Quarterly ResultJul 21, 2026, 04:33 PM
Weatherford Q2 Revenue $1.11B; Acquires NCS Multistage
AI Summary
Weatherford International plc reported Q2 2026 results with revenue of $1,105 million, down 4% sequentially, and net income of $39 million, a 64% sequential decrease, primarily due to the Iran conflict. Despite the financial declines, the company announced the acquisition of NCS Multistage to strengthen its completions portfolio and an updated plan to redomesticate to Delaware, projected to generate $20-30 million in annual cash savings. Adjusted free cash flow was strong at $139 million, up 64% sequentially, and the company returned $36 million to shareholders.
Key Highlights
- Acquired NCS Multistage in a stock-and-cash transaction to expand well completions portfolio.
- Introduced updated plan to redomesticate to Delaware, expecting $20-30M annual cash savings.
- Q2 Revenue was $1,105 million, a decrease of 4% sequentially and 8% year-over-year.
- Q2 Net Income was $39 million, down 64% sequentially and 71% year-over-year.
- Q2 Adjusted EBITDA was $223 million, a decrease of 4% sequentially and 12% year-over-year.
- Q2 Adjusted free cash flow was $139 million, an increase of 64% sequentially.
- Shareholder return totaled $36 million in Q2, including $20 million in dividends and $16 million in share repurchases.
- Awarded multiple Managed Pressure Drilling (MPD) contracts from Noble, Constellation, and Ventura.
Price Impact
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