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Dec 31, 2025
Nabors Q4 2025 Earnings Report
Nabors reported fourth quarter 2025 results with lower revenue sequentially and net income of $10.3 million.
Key Takeaways
Nabors generated $797.5 million in Q4 2025 revenue and net income attributable to shareholders of $10.3 million, or $0.17 per diluted share. Adjusted EBITDA totaled $221.6 million, supported by solid performance in International Drilling and U.S. Drilling, while free cash flow improved significantly to $131.8 million.
Q4 operating revenues were $797.5 million with net income attributable to Nabors of $10.3 million.
Adjusted EBITDA reached $221.6 million, led by International Drilling at $131.3 million.
Adjusted free cash flow increased significantly to $131.8 million in the quarter.
Average rigs working totaled 162.9, with International Drilling averaging 93.3 rigs.
Revenue by Segment
Forward Guidance
For Q1 2026, Nabors expects stable U.S. activity, modest international growth, and adjusted free cash flow consumption driven by SANAD newbuild investments.
Positive Outlook
- Lower 48 average rig count expected at 64–65 rigs in Q1 2026.
- International average rig count projected at 91–92 rigs.
- Drilling Solutions adjusted EBITDA expected around $39 million.
- Full-year 2026 International average rig count guided to 96–98 rigs.
- Full-year 2026 Drilling Solutions adjusted EBITDA expected at $160–170 million.
Challenges Ahead
- Q1 2026 adjusted free cash consumption expected at $80–90 million.
- SANAD expected to consume $50–60 million of free cash in Q1.
- Rig Technologies Q1 adjusted EBITDA expected at approximately $2 million.
- Capital expenditures of $170–180 million expected in Q1.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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