Civeo Q4 EBITDA Soars 90%, Authorizes Additional 10% Share Buyback
Civeo’s Q4 adjusted EBITDA rose 90% to $21.7M on Canadian margin gains and Australian acquisition contributions, with operating cash flow at $19.3M. Management authorized a new buyback for 10% of shares after completing 95% of prior authorization and projected 2026 revenue of $650–$700M with adjusted EBITDA of $85–$90M.
1. Q4 Financial Performance
In the fourth quarter, Civeo reported adjusted EBITDA of $21.7 million, a 90% increase from $11.4 million a year prior, alongside revenue rising to $161.6 million from $151.0 million and operating cash flow climbing to $19.3 million. The company posted a net loss of $6.5 million, or $0.56 per diluted share, compared with a net loss of $15.1 million, or $1.10 per share, in the prior-year quarter.
2. Share Repurchase Update
During 2025, Civeo repurchased 2.3 million common shares for approximately $54 million, reducing its share count by about 17% and completing 95% of its 20% authorization. Management authorized a new buyback program to acquire up to 10% of outstanding shares, committing at least 75% of annual free cash flow to repurchases to maintain leverage around two times.
3. Segment Highlights
In Australia, Civeo achieved record annual revenues of AUD 460 million, with Q4 revenue of AUD 119.5 million and adjusted EBITDA of AUD 22.4 million, driven by its May acquisition and integrated services expansion. In Canada, Q4 revenue increased to $42.1 million and adjusted EBITDA turned positive at $3.4 million thanks to cost reductions, lodge rationalization and higher average daily rates.
4. 2026 Guidance and Liquidity
Civeo ended 2025 with liquidity of $90.4 million and net leverage of 1.9x. For fiscal 2026, the company forecasts revenue of $650–$700 million, adjusted EBITDA of $85–$90 million and capital expenditures of $25–$30 million, reflecting normalized maintenance spending and potential margin upside if met coal prices exceed $200 per ton.