ADNOC Drilling Company (ADNOCDRILL) Q3 2025 earnings summary

Executive summary

• Achieved record nine-month 2025 revenue of $3.63 billion, up 27% year-over-year, and net profit of $1.06 billion, with strong growth across all key financial and operational metrics.

• Q3 2025 revenue reached $1.26 billion, EBITDA $560 million, and net profit $368 million, with free cash flow at $477 million.

• Board approved $250 million Q3 dividend and $66 million special dividend, with a 2025 dividend floor of $1 billion and minimum 5% annual growth through 2030.

• Significant expansion in rig fleet, international operations, and progress on ESG goals, including emissions reduction and workforce diversity.

Financial highlights

• Nine-month 2025 revenue up 27% year-over-year to $3.63 billion; Q3 revenue up 23% to $1.26 billion.

• Nine-month EBITDA up 15% to $1.64 billion; Q3 EBITDA up 10% to $560 million; net profit up 10% to $368 million in Q3.

• Free cash flow for nine months surged 174% year-over-year to $1.2 billion; operational cash flow for Q3 at $667 million.

• Net debt/EBITDA improved to 0.8x, well below 2x ceiling.

• CapEx for Q3 was $174 million, supporting fleet and OFS growth.

Outlook and guidance

• Upgraded 2025 revenue guidance to $4.75–$4.85 billion; net profit to $1.4–$1.45 billion; EBITDA to ~$2.2 billion.

• 2026 revenue expected at ~$5 billion, with EBITDA and net profit broadly in line with 2025; OFS margin guidance raised to 23–26%.

• Dividend floor raised to $1 billion for 2025, compounding at 5%+ annually to at least $6.8 billion by 2030.

• Free cash flow reaffirmed at $1.4–$1.6 billion; CapEx at $0.45–$0.55 billion; leverage target below 2x EBITDA.

• Special and quarterly dividends approved in October 2025; new $500 million term loan and $1.5 billion revolving credit facility signed to support growth.