NBR earnings analysis
What we found in NBR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Nabors Industries reported Q1 2026 revenues of $783.5 million, exceeding analyst expectations of $774.4 million, although it suffered a net loss of $15.2 million compared to a profit of $33 million in Q1 2025. The company's EPS of -$1.54 reflects a significant decline from the prior year's earnings of $2.18. Notable segment performance included growth in U.S. and International Drilling, while Rig Technologies faced a sharp downturn.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeds Expectations
- Operating revenues reached $783.5 million, surpassing consensus of $774.4 million.
- Improved Operating Cash Flow
- Net cash provided by operating activities totaled $113.3 million, a rise from $87.7 million in Q1 2025.
- Growth in International Drilling
- The International Drilling segment's revenues increased by $37.8 million, up 10% year over year.
- Decrease in Interest Expense
- Interest expense decreased by $10.6 million to $43.8 million, due to reduced average debt.
- Growth in U.S. Drilling
- U.S. Drilling segment revenues grew by $10.4 million, a 5% increase over the previous year.
- Significant Decrease in Rig Technologies
- Rig Technologies segment revenues plummeted by $16.9 million, a 38% decline year over year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Net Loss
- Nabors reported a net loss of $15.2 million compared to a profit of $33 million in Q1 2025.
- Sluggish Rig Technologies Performance
- Rig Technologies segment saw a 38% drop in revenues, highlighting operational challenges.
- Dependence on Oil and Gas Prices
- The company’s future performance is closely tied to fluctuations in oil and gas prices, leading to persistent uncertainties.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.54
- Segment
- U.S. Drilling: $241M
- Segment
- International Drilling: $419M
- Segment
- Drilling Solutions: $106M
- Segment
- Rig Technologies: $27M
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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