Earnings Analysis October 30, 2026

Oil States International Inc ($OIS) FY2026 Q3 Earnings Analysis: Backlog Hits Highest Level Since 2014, Stock Declines 1.2%

Earnings Report

Revenue: $169.76 million (up 3% YoY, up 8% QoQ). Due to a thin consensus, the assessment against expectations is withheld.

EPS (Earnings Per Share): $0.05 on a GAAP basis, $0.15 on an adjusted basis (compared to $0.03 and $0.08 YoY). Assessment against expectations is withheld as estimates were not confirmed.

Guidance: Not provided. No outlook for next quarter's revenue or profit figures was released, with only a mention that results exceeded July guidance.

Stock Price Reaction: -1.20% during regular trading ($9.08, as of 05:00 Oct 30 KST)

Highlights

Backlog of $482 million: The highest level since December 2014.

Q3 Orders of $135 million: Up 18% from the previous quarter, recording a book-to-bill ratio of 1.3x.

Adjusted EPS of $0.15: Increased by nearly 80% from $0.08 in the same period last year.

Revenue from the offshore manufacturing segment rose 13% from the previous quarter, driving overall performance. Downhole Technologies revenue also grew 45% YoY, turning a profit from a loss in the same period last year.

Lowlights

GAAP Net Income of $3.1 million: Down 47% from $5.9 million in the previous quarter.

Downhole Segment Adjusted EBITDA Margin of 8%: Decreased from 11% in the previous quarter.

Completion & Production Services Revenue of $23.2 million: Down 16% YoY.

Third-quarter operating income included $5.5 million in costs related to the departure of the former CEO and facility closures. Operating loss in the corporate segment widened to $14.14 million from $8.88 million in the previous quarter, and the nine-month cumulative operating cash flow stands at negative $2.84 million.

What the Company Said

CEO Hajdik stated that third-quarter results exceeded the guidance provided in July. Citing the resilience of the offshore and international businesses and the execution of the diversified portfolio, he explained that the company will focus on backlog expansion, cash flow, and shareholder returns.

Market Reaction and Future Key Points

While revenue increased, operating profit fell 46% compared to the previous quarter, and adjusted EBITDA was 3% lower than the same period last year. The closing price during regular trading was $9.08, down 1.20%.

Whether orders in the marine manufacturing products segment maintain 1.3 times the backlog in Q4

The impact of the $50 million share buyback on earnings per share

Whether margins in the downhole segment rebound from 8%

Earnings Call Summary

Once the earnings call concludes and the company script is released, the key takeaways from the call will be added here. We will select and summarize only the most important points, such as how management explained performance and outlook, and what analysts asked.