Oil States International Stock Earnings Reports

Oil States reported Q1 2026 revenue of $145 million and adjusted EBITDA of $17 million, with GAAP net income of $1 million ($0.02/sh) and adjusted net income of $5 million ($0.09/sh) excluding certain charges. The quarter was affected by geopolitical instability in the Middle East that disrupted shipping and delayed project awards, plus seasonal/timing factors and U.S. land softness. The company continues its strategic shift toward higher-margin offshore and international work (approximately 72% of Q1 revenue and 74% LTM), which management says strengthens durability of earnings. Offshore Manufactured Products led performance with $91 million revenue and ~$19 million adjusted segment EBITDA (20% margin); backlog stands near a decade high at $430 million with Q1 book-to-bill of 0.9x and management reiterating a full-year book-to-bill target of 1x or greater. Completion & Production Services and Downhole Technologies showed margin improvement but some international expansion plans were delayed by geopolitical events. Cash flow reflected a working capital build (~$13 million) tied to inventory for backlog execution; capex was ~$3 million. Liquidity: $59 million cash at quarter-end, an amended 4-year cash-flow credit facility providing up to $75M revolver and $50M term capacity (no outstanding borrowings at quarter-end), and the company retired the remaining $53M of convertible notes on April 1. Q2 guidance: revenue $157M–$162M and EBITDA $18M–$20M. Management emphasizes focus on margin performance, cash generation, disciplined capital allocation, and continued investment in technology and offshore/international growth, while noting uncertainty in full-year demand depending on the duration of the Middle East conflict.