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Nabors Indsustries Financials

NBR
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Nabors Indsustries (NBR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NBR FY2025

Nabors' earnings recovery now comes from a sturdier operating base, but capex-heavy reinvestment keeps surplus cash scarce.

Between FY2023 and FY2025, operating cash flow stayed strong at $638M and $693M. Yet free cash flow moved from $97M to -$23M, showing that better reported earnings are being consumed by a heavier equipment spending cycle rather than turning into excess cash for debt reduction or distributions.

The balance-sheet reset in FY2025 was meaningful: cash rose to $941M while long-term debt fell to $2.12B. Together with debt-to-equity dropping from 18.6x to 3.6x, that means financing pressure eased materially, and current assets still exceed current liabilities even though leverage remains part of the operating model.

The core operating engine changed less than the bottom line suggests: operating margin was 14.2% in FY2024 and 14.8% in FY2025. With net margin moving from -6.0% to 9.0%, the profit swing reflects below-the-operating-line improvement as much as stronger field economics, so this was not simply a sudden margin breakout.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 46 / 100
Financial Health Score 46/100
Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Nabors Indsustries's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
33
Growth
51
Leverage
44
Liquidity
59
Cash Flow
24
Returns
63
Altman Z-Score Distress
0.81

Nabors Indsustries scores 0.81, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
6/8

Nabors Indsustries passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
2.42x

For every $1 of reported earnings, Nabors Indsustries generates $2.42 in operating cash flow ($693.3M OCF vs $286.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate
2.2x

Nabors Indsustries earns $2.2 in operating income for every $1 of interest expense ($471.1M vs $215.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue
$3.2B
YoY+8.7%
5Y CAGR+8.3%
10Y CAGR-1.9%

Nabors Indsustries generated $3.2B in revenue in fiscal year 2025. This represents an increase of 8.7% from the prior year.

EBITDA
$1.1B
YoY+6.7%
5Y CAGR+10.4%
10Y CAGR-1.4%

Nabors Indsustries's EBITDA was $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.7% from the prior year.

Net Income
$286.6M
YoY+262.8%

Nabors Indsustries reported $286.6M in net income in fiscal year 2025. This represents an increase of 262.8% from the prior year.

EPS (Diluted)
$17.39
YoY+177.7%

Nabors Indsustries earned $17.39 per diluted share (EPS) in fiscal year 2025. This represents an increase of 177.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$22.7M
YoY-267.9%

Nabors Indsustries generated -$22.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 267.9% from the prior year.

Cash & Debt
$940.7M
YoY+141.4%
5Y CAGR+14.8%
10Y CAGR+14.0%

Nabors Indsustries held $940.7M in cash against $2.1B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
16M
YoY+47.1%

Nabors Indsustries had 16M shares outstanding in fiscal year 2025. This represents an increase of 47.1% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
14.8%
YoY+0.6pp
5Y CAGR+22.8pp
10Y CAGR+6.6pp

Nabors Indsustries's operating margin was 14.8% in fiscal year 2025, reflecting core business profitability. This is up 0.6 percentage points from the prior year.

Net Margin
9.0%
YoY+15.0pp
5Y CAGR+46.8pp
10Y CAGR+18.6pp

Nabors Indsustries's net profit margin was 9.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 15.0 percentage points from the prior year.

Return on Equity
48.5%
YoY+179.0pp
5Y CAGR+118.5pp
10Y CAGR+57.2pp

Nabors Indsustries's ROE was 48.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 179.0 percentage points from the prior year.

Capital Allocation

R&D Spending
$53.1M
YoY-7.0%
5Y CAGR+9.6%
10Y CAGR+2.5%

Nabors Indsustries invested $53.1M in research and development in fiscal year 2025. This represents a decrease of 7.0% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$715.9M
YoY+26.1%
5Y CAGR+29.6%
10Y CAGR-1.9%

Nabors Indsustries invested $715.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 26.1% from the prior year.

NBR Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $783.5M-1.8% $797.5M-2.5% $818.2M-1.8% $832.8M+13.1% $736.2M+0.9% $729.8M-0.3% $731.8M-0.4% $734.8M
Cost of Revenue N/A N/A N/A N/A N/A N/A $431.7M-1.9% $440.2M
Gross Profit N/A N/A N/A N/A N/A N/A $300.1M+1.9% $294.6M
R&D Expenses $13.5M+1.3% $13.3M+2.7% $13.0M+2.0% $12.7M-9.4% $14.0M-2.8% $14.4M+0.2% $14.4M+0.3% $14.4M
SG&A Expenses $71.8M-5.9% $76.3M-1.0% $77.1M-6.8% $82.7M+20.8% $68.5M+11.5% $61.4M-4.0% $64.0M+2.9% $62.2M
Operating Income $95.4M-43.3% $168.1M+31.6% $127.8M+74.1% $73.4M-27.9% $101.8M-46.3% $189.7M+79.1% $105.9M+82.8% $57.9M
Interest Expense $43.8M-13.6% $50.6M-6.8% $54.3M-3.1% $56.1M+3.2% $54.3M+1.3% $53.6M-3.1% $55.4M+7.5% $51.5M
Income Tax $16.9M+126.9% $7.4M-93.7% $117.6M+409.5% $23.1M+53.8% $15.0M-1.5% $15.2M+50.5% $10.1M-34.9% $15.6M
Net Income -$15.2M-246.6% $10.3M-96.2% $274.2M+987.1% -$30.9M-193.7% $33.0M+161.5% -$53.7M+3.9% -$55.8M-73.1% -$32.3M
EPS (Diluted) $-1.54 N/A $16.85+721.8% $-2.71-224.3% $2.18 N/A $-6.86-59.9% $-4.29

NBR Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $4.4B-8.4% $4.8B-0.9% $4.8B-4.1% $5.0B0.0% $5.0B+11.9% $4.5B-1.1% $4.6B-1.3% $4.6B
Current Assets $1.2B-25.7% $1.6B+8.9% $1.4B+19.0% $1.2B-0.2% $1.2B+19.9% $999.5M-6.8% $1.1B-0.5% $1.1B
Cash & Equivalents $500.8M-46.8% $940.7M+119.8% $428.1M+10.5% $387.3M-2.3% $396.5M+1.7% $389.7M-13.7% $451.6M-3.1% $466.0M
Inventory $90.2M-4.9% $94.8M-12.5% $108.3M+0.8% $107.5M-8.2% $117.0M-9.9% $130.0M-8.4% $141.9M-4.0% $147.8M
Accounts Receivable $417.7M+6.6% $391.7M-19.6% $487.1M-9.3% $537.1M-2.3% $549.6M+41.7% $388.0M+0.8% $384.7M+4.4% $368.6M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $2.9B-12.2% $3.4B-21.2% $4.3B-10.1% $4.7B+0.7% $4.7B+7.5% $4.4B+0.2% $4.4B-0.1% $4.4B
Current Liabilities $585.2M-41.1% $993.0M+46.0% $680.2M+1.6% $669.4M+0.3% $667.6M+16.7% $571.9M+0.1% $571.6M-3.3% $590.9M
Long-Term Debt $2.1B+0.1% $2.1B-9.8% $2.3B-12.2% $2.7B-0.5% $2.7B+7.2% $2.5B+0.1% $2.5B-0.4% $2.5B
Total Equity $568.9M-3.7% $590.7M+1.9% $579.8M+88.2% $308.0M-10.1% $342.7M+153.8% $135.0M-29.5% $191.4M-23.6% $250.4M
Retained Earnings -$1.9B-1.2% -$1.8B+0.1% -$1.8B+12.6% -$2.1B-1.9% -$2.1B+1.2% -$2.1B-3.0% -$2.0B-3.2% -$2.0B

NBR Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $113.3M-53.9% $245.8M+18.3% $207.9M+36.9% $151.8M+73.0% $87.7M-41.1% $148.9M+3.7% $143.6M-20.9% $181.7M
Capital Expenditures $165.0M+1.8% $162.1M-13.8% $188.1M-5.3% $198.5M+20.4% $165.0M-20.7% $208.0M+76.4% $117.9M-14.7% $138.3M
Free Cash Flow -$51.6M-161.6% $83.8M+322.6% $19.8M+142.4% -$46.7M+39.5% -$77.2M-30.6% -$59.1M-330.0% $25.7M-40.8% $43.4M
Investing Cash Flow -$169.5M-219.8% $141.4M-15.0% $166.5M+222.5% -$135.9M-81.5% -$74.9M+63.0% -$202.2M-60.4% -$126.1M-4.7% -$120.5M
Financing Cash Flow -$383.2M-1305.3% -$27.3M+94.7% -$518.2M-2572.4% -$19.4M-890.3% -$2.0M-6892.9% -$28K+99.9% -$25.7M-1984.7% -$1.2M
Dividends Paid N/A N/A N/A N/A N/A $0 $0 $0
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

NBR Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin N/A N/A N/A N/A N/A N/A 41.0%+0.9pp 40.1%
Operating Margin 12.2%-8.9pp 21.1%+5.5pp 15.6%+6.8pp 8.8%-5.0pp 13.8%-12.2pp 26.0%+11.5pp 14.5%+6.6pp 7.9%
Net Margin -1.9%-3.2pp 1.3%-32.2pp 33.5%+37.2pp -3.7%-8.2pp 4.5%+11.8pp -7.3%+0.3pp -7.6%-3.2pp -4.4%
Return on Equity -2.7%-4.4pp 1.8%-45.5pp 47.3%+57.3pp -10.0%-19.7pp 9.6%+49.4pp -39.8%-10.6pp -29.2%-16.3pp -12.9%
Return on Assets -0.4%-0.6pp 0.2%-5.5pp 5.7%+6.3pp -0.6%-1.3pp 0.7%+1.8pp -1.2%+0.0pp -1.2%-0.5pp -0.7%
Current Ratio 1.97+0.4 1.56-0.5 2.09+0.3 1.790.0 1.80+0.0 1.75-0.1 1.88+0.1 1.82
Debt-to-Equity 3.72+0.1 3.58-0.5 4.05-4.6 8.68+0.8 7.84-10.7 18.56+5.5 13.08+3.0 10.04
FCF Margin -6.6%-17.1pp 10.5%+8.1pp 2.4%+8.0pp -5.6%+4.9pp -10.5%-2.4pp -8.1%-11.6pp 3.5%-2.4pp 5.9%

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Frequently Asked Questions

Nabors Indsustries (NBR) reported $3.2B in total revenue for fiscal year 2025. This represents a 8.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Nabors Indsustries (NBR) revenue grew by 8.7% year-over-year, from $2.9B to $3.2B in fiscal year 2025.

Yes, Nabors Indsustries (NBR) reported a net income of $286.6M in fiscal year 2025, with a net profit margin of 9.0%.

Nabors Indsustries (NBR) reported diluted earnings per share of $17.39 for fiscal year 2025. This represents a 177.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Nabors Indsustries (NBR) had EBITDA of $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Nabors Indsustries (NBR) had $940.7M in cash and equivalents against $2.1B in long-term debt.

Nabors Indsustries (NBR) had an operating margin of 14.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Nabors Indsustries (NBR) had a net profit margin of 9.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Nabors Indsustries (NBR) has a return on equity of 48.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Nabors Indsustries (NBR) generated -$22.7M in free cash flow during fiscal year 2025. This represents a -267.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Nabors Indsustries (NBR) generated $693.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Nabors Indsustries (NBR) had $4.8B in total assets as of fiscal year 2025, including both current and long-term assets.

Nabors Indsustries (NBR) invested $715.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Nabors Indsustries (NBR) invested $53.1M in research and development during fiscal year 2025.

Nabors Indsustries (NBR) had 16M shares outstanding as of fiscal year 2025.

Nabors Indsustries (NBR) had a current ratio of 1.56 as of fiscal year 2025, which is generally considered healthy.

Nabors Indsustries (NBR) had a debt-to-equity ratio of 3.58 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Nabors Indsustries (NBR) had a return on assets of 6.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Nabors Indsustries (NBR) has an Altman Z-Score of 0.81, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Nabors Indsustries (NBR) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Nabors Indsustries (NBR) has an earnings quality ratio of 2.42x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Nabors Indsustries (NBR) has an interest coverage ratio of 2.2x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Nabors Indsustries (NBR) scores 46 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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