Key Highlights

  • Revenue was USD 170 million and adjusted EBITDA USD 20 million, up 8% and 6% sequentially, exceeding company guidance.
  • Backlog rose to USD 482 million, up 7% sequentially and 21% year over year, on bookings of USD 135 million.
  • GAAP EPS was USD 0.05 and adjusted EPS was USD 0.15, with adjusted Net Income of USD 8 million.
  • Fourth-quarter guidance: Revenue of USD 172 million to USD 184 million, adjusted EBITDA USD 20 million to USD 23 million.

Results Exceed Guidance

Oil States International, Inc. (NYSE:OIS) reported third-quarter 2026 revenue of USD 170 million and adjusted EBITDA of USD 20 million, up 8% and 6% from the second quarter, both above its guidance. Net income was USD 3 million, or USD 0.05 per share, including executive transition, Facility exit and other charges. Excluding those charges, adjusted net income was USD 8 million, or USD 0.15 per share.

Management said 72% of consolidated revenue in the first nine months of 2026 came from offshore and international activity, up from around 50% in 2023. Management said the shift in Business mix has positioned the company for long-term growth.

Segment Performance

Offshore and Manufactured Products generated revenue of USD 104 million and adjusted segment EBITDA of USD 19 million, an 18% margin, with a modest sequential decline in Margin from a shift toward lower-margin product and service offerings. Book-to-bill was 1.3x in the quarter and 1.2x year to date, and Backlog of USD 482 million is the highest in almost 12 years, supported by offshore and international energy projects and military programs.

Completion and Production Services generated revenue of USD 23 million and adjusted segment EBITDA of USD 6 million, a 26% margin, with revenue down 5% and EBITDA down 7% sequentially on changes in U.S. land customer activity. Downhole Technologies generated revenue of USD 42 million and adjusted segment EBITDA of USD 4 million, with revenue up 6% sequentially to its highest level since the first quarter of 2023, despite elevated costs for tungsten, explosive powders and copper.

During 2026 the company put a new cash-flow-based Credit facility in place, retired its remaining convertible senior notes and maintained a net cash position. It repurchased USD 9 million of common stock in the first nine months, following expiration of its prior repurchase authorization, invested USD 38 million in inventory and spent USD 10 million on capital expenditures.

Outlook and Opportunities

Fourth-quarter guidance calls for revenues of USD 172 million to USD 184 million and adjusted EBITDA of USD 20 million to USD 23 million. Management noted that customer schedules, project timelines, geopolitical conditions and the timing of contract awards create quarter-to-quarter variation.

The chief executive pointed to a further managed pressure drilling rental booking, subsea intervention opportunities leveraging riser, connector and pressure control capabilities, and progress on deep-sea mineral gathering systems. Priorities include growing the order book, converting backlog into profitable revenue and executing across core businesses.

Backlog Conversion Signposts

Items to track include conversion of the record backlog, input costs in Downhole Technologies, U.S. land activity levels and the margin mix in Offshore and Manufactured Products.