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Dec 31, 2025
NESR Q4 2025 Earnings Report
NESR reported strong fourth quarter 2025 results with double-digit revenue growth and improved Adjusted EBITDA, while net income was impacted by non-recurring charges.
Key Takeaways
National Energy Services Reunited Corp. delivered Q4 2025 revenue of 398262000, up sequentially and year-over-year, with Adjusted EBITDA of 84414000 and net income of 7803000. The company reduced net debt to 185300000 and strengthened its liquidity position.
Revenue increased to 398262000 in Q4 2025, up 15.9% year-over-year.
Adjusted EBITDA reached 84414000 with margins of 21.2%.
Net income was 7803000, impacted by non-cash impairments and restructuring charges.
Net debt declined to 185300000 as of December 31, 2025.
Forward Guidance
NESR enters 2026 with strong operational momentum, a growing backlog across MENA, and a focus on margin stability, working capital improvement, and further debt reduction.
Positive Outlook
- Strong backlog momentum including major Saudi Arabia contract awards.
- Improved utilization and early mobilization on new contracts.
- Disciplined cost execution supporting stable margins.
- Continued focus on cash generation and debt reduction.
- Strengthened liquidity entering 2026.
Challenges Ahead
- Exposure to political and regulatory risks in MENA region.
- Capital intensive operations requiring ongoing investment.
- Impact of non-recurring charges on GAAP profitability.
- Customer capital spending volatility risk.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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