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Precision Drilling
Precision Drilling (PDS) investor relations material
Precision Drilling Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved $413 million in free cash flow in 2025, enabling $101 million debt reduction and $76 million in share repurchases, reducing outstanding shares by 6%.
Q4 2025 revenue rose 2.2% to $479 million, with Adjusted EBITDA up 4.9% to $126 million, driven by higher U.S. rig activity and lower share-based compensation.
Net loss attributable to shareholders in Q4 was $42 million, including $67 million in non-cash decommissioning charges and $17 million in drill pipe write-downs.
Full-year 2025 revenue was $1.84 billion, down 3% year-over-year, with net earnings dropping to $1.8 million, impacted by lower U.S. activity and one-time charges.
Strategic priorities for 2026 include revenue growth, operational excellence, and maximizing free cash flow.
Financial highlights
Q4 cash provided by operations was $126 million, funding $81 million in capital expenditures and $22 million in share repurchases.
Ended 2025 with $445 million in available liquidity and a Net Debt to Adjusted EBITDA ratio of 1.2x.
Annual capital expenditures totaled $263 million, including $107 million for 27 major rig upgrades.
General and administrative expenses decreased to $114 million from $132 million in 2024, mainly due to lower share-based compensation.
Full-year net earnings attributable to shareholders was $1.8 million, or $0.14 per share, down from $111 million, or $7.81 per share, in 2024.
Outlook and guidance
2026 capital spending is projected at $245 million, with $182 million for maintenance and $63 million for upgrades.
Plans to reduce debt by $100 million and allocate up to 50% of free cash flow (before debt repayments) to share repurchases in 2026.
Canadian rig utilization expected to remain strong, with winter drilling activity anticipated to exceed prior year; U.S. rig utilization steady with potential upside.
International operations supported by long-term contracts, with seven active rigs and efforts to increase utilization.
Operating margins in Q1 2026 projected at $14,000–$15,000 per utilization day in Canada and $8,000–$9,000 in the U.S.
FCF allocation for share repurchases: what drives the "up to 50%"
U.S. rig utilization growth vs industry decline
Fleet strategy behind 31 rig decommissioning
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Next Precision Drilling earnings date
Q1 202623 Apr, 2026
Precision Drilling
Next Precision Drilling earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Precision Drilling Corporation is a Canada-based oilfield services company that provides contract drilling, well servicing, and support services to exploration and production companies. The company operates a fleet of land drilling rigs and service rigs across North America and select international markets. Its services support conventional and unconventional oil and gas development. Precision Drilling Corporation is headquartered in Calgary, Canada, and its shares are listed on the NYSE.
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