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Sep 30, 2025
NESR Q3 2025 Earnings Report
NESR posted solid profitability in Q3 2025, supported by cost efficiency measures despite a softer revenue environment.
Key Takeaways
National Energy Services Reunited Corp. reported Q3 2025 results with $295.3 million in revenue and $17.7 million in net income. The company maintained strong EBITDA margins amid lower activity in key regions and continued to execute its growth strategy with recent major contract wins.
Revenue reached $295.3 million for the quarter.
Net income totaled $17.7 million, up sequentially.
Adjusted EBITDA was $64.0 million with a margin of 21.7%.
Cash balance declined to $69.7 million as of quarter end.
Forward Guidance
Management expects improved cash flow in Q4 2025, continued margin strength, and execution of large new contracts including Jafurah.
Positive Outlook
- Expected improvement in operating cash flow in Q4.
- Strong margin discipline maintained.
- New large contract wins in Saudi Arabia and beyond.
- Readiness to execute on large-scale infrastructure projects.
- Focus on sustained value creation for shareholders.
Challenges Ahead
- Q3 revenue came in lower than expected.
- Reduced activity due to contract transition in Saudi Arabia.
- Increase in working capital requirements.
- Decrease in cash and cash equivalents.
- Free cash flow reduced versus prior year due to higher receivables.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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