percent year over year
- ➤Net income $16.3 million, or $0.16 diluted per share
- ➤Free cash flow $11.1 million supports debt reduction
- ➤Net debt $115.1 million, down 42 percent since December 31, 2025
Expert Statements
Calfrac Well Services Ltd. CEO, CEO of Calfrac Well Services Ltd.
“Throughout 2026, Calfrac has continued to generate meaningful free cash flow while materially strengthening its balance sheet and enhancing financial flexibility.”
Calfrac Well Services Ltd. CEO, CEO of Calfrac Well Services Ltd.
“These results reflect the disciplined execution of our teams, an ongoing focus on operational efficiency, and our commitment to directing personnel, equipment, and capital to the highest-returning opportunities across our business.”
Calfrac Well Services Ltd. CEO, CEO of Calfrac Well Services Ltd.
“During the third quarter, our North American operations delivered significantly improved financial performance, supported by a more favourable activity mix, stronger asset utilization, and the continued benefits of the strategic repositioning of our U.S. fracturing fleet.”
Calfrac Well Services Ltd. CEO, CEO of Calfrac Well Services Ltd.
“In Argentina, a more pronounced seasonal slowdown and late-quarter customer scheduling changes affected fracturing and wireline activity.”
Calfrac Well Services Ltd. CEO, CEO of Calfrac Well Services Ltd.
“However, strong year-over-year growth in our coiled tubing and cementing operations demonstrated the benefits of expanding and diversifying our service offerings in the Vaca Muerta.”
Calfrac Well Services Ltd. CEO, CEO of Calfrac Well Services Ltd.
“Our financial position continued to strengthen during the quarter.”
Calfrac Well Services Ltd. CEO, CEO of Calfrac Well Services Ltd.
“Net debt decreased to approximately $115 million at September 30, 2026, representing a reduction of more than 40 percent since the beginning of the year and resulting in the Company’s lowest leverage position in more than a decade.”
Calfrac Well Services Ltd. CEO, CEO of Calfrac Well Services Ltd.
“Importantly, this progress was achieved while continuing to fund strategic growth initiatives, demonstrating the strength of our free cash flow generation and disciplined approach to capital allocation.”
Calfrac Well Services Ltd. CEO, CEO of Calfrac Well Services Ltd.
“Calfrac is entering the next stage of its development with a significantly stronger balance sheet, an increasingly efficient operating platform and attractive growth opportunities across its geographic regions and service lines.”
Calfrac Well Services Ltd. CEO, CEO of Calfrac Well Services Ltd.
“We remain focused on accelerating the momentum generated throughout 2026 and creating long-term value for our employees, customers, and shareholders.”
CALGARY, Alberta, Nov. 10, 2026 (GLOBE NEWSWIRE) -- Calfrac Well Services Ltd. (“Calfrac” or “the Company”) (TSX: CFW) announces its financial and operating results for the three and nine months ended September 30, 2026. The following press release should be read in conjunction with the management’s discussion and analysis and interim consolidated financial statements and notes thereto as at September 30, 2026. All financial amounts and measures are expressed in Canadian dollars unless otherwise indicated.
In the period, the Company: * generated revenue of $365.7 million, an increase of 13 percent compared to $323.4 million in the third quarter of 2025, driven by stronger activity and improved utilization in North America partially offset by reduced activity in Argentina; * generated Adjusted EBITDA of $54.5 million (15 percent of revenue) versus $48.5 million (15 percent of revenue) in the third quarter of 2025 as improved profitability in North America was offset by reduced profitability in Argentina; * reported net income of $16.3 million ($0.16 per share diluted) compared with $4.3 million ($0.05 per share diluted) during the third quarter in 2025, reflecting stronger operating performance and lower interest expense; * incurred capital expenditures of $22.0 million, including investment in the expansion of the Company’s coiled tubing and cementing service lines in Argentina, while maintaining a disciplined approach to capital allocation and high asset utilization; * generated free cash flow of $11.1 million and cash flow from operating activities of $31.8 million, supporting debt reduction and continued strengthening of the Company’s balance sheet; * repatriated US$4.2 million of cash from Argentina during the quarter, reflecting the continued easing of Argentina’s foreign exchange restrictions and improving access to cash repatriation mechanisms, thereby enhancing the Company’s financial flexibility; and * reduced net debt by $10.7 million during the third quarter and $81.7 million, or 42 percent, since December 31, 2025, to $115.1 million, reflecting sustained free cash flow generation and continued progress toward the Company’s capital structure objectives.
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