Highlights 

  • Q3 revenue increases to USD 300.6M; net income reaches USD 28.9M. 
  • Iron Horse acquisition adds four fracturing spreads and 10 coiled tubing units. 
  • The quarterly dividend rises 22% to USD 0.055 per share. 

Trican Well Service Ltd. (TSX:TCW) reported its financial results for the third quarter of 2025, showing improved performance compared to the prior year. Revenue for the three months ended September 30, 2025, was USD 300.6M, up from USD 221.6M in Q3 2024. 

Adjusted EBITDAS and adjusted EBITDA were USD 66.9M and USD 59.5M, respectively, compared to USD 53.1M and USD 50.2M in the prior-year period. Free cash flow totaled USD 35.4M, up from USD 32.4M in Q3 2024. 

Net income for the quarter was USD 28.9M, compared to USD 24.5M, in the same quarter last year. 

As of September 30, 2025, Trican reported positive working capital (excluding cash) of USD 209.4M and net debt of USD 130.6M, versus a net cash position of USD 26.3M on December 31, 2024. 

Iron Horse Acquisition 

On August 27, 2025, Trican finalized its acquisition of Iron Horse Coiled Tubing Inc. for USD 77.25M in cash and 33.76M Trican shares. Iron Horse provides fracturing and coiled tubing services across several Western Canadian Sedimentary Basin plays, including the Cardium, Charlie Lake, Mannville Stack, Viking, Montney, and Shaunavon. 

The transaction expands Trican’s operational scope in coil-integrated fracturing and adds four fracturing spreads and 10 coiled tubing units to its fleet. 

Capital Returns 

During the first nine months of 2025, Trican repurchased and cancelled 10.7M shares under its normal course issuer bid. Since launching the NCIB program in 2017, the company has repurchased approximately 177.4M shares, equal to about 51% of its shares outstanding at inception. 

On October 28, 2025, the board approved a quarterly dividend of USD 0.055 per share, up 22% from the prior year’s payout. The dividend will be distributed on December 31, 2025, to shareholders of record as of December 12, 2025. 

Operations and Technology 

Capital expenditures in Q3 2025 totaled USD 18.9M, mainly for maintenance and electric ancillary fracturing equipment. Trican continues upgrading its fleet with Tier 4 Dynamic Gas Blending engines and fully electric ancillary systems, which can displace up to 90% of diesel used with natural gas. 

The company currently operates five Tier 4 DGB fleets totaling 210,000 HHP and expects its fourth set of electric ancillary equipment to be field-ready by year-end. 

Additionally, Trican is advancing its enterprise resource planning modernization initiative, investing about USD 10M in 2025 to enhance efficiency and data integration. 

Outlook 

Trican noted that while commodity price volatility continues, ongoing developments in Canadian LNG export capacity and pipeline infrastructure are expected to sustain industry activity in the Western Canadian Sedimentary Basin over the longer term. 

CEO Brad Fedora stated, 

“Our ability to generate strong free cash flow and maintain financial flexibility enables us to execute on our strategic plans, including continued investment in our fleet and consistent return of capital to shareholders.”