National Energy Services Reunited Corp. Reports First Quarter 2026 Financial Results
Rhea-AI Summary
National Energy Services Reunited (NESR) reported Q1 2026 revenue of $404.6 million, up 33.5% year-over-year and 1.6% sequentially. Net income reached $23.8 million and diluted EPS $0.23, with Adjusted EBITDA of $76.7 million and operating cash flow of $30.7 million.
Cash was $93.0 million, total debt $287.4 million, and net debt $194.4 million. NESR plans a $0.10 per share quarterly dividend from Q4 2026 and authorized up to $50 million in share repurchases.
Positive
- Revenue rose 33.5% year-over-year to $404.6 million
- Net income increased to $23.8 million, up 129.3% year-over-year
- Diluted EPS grew to $0.23, up 109.1% year-over-year
- Adjusted EBITDA reached $76.7 million, a 22.7% year-over-year increase
- Operating cash flow was $30.7 million, up 50.1% year-over-year
- Free cash flow improved to -$5.3 million from -$9.6 million year-over-year
- Total debt decreased to $287.4 million from $310.1 million at year-end 2025
- Board approved a planned $0.10 quarterly dividend starting Q4 2026
- Board authorized up to $50 million in share repurchases
Negative
- Adjusted net income of $26.7 million declined 16.1% sequentially
- Adjusted EBITDA of $76.7 million fell 9.2% sequentially
- Free cash flow remained negative at -$5.3 million in Q1 2026
- Cash and cash equivalents declined to $93.0 million from $124.8 million at year-end 2025
- Net debt increased to $194.4 million from $185.3 million at year-end 2025
News Market Reaction – NESR
In the May 11 session, NESR gained 10.09%, reflecting a significant positive market reaction. Argus tracked a peak move of +7.9% during that session. Our momentum scanner triggered 22 alerts that day, indicating elevated trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 17 | Q4 2025 earnings | Positive | +16.0% | Strong Q4 2025 revenue, EBITDA and adjusted net income growth. |
| Nov 13 | Q3 2025 earnings | Positive | +7.2% | Q3 2025 revenue and earnings growth with solid EBITDA margin. |
| Aug 20 | Q2 2025 earnings | Positive | +14.0% | Q2 2025 revenue, net income and adjusted EBITDA increased sequentially. |
| Jun 03 | Q1 2025 earnings | Positive | -5.5% | Q1 2025 showed modest growth but EBITDA declined and FCF negative. |
| Mar 12 | Q4 2024 earnings | Positive | +6.5% | Strong Q4 2024 revenue, net income and free cash flow performance. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have typically seen positive price reactions, with one notable negative move on Q1 2025 results.
Over the last five earnings cycles, NESR has reported consistent revenue growth and strengthening profitability, with revenue rising from $295.3M in Q3 2025 to $398.3M in Q4 2025. Net income and adjusted EBITDA have generally trended higher, while net debt and leverage ratios improved across 2024–2025. Most earnings reports generated positive next‑day moves, especially Q2 and Q4 2024 and Q2–Q4 2025, framing today’s Q1 2026 release within a pattern of operational and financial expansion.
Key Terms
adjusted ebitda financial
non-gaap financial
free cash flow financial
net debt financial
operating cash flow financial
quarterly report on form 10-q regulatory
hydraulic fracturing technical
diluted eps financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Revenue for the quarter ended March 31, 2026, is
$404.6 million , reflecting an increase of33.5% year-over-year and1.6% sequentiallyNet income for the quarter ended March 31, 2026, is
$23.8 million , improving205.4% sequentially and129.3% year-over-yearDiluted Earnings per Share (EPS) for the three months ended March 31, 2026 is
$0.23 , representing an increase of109.1% year-over-year and201.3% sequentiallyAdjusted EBITDA (a non-GAAP measure)** for the quarter ended March 31, 2026, is
$76.7 million , improving22.7% year-over-yearOperating cash flow for the quarter ended March 31, 2026, is
$30.7 million , growing50.1% year-over-year
HOUSTON, TX / ACCESS Newswire / May 11, 2026 / National Energy Services Reunited Corp. ("NESR" or the "Company"), a leading integrated energy services provider in the Middle East and North Africa ("MENA"), today announced its financial results as of and for the three-month period ended March 31, 2026. The Company delivered the following results for the periods presented:
Three Months Ended | Variance | |||||||||||||||
(in thousands except per share amounts and percentages) | March 31, 2026 | December 31, 2025 | March 31, 2025 | Sequential | Year- over- year | |||||||||||
Revenue | $ | 404,586 | $ | 398,262 | $ | 303,102 | 1.6 | % | 33.5 | % | ||||||
Net income | 23,827 | 7,803 | 10,391 | 205.4 | % | 129.3 | % | |||||||||
Adjusted net income (non-GAAP)** | 26,733 | 31,879 | 12,963 | (16.1 | )% | 106.2 | % | |||||||||
Adjusted EBITDA (non-GAAP)** | 76,671 | 84,414 | 62,463 | (9.2 | )% | 22.7 | % | |||||||||
Diluted EPS | 0.23 | 0.08 | 0.11 | 201.3 | % | 109.1 | % | |||||||||
Adjusted Diluted EPS (non-GAAP)** | 0.26 | 0.32 | 0.14 | (17.8 | )% | 85.7 | % | |||||||||
**The Company presents its financial results in accordance with generally accepted accounting principles in the United States of America ("GAAP"). However, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. Please see Tables 1, 2, 3, and 4 below for reconciliations of GAAP to non-GAAP financial measures. The Consolidated Balance Sheets, Consolidated Statements of Operations, and Consolidated Statements of Cash Flows are derived from the consolidated financial statements presented in our Quarterly Report on Form 10-Q as of and for the three months ended March 31, 2026.
Stefan Angeli, Chief Financial Officer, commented, "First Quarter 2026 delivered outstanding results despite the geopolitical conflict with strong operational execution driving continued growth and profitability. Revenue reached
Net income increased to
Sherif Foda, Chairman and Chief Executive Officer, commented, "Amid an escalation in regional security tensions driven by recent conflict in the Middle East, NESR delivered a strong start to 2026, underpinned by resilient operations and continued client trust across our core markets. We maintained uninterrupted activity at scale, supported by secure supply chains, localized capabilities, and proven operational agility. We focused on the reliable supply of inventory and products to maintain operating capacity and capabilities despite the logistics challenges and sharp increase of costs. Recent multi-year contract awards in Kuwait and North Africa further reinforce our competitive positioning and long-term growth visibility. We reiterate our commitment to the clients by being physically by their side, and I visited the majority of our operating units across the region as we see accelerated investment potential to diversify and increase both Oil and Gas capacity in the region."
Net Income and Adjusted Net Income Results
Net income for the quarter ended March 31, 2026, is
Adjusted net income for the quarter is
The Company reported
Adjusted EBITDA Results
The Company produced Adjusted EBITDA of
(in thousands) | Quarter ended March 31, 2026 | Quarter ended December 31, 2025 | Quarter ended March 31, 2025 | |||||||||
Revenue | $ | 404,586 | $ | 398,262 | $ | 303,102 | ||||||
Adjusted EBITDA | $ | 76,671 | $ | 84,414 | $ | 62,463 | ||||||
A detailed reconciliation of net income to Adjusted EBITDA, including a complete list of adjusting items, is presented in Table 2 below under "Reconciliation of Net Income to Adjusted EBITDA."
Balance Sheet
Cash and cash equivalents were
Free cash flow, a non-GAAP measure, for the quarter ended March 31, 2026, is negative
Total debt as of March 31, 2026, is
In May 2026, the Company's has approved a capital return program consisting of (i) a quarterly cash dividend anticipated to commence in the fourth quarter of 2026 at an expected rate of
About National Energy Services Reunited Corp.
Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 7,000 employees, representing more than 60 nationalities in 16 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Hydraulic Fracturing, Cementing, Coiled Tubing, Filtration, Completions, Stimulation, Pumping and Nitrogen Services. The Company also helps its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Drilling Fluids and Rig Services.
Conference Call
A conference call is scheduled for 8:00 AM ET on May 11, 2026, to discuss the financial results. Investors, analysts and members of the media are invited to participate by dialing in to the U.S. toll-free line at 1-877-407-0890 or the international line at 1-201-389-0918, approximately 10 minutes prior to the start of the call.
A live, listen-only earnings webcast will also be broadcast simultaneously under the "Investors" section of the Company's website at www.nesr.com. Following the end of the conference call, a replay will be available after the event under the "Investors" section of the Company's website.
Forward-Looking Statements
This communication contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any and all statements contained in this communication that are not statements of historical fact, may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, completion and integration of acquisitions, and the assumptions underlying or relating to any such statement.
The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: catastrophic events, geopolitical conflict, the level of capital spending by our customers, political, market, financial and regulatory risks, including those related to the geographic concentration of our operations and customers, our operations, including maintenance, upgrades and refurbishment of our assets, may require significant capital expenditures, which may or may not be available to us, operating hazards inherent in our industry and the ability to secure sufficient indemnities and insurance, our ability to successfully integrate acquisitions, competition, including for capital and technological advances, and other risks and uncertainties set forth in the Company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC").
You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.
The preliminary financial results for the Company as of and for the three-month period ended March 31, 2026, included in this press release, represent the most current information available to management. The Company's actual results when disclosed in its subsequent Quarterly Report on Form 10-Q may differ from these preliminary results as a result of the completion of the Company's financial statement closing procedures, final adjustments, completion of the independent registered public accounting firm's audit procedures, and other developments that may arise between now and the disclosure of the final results.
NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In US$ thousands, except share data)
March 31, 2026 | December 31, 2025 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 92,956 | 124,797 | |||||
Accounts receivable, net | 227,932 | 178,020 | ||||||
Unbilled revenue | 171,341 | 121,186 | ||||||
Service inventories | 96,206 | 94,834 | ||||||
Prepaid assets | 9,706 | 13,237 | ||||||
Retention withholdings | 26,214 | 33,125 | ||||||
Other receivables | 54,753 | 54,511 | ||||||
Other current assets | 10,513 | 10,664 | ||||||
Total current assets | 689,621 | 630,374 | ||||||
Non-current assets | ||||||||
Property, plant and equipment, net | 476,154 | 465,454 | ||||||
Intangible assets, net | 42,434 | 47,086 | ||||||
Goodwill | 645,095 | 645,095 | ||||||
Operating lease right-of-use assets | 25,977 | 20,300 | ||||||
Other assets | 44,649 | 43,210 | ||||||
Total assets | $ | 1,923,930 | $ | 1,851,519 | ||||
Liabilities and equity | ||||||||
Liabilities | ||||||||
Accounts payable and accrued expenses | 483,048 | 421,064 | ||||||
Current installments of long-term debt | 64,500 | 64,500 | ||||||
Short-term borrowings | 47,353 | 54,250 | ||||||
Income taxes payable | 30,843 | 25,092 | ||||||
Other taxes payable | 15,152 | 12,351 | ||||||
Operating lease liabilities | 1,984 | 2,948 | ||||||
Other current liabilities | 17,408 | 24,715 | ||||||
Total current liabilities | 660,288 | 604,920 | ||||||
Long-term debt | 175,542 | 191,378 | ||||||
Deferred tax liabilities | 918 | 1,691 | ||||||
Employee benefit liabilities | 36,971 | 36,321 | ||||||
Non-current operating lease liabilities | 22,683 | 18,447 | ||||||
Other liabilities | 32,319 | 30,846 | ||||||
Total liabilities | 928,721 | 883,603 | ||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Preferred shares, no par value; unlimited shares authorized; none issued and outstanding at March 31, 2026, and December 31, 2025, respectively | - | - | ||||||
Ordinary shares and additional paid-in capital, no par value; unlimited shares authorized; 100,847,255, and 100,787,173 shares issued and outstanding at March 31, 2026, and December 31, 2025, respectively | 906,311 | 902,845 | ||||||
Retained income | 88,829 | 65,002 | ||||||
Accumulated other comprehensive income | 69 | 69 | ||||||
Total equity | 995,209 | 967,916 | ||||||
Total liabilities and equity | $ | 1,923,930 | $ | 1,851,519 | ||||
NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In US$ thousands, except share data and per share amounts)
For the three-month period ended | ||||||||
Description | March 31, 2026 | March 31, 2025 | ||||||
Revenues | $ | 404,586 | $ | 303,102 | ||||
Cost of services | (352,755 | ) | (265,647 | ) | ||||
Gross profit | 51,831 | 37,455 | ||||||
Selling, general, and administrative expenses (excluding Amortization) | (11,103 | ) | (11,821 | ) | ||||
Amortization | (4,693 | ) | (4,693 | ) | ||||
Operating income | 36,035 | 20,941 | ||||||
Interest expense, net | (6,543 | ) | (8,284 | ) | ||||
Other income, net | 1,449 | 1,059 | ||||||
Income before income tax | 30,941 | 13,716 | ||||||
Income tax expense | (7,114 | ) | (3,325 | ) | ||||
Net income | $ | 23,827 | $ | 10,391 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 100,803,435 | 96,139,181 | ||||||
Diluted | 102,931,550 | 96,710,484 | ||||||
Earnings per share: | ||||||||
Basic | $ | 0.24 | $ | 0.11 | ||||
Diluted | $ | 0.23 | $ | 0.11 | ||||
NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In US$ thousands)
For the three-month period ended | ||||||||
March 31, 2026 | March 31, 2025 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 23,827 | $ | 10,391 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 33,779 | 36,035 | ||||||
Share-based compensation expense | 2,502 | 1,856 | ||||||
(Gain) on disposal of assets | (373 | ) | (363 | ) | ||||
Non-cash interest (income) | (192 | ) | (143 | ) | ||||
Deferred tax expense (benefit) | 1,132 | (1,239 | ) | |||||
Allowance for doubtful receivables and unbilled revenue | 480 | (16 | ) | |||||
Charges on obsolete service inventories | 853 | 920 | ||||||
Impairments and other charges | - | 1,118 | ||||||
Other operating activities, net | 25 | 38 | ||||||
Changes in operating assets and liabilities: | ||||||||
(Increase) decrease in accounts receivable | (50,392 | ) | (27,524 | ) | ||||
(Increase) decrease in unbilled revenue | (50,154 | ) | (18,339 | ) | ||||
(Increase) decrease in retention withholdings | 6,910 | 8,834 | ||||||
(Increase) decrease in inventories | (2,224 | ) | (5,567 | ) | ||||
(Increase) decrease in prepaid assets | 3,531 | 746 | ||||||
(Increase) decrease in other current assets | 429 | (2,646 | ) | |||||
(Increase) decrease in other long-term assets and liabilities | (1,934 | ) | 2,137 | |||||
Increase (decrease) in accounts payable and accrued expenses | 61,419 | 15,094 | ||||||
Increase (decrease) in other current liabilities | 1,127 | (847 | ) | |||||
Net cash provided by operating activities | 30,745 | 20,485 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (36,004 | ) | (30,124 | ) | ||||
IPM investments | - | - | ||||||
Proceeds from disposal of assets | 402 | 637 | ||||||
Other investing activities | (833 | ) | (2,000 | ) | ||||
Net cash used in investing activities | (36,435 | ) | (31,487 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from long-term debt | - | - | ||||||
Repayments of long-term debt | (16,125 | ) | (17,537 | ) | ||||
Proceeds from short-term borrowings | 19,587 | 26,841 | ||||||
Repayments of short-term borrowings | (26,498 | ) | (26,252 | ) | ||||
Payments on capital leases | (1,000 | ) | (710 | ) | ||||
Payments on seller-provided financing for capital expenditures | (1,265 | ) | (601 | ) | ||||
Other financing activities, net | - | - | ||||||
Net cash used in financing activities | (25,301 | ) | (18,259 | ) | ||||
Effect of exchange rate changes on cash | - | - | ||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (30,991 | ) | (29,261 | ) | ||||
Cash and cash equivalents, beginning of period | 132,696 | 107,956 | ||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 101,705 | $ | 78,695 | ||||
NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
(In US$ thousands except per share amounts)
The Company uses and presents certain key non-GAAP financial measures to evaluate its business and trends, measure performance, prepare financial projections and make strategic decisions. Included in this release are discussions of earnings before interest, income tax and depreciation and amortization adjusted for certain non-recurring and non-core expenses ("Adjusted EBITDA"), net income and diluted earnings per share ("EPS") adjusted for certain non-recurring and non-core expenses ("Adjusted Net Income" and "Adjusted Diluted EPS," respectively), as well as a reconciliation of these non-GAAP measures to net income and diluted EPS, respectively, in accordance with GAAP. The Company also discusses the non-GAAP balance sheet measure of the sum of our recorded current installments of long-term debt, short-term borrowings, and long-term debt less cash and cash equivalents ("Net Debt") in this release and provides a reconciliation to the GAAP measures of cash and cash equivalents, current installments of long-term debt, short-term borrowings, and long-term debt to Net Debt. The Company also discusses Free Cash Flow reconciled to Operating Cash Flow.
The Company believes that the presentation of Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS provides useful information to investors in assessing its financial performance and results of operations as the Company's board of directors, management and investors use Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS to compare the Company's operating performance on a consistent basis across periods by removing the effects of changes in capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization), items that do not impact the ongoing operations (transaction, integration, and startup costs) and items outside the control of its management team. Similarly, Net Debt is used by management as a liquidity measure used to illustrate the Company's debt level absent variability in cash and cash equivalents, and the Company believes that the presentation of Net Debt provides useful information to investors in assessing its financial leverage. Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS should not be considered as an alternative to operating income, net income, or diluted EPS, respectively, the most directly comparable GAAP financial measures. Net Debt also should not be considered as an alternative to GAAP measures of cash and cash equivalents, current installments of long-term debt, short-term borrowings, and long-term debt. Finally, Free Cash Flow is used by management as a liquidity measure to illustrate the Company's ability to produce cash that is available to be distributed in a discretionary manner, after excluding investments in capital assets. Free Cash Flow should not be considered as an alternative to Net cash provided by (used in) operations or Net cash provided by (used in) investing activities, respectively, the most directly comparable GAAP financial measures. Non-GAAP financial measures have important limitations as analytical tools because they exclude some but not all items that affect the most directly comparable GAAP financial measure. You should not consider non-GAAP measures in isolation or as a substitute for an analysis of the Company's results as reported under GAAP.
Table 1 - Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted Diluted EPS
Quarter ended | Quarter ended | Quarter ended | ||||||||||||||||||||||
March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||||||
Net | Diluted | Net | Diluted | Net | Diluted | |||||||||||||||||||
Income | EPS | Income | EPS | Income | EPS | |||||||||||||||||||
Net Income | $ | 23,827 | $ | 0.23 | $ | 7,803 | $ | 0.08 | $ | 10,391 | $ | 0.11 | ||||||||||||
Add/(Subtract): Charges and Credits impacting Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS: | ||||||||||||||||||||||||
Costs associated with the restatement of our 2018-2020 financial statements, including the SEC inquiry and remediation | 28 | - | 258 | - | 1,488 | 0.02 | ||||||||||||||||||
Impairments | - | - | 8,076 | 0.08 | 1,118 | 0.01 | ||||||||||||||||||
Current expected credit loss (releases) provisions | 455 | - | 7,112 | 0.07 | (227 | ) | - | |||||||||||||||||
Litigation (releases) provisions | 248 | - | 248 | - | (837 | ) | (0.01 | ) | ||||||||||||||||
Restructuring projects | 67 | - | 4,712 | 0.05 | - | - | ||||||||||||||||||
Loss of inventory in fire | - | - | - | - | - | - | ||||||||||||||||||
Other write-offs (recoveries) and provisions (release of provisions) | 2,108 | 0.02 | 3,670 | 0.04 | 1,030 | 0.01 | ||||||||||||||||||
Total Charges and Credits impacting Adjusted EBITDA (1) | 2,906 | 0.03 | (3) | 24,076 | 0.24 | 2,572 | 0.03 | |||||||||||||||||
Add/(Subtract): Charges and Credits impacting only Adjusted Net Income and Adjusted Diluted EPS: | ||||||||||||||||||||||||
Adjustments to uncertain tax positions and unrecognized tax benefits | - | - | - | - | - | - | ||||||||||||||||||
Total Charges and Credits impacting Adjusted Net Income and Adjusted Diluted EPS (2) | 2,906 | 0.03 | 24,076 | 0.24 | 2,572 | 0.03 | ||||||||||||||||||
Total Adjusted Net Income and Adjusted Diluted EPS | $ | 26,733 | $ | 0.26 | $ | 31,879 | $ | 0.32 | $ | 12,963 | $ | 0.14 | ||||||||||||
(1) | In the quarter ended March 31, 2026, Total Charges and Credits impacting Adjusted EBITDA included | |
(2) | Total Charges and Credits impacting Adjusted Net Income and Adjusted Diluted EPS for the quarter ended March 31, 2026, was | |
(3) | Does not foot due to rounding. |
Table 2 - Reconciliation of Net Income to Adjusted EBITDA
Quarter ended March 31, 2026 | Quarter ended December 31, 2025 | Quarter ended March 31, 2025 | ||||||||||
Net Income | $ | 23,827 | $ | 7,803 | $ | 10,391 | ||||||
Add: | ||||||||||||
Income Taxes | 7,114 | 7,173 | 3,325 | |||||||||
Interest Expense, net | 6,543 | 7,539 | 8,284 | |||||||||
Depreciation and Amortization | 36,281 | 37,823 | 37,891 | |||||||||
Total Charges and Credits impacting Adjusted EBITDA (3) | 2,906 | 24,076 | 2,572 | |||||||||
Total Adjusted EBITDA | $ | 76,671 | $ | 84,414 | $ | 62,463 | ||||||
(3) | Total Charges and Credits impacting Adjusted EBITDA are described in Table 1 above. Total Charges and Credits impacting Adjusted EBITDA exclude items related to interest, income tax and depreciation and amortization. |
Table 3 - Reconciliation of Net cash provided by (used in) operating activities to Free Cash Flow
3 months | 12 months | 3 months | 3 months | 3 months | 3 months | |||||||||||||||||||
Net cash provided by operating activities | $ | 30,745 | $ | 264,242 | $ | 138,590 | 6,681 | 98,486 | 20,485 | |||||||||||||||
Less: | ||||||||||||||||||||||||
Capital expenditures | (36,004 | ) | (143,454 | ) | (42,834 | ) | (40,753 | ) | (29,743 | ) | (30,124 | ) | ||||||||||||
Free cash flow | $ | (5,259 | ) | $ | 120,788 | $ | 95,756 | $ | (34,072 | ) | $ | 68,743 | $ | (9,639 | ) | |||||||||
Table 4 - Reconciliation to Net Debt
As of March 31, 2026 | As of December 31, 2025 | As of March 31, 2025 | ||||||||||
Current installments of long-term debt | $ | 64,500 | $ | 64,500 | $ | 67,323 | ||||||
Short-term borrowings | 47,353 | 54,250 | 60,350 | |||||||||
Long-term debt | 175,542 | 191,378 | 238,651 | |||||||||
Less: | ||||||||||||
Cash and cash equivalents | (92,956 | ) | (124,797 | ) | (78,695 | ) | ||||||
Net Debt | $ | 194,439 | $ | 185,331 | $ | 287,629 | ||||||
For inquiries regarding NESR, please contact:
Blake Gendron or Stefan Angeli
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.com
SOURCE: National Energy Services Reunited Corp.
View the original press release on ACCESS Newswire