XPRO earnings analysis
What we found in XPRO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Expro Group Holdings N.V. reported strong growth in Q1 2026, with revenues of $368 million, slightly exceeding the consensus estimate of $362 million. The company achieved an EPS of $0.09, significantly higher than the estimated $0.03. While certain segments faced declines, notably MENA and NLA, APAC grew, benefiting from increased activity.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Beat Expectations
- Actual Q1 2026 revenue was $368 million, higher than the estimated $362 million.
- Positive EPS Surprise
- The reported EPS of $0.09 surpassed the estimate of $0.03, reflecting a positive surprise of 2%.
- Segment Growth in APAC
- APAC segment revenue increased by 3% year-over-year to $43.8 million, supported by higher subsea well access activity.
- Cost Reduction in A&d Expenses
- Depreciation and amortization expenses fell by $8.4 million, enhancing overall margins.
- Healthy Cash Flow
- Operating cash flow for the quarter was $25.3 million, down from $41.5 million a year ago.
- Liquidity Position Stabilized
- Available liquidity stood at $517.3 million as of March 31, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Weakness in MENA Segment
- MENA revenue dropped 12.2% quarter-over-quarter to $81.7 million, impacted by lower activity due to geopolitical conflicts.
- Operating Income Decline
- Net loss for Q1 2026 was $1 million, compared to a net income of $5.8 million in Q4 2025, signaling operational challenges.
- Increased Cash Used in Financing Activities
- Cash used in financing activities rose to $25.4 million in Q1 2026 from $15.1 million year-over-year, signaling higher share repurchases.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.09
- Segment
- NLA : $128.2 million
- Segment
- ESSA : $113.9 million
- Segment
- MENA : $81.7 million
- Segment
- APAC : $43.8 million
What they said about what is next.
Reaffirmed 2026 full-year guidance projecting revenues of $1.6 to $1.65 billion.
The filing reads better than the one before it.
What came before.
- 10-K · February 19, 2026
- Expro reported FY2025 revenue of $1,607,095 (in thousands), down from $1,712,802 in 2024, with a noticeable regional shift toward MENA (22.6% of revenue). Safety metrics improved (LTIF 0.00; TRCF 0.37) and free cash…
- 10-Q · July 29, 2025
- Q2 results show weaker top-line but stronger profitability and cash generation. Revenue declined to $422.74M (Q2 2024: $469.64M), but gross margin expanded to ~24.3% and operating income rose to $32.6M, driving net…
- 10-Q · July 25, 2024
- Expro reported strong top-line growth in Q2 with revenue of $469,642,000, up $72.7M (+18.3% YoY) and up $86.2M (+22.5% QoQ). Margins and profitability improved (gross margin 22.0%, operating margin 5.9%) and diluted EPS…
- 10-K · February 21, 2024
- Expro (XPRO) reported full-year 2023 revenue of $1,512,764,000 (from $1,279,418,000 in 2022), driven by growth in Europe & Sub‑Saharan Africa and stable North & Latin America activity. The company emphasizes a…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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