Expro Stock Falls 16% as Third-Quarter Results Bring Lower Full-Year EBITDA Guidance

Expro Ltd (NYSE: XPRO) fell 15.9% on Tuesday, Nov. 3, 2026, closing at $13.34 from a previous close of $15.87, on the day it reported third-quarter results and lowered its full-year adjusted EBITDA guidance. The S&P 500 ETF (SPY) rose 0.30% that session, and volume was 3.9 times normal.

The company reported the results in an 8-K and a press release furnished with it. Revenue for the quarter was $440 million, and the company posted a net loss of $5 million, compared with net income of $2.0 million in the second quarter and $14.0 million a year earlier. Adjusted EBITDA was $91 million, a 20.7% margin.

Guidance cut on EBITDA, raised on cash flow

Full-year 2026 adjusted EBITDA guidance is now $330 million to $340 million, down from $355 million to $365 million. Expro said it expects fourth-quarter adjusted EBITDA to be about $20 million lower than previously anticipated, because certain high-margin activities have moved into 2027. Subsea work in the U.S. Gulf was deferred after weather, and well intervention work in Colombia shifted after a change in the operator's schedule. The company said these projects remain in its backlog and that the changes affect timing, not value.

At the same time, Expro raised its 2026 adjusted free cash flow guidance to $140 million to $150 million, from $135 million to $145 million. Adjusted free cash flow for the quarter was $52 million.

Capital returns and balance sheet

The board authorized a new $100 million share repurchase plan on Oct. 26, 2026, valid through Dec. 31, 2027. Since June 30, the company has repurchased about 720 thousand shares for roughly $12 million. Liquidity at quarter end was $260 million, and long-term borrowings were $259 million.

For 2027, management said its preliminary expectations call for mid-teens growth in adjusted EBITDA and more than 20% growth in adjusted free cash flow compared with 2026. The filing does not give an explanation for the stock's decline on the session.

Expro's market capitalization before the session was about $1.78 billion.