Calfrac Well Services (CFW) Q2 2026 earnings summary

Executive summary

• Revenue rose 6% year-over-year to $426.7 million, driven by stronger activity and improved utilization in North America.

• Adjusted EBITDA was $73.8 million (17% margin), down from $77.0 million (19% margin) last year, as North American gains were offset by normalized pricing in Argentina.

• Net income more than doubled to $31.8 million ($0.32 per diluted share) from $15.3 million ($0.17 per share) a year ago, reflecting stronger operations and lower interest expense.

• Achieved lowest net debt in over a decade, with a 36% reduction to $125.8 million at June 30, 2026.

• Board approved $22.6 million in incremental 2026 capital expenditures for strategic growth, including coiled tubing and cementing expansion in Argentina.

Financial highlights

• Revenue: $426.7 million, up 6% year-over-year.

• Adjusted EBITDA: $73.8 million, down 4% year-over-year; margin at 17%.

• Net income: $31.8 million, up 108% year-over-year.

• Free cash flow: $29.5 million, essentially flat year-over-year.

• Capital expenditures: $15.1 million, down 63% year-over-year.

Outlook and guidance

• North American activity expected to remain strong in H2 2026, supported by favorable commodity prices and robust completion activity.

• Argentina remains a key growth area, with new multi-year coiled tubing contract and expanding cementing business in Vaca Muerta.

• Focus remains on free cash flow generation, debt reduction, and selective investment in high-return opportunities.