Last year's drought pull-forward makes this quarter look worse than the tape
Trican Well Service (TSX: TCW) reported second-quarter 2026 results on July 28. Revenue was $214.6 million, essentially flat versus $213.8 million in Q2 2025. Adjusted EBITDA was $22.6 million, down from $44.9 million, as a more normal spring break-up and wet June weather replaced the drought-driven summer rush of Q2 2025. Pricing pressure and inflation on costs also compressed margins despite the Iron Horse coiled-tubing and fracturing acquisition.
The company returned $18.0 million to shareholders in the quarter: $11.5 million of dividends and $6.5 million under its NCIB. Loss was $2.3 million, or $0.01 per share, versus profit of $19.5 million a year earlier. Working capital excluding cash was $81.0 million at June 30.
Trican's 2026 capital budget is $122 million, including Canada's first 100 percent natural-gas-fueled continuous heavy-duty fracturing fleet, expected field-ready in the fourth quarter of 2026. On July 28 the board declared a quarterly dividend of $0.055 per share, up from $0.050 a year earlier, payable September 30 to holders of record September 15.
Neutral read
TCW is on the listed oilfield-services list. Banks were skipped. Flat revenue, halved adjusted EBITDA, and a Q4 gas-frac target are the facts. Write Q2 2025 as the tough comp, not as a broken market. Watch whether the gas frac fleet actually fields in Q4 and whether Iron Horse volumes show up in coiled-tubing revenue.