Civeo Corporation reported fourth‑quarter and full‑year 2025 financial results on March 3 2026, showing Q4 revenue of $161.6 million and a net loss of $6.5 million, or $0.56 per diluted share. Operating cash flow rose to $19.3 million, adjusted EBITDA climbed to $21.7 million, and free cash flow reached $15.3 million—more than double the $9.5 million operating cash flow and $11.4 million adjusted EBITDA reported in the same quarter of 2024.
Full‑year 2025 revenue fell 4.8% to $638.8 million, while the net loss widened to $20.1 million, or $1.59 per diluted share. Adjusted EBITDA improved to $88.2 million, up 10.5% from $79.9 million in 2024. The company’s Canadian operations delivered margin gains, and the May 2025 acquisition of four villages in Australia contributed to record annual revenues in that segment.
"Our fourth quarter and full year results reflect disciplined execution in a challenging macro environment, highlighted by record annual revenues for our Australian segment. Throughout 2025, we remained focused on what we can control—taking care of our guests, operating safely, managing costs, allocating capital thoughtfully, and strengthening our platform for long‑term value creation," said President and CEO Bradley J. Dodson.
The board authorized an additional share‑repurchase program of up to 10% of outstanding shares, to be activated once the current 20% authorization is completed. The program underscores Civeo’s commitment to returning capital while maintaining a prudent leverage profile; net debt stands at $168.4 million with a net leverage ratio of 1.9× as of December 31 2025.
Civeo provided guidance for full‑year 2026, projecting revenues between $650 million and $700 million and adjusted EBITDA of $85 million to $90 million. The guidance reflects confidence in sustaining revenue growth and improving profitability, despite the current net loss and higher leverage resulting from the Australian acquisition and share repurchases.
Investors reacted negatively to the earnings miss, as the company failed to meet consensus revenue and EPS estimates. The miss was driven by a 4.8% decline in full‑year revenue, a widening net loss, and the impact of one‑time acquisition costs, which outweighed the positive momentum in the Australian and Canadian segments.
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