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National Energy Services Reunited
National Energy Services Reunited (NESR) investor relations material
National Energy Services Reunited Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Feb, 2026
Executive summary
Achieved record Q4 2025 revenue of $398.3 million, up 34.9% sequentially and 15.9% year-over-year, driven by the launch of the largest unconventional frack program and strong cost management.
Adjusted net income for Q4 2025 was $31.9 million, more than doubling sequentially, while reported net income was $7.8 million, impacted by non-cash impairments and provisions.
Growth was broad-based across the MENA region, with Kuwait set to become the second-largest country by revenue and significant upside in Libya and North Africa.
Strategic focus on technology, decarbonization, and critical minerals, with new initiatives like the Ahmadi Innovation Valley and pilots in lithium extraction.
Multi-year growth outlook supported by robust contract wins, a strong tender pipeline, and expanding operational scale.
Financial highlights
Q4 2025 revenue reached $398.3 million, up 34.9% sequentially and 15.9% year-over-year, driven by Jafurah contract mobilization and North Africa activity.
Adjusted EBITDA for Q4 was $84.4 million (21.2% margin), up 32% sequentially and stable despite higher revenues from competitively priced contracts.
Full year 2025 revenue was $1.324 billion, up 1.7% year-over-year; adjusted EBITDA was $281.4 million (21.3% margin).
Q4 adjusted diluted EPS was $0.32, up 105% sequentially; full year adjusted diluted EPS was $0.81.
Operating cash flow for 2025 was $264.2 million, up 15.2% year-over-year; free cash flow was $120.8 million (43% conversion from adjusted EBITDA).
Outlook and guidance
2026 expected to be the best growth year ever, with annualized revenue run rate targeted at $2 billion by year-end.
EBITDA margins for 2026 projected to remain consistent with 2025, with sequential improvement through the year.
Q1 2026 to see muted seasonality; margins expected to start lower and rise throughout the year.
2026 CapEx expected at $165 million; free cash flow conversion projected at 35%-40% of adjusted EBITDA.
Formal capital allocation and shareholder return framework update planned for next earnings call.
Are Q4 non-GAAP charges expected to recur?
Impact of Jafurah contract on 2026 growth
Future capex plans given 2025 increase
Jafurah: How to achieve more optimization?
Beyond $2B target: specific growth areas?
Post-1x leverage: FCF allocation strategy?
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Next National Energy Services Reunited earnings date
Q1 20262 Jun, 2026
National Energy Services Reunited
Next National Energy Services Reunited earnings date
Q1 20262 Jun, 2026
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Frequently asked questions
National Energy Services Reunited Corp. provides oilfield services to oil and gas companies in the Middle East, North Africa, and the Asia Pacific regions. It offers drilling services from land rigs and platform support vessels; drilling project offshore management services; mud engineering services, such as mud testing and treatment at the rig site; and tool rental services, such as shock tools, cementing equipment and packers, fishing tools, casing equipment, completions products and other auxiliary equipment rentals.
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