Filing Flows › Civeo (CVEO) › Q1 2026
Civeo (CVEO) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 1, 2026
Civeo (CVEO) reported revenue of $173M for the first quarter 2026 (Q1 2026), +20% from a year earlier and +7% from the quarter before. Operating margin was 1.8%, net loss $3.8M (2.2% of revenue).
Civeo, Q1 2026: revenue $173M (+20% year over year), operating margin 1.8%, net loss $3.8M, operating cash flow −$9.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $173M | +7% | +20% |
| Operating profit | $3.1M | — | — |
| Net earnings | −$3.8M | — | — |
| Operating cash flow | −$9.7M | -151% | — |
What changed
Revenue was $172.7M in Q1 2026, up 20% year over year and up 7% from the previous quarter. Australia was the largest line at 71% of revenue. Australia added $19.4M year over year (up 19%), 68% of the total change.
Gross margin was 23.3%, up 2.8 points from Q1 2025. Operating profit was $3.1M, a 1.8% margin (up 5.6 points year over year). Operating expenses grew 6% against revenue growth of 20%. The fastest-growing cost line was SG&A (+10%). The quarter ended with a net loss of $3.8M, narrower than the previous quarter's $6.5M loss. Net interest and other expense of $3.8M was the main reason.
Operating cash flow was −$9.7M. Non-cash charges added back $17.3M of depreciation and amortization. Working capital and other items used $23.2M. Capital expenditures of $4.1M exceeded it, leaving free cash flow of −$13.9M.
Questions
What was Civeo's revenue in the first quarter 2026?
Civeo (CVEO) reported revenue of $173M for the first quarter 2026 (Q1 2026), +20% from a year earlier and +7% from the quarter before.
Was Civeo profitable in the first quarter 2026?
Operating profit was $3.1M (1.8% of revenue) and net loss $3.8M.
Source: Civeo 10-Q on SEC EDGAR.