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Nabors Industries
Nabors Industries (NBR) investor relations material
Nabors Industries Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Completed Parker Wellbore acquisition, Quail Tools divestiture, and major debt refinancing, reducing net debt by $554 million and annualized interest expense by $45 million, reaching a net leverage of 1.7x, the lowest since 2008.
Achieved full-year revenue of $3.2 billion (up 8.7% year-over-year) and Adjusted EBITDA of $913 million, driven by Parker acquisition and international expansion.
Fourth quarter 2025 operating revenues were $798 million, with adjusted EBITDA of $222 million and adjusted free cash flow of $132 million, supported by improved collections and lower capital spending.
International segment showed robust growth, with newbuild deployments and rig reactivations in Saudi Arabia and Argentina, and Parker Wellbore businesses contributing 11% sequential EBITDA growth.
Drilling Solutions delivered a 48% adjusted gross margin in Q4 and contributed 15% of total adjusted EBITDA.
Financial highlights
Q4 consolidated revenue was $798 million, down 2.5% sequentially due to Quail Tools sale; excluding Quail, revenue grew 1.7%.
Q4 adjusted EBITDA was $221.6 million, with segment contributions: U.S. Drilling $93.2 million, International Drilling $131.3 million, Drilling Solutions $41.3 million, and Rig Technologies $4.9 million.
Adjusted free cash flow for Q4 was $132 million, driving full-year adjusted free cash flow to $117 million, well above guidance.
Net debt at year-end 2025 was $1.55 billion, down from $2.11 billion at the end of 2024.
Q4 EBITDA margin was 27.8%, down 110 bps sequentially; excluding Quail, EBITDA grew 2.6%.
Outlook and guidance
2026 EBITDA expected to match 2025, with 6%-8% growth normalized for Quail; international segment expected to deliver over $70 million adjusted EBITDA from Parker Wellbore synergies.
Lower 48 rig count expected to average 61-64 in 2026, with daily gross margin between $13,000 and $13,400; international rig count to reach 96-98, with December exit at or above 101.
Drilling Solutions expected 2026 adjusted EBITDA of $160–$170 million; Rig Technologies $22–$25 million.
SANAD new build CapEx for 2026 projected at $360-$380 million, with CapEx declining in 2027.
Plan to reduce gross debt by at least $100 million in 2026.
What drives 2026 debt reduction beyond FCF?
What is the long-term value of SANAD newbuilds?
Canrig wrench impact on NDS market share?
Lower 48 rig count increase drivers
SANAD value creation vs. cash consumption
New rig tech adoption and market impact
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Next Nabors Industries earnings date
Q1 202629 Apr, 2026
Nabors Industries
Next Nabors Industries earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Nabors Industries Ltd is a global leader in oil and gas contract services, specializing in the provision of offshore platform work over and drilling rigs. The company excels in offering directional drilling services, performance tools, and cutting-edge drilling technologies, alongside drilling instrumentation and software. Nabors is recognized for its extensive range of ancillary well-site services, which encompass engineering, transportation, disposal, construction, well logging, maintenance, and other support services. Additionally, through its subsidiaries, Nabors manufactures and sells top drives, catwalks, draw works, wrenches, and other drilling-related equipment tailored for onshore and offshore drilling rigs. The company is headquartered in Hamilton, Bermuda, and its shares are listed on the NYSE.
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