Team, Inc. reported fourth‑quarter revenue of $224.8 million, a 5.4% year‑over‑year increase, and adjusted EBITDA of $16.4 million, or 7.3% of revenue. Full‑year revenue reached $896.5 million, up 5.2% from $852.3 million in 2024, while adjusted EBITDA climbed to $60.7 million, or 6.8% of revenue. Canadian operations drove a 21.6% revenue gain in the quarter and a 14.7% gain for the year, underscoring strong demand in the U.S. and Canada.
The company’s integrated inspection and heat‑treating (IHT) and mechanical services (MS) model continued to lift margins. IHT adjusted EBITDA margin rose 160 basis points to 13.1% year‑to‑date, reflecting improved pricing power and a favorable mix of higher‑margin jobs. The overall margin expansion signals that the company’s operational efficiencies are translating into higher profitability.
Team, Inc.’s balance sheet strengthened markedly. Net debt fell to $279 million from $289.6 million at the end of 2024, driven by a March 2025 refinancing that lowered the blended interest rate by more than 100 basis points and extended term‑loan maturities to 2030. A September 2025 private placement of $75 million in preferred stock and warrants helped pay down about $67 million of debt, leaving the company with $77.4 million in liquidity.
"I am excited to share these strong fourth‑quarter and full‑year 2025 results in my first earnings release since joining TEAM as CEO in early February. Our fourth‑quarter performance was highlighted by 5.4% revenue growth to $224.8 million, driven by robust increases in the U.S. and Canada, alongside a 12.1% improvement in consolidated Adjusted EBITDA to $16.4 million or 7.3% of revenue," said CEO Gary L. Hill. CFO Nelson Haight added, "In March of 2025, we successfully refinanced our capital structure, lowering our blended interest rate by more than 100 basis points and extending our term loan maturities out to 2030. In September 2025, we closed on a $75 million private placement of preferred stock and warrants that helped us to pay down about $67 million of debt. Our net debt at the end of 2025 was $279 million down, from about $289.6 million at the end of 2024, and we exited 2025 with strong liquidity of $77.4 million."
The company has chosen not to provide 2026 guidance, indicating a cautious outlook amid ongoing market uncertainties. Nevertheless, the combination of revenue growth, margin expansion, and a stronger balance sheet suggests that management remains confident in the company’s operational momentum and its ability to capitalize on opportunities in aerospace, power, and other high‑growth end markets.
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