Oil States International (NYSE:OIS) reported a resilient fourth quarter on Friday, as surging demand in offshore and international markets helped the Houston-based energy services provider navigate a cooling U.S. shale landscape.
Despite recording a GAAP net loss due to heavy non-cash impairment charges, the company’s operational core delivered its highest backlog in nearly a decade.
For the quarter ended December 31, 2025, Oil States reported consolidated revenue of $178 million, an 8% sequential increase that landed at the high end of management’s prior guidance.
Adjusted net income, which strips out $125 million in restructuring and asset impairment charges, totaled $8 million, or $0.13 per share—comfortably beating the $0.11 analyst consensus.
Adjusted EBITDA also saw a 9% sequential improvement, reaching $23 million.
The star of the quarter was the Offshore Manufactured Products segment, where bookings reached $160 million, resulting in a robust book-to-bill ratio of 1.3x.
This late-year surge pushed the total segment backlog up 9% sequentially, providing a significant revenue cushion for 2026.
Conversely, the company’s U.S. land-based operations continued to face headwinds as domestic completion activity slowed under lower crude price forecasts.