Revenue reached $169.8M in 2026Q3, up 2.6% year over year, but gross margins have oscillated between 4.5% and 18.6% across recent quarters, indicating limited cost absorption stability.
Oil States International, Inc. (OIS) annual income statement — 28-year revenue, gross profit & net income history
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 626.23M | 668.99M | 692.59M | 782.28M | 737.71M | 573.16M | 638.08M | 1.02B | 1.09B | 670.63M | 694.44M | 1.1B | 1.82B | 2.67B | 4.41B | 3.48B | 2.41B | 2.11B | 2.95B | 2.09B | 1.92B | 1.53B | 971.01M | 723.68M | 616.85M | 671.21M | 304.55M | 154.33M | 359.03M |
| Revenue Growth % | -4.44% | -3.41% | -11.47% | 6.04% | 28.71% | -10.17% | -37.28% | -6.5% | 62.26% | -3.43% | -36.87% | -39.55% | -31.85% | -39.49% | 26.84% | 44.25% | 14.41% | -28.5% | 41.19% | 8.57% | 25.58% | 57.74% | 34.18% | 17.32% | -8.1% | 120.39% | 97.34% | -57.02% | - |
| Cost of Goods Sold | 538.26M | 583.17M | 585.71M | 663.17M | 642.39M | 546.74M | 660.35M | 922.91M | 955.04M | 628.42M | 645.49M | 916.96M | 1.33B | 1.94B | 3.52B | 2.79B | 2B | 1.76B | 2.34B | 1.67B | 1.52B | 1.25B | 810.63M | 573.11M | 487.05M | 537.45M | 217.6M | 119.28M | 287.79M |
| COGS % of Revenue | - | 87.17% | 84.57% | 84.77% | 87.08% | 95.39% | 103.49% | 90.72% | 87.77% | 93.71% | 92.95% | 83.36% | 73.13% | 72.62% | 79.83% | 80.12% | 82.86% | 83.4% | 79.28% | 80.11% | 79.15% | 81.8% | 83.48% | 79.19% | 78.96% | 80.07% | 71.45% | 77.29% | 80.16% |
| Gross Profit | 88.19M | 85.81M | 106.88M | 119.12M | 95.32M | 26.42M | -22.27M | 94.45M | 133.09M | 42.2M | 48.95M | 183.02M | 488.95M | 731.01M | 901.02M | 691.77M | 413.49M | 349.94M | 610.88M | 415.32M | 401.03M | 278.75M | 160.39M | 150.57M | 129.79M | 133.76M | 86.95M | 35.05M | 71.25M |
| Gross Margin % | 14.08% | 12.83% | 15.43% | 15.23% | 12.92% | 4.61% | -3.49% | 9.28% | 12.23% | 6.29% | 7.05% | 16.64% | 26.87% | 27.38% | 20.42% | 19.88% | 17.14% | 16.6% | 20.72% | 19.89% | 20.85% | 18.2% | 16.52% | 20.81% | 21.04% | 19.93% | 28.55% | 22.71% | 19.84% |
| Gross Profit Growth % | - | -19.71% | -10.27% | 24.97% | 260.72% | 218.64% | -123.58% | -29.04% | 215.34% | -13.79% | -73.25% | -62.57% | -33.11% | -18.87% | 30.25% | 67.3% | 18.16% | -42.71% | 47.09% | 3.56% | 43.87% | 73.8% | 6.52% | 16% | -2.96% | 53.84% | 148.03% | -50.8% | - |
| Operating Expenses | 100.66M | 90.42M | 100.21M | 98.69M | 99.54M | 80.59M | 85M | 119.43M | 126.77M | 111.42M | 116.56M | 132.47M | 178.29M | 217.91M | 204.14M | 180.64M | 150.87M | 139.29M | 143.08M | 118.42M | 107.22M | 84.67M | 64.81M | 85.4M | 75.23M | 78.06M | 59.13M | 35.3M | 45.41M |
| OpEx % of Revenue | - | 13.52% | 14.47% | 12.62% | 13.49% | 14.06% | 13.32% | 11.74% | 11.65% | 16.61% | 16.78% | 12.04% | 9.8% | 8.16% | 4.63% | 5.19% | 6.25% | 6.61% | 4.85% | 5.67% | 5.57% | 5.53% | 6.67% | 11.8% | 12.2% | 11.63% | 19.42% | 22.87% | 12.65% |
| Selling, General & Admin | 91.3M | 90.42M | 95.01M | 94.19M | 96.04M | 76.19M | 85M | 119.43M | 126.77M | 111.42M | 116.56M | 132.47M | 169.43M | 214.43M | 203.65M | 180.23M | 150.87M | 139.29M | 143.08M | 118.42M | 107.22M | 84.67M | 64.81M | 57.71M | 51.79M | 50.02M | 37.82M | 27.82M | 45.41M |
| SG&A % of Revenue | - | 13.52% | 13.72% | 12.04% | 13.02% | 13.29% | 13.32% | 11.74% | 11.65% | 16.61% | 16.78% | 12.04% | 9.31% | 8.03% | 4.61% | 5.18% | 6.25% | 6.61% | 4.85% | 5.67% | 5.57% | 5.53% | 6.67% | 7.97% | 8.4% | 7.45% | 12.42% | 18.03% | 12.65% |
| Research & Development | 0 | 0 | 5.2M | 4.5M | 3.5M | 4.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.75% | 0.58% | 0.47% | 0.77% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.86M | 3.48M | 490K | 409K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.69M | 23.44M | 28.04M | 59.13M | 35.3M | 0 |
| Operating Income | -12.37M | -4.61M | 6.67M | 20.43M | -4.22M | -54.17M | -107.28M | -24.99M | 6.32M | -69.21M | -67.6M | 50.55M | 310.65M | 513.09M | 696.88M | 511.12M | 262.62M | 210.65M | 467.8M | 296.9M | 293.81M | 194.07M | 95.58M | 65.17M | 54.56M | 55.7M | 27.82M | -240K | 25.83M |
| Operating Margin % | -1.98% | -0.69% | 0.96% | 2.61% | -0.57% | -9.45% | -16.81% | -2.46% | 0.58% | -10.32% | -9.74% | 4.6% | 17.07% | 19.22% | 15.79% | 14.69% | 10.89% | 9.99% | 15.87% | 14.22% | 15.28% | 12.67% | 9.84% | 9% | 8.85% | 8.3% | 9.13% | -0.16% | 7.2% |
| Operating Income Growth % | - | -169.12% | -67.36% | 583.94% | 92.21% | 49.51% | -329.34% | -495.35% | 109.13% | -2.38% | -233.73% | -83.73% | -39.45% | -26.37% | 36.34% | 94.62% | 24.67% | -54.97% | 57.56% | 1.05% | 51.39% | 103.06% | 46.66% | 19.44% | -2.04% | 100.22% | 11690.83% | -100.93% | - |
| EBITDA | 23.31M | 42.83M | 61.38M | 81.21M | 63.11M | 26.57M | -8.73M | 98.33M | 129.85M | 38.46M | 51.12M | 181.81M | 435.43M | 791.15M | 926.98M | 699.27M | 386.82M | 328.76M | 570.4M | 367.6M | 349.4M | 240.78M | 131.56M | 93.07M | 77.87M | 83.73M | 49.13M | 7.24M | 25.83M |
| EBITDA Margin % | 3.72% | 6.4% | 8.86% | 10.38% | 8.56% | 4.64% | -1.37% | 9.67% | 11.93% | 5.73% | 7.36% | 16.53% | 23.93% | 29.63% | 21.01% | 20.1% | 16.04% | 15.59% | 19.35% | 17.6% | 18.17% | 15.72% | 13.55% | 12.86% | 12.62% | 12.48% | 16.13% | 4.69% | 7.2% |
| EBITDA Growth % | -63.98% | -30.22% | -24.42% | 28.68% | 137.5% | 404.32% | -108.88% | -24.27% | 237.66% | -24.77% | -71.88% | -58.25% | -44.96% | -14.65% | 32.56% | 80.77% | 17.66% | -42.36% | 55.17% | 5.21% | 45.12% | 83.01% | 41.36% | 19.52% | -7% | 70.43% | 578.99% | -71.99% | - |
| D&A (Non-Cash Add-back) | 35.68M | 47.44M | 54.71M | 60.78M | 67.33M | 80.74M | 98.54M | 123.32M | 123.53M | 107.67M | 118.72M | 131.26M | 124.78M | 278.05M | 230.1M | 188.15M | 124.2M | 118.11M | 102.6M | 70.7M | 55.59M | 46.7M | 35.99M | 27.91M | 23.31M | 28.04M | 21.31M | 7.48M | 0 |
| EBIT | -110.63M | -96.68M | 949K | 25.39M | 6.51M | -63.01M | -520.07M | -222.83M | -2.42M | -72.74M | -67.98M | 56.99M | 213.52M | 512.24M | 695.82M | 512.58M | 256.9M | 120.97M | 396.59M | 318.35M | 321.04M | 196.41M | 96.44M | 65.17M | 54.56M | 55.7M | 27.82M | 13.35M | 25.83M |
| Net Interest Income | -2.87M | -5.85M | -7.73M | -8.19M | -10.28M | -10.17M | -13.87M | -17.64M | -19M | -4.32M | -4.94M | -5.88M | -16.61M | -38.2M | -39.97M | -55.81M | -15.52M | -14.89M | -20.02M | -14.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 1.07M | 1.38M | 291K | 158K | 390K | 262K | 319K | 359K | 399K | 543K | 560K | 2.35M | 1.58M | 1.7M | 751K | 380K | 3.56M | 3.51M | 2.51M | 475K | 363K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.87M | 5.85M | 8.8M | 9.57M | 10.57M | 10.33M | 14.26M | 17.9M | 19.31M | 4.67M | 5.34M | 6.43M | 17.17M | 75.9M | 68.92M | 57.51M | 16.27M | 15.27M | 17.53M | 17.99M | 19.39M | 13.9M | 7.67M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -85.49M | -97.92M | -14.52M | -4.61M | 162K | -19.17M | -427.05M | -215.74M | -28.05M | -8.2M | -5.72M | 15K | -114.31M | -76.75M | -69.98M | -56.05M | -22M | -104.94M | -88.74M | 3.46M | 7.83M | -11.57M | -6.81M | -6.51M | -3.53M | -10.97M | -15.59M | -2.04M | -15.19M |
| Pretax Income | -97.86M | -102.53M | -7.85M | 15.82M | -4.06M | -73.33M | -534.33M | -240.73M | -21.73M | -77.41M | -73.33M | 50.57M | 196.34M | 436.34M | 626.89M | 455.07M | 240.63M | 105.71M | 379.06M | 300.36M | 301.65M | 182.51M | 88.77M | 58.65M | 51.03M | 45.51M | 12.22M | -10.84M | 10.65M |
| Pretax Margin % | -15.63% | -15.33% | -1.13% | 2.02% | -0.55% | -12.79% | -83.74% | -23.66% | -2% | -11.54% | -10.56% | 4.6% | 10.79% | 16.34% | 14.21% | 13.08% | 9.98% | 5.01% | 12.86% | 14.38% | 15.68% | 11.92% | 9.14% | 8.11% | 8.27% | 6.78% | 4.01% | -7.02% | 2.97% |
| Income Tax | 9.25M | 6.84M | 3.41M | 2.93M | 5.48M | -9.34M | -65.95M | -8.92M | -2.63M | 7.44M | -26.94M | 22.2M | 69.12M | 119.99M | 177.05M | 131.65M | 72.02M | 46.1M | 156.35M | 96.99M | 104.01M | 60.69M | 29.41M | 14.22M | 11.36M | 2.05M | 10.78M | 1.15M | 9.74M |
| Effective Tax Rate % | -9.45% | -6.68% | -43.38% | 18.54% | -134.98% | 12.74% | 12.34% | 3.71% | 12.09% | -9.61% | 36.74% | 43.9% | 35.2% | 27.5% | 28.24% | 28.93% | 29.93% | 43.61% | 41.25% | 32.29% | 34.48% | 33.26% | 33.13% | 24.25% | 22.26% | 4.51% | 88.15% | -10.56% | 91.53% |
| Net Income | -107.11M | -109.38M | -11.26M | 12.89M | -9.54M | -63.99M | -468.38M | -231.81M | -19.11M | -84.85M | -46.39M | 28.6M | 179M | 421.26M | 448.61M | 322.45M | 168.02M | 59.11M | 222.71M | 203.37M | 197.63M | 121.81M | 59.36M | 44.43M | 39.68M | 42.68M | 1.45M | -18.63M | 902K |
| Net Margin % | -17.1% | -16.35% | -1.63% | 1.65% | -1.29% | -11.16% | -73.41% | -22.79% | -1.76% | -12.65% | -6.68% | 2.6% | 9.84% | 15.78% | 10.17% | 9.27% | 6.97% | 2.8% | 7.55% | 9.74% | 10.28% | 7.95% | 6.11% | 6.14% | 6.43% | 6.36% | 0.48% | -12.07% | 0.25% |
| Net Income Growth % | -547.34% | -871.55% | -187.33% | 235.13% | 85.09% | 86.34% | -102.06% | -1113.34% | 77.48% | -82.91% | -262.22% | -84.02% | -57.51% | -6.1% | 39.12% | 91.92% | 184.23% | -73.46% | 9.51% | 2.9% | 62.24% | 105.2% | 33.6% | 11.99% | -7.03% | 2847.24% | 107.77% | -2165.19% | - |
| Net Income (Continuing) | -107.11M | -109.38M | -11.26M | 12.89M | -9.54M | -63.99M | -468.38M | -231.81M | -19.11M | -84.85M | -46.39M | 28.37M | 127.23M | 316.35M | 449.85M | 323.42M | 168.6M | 59.61M | 222.71M | 203.37M | 197.63M | 121.81M | 59.36M | 44.43M | 39.68M | 42.68M | 1.45M | -6.94M | 902K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 226K | 51.78M | 292.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.88M | 1.4M | 1.12M | 1.03M | 1.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 151K | 62.85M | 225K | 0 |
| EPS (Diluted) | -1.84 | -1.86 | -0.18 | 0.20 | -0.15 | -1.06 | -7.83 | -3.90 | -0.33 | -1.69 | -0.92 | 0.56 | 3.31 | 7.53 | 8.10 | 5.86 | 3.19 | 1.18 | 4.33 | 3.99 | 3.89 | 2.41 | 1.19 | 0.90 | 0.81 | 0.93 | 0.04 | -0.81 | 0.04 |
| EPS Growth % | -575.17% | -933.33% | -190% | 233.33% | 85.85% | 86.46% | -100.77% | -1081.82% | 80.47% | -83.7% | -264.29% | -83.08% | -56.04% | -7.04% | 38.23% | 83.7% | 170.34% | -72.75% | 8.52% | 2.57% | 61.41% | 102.52% | 32.22% | 11.11% | -12.9% | 2225% | 104.94% | -2114.93% | - |
| EPS (Basic) | - | -1.86 | -0.18 | 0.20 | -0.15 | -1.06 | -7.83 | -3.90 | -0.33 | -1.69 | -0.92 | 0.56 | 3.33 | 7.58 | 8.47 | 6.30 | 3.34 | 1.19 | 4.49 | 4.11 | 3.99 | 2.47 | 1.20 | 0.92 | 0.82 | 0.94 | 0.05 | -0.81 | 0.04 |
| Diluted Shares Outstanding | 58.25M | 58.7M | 62M | 63.15M | 61.64M | 60.29M | 59.81M | 59.38M | 58.71M | 50.14M | 50.17M | 50.34M | 53.15M | 55.93M | 55.38M | 55.01M | 52.7M | 50.22M | 51.41M | 50.91M | 50.77M | 50.48M | 50.03M | 49.22M | 48.89M | 46.05M | 26.47M | 23.07M | 22.43M |
| Basic Shares Outstanding | 58.08M | 58.7M | 62M | 62.69M | 61.64M | 60.29M | 59.81M | 59.38M | 57.89M | 50.14M | 50.17M | 50.27M | 52.86M | 55.57M | 52.96M | 51.16M | 50.24M | 49.63M | 49.62M | 49.5M | 49.52M | 49.34M | 49.33M | 48.53M | 48.29M | 45.26M | 24.48M | 23.05M | 22.41M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.98% | 116.09% | - | - |
Quick answers to the most common questions about buying OIS stock.
For fiscal year 2025, Oil States International, Inc. (OIS) reported total revenue of $669.0M. This represents a 86.3% increase compared to $359.0M in 1998.
Oil States International, Inc. (OIS) reported a net loss of $109.4M for the fiscal year ending 2025.
Oil States International, Inc. (OIS) reported an operating income of $-4.6M, resulting in an operating profit margin of -0.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Oil States International, Inc. (OIS) generated $85.8M in gross profit for the year, representing a gross profit margin of 12.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin Margins Vulnerable to Downturn
Metrics are mathematically derived from official filings.
Revenue Recovery Remains Uneven
Based on reported quarterly figures, OIS revenue rose 2.6% year over year to $169.8M in the most recent quarter, after contracting in several prior periods and falling 11.3% in 2025Q2.
The reported revenue series shows volatility rather than a durable upward trend, with year-over-year changes swinging between roughly -21% and +8% across the ten quarters. The return to modest growth in 2026Q3 is encouraging but rests on a single period, and investors should monitor whether it persists across consecutive quarters. Growth drivers such as volume versus pricing are not disclosed in the supplied data, so the durability of the recovery cannot be confirmed.
Gross Margins Oscillate Without Clear Floor
As reported in the income statement, OIS gross margin ranged from 4.5% in 2025Q4 to 18.6% in 2026Q3, indicating pronounced sensitivity of cost absorption to revenue levels.
The swing between near-breakeven gross margins and the high-teens suggests limited pricing power and a cost base that does not flex smoothly with activity. Compared with NOV at 20.2% and DNOW at 17.0%, OIS's most recent gross margin is competitive, but its trough periods fall well below peers, implying greater cyclicality. Investors should view the 2026Q3 margin as a potential high point rather than a stable run rate until it is confirmed over additional quarters.
Operating Leverage Turns Negative Quickly
Based on reported figures, OIS operating margin moved from 4.5% in 2026Q3 to -9.1% in 2025Q4, showing that SG&A near $23M to $24M per quarter absorbs most gross profit swings.
Because SG&A remains broadly fixed while gross profit fluctuates between about $8M and $32M, operating income amplifies revenue changes in both directions. The 2025Q4 operating loss illustrates how quickly the cost base can overwhelm a weak gross profit quarter. This pattern suggests the business has high operating leverage to the downside, and it warrants further investigation into how much of SG&A is truly discretionary.
Net Income Distorted by Discrete Items
According to reported results, OIS net income swung from -$117.2M in 2025Q4 to $15.2M in 2024Q4, a range far larger than operating income would imply.
Such extreme net income variance relative to operating income points to large non-operating or discrete items, including likely impairments or tax effects, though the supplied data does not isolate them. The 2025Q4 loss of $117.2M against an operating loss of $16.2M suggests a material below-the-line charge. Investors should treat reported EPS as low quality for trend analysis until the drivers of these items are identified.
Margin Recovery May Prove Fragile
Bears would argue that OIS 2026Q3 operating margin of 4.5% follows a loss-making quarter and may not represent a sustainable structural improvement given recent volatility.
A skeptical analyst would note that the latest quarter's gross margin of 18.6% is the best in the supplied series and may reflect favorable timing or mix rather than structural change. Net margin of 4.4% in that quarter is also flattered relative to the prior three quarters, which averaged well below 2%. If revenue softens again, the fixed SG&A base of roughly $24M per quarter could quickly return the company to operating losses, warranting caution in extrapolating recent results.