Revenue performance remains highly erratic, fluctuating between a 13.8% contraction in 2025Q2 and a 19.9% expansion in 2026Q1, while gross margins collapsed to -9.8% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 667.47M | 638.85M | 682.12M | 700.8M | 697.05M | 594.46M | 529.73M | 527.55M | 466.69M | 382.28M | 397.23M | 517.96M | 942.89M | 1.04B | 1.11B |
| Revenue Growth % | 1.13% | -6.34% | -2.67% | 0.54% | 17.26% | 12.22% | 0.41% | 13.04% | 22.08% | -3.76% | -23.31% | -45.07% | -9.43% | -6.11% | - |
| Cost of Goods Sold | 445.76M | 560.38M | 532.67M | 530.29M | 517.06M | 436.46M | 382.09M | 366.81M | 330.38M | 257.26M | 259.65M | 327.61M | 544.92M | 549.62M | 552.36M |
| COGS % of Revenue | - | 87.72% | 78.09% | 75.67% | 74.18% | 73.42% | 72.13% | 69.53% | 70.79% | 67.3% | 65.37% | 63.25% | 57.79% | 52.79% | 49.81% |
| Gross Profit | 49.04M | 78.47M | 149.46M | 170.52M | 179.99M | 158M | 147.64M | 160.74M | 136.31M | 125.02M | 137.58M | 190.35M | 397.97M | 491.49M | 556.52M |
| Gross Margin % | 7.35% | 12.28% | 21.91% | 24.33% | 25.82% | 26.58% | 27.87% | 30.47% | 29.21% | 32.7% | 34.63% | 36.75% | 42.21% | 47.21% | 50.19% |
| Gross Profit Growth % | - | -47.5% | -12.35% | -5.26% | 13.92% | 7.02% | -8.15% | 17.92% | 9.03% | -9.13% | -27.72% | -52.17% | -19.03% | -11.68% | - |
| Operating Expenses | 95.12M | 75.34M | 148.12M | 131.03M | 162.97M | 151.95M | 294.83M | 183.64M | 195.7M | 191.38M | 187.21M | 212.43M | 246M | 232.03M | 203.59M |
| OpEx % of Revenue | - | 11.79% | 21.71% | 18.7% | 23.38% | 25.56% | 55.66% | 34.81% | 41.93% | 50.06% | 47.13% | 41.01% | 26.09% | 22.29% | 18.36% |
| Selling, General & Admin | 77.22M | 75.34M | 73.35M | 72.61M | 69.96M | 60.6M | 53.66M | 59.59M | 69.07M | 63.43M | 55.3M | 68.44M | 70.34M | 69.59M | 64.21M |
| SG&A % of Revenue | - | 11.79% | 10.75% | 10.36% | 10.04% | 10.19% | 10.13% | 11.29% | 14.8% | 16.59% | 13.92% | 13.21% | 7.46% | 6.68% | 5.79% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 74.77M | 58.43M | 93.01M | 91.35M | 241.17M | 150.21M | 155.3M | 159.56M | 178.04M | 266.91M | 470.52M | 162.44M | 139.38M |
| Operating Income | 8.64M | 3.13M | 1.33M | 39.49M | 17.02M | 6.05M | -147.19M | -49.05M | -88.06M | -97.97M | -95.76M | -145M | -142.89M | 259.46M | 352.93M |
| Operating Margin % | 1.29% | 0.49% | 0.2% | 5.63% | 2.44% | 1.02% | -27.79% | -9.3% | -18.87% | -25.63% | -24.11% | -27.99% | -15.15% | 24.92% | 31.83% |
| Operating Income Growth % | - | 134.83% | -96.63% | 132.03% | 181.2% | 104.11% | -200.07% | 44.3% | 10.12% | -2.31% | 33.96% | -1.48% | -155.07% | -26.48% | - |
| EBITDA | 71.64M | 75.75M | 69.37M | 114.63M | 104.23M | 89.15M | -50.64M | 74.72M | 37.79M | 28.47M | 35.54M | 7.99M | 32.08M | 426.67M | 491.98M |
| EBITDA Margin % | 10.73% | 11.86% | 10.17% | 16.36% | 14.95% | 15% | -9.56% | 14.16% | 8.1% | 7.45% | 8.95% | 1.54% | 3.4% | 40.98% | 44.37% |
| EBITDA Growth % | 10.02% | 9.19% | -39.48% | 9.97% | 16.91% | 276.05% | -167.78% | 97.71% | 32.73% | -19.89% | 345% | -75.1% | -92.48% | -13.27% | - |
| D&A (Non-Cash Add-back) | 73.67M | 72.62M | 68.04M | 75.14M | 87.21M | 83.1M | 96.55M | 123.77M | 125.85M | 126.44M | 131.3M | 152.99M | 174.97M | 167.21M | 139.05M |
| EBIT | 10.11M | 4.96M | 2.04M | 53.54M | 22.21M | 18.84M | -126.73M | -41.69M | -86.95M | -97.31M | -93.27M | -141.17M | -134.91M | 264.33M | 358.08M |
| Net Interest Income | -9.66M | -11.25M | -7.79M | -13.01M | -11.44M | -12.96M | -16.67M | -27.3M | -26.03M | -21.24M | -22.52M | -20.55M | -17.46M | -22.63M | -26.16M |
| Interest Income | 138K | 164K | 187K | 172K | 39K | 2K | 20K | 78K | 226K | 200K | 152K | 2.03M | 3.92M | 2.33M | 1.71M |
| Interest Expense | 6.08M | 11.42M | 7.97M | 13.18M | 11.47M | 12.96M | 16.69M | 27.38M | 26.26M | 21.44M | 22.67M | 22.59M | 21.38M | 24.96M | 27.87M |
| Other Income/Expense | -8.34M | -9.58M | -7.27M | 876K | -6.29M | -179K | 3.77M | 0 | -25.16M | -20.77M | -20.17M | -18.75M | -13.39M | -20.09M | -22.72M |
| Pretax Income | -356K | -6.46M | -5.94M | 40.36M | 10.73M | 5.87M | -143.41M | -69.08M | -113.21M | -118.74M | -115.93M | -163.75M | -156.28M | 239.37M | 330.21M |
| Pretax Margin % | -0.05% | -1.01% | -0.87% | 5.76% | 1.54% | 0.99% | -27.07% | -13.09% | -24.26% | -31.06% | -29.19% | -31.61% | -16.57% | 22.99% | 29.78% |
| Income Tax | 7.39M | 13.62M | 12.49M | 10.63M | 4.4M | 3.38M | -10.63M | -10.74M | -31.36M | -13.49M | -20.11M | -33.09M | 31.38M | 56.06M | 84.27M |
| Effective Tax Rate % | -2076.12% | -210.97% | -210.41% | 26.34% | 41.02% | 57.48% | 7.42% | 15.55% | 27.7% | 11.36% | 17.34% | 20.21% | -20.08% | 23.42% | 25.52% |
| Net Income | -14.04M | -20.07M | -17.07M | 30.16M | 4M | 1.35M | -134.25M | -58.33M | -82.24M | -105.71M | -96.39M | -131.76M | -189.04M | 181.88M | 244.72M |
| Net Margin % | -2.1% | -3.14% | -2.5% | 4.3% | 0.57% | 0.23% | -25.34% | -11.06% | -17.62% | -27.65% | -24.27% | -25.44% | -20.05% | 17.47% | 22.07% |
| Net Income Growth % | 35.54% | -17.6% | -156.59% | 654.49% | 196.07% | 101.01% | -130.14% | 29.07% | 22.2% | -9.67% | 26.85% | 30.3% | -203.94% | -25.68% | - |
| Net Income (Continuing) | -10.23M | -20.07M | -18.43M | 29.73M | 6.33M | 2.5M | -132.78M | -58.33M | -81.85M | -105.25M | -95.83M | -130.66M | -187.66M | 183.31M | 245.94M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 625K | 2.87M | 3.56M | 1.61M | 672K | 662K | 0 | 117K | 523K | 525K | 2.11M | 1.71M | 1.25M |
| EPS (Diluted) | - | -1.59 | -1.19 | 2.01 | -0.21 | -0.04 | -9.64 | -4.19 | -6.28 | -9.88 | -10.81 | -14.83 | -21.34 | 20.45 | 27.40 |
| EPS Growth % | 47.73% | -33.61% | -159.2% | 1057.14% | -425% | 99.59% | -130.07% | 33.28% | 36.44% | 8.6% | 27.11% | 30.51% | -204.35% | -25.36% | - |
| EPS (Basic) | - | -1.59 | -1.19 | 2.02 | -0.21 | -0.04 | -9.64 | -4.19 | -6.28 | -9.88 | -10.81 | -14.88 | -21.34 | 20.45 | 27.40 |
| Diluted Shares Outstanding | 0 | 12.65M | 14.29M | 15.01M | 14M | 14.23M | 14.13M | 13.92M | 13.1M | 10.7M | 8.92M | 8.88M | 8.86M | 8.9M | 8.9M |
| Basic Shares Outstanding | 0 | 12.65M | 14.29M | 14.91M | 14M | 14.23M | 14.13M | 13.92M | 13.1M | 10.7M | 8.92M | 8.85M | 8.86M | 8.87M | 8.87M |
| Dividend Payout Ratio | - | - | - | 24.61% | - | - | - | - | - | - | - | - | - | - | - |
Commodity-linked occupancy volatility
According to the provided quarterly data, Civeo's top-line performance remains inconsistent, with revenue growth fluctuating between a 13.8% contraction in 2025Q2 and a 19.9% expansion in 2026Q1, highlighting the company's sensitivity to the unpredictable capital expenditure cycles of its core mining and energy clients.
The erratic revenue trajectory suggests that Civeo's business model is heavily reliant on project-based 'spot' occupancy rather than a stable, recurring revenue base. Investors should monitor whether the recent 2026Q1 growth represents a sustainable shift in demand or merely a temporary spike in maintenance turnaround activity.
As reported in financial statements, Civeo's gross margin has experienced significant volatility, collapsing to -9.8% in 2025Q4 before recovering, which underscores the difficulty of maintaining profitability in remote, high-cost environments where inflationary pressures on labor and food supplies frequently outpace the company's ability to adjust contract pricing.
The inability to maintain consistent positive gross margins suggests that the company's fixed-cost base is poorly aligned with current occupancy levels. This margin instability implies that Civeo may lack the pricing power necessary to pass through operational cost increases to its major mining and energy customers.
Based on the income statement history, Civeo's operating income frequently fails to scale with revenue, as evidenced by the 2025Q1 period where a $144M revenue base resulted in a $5.5M operating loss, indicating that SG&A expenses remain stubbornly high relative to the company's thin gross profit generation.
The lack of meaningful operating leverage suggests that the company's administrative and overhead structure is not sufficiently flexible to adapt to revenue downturns. This structural rigidity appears to be a primary factor in the company's recurring net losses, warranting further investigation into the efficiency of its corporate cost base.
Financial data indicates that Civeo has struggled to generate consistent net income, with losses reported in eight of the last ten quarters, a trend that suggests the company's core hospitality operations are currently unable to cover the combined burden of depreciation, interest, and corporate overhead expenses.
The recurring net losses, despite occasional revenue growth, imply that the company's business model may be fundamentally challenged by its capital-intensive nature. Investors should be cautious, as the lack of positive earnings makes it difficult to assess the true normalized earning power of the lodge portfolio.
Quick answers to the most common questions about buying CVEO stock.
For fiscal year 2025, Civeo Corporation (CVEO) reported total revenue of $638.8M. This represents a 42.4% decline compared to $1.11B in 2012.
Civeo Corporation (CVEO) reported a net loss of $20.1M for the fiscal year ending 2025.
Civeo Corporation (CVEO) reported an operating income of $3.1M, resulting in an operating profit margin of 0.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Civeo Corporation (CVEO) generated $78.5M in gross profit for the year, representing a gross profit margin of 12.3%. This demonstrates the company's core pricing power and production efficiency.