Oil States International (OI2) Q3 2026 Earnings Report
DE:OI2 Q3 2026 EPS Results
- Actual EPS
- EUR 0.13
- Consensus EPS
- EUR 0.11
- Beat/Miss
- Beat by +EUR 0.03
- One Year Ago EPS
- EUR 0.07
DE:OI2 Q3 2026 Revenue Results
- Actual Revenue
- EUR 152.01M
- Expected Revenue
- EUR 145.61M
- Beat/Miss
- Beat by +EUR 6.39M
- YoY Revenue Growth
- +2.78%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/30/2026
- Time
- Before Open
- Conference Call
- Friday, October 30, 2026
Oil States International's next earnings date is estimated for February 18, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was predominantly positive. Oil States exceeded third-quarter guidance, delivered sequential revenue and adjusted EBITDA growth, expanded its backlog to the highest level in almost 12 years, reported strong offshore and international booking momentum, maintained a net cash position and issued higher fourth-quarter revenue and EBITDA guidance. These positives outweighed challenges including U.S. land activity declines, product-mix margin pressure, elevated Downhole input costs, delayed cash conversion and geopolitical and project-timing uncertainty.
Fourth quarter guidance calls for revenues in the range of $172 million to $184 million and adjusted EBITDA of $20 million to $23 million; MPD revenues are generally built into the model at about $35 million to $40 million going forward at very good margins, Offshore/Manufactured Products EBITDA margin is guided at 20% with potential for growth beyond this year and next year, and the forward 12-month backlog conversion rate is probably in the 50% to 55% range versus historically about, call it, 65% to 70%; management expects 2027 revenue growth in line with current market estimates, with most of that growth coming from international and offshore, U.S. land spending to be up, and frac spread count to go up a little bit next year as well, modestly; fourth-quarter free cash flow could range in the $15 million to $25 million range, with no cash expected from asset sales in the fourth quarter and proceeds likely carrying over into 2027.
- Third-Quarter Results Exceeded GuidanceThird-quarter revenue was $170 million and adjusted EBITDA was $20 million, increasing 8% and 6% sequentially, respectively. Results exceeded company guidance, with revenue growth led by the Offshore/Manufactured Products and Downhole Technologies segments.
- Strong Offshore and International ExposureOffshore and international activity generated 72% of consolidated revenue during the first 9 months of 2026, up substantially from around 50% in 2023. Management said the shift in business mix positions Oil States for sustained long-term growth.
- Record Backlog and Positive Bookings MomentumOffshore/Manufactured Products backlog reached $482 million as of September 30, its highest reported level in almost 12 years. Backlog increased 7% sequentially and 21% year over year, supported by $135 million of quarterly bookings and a 1.3x quarterly book-to-bill ratio; year-to-date book-to-bill was 1.2x.
- Offshore/Manufactured Products GrowthThe Offshore/Manufactured Products segment generated $104 million of revenue and $19 million of adjusted segment EBITDA, with an 18% adjusted EBITDA margin. Production platform, military and connector products, along with higher service activity, provided positive uplift during the quarter.
- Offshore Energy Driving New BookingsOf the $333 million of bookings during the first 9 months of 2026, almost 90% was related to offshore energy products. Management said the bookings provide visibility into the forward business, mainly starting in 2027, and described the multiyear offshore and deepwater outlook as constructive.
- Completion and Production Services Maintained Strong MarginsCompletion and Production Services generated $23 million of revenue and $6 million of adjusted segment EBITDA, resulting in a 26% adjusted EBITDA margin. Management attributed the margin profile to the high grading of service lines toward proprietary extended reach tools, Gulf of America service operations and certain international markets.
- Downhole Technologies Revenue MomentumDownhole Technologies generated $42 million of revenue and $4 million of adjusted segment EBITDA. Revenue increased 6% sequentially, growth occurred across all major product categories, and revenue reached its highest level since the first quarter of 2023.
- Downhole Performance Improved Year Over YearDownhole revenue and adjusted segment EBITDA were substantially higher than a year ago, reflecting progress from the expanded product portfolio and higher U.S. activity levels.
- Managed Pressure Drilling MomentumOil States booked another managed pressure drilling rental project during the third quarter and expects a sale order in the fourth quarter. Management has built approximately $35 million to $40 million of MPD revenue into its model going forward at very good margins.
- Additional Technology OpportunitiesManagement said future subsea intervention opportunities could leverage its riser, connector and pressure-control capabilities for well maintenance, workover and decommissioning applications. Deep-sea mineral gathering system opportunities also continue to progress.
- Positive Energy Market BackdropManagement said crude oil prices remain elevated and volatile, driven largely by supply disruptions and inventory reductions resulting from ongoing conflicts in the Middle East and Europe. The disruption of Middle East exports was said to be strengthening the multiyear outlook for offshore and international investments, particularly in Brazil, Guyana and Asia.
- Healthy Balance Sheet and LiquidityDuring the first three quarters, Oil States put a new cash flow-based credit facility in place, retired the balance of its outstanding convertible senior notes and maintained a net cash position. Management said the balance sheet and liquidity provide flexibility for accretive investments and returning capital to stockholders.
- Share Repurchases and Capital AllocationOil States purchased $9 million of common stock during the first 9 months of 2026. Following expiration of the prior authorization, the Board approved a new $50 million, two-year share repurchase authorization running through October 2028. Management also said it remains active in evaluating selective M&A opportunities and organic CapEx and R&D investments.
- Inventory and Capital Investments Supporting GrowthThe company invested $38 million in inventory purchases during the first 9 months of 2026 to support its growing backlog and longer-term demand for Downhole consumable products. It also invested $10 million in capital expenditures year to date and generated $13 million from asset sales.
- Fourth-Quarter GuidanceFourth-quarter guidance calls for revenue of $172 million to $184 million and adjusted EBITDA of $20 million to $23 million.
- Pricing Remained Firm in Offshore/Manufactured ProductsManagement said there had been no reduction or concessions in pricing for capital equipment that it had tendered, bid, quoted or secured. The company continues to guide to an overall adjusted EBITDA margin of 20% in Offshore/Manufactured Products, with potential for growth beyond this year and next year.
- Expected Market-Aligned GrowthManagement expects revenue growth generally in line with current market estimates, with most growth coming from international and offshore markets. U.S. land spending is expected to increase, and frac spread count is expected to rise modestly next year.
DE:OI2 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 18, 2027 | 2026 (Q4) | 0.15- | 0.12 | ― | ― |
| Oct 30, 2026 | 2026 (Q3) | 0.110.13 | 0.07 | 87.50% (+0.06) | |
| Jul 30, 2026 | 2026 (Q2) | 0.100.13 | 0.08 | 55.56% (+0.04) | |
| May 05, 2026 | 2026 (Q1) | 0.080.08 | 0.05 | 50.00% (+0.03) | |
| Feb 20, 2026 | 2025 (Q4) | 0.090.12 | 0.08 | 44.44% (+0.04) | |
| Oct 31, 2025 | 2025 (Q3) | 0.090.07 | 0.04 | 100.00% (+0.04) | |
| Jul 31, 2025 | 2025 (Q2) | 0.080.08 | 0.06 | 28.57% (+0.02) | |
| May 01, 2025 | 2025 (Q1) | 0.040.05 | -0.02 | 372.73% (+0.07) | |
| Feb 21, 2025 | 2024 (Q4) | 0.060.08 | 0.08 | 0.00% (+0.00) | |
| Oct 30, 2024 | 2024 (Q3) | 0.060.04 | 0.06 | -42.86% (-0.03) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
