Filing Flows › Civeo (CVEO) › Q4 2025
Civeo (CVEO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 3, 2026
Civeo (CVEO) reported revenue of $162M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -5% from the quarter before. Operating margin was -0.1%, net loss $6.5M (4.0% of revenue).
Civeo, Q4 2025: revenue $162M (+7% year over year), operating margin -0.1%, net loss $6.5M, operating cash flow $19.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $162M | -5% | +7% |
| Operating profit | −$135K | -102% | — |
| Net earnings | −$6.5M | — | — |
| Operating cash flow | $19.3M | +39% | +103% |
| Free cash flow | $14.5M | +76% | +720% |
What changed
Revenue was $161.6M in Q4 2025, up 7% year over year and down 5% from the previous quarter. Australia was the largest line at 74% of revenue.
Gross margin was 22.7%, up 4.1 points from a year earlier. Operating costs exceeded revenue by $135K, an operating margin of -0.1%. Operating expenses fell 3% while revenue rose 7%. The quarter ended with a net loss of $6.5M, wider than the previous quarter's $456K loss. Net interest and other expense of $3.4M was the main reason.
Operating cash flow was $19.3M (up 103% year over year). Non-cash charges added back $18.5M of depreciation and amortization. Working capital and other items added $7.2M. Capital expenditures of $4.8M left free cash flow of $14.5M.
Questions
What was Civeo's revenue in the fourth quarter 2025?
Civeo (CVEO) reported revenue of $162M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -5% from the quarter before.
Was Civeo profitable in the fourth quarter 2025?
Operating loss was $135K (-0.1% of revenue) and net loss $6.5M.
Source: Civeo 10-K on SEC EDGAR.