$PDS

PRECISION DRILLING Corp

CIK:0001013605|SEC Filings

Consolidated Statements of Net Earnings - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Profit or loss [abstract]
Revenue	$ 1,843,704	$ 1,902,328
Expenses:
Operating	1,239,649	1,248,686
General and administrative	114,440	132,421
Earnings before income taxes, loss on investments and other assets,finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals, and depreciation and amortization	489,615	521,221
Depreciation and amortization	317,904	309,314
Gain on asset disposals	(8,623)	(16,148)
Loss on asset decommissioning	67,080	0
Foreign exchange	(1,208)	2,259
Finance charges	57,197	69,753
Loss on investments and other assets	1,344	1,484
Earnings before income taxes	55,921	154,559
Income taxes:
Current	3,307	7,470
Deferred	49,520	35,759
Income taxes	52,827	43,229
Net earnings	3,094	111,330
Attributable to:
Shareholders of Precision Drilling Corporation	1,842	111,195
Non-controlling interests	$ 1,252	$ 135
Net earnings per share attributable to shareholders of Precision Drilling Corporation:
Basic	$ 0.14	$ 7.81
Diluted	$ 0.14	$ 7.81

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operations:
Net earnings	$ 3,094	$ 111,330
Adjustments for:
Long-term compensation plans	14,521	18,888
Depreciation and amortization	317,904	309,314
Gain on asset disposals	(8,623)	(16,148)
Loss on asset decommissioning	67,080	0
Unrealized foreign exchange	(1,654)	2,442
Finance charges	57,197	69,753
Income taxes	52,827	43,229
Other	(439)	(272)
Loss on investments and other assets	1,344	1,484
Income taxes paid	(5,638)	(6,459)
Income taxes recovered	67	85
Interest paid	(63,491)	(72,241)
Interest received	1,234	1,967
Funds provided by operations	435,423	463,372
Changes in non-cash working capital balances	(22,526)	18,711
Cash provided by operations	412,897	482,083
Investments:
Purchase of property, plant and equipment	(263,474)	(216,647)
Purchase of intangibles	(24)	(51)
Proceeds on sale of property, plant and equipment	39,038	30,395
Proceeds from sale of investments and other assets	0	3,623
Purchase of investments and other assets	(21)	(725)
Receipt of finance lease payments	851	799
Changes in non-cash working capital balances	15,306	(20,380)
Cash used in investing activities	(208,324)	(202,986)
Financing:
Issuance of long-term debt	148,780	27,978
Repayment of long-term debt	(249,439)	(204,319)
Repurchase of share capital	(75,623)	(75,488)
Issuance of common shares from the exercise of options	418	686
Debt amendment fees	(717)	(1,363)
Distributions to non-controlling interest	(831)
Lease payments	(14,867)	(13,271)
Funding from non-controlling interest	0	4,392
Cash used in financing activities	(192,279)	(261,385)
Effect of exchange rate changes on cash and cash equivalents	(284)	1,877
Increase in cash	12,010	19,589
Cash, beginning of year	73,771	54,182
Cash, end of year	$ 85,781	$ 73,771

Consolidated Statements of Financial Position - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash	$ 85,781	$ 73,771
Accounts receivable	352,142	378,712
Inventory	48,992	43,300
Assets held for sale		5,501
Total current assets	486,915	501,284
Non-current assets:
Deferred tax assets	2,235	6,559
Property, plant and equipment	2,159,212	2,356,173
Intangibles	9,470	12,997
Right-of-use assets	56,817	66,032
Finance lease receivables	4,474	4,806
Investments and other assets	7,567	8,464
Total non-current assets	2,239,775	2,455,031
Total assets	2,726,690	2,956,315
Current liabilities:
Accounts payable and accrued liabilities	280,652	314,355
Income tax payable	1,670	3,778
Current portion of lease obligation	17,778	20,559
Total current liabilities	300,100	338,692
Non-current liabilities:
Share based compensation	13,780	13,666
Provisions and other	6,704	7,472
Lease obligation	47,169	54,566
Long-term debt	679,291	812,469
Deferred tax liabilities	90,763	47,451
Total non-current liabilities	837,707	935,624
Equity:
Shareholders' capital	2,238,766	2,301,729
Contributed surplus	79,270	77,557
Accumulated other comprehensive income	165,020	199,020
Deficit	(898,992)	(900,834)
Total equity attributable to shareholders	1,584,064	1,677,472
Non-controlling interest	4,819	4,527
Total equity	1,588,883	1,681,999
Total liabilities and equity	$ 2,726,690	$ 2,956,315