Record quarter, record backlog, still a services name
Total Energy Services (TSX: TOT) reported second-quarter 2026 results on August 12. Revenue was $328.96 million, up 31 percent year over year. Net income was $26.78 million, up 57 percent. EBITDA was $60.85 million, up 34 percent. Operating income rose 51 percent to $33.73 million. Cash flow from operations was $47.74 million. Diluted EPS was $0.72.
The Compression and Process Services segment carried a record backlog of $554.5 million, which the company said gives visibility into 2028. North American natural gas compression demand and upgraded rig deployment in Australia and Canada drove the quarter. Total Energy also completed the disposition of its U.S. well servicing assets during Q2, with a $3.0 million year-over-year gain on sales partly offset by $2.3 million of non-recurring U.S. contract drilling expenses.
The board increased the 2026 capital budget to $120.1 million, with total commitments of $144.6 million including carryforward. A U.S. facility expansion remains on track for Q1 2027 completion.