Trican Well Service (TCW) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose to CAD 330.3 million, up from CAD 259.1 million in Q1 2025, driven by increased operating activity and the Iron Horse acquisition.

• Adjusted EBITDA reached CAD 77.7 million (24% of revenue), while adjusted EBITDAS was CAD 77.7 million and adjusted EBITDA was CAD 70.1 million, both higher year-over-year.

• Net earnings were CAD 30.3 million (CAD 0.14 per share), slightly down from CAD 31.9 million (CAD 0.17 per share) due to higher depreciation, technology, and share-based compensation expenses.

• Free cash flow reached CAD 49.6 million (CAD 0.24 per share basic), up from CAD 43.0 million (CAD 0.23 per share), with $16.5 million returned to shareholders via dividends and share repurchases.

• Strategic focus on technology, efficiency, and electrification continues to differentiate the business.

Financial highlights

• Gross profit for Q1 2026 was CAD 65.4 million, up from CAD 53.7 million in Q1 2025.

• Administrative expenses increased to CAD 21.3 million from CAD 10.6 million year-over-year.

• Net debt reduced to CAD 29.8 million at March 31, 2026, with positive non-cash working capital of CAD 142.7 million.

• Capital expenditures for Q1 2026 totaled CAD 18.5 million, primarily for maintenance and electric ancillary fracturing equipment.

• 53% of outstanding shares repurchased since 2017/2018.

Outlook and guidance

• Q2 2026 expected to be slightly ahead in revenue year-over-year, but margins will be pressured by cost inflation.

• Market outlook remains constructive, supported by Canadian energy infrastructure improvements and expanding LNG export capacity.

• Anticipates budget expansions and increased customer activity in the second half of 2026, especially in oilier basins.

• Expects continued growth in sand volumes and well intensity, supporting higher service demand.

• Approved a 2026 capital budget of CAD 122 million, including CAD 40 million for a 100% natural gas-fueled hydraulic fracturing fleet.