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Calfrac Reports Fourth Quarter 2025 Results

By The Northwire Desk — AI Analysis Mar 19, 2026 · 06:00 CFW · 5.17 CALFRAC WELL SERVICES LTD.
CFW · Price

Executive Summary

  • Calfrac reported Q4 2025 revenue of C$292.2 M (‑23% YoY) but generated Adjusted EBITDA of C$43.9 M (+27%) and net income of C$14.5 M, reversing a loss in the comparable quarter.
  • The company completed a rights offering raising C$34.7 M and used proceeds together with a $120 M term‑loan drawdown to retire its US$120 M second lien notes, reducing long‑term debt by 37% YoY.
  • Outlook highlights modest growth in North America and a “very positive” outlook for Argentina’s Vaca Muerta play in 2026, with continued capital budgeting of ≈C$75 M for the year.

Key Details

  • Revenue: C$292.2 M (Q4 2025) vs. C$381.2 M (Q4 2024).
  • Adjusted EBITDA: C$43.9 M (Q4 2025) vs. C$34.5 M (Q4 2024); FY 2025 Adjusted EBITDA C$224.7 M vs. C$191.0 M (2024).
  • Net Income: C$14.5 M (Q4 2025) vs. a loss of C$6.4 M (Q4 2024); FY 2025 net income C$41.9 M vs. C$8.5 M (2024).
  • Earnings per Share – Diluted: $0.16 (Q4 2025) vs. $(0.07) (Q4 2024).
  • Cash & Cash Equivalents: End‑period balance C$6.7 M, down 85% YoY after rights offering and debt repayment.
  • Long‑Term Debt: Reduced to C$203.4 M from C$320.9 M (‑37%). Net debt fell 28% to C$215.3 M.
  • Capital Expenditures: C$16.7 M in Q4 2025 (≈C$11.0 M expansion capital in Argentina). FY 2025 capex C$132.5 M vs. C$170.3 M (2024).
  • Rights Offering: Net proceeds C$34.7 M; used with term‑loan drawdown to retire US$120 M second lien notes.
  • North America Segment: Revenue C$227.7 M (‑21% YoY); Adjusted EBITDA C$32.6 M (+41% QoQ). Fracturing jobs down 10% QoQ; horsepower utilization improved.
  • Argentina Segment: Revenue C$64.5 M (‑29% QoQ) but Adjusted EBITDA margin rose to 24.3% (↑42% YoY); FY revenue up 7% YoY, Adjusted EBITDA up 63% YoY. New second unconventional fracturing fleet operational in 2025.
  • Outlook 2026: Expect modest increase in Canadian pressure‑pumping activity; positive demand from LNG export capacity growth; continued repatriation of Argentine cash to reduce leverage; capital budget ≈C$75 M plus $10 M carry‑forward spend.

Notable Quotes

  • “Calfrac enters 2026 in a stronger financial and operational position… we are well‑positioned to deliver exceptional results for shareholders.” – Tyler Dahlseide, CEO
  • “Our rights offering and disciplined debt reduction have materially improved our balance sheet, providing flexibility for continued growth.” – Mike Olinek, CFO
Read the original news release →

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