North America paid the quarter. Argentina gets the growth cheque
Calfrac Well Services (TSX: CFW) reported second-quarter 2026 results on August 6. Revenue was $426.7 million, up 6 percent from Q2 2025. Net income was $31.8 million, or $0.32 per diluted share, up 108 percent from $15.3 million a year earlier, helped by lower interest expense and stronger North American operations. Adjusted EBITDA was $73.8 million, 17 percent of revenue, down from $77.0 million in Q2 2025 as Argentine pricing normalized.
Net debt decreased 36 percent in the quarter to $125.8 million, which the company described as a decade low. Calfrac also had TSX approval for a normal course issuer bid of up to 5.0 million shares, about 5 percent of the float.
After June 30 the board approved about $22.6 million of incremental 2026 capital spending. That includes expanding coiled tubing capacity in Argentina on a new three-year committed contract and adding cementing capacity for Vaca Muerta. Calfrac completed its first wireline job in Argentina with its own unit during the quarter.
Neutral read
CFW is on the listed oilfield-services list. Banks were skipped. $31.8 million of net income, $125.8 million of net debt, and $22.6 million of follow-on capex are the facts. Write Argentina growth as approved spending, not as extra Q2 EBITDA. Watch whether Argentine pricing keeps compressing margins, whether the NCIB actually buys stock, and whether the Vaca Muerta cementing kit earns work in 2027.