Oil States International, Inc. (NYSE: OIS) reported fourth‑quarter 2025 results that showed revenue of $178.5 million, an 8 % increase year‑over‑year and a 9 % rise from the third quarter. The growth was driven by a 13 % sequential rise in the Offshore Manufactured Products segment, which generated $123.3 million in revenue, while Downhole Technologies and Completion and Production Services contributed $32.1 million and $23.1 million, respectively.
Adjusted EBITDA for the quarter reached $22.8 million, up 9 % from the third quarter and 20 % from the same period a year earlier. The adjusted EBITDA margin of 12.8 % reflects a modest compression in the Offshore Manufactured Products segment, where the margin fell from 21 % in Q3 2025 to 20 % in Q4 2025, offset by a 32 % margin expansion in Completion and Production Services, up from 12 % in Q4 2024, driven by the completion of U.S. land‑based restructuring initiatives.
Cash flow from operations totaled $50.1 million, enabling the company to retire $50 million of convertible notes. The company’s backlog reached $435 million as of December 31 2025, a record high that provides visibility into future revenue streams and underscores the strength of its offshore and international programs.
Cindy B. Taylor, President and CEO, said, "Our team achieved another strong quarter, reporting Adjusted EBITDA that exceeded our guidance and quarterly cash flows from operations at historically high levels. We are essentially complete with our U.S. land restructuring initiatives and are poised for long‑term growth, technology differentiation, and meaningful stockholder returns." CFO Lloyd Hajdik added, "Given the expected strong free cash flow generation, we plan to be very opportunistic regarding share repurchases given our currently low stock price."
Investors reacted favorably to the results, noting the adjusted EPS beat of $0.13 versus consensus estimates of $0.10–$0.11, the robust cash flow that funded debt repayment, and the record backlog that signals continued demand for the company’s offshore products.
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