The revenue beat and record backlog signal strong demand in offshore and international markets, but GAAP earnings were depressed by one-time charges. Watch for margin expansion as the high backlog converts to revenue and for further share repurchases under the new $50M authorization.
Price Chart
Executive Summary
Oil States International reported Q3 2026 revenue of $169.8M, up 8% sequentially and 3% YoY, exceeding the $162.6M consensus. GAAP EPS was $0.05, well below the $0.12 consensus, due to $5.5M in executive transition and facility exit charges. Adjusted EPS of $0.15 beat the $0.12 consensus. The Offshore Manufactured Products segment backlog grew 7% sequentially to $482M (highest since Dec 2014), and the board approved a new $50M stock repurchase authorization through Oct 2028.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $169.8M, up 8% sequentially and 3% YoY, above $162.6M consensus
- GAAP diluted EPS of $0.05 vs consensus $0.12; adjusted diluted EPS of $0.15 vs $0.12 consensus
- Adjusted EBITDA of $20.1M, up 6% sequentially but down 3% YoY
- Offshore Manufactured Products backlog grew 7% sequentially to $482M, highest since Dec 2014
- Offshore Manufactured Products bookings of $135M, book-to-bill ratio of 1.3x
- Board approved new $50M stock repurchase authorization expiring Oct 2028
- Company purchased $4M of common stock in Q3 2026
- Operating cash flow of $5.3M in Q3 2026, free cash flow of $7.1M
- Cash on hand $22.9M at Sep 30, 2026; $58M available under credit facility
- Q3 2026 included $5.5M in charges for executive retirement and facility exit costs
Financial Impact
Revenue beat consensus by $7.2M (4.4%); GAAP EPS missed by $0.07 (58.3%); adjusted EPS beat by $0.03 (25%)
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Offshore Manufactured Products | $104.4M | +12.6% |
| Completion and Production Services | $23.2M | -4.6% |
| Downhole Technologies | $42.2M | +6.5% |
Risk Factors
- GAAP EPS miss of 58% due to $5.5M in one-time charges may concern some investors
- Completion and Production Services segment revenue declined 5% sequentially and 16% YoY
- Downhole Technologies segment adjusted EBITDA margin declined to 8% from 11% in Q2
- Offshore Manufactured Products adjusted EBITDA margin declined to 18% from 19% in Q2
- Year-to-date operating cash flow negative at -$2.8M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001121484-26-000036 |
| Document: ois-20261030.htm | 0001121484-26-000036 |
| Document: 0001121484-26-000036-index-headers.html | 0001121484-26-000036 |
| Document: 0001121484-26-000036-index.html | 0001121484-26-000036 |
| Document: 0001121484-26-000036.txt | 0001121484-26-000036 |
| 8-K Data (Synthetic) | 0001121484-26-000036 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | 8-K | $9.50 | awaiting T+60 | awaiting T+60 | $9.60 (+1.01%) |
Jul 30, 2026 13w ago | 8-K | $7.58 $8.60 | ▲ +13.46% | ▲ +10.99% | $9.60 (+26.65%) |
Jul 13, 2026 15w ago | 8-K | $8.42 $8.09 | ▼ −3.92% | ▼ −7.30% | $9.60 (+14.01%) |
May 5, 2026 25w ago | 8-K | $9.63 $7.58 | ▲ +21.29% | ▲ +24.03% | $9.60 (+0.31%) |
US Market Status
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