Tetra Posts Highest Third-Quarter Revenue in a Decade

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

Third-quarter revenue was $168.0 million, up 10% from a year earlier, with net income of $6.8 million, or $0.05 a share, after $2.0 million of unusual charges.

TETRA Technologies, Inc. (TTI), the energy services and solutions company, reported third-quarter 2026 revenue of $168.0 million, up 10% from a year earlier and the highest third-quarter total in ten years.

Net income was $6.8 million, or $0.05 a share, inclusive of $2.0 million of unusual charges, versus $4.2 million, or $0.03 a share, a year earlier. Adjusted EBITDA was $25.1 million, the second-highest third-quarter in ten years.

The sequential path reversed. Revenue declined from $185.7 million in the second quarter, when it had increased 19% sequentially. Adjusted EBITDA fell from $31.9 million in that period. Consolidated Adjusted EBITDA margin was 15.0%.

President and Chief Executive Officer Brady Murphy said the results showed broad-based strength, with record revenue supported by international markets, accelerated industrial chemical sales, and continued strength in deepwater. International revenue reached $68.8 million, or 41% of consolidated revenue, the strongest third quarter in ten years.

Completion Fluids & Products delivered its highest third-quarter revenue in ten years at $91.9 million, versus $90.3 million a year earlier, on Eastern Hemisphere completion fluids, long-duration energy storage electrolyte sales, and U.S. industrial chemicals. Industrial Chemicals generated its strongest third-quarter revenue in a decade, with 32% year-over-year growth, and accounted for more than 50% of the segment’s third-quarter revenue. The company said that growth is supported by an expanding U.S. industrial market, including semiconductor manufacturing, and by demand for electrolytes for energy storage.

Completion Fluids & Products Adjusted EBITDA margin was 22.1%, versus 30.5% a year earlier. The company said the margin was impacted by product mix, lower deepwater activity in the Gulf of America, and higher diesel and associated freight costs.

Water & Flowback Services revenue was $76.1 million, up 21% year over year. Adjusted EBITDA rose 69% to $12.7 million, and the segment’s Adjusted EBITDA margin increased 480 basis points to 16.7%. Argentina revenue more than doubled, driven by the ramp of early production facilities and utilization of automated TETRA SandStorm technology in the Vaca Muerta basin.

Production testing delivered a ten-year high for third-quarter revenue and Adjusted EBITDA, growing 9% quarter-over-quarter on automated SandStorm market-share gains in the U.S. and 60% year-over-year on international demand.

Unusual charges and expenses, net of credits, were $3.9 million for the quarter, including $2.2 million of legal fees related to a former subsidiary, $0.7 million of unconsolidated equity investment expense and $0.9 million of other expenses.

In early October 2026, the company amended its $190 million Term Credit Agreement, extending maturity to December 31, 2030, reducing the interest rate margin by 75 basis points to SOFR plus 5.00%, and deferring about $19 million of scheduled principal amortization to 2030. The company said the amendment enhances financial flexibility to fund the Arkansas bromine project.

The Arkansas bromine plant is less than 12 months from mechanical completion. The company said it remains on track to commence production at an annualized rate of 37 million pounds at the beginning of 2028 and ramp to 75 million pounds by 2030.

The TETRA Oasis pipeline now includes seven projects, including four tied to data centers or their power requirements, with six beneficial reuse applications pending before the Texas Commission on Environmental Quality.

For the fourth quarter of 2026, the company expects consolidated revenue and Adjusted EBITDA to be up double digits year-on-year. For full year 2027, it expects revenue and Adjusted EBITDA to increase relative to 2026. Murphy said the outlook for the base business remains strong, with deepwater and international activity looking robust and a return to more completion activity in the Gulf of America.