PRECISION DRILLING Corp (PDS) Form 6-K — Oct 27, 2026
Precision Drilling's Q3 2026 revenue rose 15% year over year to C$532 million and net earnings swung to C$21 million ($1.65 per share) from a C$7 million loss, driven by 16% higher rig utilization in Canada and 19% in the U.S., both outpacing industry activity. The company raised its 2026 capital budget to C$275-285 million to fund upgrades to 25 rigs backed by long-term contracts, and guided U.S. operating margins up roughly 30% in Q4 as rig reactivation costs roll off. It returned C$31 million via buybacks in the quarter and has cut debt by C$75 million year to date.
Key figures
- Eps
- 1.65
- Revenue
- 531652000
- Guidance
- 2026 capital budget revised from $265 million to $275-285 million; Q4 U.S. operating margins expected up ~30%, averaging US$9,500-US$10,500 per utilization day; Canada Q4 margins C$13,500-C$14,500 per utilization day; targeting $100 million 2026 debt reduction.
- Net Income
- 20917000
- Total Debt
- 629116000
- Revenue Yoy
- 15.0%
- Total Assets
- 2765893000
- Cash Position
- 23177000
- Shares Outstanding
- 12,676 thousand (weighted average basic, Q3 2026)
- Q3 share buybacks
- $31 million (269,331 shares)
- Adjusted ebitda q3
- 125116000
- Us active rigs avg
- 43 vs 36
- Ytd debt reduction
- $75 million
- Ytd share buybacks
- $47 million (405,621 shares)
- Adjusted ebitda yoy
- 6.4%
- Available liquidity
- more than $460 million
- Cra max tax liability
- approximately $155 million excluding interest
- Canada active rigs avg
- 73 vs 63
- Capital expenditures q3
- 82482000
- Cash from operations q3
- 70813000
AI analysis
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