National Energy Services Reunited Corp. Reports Fourth Quarter 2025 Financial Results
Rhea-AI Summary
National Energy Services Reunited Corp (NESR) reported Q4 2025 revenue of $398.3 million, up 34.9% sequentially and 15.9% year-over-year, with Adjusted EBITDA $84.4 million (+32% sequential) and Adjusted net income $31.9 million (+106.6% sequential). Net income was $7.8 million, affected by discrete charges totaling $24.1 million.
For the year, operating cash flow was $264.2 million (+15.2% YoY), free cash flow was $120.8 million, cash was $124.8 million, total debt $310.1 million, and Net Debt improved to $185.3 million.
Positive
- Revenue +34.9% sequential to $398.3M
- Revenue +15.9% year-over-year to $398.3M
- Adjusted EBITDA $84.4M (+32.0% sequential)
- Adjusted net income $31.9M (+106.6% sequential)
- Operating cash flow $264.2M (+15.2% YoY)
- Net Debt reduced to $185.3M (down ~$89.6M YoY)
Negative
- Net income $7.8M, down 70.9% YoY
- Diluted EPS $0.08, down 71.4% YoY
- Discrete charges $24.1M reduced GAAP net income (impairments, credit provisions, restructuring)
- Total debt remains $310.1M as of Dec 31, 2025
Key Figures
Market Reality Check
Peers on Argus
NESR gained 1.51% with key peers like RES, WTTR, and HLX also up between ~0.3–3.6%, suggesting strength consistent with broader oilfield services names rather than a purely isolated move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Positive | +7.2% | Revenue, EPS and Adjusted EBITDA growth with leverage metrics improving. |
| Aug 20 | Q2 2025 earnings | Positive | +14.0% | Strong sequential growth, higher EBITDA and lower Net Debt/EBITDA ratio. |
| Jun 03 | Q1 2025 earnings | Neutral | -5.5% | Modest revenue and EPS growth but lower EBITDA and negative free cash flow. |
| Mar 12 | Q4 2024 earnings | Positive | +6.5% | Double‑digit revenue and EBITDA growth with stronger cash flow and low leverage. |
| Nov 19 | Q3 2024 earnings | Positive | +3.2% | Revenue, net income, EBITDA and EPS all up with higher cash generation. |
Earnings releases have generally coincided with positive single‑day moves, especially when highlighting revenue growth and deleveraging.
Across the last five earnings updates, NESR repeatedly emphasized revenue growth, improving cash generation, and lower leverage. Q4 2024 and Q2/Q3 2025 reported strong year‑over‑year expansion and falling Net Debt/EBITDA, while Q1 2025 showed more mixed trends with lower Adjusted EBITDA and negative free cash flow. Today’s Q4 2025 release continues the themes of higher revenue, solid Adjusted EBITDA and further Net Debt reduction, extending the deleveraging and growth narrative.
Historical Comparison
In the past five earnings releases, NESR’s average one‑day move was 5.06%, often positive on growth and deleveraging updates. Today’s 1.51% change sits below that average, implying a more measured immediate reaction versus prior quarters.
Successive earnings from Q4 2024 through Q4 2025 highlight steady revenue expansion, improving cash generation, and declining Net Debt, reflecting a multi‑quarter focus on growth with balance sheet strengthening.
Market Pulse Summary
This announcement details Q4 2025 and full‑year results featuring higher revenue, strong Adjusted EBITDA and substantial operating cash flow of $264.2M, alongside Net Debt reduced to $185.3M. At the same time, GAAP net income declined due to impairments, restructuring and credit loss provisions. Historically, NESR’s earnings have emphasized growth plus deleveraging, so investors may focus on contract execution, margin stability and ongoing free cash flow relative to these multi‑quarter trends.
Key Terms
adjusted ebitda financial
free cash flow financial
diluted eps financial
non-gaap financial
net debt financial
AI-generated analysis. Not financial advice.
Revenue for the quarter ended December 31, 2025, is
$398.3 million , up34.9% sequentially and15.9% year-over-yearNet income for the quarter ended December 31, 2025, is
$7.8 million Adjusted net income (a non-GAAP measure)** for the quarter ended December 31, 2025, is
$31.9 million , up106.6% sequentiallyAdjusted EBITDA (a non-GAAP measure)** for the quarter ended December 31, 2025, is
$84.4 million , improving32.0% sequentiallyOperating cash flow for the year ended December 31, 2025, is
$264.2 million , up15.2% year-over-yearFree cash flow (a non-GAAP measure)** for the year ended December 31, 2025, is
$120.8 million
HOUSTON, TX / ACCESS Newswire / February 17, 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 for the three-month period and year ended December 31, 2025. The Company delivered the following results for the periods presented:
Three Months Ended | Variance | |||||||||||||||||||
(in thousands except per share amounts and percentages) | December 31, 2025 | September 30, 2025 | December 31, 2024 | Sequential | Year- | |||||||||||||||
Revenue | $ | 398,262 | $ | 295,315 | $ | 343,682 | 34.9 | % | 15.9 | % | ||||||||||
Net income | 7,803 | 17,737 | 26,837 | (56.0 | )% | (70.9 | )% | |||||||||||||
Adjusted net income (non-GAAP)** | 31,879 | 15,434 | 28,140 | 106.6 | % | 13.3 | % | |||||||||||||
Adjusted EBITDA (non-GAAP)** | 84,414 | 63,957 | 87,219 | 32.0 | % | (3.2 | )% | |||||||||||||
Diluted EPS | 0.08 | 0.18 | 0.28 | (54.6 | )% | (71.4 | )% | |||||||||||||
Adjusted Diluted EPS (non-GAAP)** | 0.32 | 0.16 | 0.30 | 105.0 | % | 6.7 | % | |||||||||||||
**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, Statements of Operations, and Statements of Cash Flows are derived from the financial statements that will be presented in our Annual Report on Form 10-K for the year ended December 31, 2025.
Stefan Angeli, Chief Financial Officer, commented, "Fourth quarter 2025 marked a strong finish to the year, highlighted by a sharp sequential acceleration in activity, disciplined cost execution, and continued balance sheet strengthening. Revenue reached
Net income for the quarter was
During 2025, we continued to prioritize cash generation and debt reduction, ending the year with Net Debt of
Sherif Foda, Chairman and Chief Executive Officer, commented, "We are very pleased with our fourth quarter results, which cap another year of disciplined execution and strategic progress for NESR. The quarter follows the announcement of several significant contract awards, most notably our integrated unconventional completions scope in Saudi Arabia's Jafurah development, which further reinforces our long-standing partnership with Aramco and our role in enabling world-class unconventional operations in the Kingdom. Our countercyclical investments over the past couple of years have positioned the Company with unmatched readiness across infrastructure, equipment, digital capabilities, and people, to mobilize and execute at scale with confidence and efficiency. Importantly, we continue to see strong momentum beyond Saudi Arabia, with new awards across the broader MENA region supporting a multi-year growth trajectory. As we enter 2026, NESR is shifting to a totally different gear and scale, operating from a position of strength, with multiple opportunities spanning across different countries, and a highly committed team. We remain focused on delivering consistent value to our customers, shareholders, and partners, and I am extremely proud of what our people have accomplished."
Net Income and Adjusted Net Income Results
Net income for the quarter ended December 31, 2025, was
The Company reported
Adjusted EBITDA Results
The Company produced Adjusted EBITDA of
(in thousands) | Quarter ended December 31, 2025 | Quarter ended September 30, 2025 | Quarter ended December 31, 2024 | |||||||||
Revenue | $ | 398,262 | $ | 295,315 | $ | 343,682 | ||||||
Adjusted EBITDA | $ | 84,414 | $ | 63,957 | $ | 87,219 | ||||||
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 are
Free cash flow, a non-GAAP measure, for the year ended December 31, 2025, was
Total debt as of December 31, 2025, was
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 February 17, 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, 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 20-F filed with 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- and twelve-month periods ended December 31, 2025, included in this press release, represent the most current information available to management. The Company's actual results when disclosed in its subsequent Annual Report on Form 10-K 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
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In US$ thousands, except share data)
December 31, 2025 | December 31, 2024 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 124,797 | $ | 107,956 | ||||
Accounts receivable, net | 178,020 | 137,265 | ||||||
Unbilled revenue | 121,186 | 111,734 | ||||||
Service inventories | 94,834 | 96,772 | ||||||
Prepaid assets | 13,237 | 10,146 | ||||||
Retention withholdings | 33,125 | 31,072 | ||||||
Other receivables | 54,511 | 38,476 | ||||||
Other current assets | 10,664 | 7,095 | ||||||
Total current assets | 630,374 | 540,516 | ||||||
Non-current assets | ||||||||
Property, plant and equipment, net | 465,454 | 438,146 | ||||||
Intangible assets, net | 47,086 | 65,696 | ||||||
Goodwill | 645,095 | 645,095 | ||||||
Operating lease right-of-use assets | 20,300 | 26,042 | ||||||
Other assets | 43,210 | 58,183 | ||||||
Total assets | $ | 1,851,519 | $ | 1,773,678 | ||||
Liabilities and equity | ||||||||
Liabilities | ||||||||
Accounts payable and accrued expenses | 421,064 | 305,308 | ||||||
Current installments of long-term debt | 64,500 | 68,735 | ||||||
Short-term borrowings | 54,250 | 59,720 | ||||||
Income taxes payable | 25,092 | 7,728 | ||||||
Other taxes payable | 12,351 | 27,482 | ||||||
Operating lease liabilities | 2,948 | 5,449 | ||||||
Other current liabilities | 24,715 | 29,090 | ||||||
Total current liabilities | 604,920 | 503,512 | ||||||
Long-term debt | 191,378 | 254,387 | ||||||
Deferred tax liabilities | 1,691 | 5,632 | ||||||
Employee benefit liabilities | 36,321 | 31,806 | ||||||
Non-current operating lease liabilities | 18,447 | 20,843 | ||||||
Other liabilities | 30,846 | 49,266 | ||||||
Total liabilities | 883,603 | 865,446 | ||||||
Equity | ||||||||
Preferred shares, no par value; unlimited shares authorized; none issued and outstanding at December 31, 2025, and 2024, respectively | - | - | ||||||
Common stock and additional paid in capital, no par value; unlimited shares authorized; 100,787,173 and 96,045,856 shares issued and outstanding at December 31, 2025, and 2024, respectively | 902,845 | 894,293 | ||||||
Retained income | 65,002 | 13,870 | ||||||
Accumulated other comprehensive income | 69 | 69 | ||||||
Total equity | 967,916 | 908,232 | ||||||
Total liabilities and equity | $ | 1,851,519 | $ | 1,773,678 | ||||
NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In US$ thousands, except share data and per share amounts)
For the three-month | For the year ended | |||||||||||||||
Description | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||
Revenues | $ | 398,262 | $ | 343,682 | $ | 1,324,047 | $ | 1,301,704 | ||||||||
Cost of services | (350,231 | ) | (284,501 | ) | (1,159,317 | ) | (1,093,031 | ) | ||||||||
Gross profit | 48,031 | 59,181 | 164,730 | 208,673 | ||||||||||||
Selling, general and administrative expenses (excluding Amortization) | (12,655 | ) | (10,905 | ) | (47,636 | ) | (52,195 | ) | ||||||||
Amortization | (4,694 | ) | (4,694 | ) | (18,774 | ) | (18,774 | ) | ||||||||
Operating income | 30,682 | 43,582 | 98,320 | 137,704 | ||||||||||||
Interest expense, net | (7,539 | ) | (9,905 | ) | (32,513 | ) | (39,881 | ) | ||||||||
Other expense, net | (8,167 | ) | (3,524 | ) | (5,409 | ) | (2,325 | ) | ||||||||
Income before income tax | 14,976 | 30,153 | 60,398 | 95,498 | ||||||||||||
Income tax expense | (7,173 | ) | (3,316 | ) | (9,266 | ) | (19,188 | ) | ||||||||
Net income | $ | 7,803 | $ | 26,837 | $ | 51,132 | $ | 76,310 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 100,782,309 | 95,955,545 | 98,444,582 | 95,472,527 | ||||||||||||
Diluted | 102,209,983 | 96,378,194 | 99,105,484 | 95,735,924 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.08 | $ | 0.28 | $ | 0.52 | $ | 0.80 | ||||||||
Diluted | $ | 0.08 | $ | 0.28 | $ | 0.52 | $ | 0.80 | ||||||||
NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In US$ thousands)
Year ended | ||||||||||||
December 31, 2025 | December 31, 2024 | December 31, 2023 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income / (loss) | $ | 51,132 | $ | 76,310 | $ | 12,580 | ||||||
Adjustments to reconcile net income / (loss) to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 141,729 | 142,784 | 142,230 | |||||||||
Share-based compensation expense | 8,321 | 6,032 | 6,763 | |||||||||
Loss (Gain) on disposal of assets | (3,568 | ) | 467 | 487 | ||||||||
Non-cash interest (income) expense | 1,024 | (1,171 | ) | 1,549 | ||||||||
Deferred tax expense / (benefit) | (5,198 | ) | (2,719 | ) | (3,753 | ) | ||||||
Allowance for (reversal of) doubtful receivables and unbilled revenue | 8,727 | 8,844 | 410 | |||||||||
Charges on obsolete service inventories | 1,513 | 2,294 | 137 | |||||||||
Impairments and other charges | 9,568 | 5,324 | 7,917 | |||||||||
Other operating activities, net | 2,744 | 327 | 933 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
(Increase) decrease in accounts receivable | (49,482 | ) | 25,159 | (22,971 | ) | |||||||
(Increase) decrease in unbilled revenue | (9,452 | ) | (15,737 | ) | 14,189 | |||||||
(Increase) decrease in retention withholdings | (2,053 | ) | 17,347 | (14,151 | ) | |||||||
(Increase) decrease in inventories | 425 | (633 | ) | 11,951 | ||||||||
(Increase) decrease in prepaid expenses | (3,091 | ) | (909 | ) | (8,901 | ) | ||||||
(Increase) decrease in other current assets | (1,653 | ) | 4,967 | 2,817 | ||||||||
(Increase) decrease in other long-term assets and liabilities | (1,579 | ) | (6,959 | ) | 16,259 | |||||||
Increase (decrease) in accounts payable and accrued expenses | 116,160 | (38,517 | ) | (3,365 | ) | |||||||
Increase (decrease) in other current liabilities | (1,025 | ) | 6,119 | 11,878 | ||||||||
Net cash provided by operating activities | 264,242 | 229,329 | 176,959 | |||||||||
Cash flows from investing activities: | ||||||||||||
Capital expenditures | (143,454 | ) | (105,105 | ) | (68,190 | ) | ||||||
IPM investments | - | - | (16,031 | ) | ||||||||
Proceeds from disposal of assets | 4,905 | 3,058 | 1,758 | |||||||||
Other investing activities | (13,689 | ) | (9,087 | ) | (1,000 | ) | ||||||
Net cash used in investing activities | (152,238 | ) | (111,134 | ) | (83,463 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from long-term debt | - | 4,063 | 11,300 | |||||||||
Repayments of long-term debt | (68,735 | ) | (85,806 | ) | (54,763 | ) | ||||||
Proceeds from short-term borrowings | 98,578 | 83,434 | 94,506 | |||||||||
Repayments of short-term borrowings | (104,197 | ) | (72,614 | ) | (137,402 | ) | ||||||
Payments on capital leases | (3,905 | ) | (3,193 | ) | (2,403 | ) | ||||||
Payments on seller-provided financing for capital expenditures | (7,408 | ) | (3,781 | ) | (15,569 | ) | ||||||
Other financing activities, net | (1,597 | ) | (163 | ) | (197 | ) | ||||||
Net cash provided by (used in) financing activities | (87,264 | ) | (78,060 | ) | (104,528 | ) | ||||||
Effect of exchange rate changes on cash | - | - | - | |||||||||
Net increase (decrease) in cash | 24,740 | 40,135 | (11,032 | ) | ||||||||
Cash and cash equivalents, beginning of period | 107,956 | 67,821 | 78,853 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 132,696 | $ | 107,956 | $ | 67,821 | ||||||
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 | ||||||||||||||||||||||
December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||||||||||||||||||
Net | Diluted | Net | Diluted | Net | Diluted | |||||||||||||||||||
Income | EPS | Income | EPS | Income | EPS | |||||||||||||||||||
Net Income | $ | 7,803 | $ | 0.08 | $ | 17,737 | $ | 0.18 | $ | 26,837 | $ | 0.28 | ||||||||||||
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 | 258 | - | 787 | 0.01 | 1,480 | 0.02 | ||||||||||||||||||
Impairments | 8,076 | 0.08 | - | - | 3,741 | 0.04 | ||||||||||||||||||
Current expected credit loss (releases) provisions | 7,112 | 0.07 | 1,474 | 0.01 | 486 | 0.01 | ||||||||||||||||||
Litigation (releases) provisions | 248 | - | 235 | - | 340 | - | ||||||||||||||||||
Restructuring projects | 4,712 | 0.05 | 720 | 0.01 | - | - | ||||||||||||||||||
Loss of inventory in fire | - | - | 1,980 | 0.02 | - | - | ||||||||||||||||||
Other write-offs (recoveries) and provisions (release of provisions) | 3,670 | 0.04 | 1,659 | 0.02 | (958 | ) | (0.01 | ) | ||||||||||||||||
Total Charges and Credits impacting Adjusted EBITDA (1) | 24,076 | 0.24 | 6,855 | 0.07 | 5,089 | 0.06 | ||||||||||||||||||
Add/(Subtract): Charges and Credits impacting only Adjusted Net Income and Adjusted Diluted EPS: | ||||||||||||||||||||||||
Adjustments to uncertain tax positions and unrecognized tax benefits | - | - | (9,158 | ) | (0.09 | ) | (3,786 | ) | (0.04 | ) | ||||||||||||||
Total Charges and Credits impacting Adjusted Net Income and Adjusted Diluted EPS (2) | 24,076 | 0.24 | (2,303 | ) | (0.02 | ) | 1,303 | 0.02 | ||||||||||||||||
Total Adjusted Net Income and Adjusted Diluted EPS | $ | 31,879 | $ | 0.32 | $ | 15,434 | $ | 0.16 | $ | 28,140 | $ | 0.30 | ||||||||||||
(1) In the quarter ended December 31, 2025, 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 September 30, 2025, was
Table 2 - Reconciliation of Net Income to Adjusted EBITDA
Quarter ended December 31, 2025 | Quarter ended September 30, 2025 | Quarter ended December 31, 2024 | ||||||||||
Net Income | $ | 7,803 | $ | 17,737 | $ | 26,837 | ||||||
Add: | ||||||||||||
Income Taxes | 7,173 | (5,500 | ) | 3,316 | ||||||||
Interest Expense, net | 7,539 | 8,128 | 9,905 | |||||||||
Depreciation and Amortization | 37,823 | 36,737 | 42,072 | |||||||||
Total Charges and Credits impacting Adjusted EBITDA (3) | 24,076 | 6,855 | 5,089 | |||||||||
Total Adjusted EBITDA | $ | 84,414 | $ | 63,957 | $ | 87,219 | ||||||
(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
Twelve months ended December 31, 2025 | Twelve months ended December 31, 2024 | |||||||
Net cash provided by operating activities | $ | 264,242 | $ | 229,329 | ||||
Less: | ||||||||
Capital expenditures | (143,454 | ) | (105,105 | ) | ||||
Free cash flow | $ | 120,788 | $ | 124,224 | ||||
Table 4 - Reconciliation to Net Debt
As of December 31, 2025 | As of December 31, 2024 | As of September 30, 2025 | ||||||||||
Current installments of long-term debt | $ | 64,500 | $ | 68,735 | $ | 64,500 | ||||||
Short-term borrowings | 54,250 | 59,720 | 61,269 | |||||||||
Long-term debt | 191,378 | 254,387 | 207,180 | |||||||||
Less: | ||||||||||||
Cash and cash equivalents | (124,797 | ) | (107,956 | ) | (69,683 | ) | ||||||
Net Debt | $ | 185,331 | $ | 274,886 | $ | 263,266 | ||||||
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
FAQ
What were NESR's Q4 2025 revenue and adjusted EBITDA results (NESR)?
Why did NESR's net income fall to $7.8 million in Q4 2025?
How did NESR's cash flow and free cash flow perform for full-year 2025?
What change occurred in NESR's Net Debt and total debt at year-end 2025?
How did NESR report adjusted earnings per share for Q4 2025 (NESR)?
What operational drivers did NESR cite for revenue growth in Q4 2025?
