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Precision Drilling Announces 2026 Third Quarter Unaudited Financial Statements
- PDS
- PDS
CALGARY, Alberta, Oct. 27, 2026 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, (gain) loss on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Net Capital Spending, Working Capital and Total Long-Term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.
Precision Drilling Corporation (“Precision” or the “Company”) (TSX:PD; NYSE:PDS) announces its 2026 third quarter results, highlighted by revenue, Adjusted EBITDA and net earnings growth driven by higher activity in Canada and the U.S., with U.S. margins expected to inflect higher in the fourth quarter.
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Revenue increased 15% to $532 million, compared with $462 million in the third quarter of 2025, supported by stronger drilling activity in North America and higher average U.S. day rates, which more than offset lower international results.
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Adjusted EBITDA(1) increased 6% to $125 million from $118 million in 2025, primarily due to stronger activity in North America, partially offset by higher U.S. rig reactivation costs and lower international margins. Share-based compensation expense was $8 million in the third quarter of 2026 compared to $11 million in 2025.
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Net earnings attributable to shareholders in the third quarter was $21 million compared with a net loss of $7 million in 2025. This increase was primarily due to higher deferred income tax expense in 2025 related to our U.S. operations, partially offset by $8 million of additional depreciation expense in 2026 resulting from our previously communicated change in useful life estimates.
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Cash provided by operations during the quarter was $71 million compared to $76 million, allowing for the repurchase of $31 million of common shares.
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Capital expenditures were $82 million compared to $69 million in the third quarter of 2025. Precision has revised its 2026 capital budget from $265 million to a range of $275 million to $285 million to accommodate long-lead deliveries and a pending upgrade opportunity, which would have multiple rigs contracted through 2029 for a large Canadian producer. Capital spending by spend category(1) is expected to include approximately $172 million for maintenance, infrastructure, and intangibles and $103 million to $113 million for expansion and upgrades.
