Civeo Corporation (NYSE:CVEO) reported fourth-quarter results Tuesday that came in below Wall Street expectations, with both revenue and earnings missing forecasts amid a difficult operating backdrop.
Despite the earnings shortfall, shares edged up 0.40% in after-hours trading following the release.
The hospitality and workforce accommodations provider posted a quarterly loss of $0.56 per share on revenue of $161.6 million. Analysts had expected a narrower loss of $0.43 per share and revenue of $169.64 million.
For the full year, revenue declined 6% to $638.8 million in 2025 from $682.1 million in 2024. However, fourth-quarter revenue rose 7% year over year from $151.0 million, reflecting some improvement late in the year.
Looking ahead to 2026, Civeo projected revenue between $650 million and $700 million. The midpoint of $675 million falls slightly below the analyst consensus of $677.2 million.
The company expects adjusted EBITDA in the range of $85 million to $90 million and capital expenditures of $25 million to $30 million for the year.
“Our fourth quarter and full year results reflect disciplined execution in a challenging macro environment, highlighted by record annual revenues for our Australian segment,” said Bradley J. Dodson, Civeo’s President and Chief Executive Officer. “Throughout 2025, we remained focused on what we can control—taking care of our guests, operating safely, managing costs, allocating capital thoughtfully, and strengthening our platform for long-term value creation.”
Civeo’s Australian division delivered record annual revenue of $460.3 million. Meanwhile, Canadian operations showed signs of recovery, with fourth-quarter revenue up 4% year over year and adjusted EBITDA margins improving to 8% from a negative 13% a year earlier, driven by cost-cutting measures.
During 2025, the company repurchased 2.3 million shares for approximately $54 million, representing about 17% of shares outstanding as of December 31, 2024.
The board also approved a new authorization allowing the company to buy back up to an additional 10% of outstanding shares once the current program is completed.