National Energy Services Reunited (NESR) Q4 2025 earnings summary

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 operational execution across MENA, including improved utilization and new contract mobilizations.

• Adjusted EBITDA for Q4 2025 was $84.4 million (21.2% margin), up 32.0% sequentially, with stable margins despite competitively priced contracts.

• Successfully ramped up the Jafurah Frac project on schedule, with cost control and supply chain readiness supporting profitability.

• Operating cash flow for 2025 was $264.2 million, up 15.2% year-over-year; free cash flow was $120.8 million.

• Positioned for multi-year growth, with a strategic focus on expanding contract wins, technology commercialization, and regional leadership.

Financial highlights

• Q4 2025 revenue reached $398.3 million, up 34.9% sequentially and 15.9% year-over-year, marking an all-time high.

• Adjusted EBITDA for Q4 2025 was $84.4 million (21.2% margin), stable despite competitively priced contracts.

• Full year 2025 revenue totaled $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.

• Free cash flow for 2025 was $120.8 million, with a 43% conversion from adjusted EBITDA.

Outlook and guidance

• 2026 expected to be the strongest growth year, 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.

• CapEx for 2026 expected at ~$165 million; free cash flow conversion projected at 35%-40% of adjusted EBITDA.

• Multi-year contract awards and robust tender pipeline underpin growth visibility through 2030.

• Management expects to execute a growing backlog efficiently in 2026, maintain strong margins, and further enhance returns on capital.