Earnings

Oil States Offshore Backlog Reaches Highest Since 2014

The Tip Desk · November 10, 2026 · 3 min read

Offshore Manufactured Products bookings were $135 million, lifting backlog to $482 million as third-quarter revenue reached $169.8 million.

Oil States International (OIS), a global provider of manufactured products and services to the energy, military and industrial sectors, reported third-quarter 2026 revenues of $169.8 million, up 8% from the second quarter, as Offshore Manufactured Products bookings lifted backlog to its highest level since December 2014.

Net income was $3.1 million, or $0.05 a share. Adjusted net income, excluding charges and credits, was $8.5 million, or $0.15 a share. Adjusted EBITDA was $20.1 million.

President and Chief Executive Officer Lloyd Hajdik said the results exceeded guidance provided in July and reflected continued execution across the company’s diversified portfolio and the resilience of offshore and international operations.

Offshore Manufactured Products, the largest reportable unit, generated $104.4 million of revenue, up 13% sequentially. Operating income was $14.8 million and adjusted segment EBITDA was $18.8 million, with an adjusted segment EBITDA margin of 18%.

Bookings in the segment totaled $135 million, up 18% from $114 million in the second quarter, producing a 1.3x book-to-bill ratio and raising the year-to-date ratio to 1.2x. Backlog stood at $482 million as of September 30, 2026.

Downhole Technologies revenue was $42.2 million, up 6% sequentially and 45% from a year earlier. Operating income was $2.1 million and adjusted segment EBITDA was $3.6 million, with an adjusted segment EBITDA margin of 8%.

Completion and Production Services revenue was $23.2 million. Operating income was $3.5 million and adjusted segment EBITDA was $6.1 million, with an adjusted segment EBITDA margin of 26%.

By destination, offshore and international revenue was $121.8 million and U.S. land revenue was $48.0 million.

GAAP operating income was $6.3 million. Adjusted operating income, excluding charges and credits, was $11.8 million. Corporate operating loss was $14.1 million and included $5.5 million of charges associated primarily with the retirement of the company’s former president and chief executive officer and facility exit costs. Adjusted segment EBITDA loss at Corporate was $8.3 million.

The company generated $5.3 million of cash from operations, tempered by $9.6 million of net working-capital investments. Proceeds from the sale of assets totaled $5.1 million, partially offset by $3.2 million of capital expenditures. Net interest expense was $1.3 million, including $0.6 million of non-cash amortization of deferred debt issuance costs largely associated with the July 2026 expiration of $30 million of undrawn term-loan commitments.

Oil States purchased $4.0 million of common stock in the quarter under a program that expired October 24, 2026. On October 29, 2026, the board approved a new $50.0 million repurchase authorization expiring in October 2028.

Cash on hand was $22.9 million at September 30, 2026. Borrowings and letters of credit outstanding under the cash-flow credit agreement totaled $19.8 million and $17.0 million, respectively, leaving $58.0 million available to be drawn.

Hajdik said the company remains focused on expanding backlog, delivering profitable growth and strong cash flows, and returning capital to stockholders through disciplined capital allocation. The company said it believes it is well positioned to benefit from a constructive multi-year offshore and international investment cycle.

More on OIS

September 28, 2026 QBook Stronger demand supports expansion as pricing diverges

OIL STATES INTERNATIONAL, INC — all coverage and financials