The revenue miss and weak guidance commentary (geopolitical headwinds, project deferrals) suggest near-term downside. Monitor the Q2 earnings call for signs of backlog conversion and stabilization in the Completion & Production segment. The balance sheet is now clean post-convertible retirement, which limits downside risk but does not offset the operational weakness.
Price Chart
Executive Summary
Oil States reported Q1 2026 revenue of $145.4M, down 9% YoY and below the $153.8M consensus, with GAAP EPS of $0.02 (down 60% YoY) and adjusted EPS of $0.09 (in line with the $0.09 consensus). The miss was driven by geopolitical uncertainty and project deferrals, partially offset by a strong balance sheet after retiring the remaining convertible notes. The stock is likely to trade down on the revenue miss and weak near-term outlook.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $145.4M, down 9% YoY and below consensus of $153.8M
- GAAP net income of $1.1M ($0.02 per share), down 65% from $3.2M ($0.05) in Q1 2025
- Adjusted net income of $5.2M ($0.09 per share), in line with consensus of $0.09
- Adjusted EBITDA of $16.7M, down 11% YoY from $18.7M
- Offshore Manufactured Products revenue fell 1% YoY to $91.4M; backlog $430M with book-to-bill of 0.9x
- Completion & Production Services revenue down 38% YoY to $21.5M, reflecting continued U.S. land exit
- Downhole Technologies revenue down 1% YoY to $32.4M; profitability improvements delayed by higher costs
- Cash on-hand $59.0M exceeded debt by $4.0M; retired remaining $52.7M convertible notes on April 1
- Operating cash flow was negative $1.9M in Q1 vs positive $9.3M a year ago, driven by working capital build
- Management cited heightened geopolitical conflict and Middle East uncertainty causing contract delays
Financial Impact
Revenue miss of ~$8.4M vs consensus; adjusted EPS in line at $0.09
Risk Factors
- Continued geopolitical uncertainty in the Middle East delaying contract awards
- Further revenue erosion in Completion & Production Services as U.S. land exit continues
- Downhole Technologies margin pressure from higher raw material and shipping costs
- Negative operating cash flow in Q1 may pressure liquidity if sustained
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001121484-26-000021 |
| Document: ois-20260505.htm | 0001121484-26-000021 |
| Document: 0001121484-26-000021-index-headers.html | 0001121484-26-000021 |
| Document: 0001121484-26-000021-index.html | 0001121484-26-000021 |
| Document: 0001121484-26-000021.txt | 0001121484-26-000021 |
| 8-K Data (Synthetic) | 0001121484-26-000021 |
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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