Precision Drilling Corporation reported weaker 2025 financial results while continuing to strengthen its balance sheet. Revenue was $1.84 billion, down 3% from 2024, and Adjusted EBITDA declined 6% to $490 million as U.S. drilling and completion activity softened.
Net earnings attributable to shareholders fell sharply to $2 million ($0.14 per share) from $111 million ($7.81 per share), mainly due to a $67 million loss on decommissioning 31 rigs and $17 million of extra depreciation from revised drill pipe lives. Despite this, cash from operations reached $413 million.
The company reduced long‑term debt by $101 million to $679 million, bringing Net Debt to Adjusted EBITDA to 1.2x after cutting $535 million of debt since 2022. Precision also repurchased $76 million of shares, shrinking the share count by 6%, and invested $107 million in 27 major, largely customer‑funded rig upgrades to support its High Performance, High Value strategy.
Precision Drilling Corporation filed its Annual Report on Form 40-F, reaffirming governance, audit, and disclosure controls for the fiscal year ended December 31, 2025. The filing states 12,932,399 common shares outstanding as of December 31, 2025 and references audited consolidated financial statements and MD&A filed as exhibits.
The report notes an independent attestation by KPMG LLP on internal control over financial reporting, identifies five audit committee financial experts, confirms no off-balance sheet arrangements material to investors, and lists applicable exhibits including certifications and the Annual Information Form.
Precision Drilling Corporation has received approval for a dual listing of its common shares on NYSE Texas, a fully electronic equities exchange based in Dallas. Trading on NYSE Texas under the same “PDS” ticker is expected to begin on March 2, 2026.
The company will maintain its primary listing on the New York Stock Exchange and its Toronto Stock Exchange listing under the symbol “PD”. This dual listing provides investors with another U.S. trading venue while leaving existing listings unchanged.
Precision Drilling Corporation filed a report outlining key dates and details for its upcoming annual meeting of security holders. The record date for notice and voting is March 25, 2026, and the meeting will be held as a virtual meeting on May 14, 2026.
The company will use notice-and-access for both registered and beneficial holders, with no stratification criteria. Precision Drilling will not send proxy materials directly to non-objecting beneficial owners but will pay for delivery to objecting beneficial owners.
A shareholder of PDS has filed a notice of proposed sale of 12,000 common shares through broker Charles Schwab & Co. on the NYSE, with an approximate sale date of 02/17/2026 and an aggregate market value of 1059120.00.
The filing notes that these 12,000 common shares were acquired on 12/13/2023 as equity compensation, with the same date shown as the payment date and the nature of payment also described as equity compensation. Shares of the same class outstanding were 13,779,502 at the time referenced.
Precision Drilling reported fourth quarter 2025 revenue of $478.5M, up 2% year over year, and Adjusted EBITDA of $126.4M, up 5%. The quarter swung to a net loss attributable to shareholders of $42.2M versus earnings of $14.8M a year earlier, driven by a non-cash $67M charge to decommission 31 drilling rigs and a $17M drill pipe write-down.
For 2025, revenue was $1.84B (down 3%), Adjusted EBITDA was $489.6M (down 6%), and net earnings attributable to shareholders were $1.8M compared with $111.2M in 2024. The company reduced long-term debt to $679.3M, cutting debt by $101M and ending with a Net Debt to Adjusted EBITDA ratio of 1.2 times and working capital of $186.8M.
Precision repurchased $76M of shares in 2025, shrinking basic weighted average shares by 6%. For 2026, it plans capital spending of $245M, target debt reduction of $100M, and to allocate up to 50% of free cash flow before debt repayments to share repurchases, while maintaining strong rig utilization in Canada, the U.S., and the Middle East.
Precision Drilling Corp received a Schedule 13G filing showing that FIL Limited and affiliated entities beneficially own 850,331 shares of its common stock, representing 6.5% of the class as of 12/31/2025. FIL Limited reports sole dispositive power over these shares and limited sole voting power.
Pandanus Partners, L.P. and Pandanus Associates, Inc. are also listed as reporting persons with the same 850,331 shares and 6.5% stake. The securities are stated to be held in the ordinary course of business and not for the purpose of changing or influencing control of Precision Drilling. One or more other persons may receive dividends or sale proceeds, but no such person holds more than five percent of the outstanding common stock.
Precision Drilling Corporation furnished a Form 6-K indicating that it has met its annual capital allocation targets and is providing related financial and operational updates. These updates are contained in an attached exhibit titled “Precision Drilling Meets Annual Capital Allocation Targets and Provides Financial and Operational Updates,” offering investors additional detail on the company’s recent performance and capital deployment.
Precision Drilling Corporation submitted a Form 6-K as a foreign private issuer for January 2026. The filing confirms it files annual reports under Form 40-F and is signed by Chief Financial Officer Dustin D Honing. The report mainly forwards an exhibit announcing the company’s 2025 fourth quarter and year-end results conference call and webcast.