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Dawson Geophysical (DWSN) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · Dawson Geophysical (DWSN) Q2 2026 earnings results →
Q2 2026 Revenue up 82% year over year to $17.9M · 19¢ of every $1 of revenue lost · operating margin -16.9%
Dawson Geophysical made $17.9M in Q2 2026 (+82% Y/Y): Fee Revenue $14.0M, Reimbursable Revenue $3.9M. Operating margin -16.9%, net loss $3.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.
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What changed this quarter
Revenue was $17.9M in Q2 2026, up 82% year over year and down 51% from the previous quarter. Fee Revenue was the largest line at 78% of revenue. Fee Revenue added $5.3M year over year (up 60%), 65% of the total change.
Operating costs exceeded revenue by $3.0M, an operating margin of -16.9%. Total costs grew 71% against revenue growth of 82%. The fastest-growing cost line was Cost of revenue (+76%). The quarter ended with a net loss of $3.4M, after a profit of $7.7M the previous quarter.
Operating cash flow was $6.5M (down 57% year over year). Non-cash charges added back $2.0M of depreciation and amortization and $69K of share-based compensation. Working capital and other items added $7.8M. Capital expenditures of $219K left free cash flow of $6.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 14, 2026 | $17.9M | +82% | -16.9% | −$3.4M | $6.5M |
| Q1 2026 | 10-Q | May 15, 2026 | $36.7M | +128% | 22.2% | $7.7M | −$465K |
| Q4 2025 | 10-K | Mar 31, 2026 | $26.9M | +72% | 3.1% | $569K | $2.1M |
| Q3 2025 | 10-Q | Nov 13, 2025 | $22.7M | +58% | -5.2% | −$1.2M | −$4.7M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $9.9M | -21% | -24.1% | −$2.3M | $14.9M |
| Q1 2025 | 10-Q | May 14, 2025 | $16.1M | -49% | 6.4% | $992K | $1.8M |
| Q4 2024 | 10-K | Apr 2, 2025 | $15.6M | -36% | -5.3% | −$802K | −$5.4M |
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About Dawson Geophysical
Except as otherwise specifically noted herein, references in this annual report on Form 10-K to the “Company,” “we,” “us” or “our” refer to Dawson Geophysical Company and its consolidated subsidiaries. Dawson Geophysical Company, a Texas corporation (the “Company”), is a leading provider of North American onshore seismic data acquisition services with operations throughout the continental United States (“U.S.”) and Canada. We acquire and process 2-D, 3-D and multi-component seismic data for our clients, ranging from major oil and gas companies to independent oil and gas operators, providers of multi-client data libraries and carbon capture sequestration projects. Our principal business office is located at 508 West Wall, Suite 800, Midland, Texas 79701 (Telephone: 432-684-3000), and our internet address is www.dawson3d.com.
In its own words, from its 10-K, filed Mar 31, 2026.
Dawson Geophysical against its Oil & Gas Field Exploration Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +82% against the peers' median +52%. Operating margin: -16.9% against the peers' median 33.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| DWSN Dawson Geophysical | Q2 2026 | $17.9M | +82% | -16.9% |
| Ridgewood Energy O Fund LLC | Q3 2026 | $1.8M | +56% | 42.0% |
| Ridgewood Energy y Fund LLC | Q3 2026 | $1.6M | +57% | 46.0% |
| Ridgewood Energy X Fund, LLC | Q3 2026 | $943K | +60% | 45.6% |
| Ridgewood Energy W Fund LLC | Q3 2026 | $889K | +52% | 29.0% |
| Ridgewood Energy Q Fund LLC | Q3 2026 | $698K | +52% | 39.4% |
| Ridgewood Energy V Fund LLC | Q3 2026 | $574K | +51% | 33.3% |
| Ridgewood Energy S Fund LLC | Q3 2026 | $518K | +51% | 30.9% |
| Ridgewood Energy T Fund LLC | Q3 2026 | $487K | +51% | 31.2% |
Source: Dawson Geophysical 10-Q on SEC EDGAR · CIK 799165 · Oil & Gas Field Exploration Services
13F: who owns DWSN and who is buying
More on DWSN
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results