| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 1.1K | 4.1% | 8.2% |
| Total Income | 1.1K | 4.1% | 8.2% |
| Expenditure | 998.00 | 3.0% | 3.2% |
| PBT | 75.00 | 28.6% | 60.7% |
| Net Profit | 39.00 | 63.9% | 71.3% |
| OPM | 9.68% | 0.99pp | 10.00pp |
| NPM | 3.53% | 5.85pp | 7.77pp |
| EPS | 0.55 | 63.3% | 70.6% |
Weatherford Announces Q2 2026 Results
22 Jul 2026 · 22 Jul, 2:02 am
Summary
Weatherford announced its second quarter 2026 results, with revenue at $1,105 million, down 4% sequentially and 8% year-over-year. Operating income was $107 million, a sequential decrease of 13%, and net income was $39 million, down 64% sequentially. Despite sequential declines, adjusted free cash flow increased significantly by 64% sequentially to $139 million. Management noted that despite disruptions in the Middle East, second-quarter results, particularly adjusted free cash flow, were strong, demonstrating resilience. The company also announced the acquisition of NCS Multistage and an updated plan to redomesticate to Delaware, expecting significant annual cash savings.
Key Highlights
- 1
Weatherford reported second quarter revenue of $1,105 million, a decrease of 4% sequentially and 8% year-over-year.
- 2
Operating income for the second quarter was $107 million, down 13% sequentially and 55% year-over-year.
- 3
Net income in the second quarter was $39 million, with a 3.5% margin, a decrease of 64% sequentially and 71% year-over-year.
- 4
Adjusted EBITDA was $223 million, with a 20.2% margin, a decrease of 4% sequentially and 12% year-over-year.
- 5
Second quarter 2026 cash flows provided by operating activities were $175 million, an increase of 29% sequentially and 37% year-over-year.
- 6
Adjusted free cash flow was $139 million, an increase of 64% sequentially and 76% year-over-year.
- 7
The company announced the acquisition of NCS Multistage and an updated plan to redomesticate to Delaware.
Management Comments
Girish Saligram
Despite the significant disruption in the Middle East due to the Iran conflict, our second-quarter results, especially adjusted free cash flow, were strong, demonstrating the reliability and resilience of our operating paradigm. I am proud of the One Weatherford team for coming together to deliver once again. While the Middle East situation remains volatile and creates activity headwinds in the short term, our longer-term thesis remains intact. A return to the pre-conflict operating levels is expected to be gradual, contingent on continued regional stability, and requires an absence of further geopolitical escalation. Our second half 2026 outlook is appropriately adjusted to reflect these dynamics and while our total year outlook has slightly reduced, the second half represents a significant ramp up in margin contribution versus the first half. We remain focused on the factors within our control, driving long-term shareholder value through disciplined execution, portfolio strengthening, and structural simplification. The adjusted free cash flow performance and improved outlook on conversion is a consequence of this focus. The acquisition of NCS Multistage strengthens our completions portfolio, expands our technology offering, and gives us at least $15 million of cost synergies upon closing and integration. In parallel, our updated proposal to redomesticate to Delaware reinforces our commitment and our shareholders’ confidence in the multi-faceted benefits of this initiative. When completed, we expect the redomestication and related corporate restructuring to generate $20 to $30 million of annual cash savings, further enhancing our cash flow profile.
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