The strong backlog growth and book-to-bill above 1.0 suggest a revenue inflection point in H2 2026, but negative operating cash flow and debt extinguishment costs weigh on near-term liquidity. Monitor upcoming quarterly reports for conversion of backlog into revenue and margin expansion.
Price Chart
Executive Summary
Oil States International reported Q2 2026 adjusted EPS of $0.14, beating the $0.11 consensus by 27%, while revenue of $156.7M slightly missed estimates of $158.0M and declined 5% YoY. The revenue miss was offset by a record backlog of $451M (highest since 2015) and a 1.2x book-to-bill ratio, signaling improving demand. The company also retired its convertible notes and repurchased $5M of stock, but operating cash flow remained negative at -$6.3M.
Key Financial Metrics
Key Facts
- Adjusted EPS $0.14 vs consensus $0.11 (beat by 27.3%)
- Revenue $156.7M vs consensus $158.0M (miss by 0.8%)
- Revenue declined 5.3% YoY from $165.4M
- Backlog grew to $451M, highest since March 2015
- Quarterly book-to-bill ratio of 1.2x
- Retired $52.7M convertible notes, recognized $3.6M loss
- Purchased $5.1M of common stock
- Operating cash flow -$6.3M; free cash flow -$2.0M
- Downhole Technologies segment revenue up 35% YoY
- Offshore Manufactured Products segment operating income down 18% YoY
Financial Impact
Adjusted EPS beat by $0.03 (27%) on $156.7M revenue; backlog increase of $21M (5%) sequentially
Risk Factors
- Revenue decline of 5% YoY signals ongoing demand headwinds in offshore and U.S. land markets
- Negative operating cash flow for two consecutive quarters strains liquidity
- Geopolitical conflict and tariff uncertainty could delay contract awards further
- Downhole Technologies segment profitability improvement has been delayed by higher costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001121484-26-000031 |
| Document: ois-20260730.htm | 0001121484-26-000031 |
| Document: 0001121484-26-000031-index-headers.html | 0001121484-26-000031 |
| Document: 0001121484-26-000031-index.html | 0001121484-26-000031 |
| Document: 0001121484-26-000031.txt | 0001121484-26-000031 |
| 8-K Data (Synthetic) | 0001121484-26-000031 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 30, 2026 12w ago | 8-K | $7.58 $8.60 | ▲ +13.46% | ▲ +10.99% | $8.73 (+15.11%) |
Jul 13, 2026 14w ago | 8-K | $8.42 $8.09 | ▼ −3.92% | ▼ −7.30% | $8.73 (+3.62%) |
May 5, 2026 24w ago | 8-K | $9.63 $7.58 | ▲ +21.29% | ▲ +24.03% | $8.73 (+9.40%) |
US Market Status
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