Weatherford International (WFRD) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $1.143B, up 3% QoQ and down 7% YoY; adjusted EBITDA was $254M at a 22.2% margin, up 204 bps QoQ.

• Adjusted free cash flow was $155M, with 61% conversion; operating cash flow was $192M.

• Net income was $120M and diluted EPS was $1.66; strategic progress included the NCS Multistage acquisition, Delaware redomestication and ERP launch.

Financial highlights

• Revenue was $1,143M: services $699M and products $444M; operating income was $153M, up 43% QoQ and down 14% YoY.

• Net income was $120M, versus $81M a year earlier; basic and diluted EPS were each $1.66.

• Adjusted EBITDA was $254M; margin was 22.2%, up 204 bps QoQ and 39 bps YoY despite revenue declining 7% YoY.

• Q3 adjusted free cash flow was $155M, up 57% YoY, with 61% conversion; YTD adjusted free cash flow was $379M, up 55% YoY.

• 9M revenue fell 6% YoY and operating income fell 31%, including comparison with a prior-year $70M gain on the Argentina pressure-pumping business sale.

Outlook and guidance

• Q4 revenue guidance is $1.28B–$1.33B and adjusted EBITDA guidance is $270M–$290M; margin is expected modestly below Q3, with adjusted free cash flow above $100M.

• FY2026 revenue guidance is $4.68B–$4.73B and adjusted EBITDA guidance is $980M–$1,000M; adjusted free cash flow conversion outlook rose to the high-40% range.

• Full-year CapEx remains within 3%–5% of revenue; Q4 CapEx is expected at $70M–$80M to support 2027 demand.

• For 2027, global market activity is expected to rise mid-single digits if Middle East activity holds flat; international activity excluding the Middle East is expected up mid-to-high single digits.

• Management expects year-on-year margin improvement in 2027 and targets mid-20s adjusted EBITDA margins and 50% free cash flow conversion over the next few years.