Nabors Industries (NBR) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $872.2M, up 7% sequentially; adjusted EBITDA rose nearly 11% to $245.5M, while net loss attributable to shareholders was $11.2M. document-source0

• Record International Drilling margin, a larger Lower 48 working fleet and Drilling Solutions growth supported higher earnings; adjusted free cash flow was $74.5M. document-source0

• All four reporting segments met or exceeded targets; management expects sequential adjusted EBITDA growth in Q4 and an annualized run rate near $1B heading into 2027. document-source13

Financial highlights

• Operating revenue was $872.2M versus $814.8M in Q2 2026 and $818.2M in Q3 2025; adjusted EBITDA was $245.5M versus $221.7M and $236.3M, respectively. document-source6

• Adjusted operating income was $85.8M, up from $61.1M in Q2; GAAP net income was $16.0M, but the shareholder-attributable result was a loss of $11.2M. document-source6

• Adjusted free cash flow was $74.5M, up $62M sequentially; operating cash flow was $238.9M and net capital expenditures were $164.4M. document-source215

• Q3 diluted EPS was a loss of $1.24; nine-month revenue was $2.47B and adjusted EBITDA was $672.0M. document-source6

Outlook and guidance

• FY 2026 adjusted EBITDA is expected near $930M, at the upper end of prior guidance, including the impact of Saudi rig suspensions. document-source2

• FY adjusted free cash flow guidance is $100M–$110M, including approximately $20M of SANAD cash consumption; FY capital spending is expected at $710M–$720M, including $295M–$305M for SANAD newbuilds. document-source2

• Q4 Lower 48 average rig count is expected at 75, with daily adjusted gross margin of $14,500–$14,700; Alaska and Gulf of America combined adjusted EBITDA is expected near $12M. document-source2

• Q4 International average rig count is expected at 92–93 and daily adjusted gross margin near $19,500; Drilling Solutions adjusted EBITDA is expected near $46M and Rig Technologies near $8M. document-source23

• Q4 capital spending is forecast at $250M–$260M, including $140M–$150M for SANAD newbuilds; adjusted free cash flow is expected at $60M–$70M, including approximately $20M of SANAD cash consumption. document-source3