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Helmerich & Payne (HP) investor relations material
Helmerich & Payne Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Nov, 2025
Executive summary
Fiscal 2025 ended with strong Q4 results, including a $242 million direct margin and $225 million adjusted EBITDA, setting up for continued success in 2026.
Expanded international presence through the KCA D acquisition and FlexRig exports, making the company the largest active land driller globally.
Key management promotions and leadership changes to support future growth.
Debt repayment ahead of schedule, with $210 million paid on a $400 million term loan and full repayment expected by Q3 2026.
Returned $25 million to shareholders via dividends in Q4 2025.
Financial highlights
Q4 revenues exceeded $1 billion for the third consecutive quarter; Q4 adjusted EBITDA was $225 million, and free cash flow was $154 million.
Q4 net loss of $57 million ($0.58 per share), with adjusted net loss of $1 million ($0.01 per share); full-year net loss of $1.66 per share.
Operating cash flow was $211 million in Q4 and $543 million for the year; net capital expenditures were $53.3 million.
$210 million paid off on the term loan, with $190 million outstanding and full repayment targeted by Q3 2026.
Total liquidity at $1.2 billion as of September 30, 2025.
Outlook and guidance
2026 capital expenditures expected at $280 million–$320 million, with maintenance/reactivation capital at $230 million–$250 million.
North America Solutions Q1 2026 direct margin expected between $225 million–$250 million; rig count to remain flat.
International Solutions Q1 2026 direct margin expected at $13 million–$23 million, with rig count averaging 57–63; full-year average 56–68 rigs.
Offshore Solutions Q1 2026 direct margin expected at $27 million–$33 million, with 30–35 managed rigs; full-year direct margin projected at $100 million–$115 million.
General and administrative expenses for 2026 expected to decrease by over $50 million from 2025.
When will Saudi rig reactivations impact rig count?
What drives accelerated term loan repayment?
NAS margin decline despite stable activity outlook?
International growth drivers beyond Saudi reactivations
How sustainable are NAS margins given rig churn?
Post-deleveraging capital allocation priorities
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Next Helmerich & Payne earnings date
Q1 20265 Feb, 2026
Next Helmerich & Payne earnings date
Q1 20265 Feb, 2026
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Frequently asked questions
Helmerich & Payne Inc provides contract drilling services for oil and gas exploration and production companies. It operates a fleet of land rigs and offshore platforms primarily in North America and select international markets. The company is headquartered in Tulsa, Oklahoma, and its shares are listed on the NYSE.
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