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NCS Multistage Holdings earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Jul 31, 2026
Q2 2026 Revenue up 5% year over year to $38.4M · 8¢ of every $1 of revenue lost · operating margin -14.6%
NCS Multistage Holdings made $38.4M in Q2 2026 (+5% Y/Y): Product $27.7M, Service $10.7M. Operating margin -14.6%, net loss $3.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 31, 2026.
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What changed this quarter
Revenue was $38.4M in Q2 2026, up 5% year over year and down 16% from the previous quarter. Product was the largest line at 72% of revenue. Service added $2.0M year over year (up 23%), 105% of the total change.
Operating costs exceeded revenue by $5.6M, an operating margin of -14.6%. Total costs grew 14% against revenue growth of 5%. The fastest-growing cost line was SG&A (+32%). The quarter ended with a net loss of $3.0M, after a profit of $1.7M the previous quarter. Non-operating items added $1.2M, -27% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$1.9M. Non-cash charges added back $1.6M of depreciation and amortization and $1.3M of share-based compensation. Working capital and other items used $1.8M. Capital expenditures of $493K exceeded it, leaving free cash flow of −$2.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Jul 31, 2026 | $38.4M | +5% | -14.6% | −$3.0M | −$1.9M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $45.6M | -9% | 1.9% | $1.7M | $1.3M |
| Q4 2025 | 10-K | Mar 5, 2026 | $50.6M | +12% | 10.3% | $15.0M | $13.1M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $46.5M | +6% | 6.6% | $3.8M | $7.2M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $36.5M | +23% | -5.6% | $1.7M | $3.5M |
| Q1 2025 | 10-Q | May 1, 2025 | $50.0M | +14% | 8.6% | $4.1M | −$1.6M |
| Q4 2024 | 10-K | Mar 10, 2025 | $45.0M | +28% | 6.5% | $3.5M | $10.6M |
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About NCS Multistage Holdings
NCS Multistage Holdings, Inc. (“NCS,” the “Company,” “we,” “our” or “us”) is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completion and field development strategies. We provide our products and services primarily to E&P companies for use in onshore and offshore wells, predominantly those that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. Our products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East and Argentina.
In its own words, from its 10-K, filed Mar 5, 2026.
NCS Multistage Holdings against its Oil & Gas Field Services, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +6%. Operating margin: -14.6% against the peers' median 1.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NCS Multistage Holdings | Q2 2026 | $38.4M | +5% | -14.6% |
| SLB SLB Limited | Q3 2026 | $9.4B | +6% | 10.8% |
| HAL Halliburton | Q3 2026 | $5.7B | +2% | 10.9% |
| LBRT Liberty Energy | Q3 2026 | $1.2B | +26% | 1.6% |
| OII Oceaneering International | Q3 2026 | $785M | +6% | 11.7% |
| NESR National Energy Services Reunited | Q2 2026 | $521M | +59% | 12.5% |
| ACDC ProFrac Holding | Q3 2026 | $511M | +27% | -6.7% |
| RES RPC | Q3 2026 | $468M | +5% | -11.5% |
| XPRO Expro | Q3 2026 | $440M | +7% | 1.1% |
Source: NCS Multistage Holdings 10-Q on SEC EDGAR · CIK 1692427 · Oil & Gas Field Services, NEC