Enerflex Q2 2026: Adjusted EBITDA Reaches $128M, Free Cash Flow $32M, and ES Backlog Hits Record $1.5B
EFXT has more than doubled off its 52-week low of $8.04 on elevated volume (2.1× avg).
Summary
Enerflex posted Q2 2026 adjusted EBITDA of $128M and free cash flow of $32M, while its ES backlog climbed to a record $1.5B. The company also raised 2026 capex guidance and extended its credit facility, highlighting strong operational momentum and financial discipline.
Key Events · Earnings and Guidance · EFXT
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Q2 2026 Financial Results
Revenue came in at $582M, with adjusted EBITDA of $128M, free cash flow of $32M, and net earnings of $30M ($0.25/share). Gross margin before D&A was 29.7%.
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Record ES Backlog of $1.5B
The Engineered Systems backlog rose to $1.5B, supported by Q2 bookings of $488M, representing a book-to-bill of 1.6x. The majority of the backlog is expected to convert to revenue within 12 months.
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Raised 2026 Capex Guidance
Organic capex guidance was refined to $185M–$195M (from $175M–$195M), with organic growth capex at approximately $100M, primarily directed toward expanding the U.S. contract compression fleet.
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Strengthened Balance Sheet
The RCF maturity was extended to June 2029, and the accordion increased to $200M. Bank-adjusted net debt/EBITDA improved to 0.8x from 1.3x a year ago, while net debt was reduced to $455M.
Analysis · EFXT · Technology
Solid Q2 results underscore Enerflex's strong cash generation and operational execution, with adjusted EBITDA of $128 million and free cash flow of $32 million. A record $1.5 billion Engineered Systems backlog, fueled by $488 million in new bookings, provides exceptional revenue visibility. Confidence in growth, particularly in U.S. contract compression, is reflected in management's decision to refine 2026 capex guidance to the top end. Financial flexibility is further strengthened by the extended credit facility and reduced leverage, with bank-adjusted net debt/EBITDA at 0.8x. The pending APAC divestiture and strategic North American integration sharpen the focus on high-return markets. These results reinforce the company's ability to self-fund growth while returning capital to shareholders.
At the time of this filing, EFXT was trading at $20.68 on NYSE in the Technology sector, with a market capitalization of approximately $2.5B. The 52-week trading range was $8.04 to $29.15. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.