Expro Reports Q2 2026: Revenue $393M, Net Income $2M; Cuts Full-Year Guidance on Middle East Conflict

summarizeSummary

Expro posted Q2 revenue of $393 million and net income of $2 million, but lowered full-year guidance due to ongoing Middle East disruptions. The company also highlighted $20 million in buybacks and the closing of the Enhanced Drilling acquisition.

check_boxKey Events · Earnings and Guidance · XPRO

• Q2 Revenue $393M, Net Income $2M

  Revenue rose 7% sequentially to $393 million, with net income of $2 million ($0.02/share). Adjusted EBITDA was $76 million (19.3% margin), up from $63 million in Q1.

• Full-Year Guidance Cut

  Revenue guidance lowered to $1,600–$1,650 million (from $1,650–$1,700 million), with Adjusted EBITDA now $355–$375 million (from $355–$375 million). The cut reflects prolonged Middle East conflict impacts and lower Coretrax contributions.

• Share Repurchases Continue

  Expro bought back 1.3 million shares for $20 million in Q2, bringing YTD repurchases to $40 million (2.5 million shares). $60 million remains under the $100 million authorization.

• Enhanced Drilling Acquisition Closed

  The ~$215 million (2 billion NOK) acquisition of Enhanced Drilling closed on July 23, 2026, adding differentiated technology and expected to contribute five months of operations in 2026.

auto_awesomeAnalysis · XPRO · Energy & Transportation

Expro's Q2 results show a sequential rebound from a seasonally weak Q1, with revenue up 7% to $393 million and Adjusted EBITDA of $76 million (19.3% margin). However, the company cut its full-year revenue guidance by $50 million at the midpoint, citing prolonged Middle East conflict impacts that will now persist through year-end. The updated outlook tempers the growth story, though management still expects a significant second-half ramp driven by strategic initiatives and the recently closed Enhanced Drilling acquisition. The $20 million in share repurchases this quarter signals confidence, but the guidance cut is the dominant takeaway.