NYSE: NBR
NABORS INDUSTRIES LTDCIK 0001163739 · SIC 1381 · Drilling Oil & Gas Wells
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Nabors Q2 revenue slips 2.2% to $814.8M; net loss narrows on lower costs and debt paydown
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Nabors secures waiver to redeem up to $100M of 9.125% 2030 notes, expected August 12
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Nabors shareholders reject executive pay with 66% opposition; all directors elected
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revenue $783.5M, net income -$15.2M. Nabors swings to Q1 loss despite 6% revenue gain as Middle East conflict disrupts offshore ops
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Nabors Industries reports Q1 2026 earnings, schedules April 29 conference call
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Nabors Industries expands letter of credit capacity by $25M to $150M total
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Latest financial statements
From 10-Q filed Jul 31, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Income (Loss) (Unaudited)
(In thousands, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues and other income: | ||||
| Operating revenues | 814,795 | 832,788 | 1,598,343 | 1,568,974 |
| Investment income (loss) | 2,131 | 6,129 | 5,018 | 12,725 |
| Total revenues and other income | 816,926 | 838,917 | 1,603,361 | 1,581,699 |
| Costs and other deductions: | ||||
| Direct costs | 507,551 | 488,881 | 1,001,020 | 936,181 |
| General and administrative expenses | 71,375 | 82,726 | 143,135 | 151,232 |
| Research and engineering | 14,209 | 12,722 | 27,715 | 26,757 |
| Depreciation and amortization | 160,549 | 175,061 | 316,735 | 329,699 |
| Interest expense | 42,678 | 56,081 | 86,439 | 110,407 |
| Gain on bargain purchase | — | (3,500) | — | (116,499) |
| Other, net | 5,682 | 6,074 | (7,711) | 50,864 |
| Total costs and other deductions | 802,044 | 818,045 | 1,567,333 | 1,488,641 |
| Income (loss) before income taxes | 14,882 | 20,872 | 36,028 | 93,058 |
| Income tax expense (benefit): | ||||
| Current | 13,991 | 16,155 | 25,818 | 25,839 |
| Deferred | 2,414 | 6,922 | 7,471 | 12,245 |
| Total income tax expense (benefit) | 16,405 | 23,077 | 33,289 | 38,084 |
| Net income (loss) | (1,523) | (2,205) | 2,739 | 54,974 |
| Less: Net (income) loss attributable to noncontrolling interest | (20,807) | (28,705) | (40,235) | (52,896) |
| Net income (loss) attributable to Nabors | (22,330) | (30,910) | (37,496) | 2,078 |
| Earnings (losses) per share: | ||||
| Basic | (2.04) | (2.71) | (3.58) | (1.01) |
| Diluted | (2.04) | (2.71) | (3.58) | (1.01) |
| Weighted-average number of common shares outstanding: | ||||
| Basic | 14,273 | 14,083 | 14,243 | 12,271 |
| Diluted | 14,273 | 14,083 | 14,243 | 12,271 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| (In thousands, except per | ||
| share amounts) | ||
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 509,782 | 940,707 |
| Short-term investments | 51 | 31 |
| Accounts receivable, net of allowance of $48,239 and $55,193, respectively | 443,417 | 391,705 |
| Inventory, net | 87,860 | 94,789 |
| Other current assets | 156,069 | 124,341 |
| Total current assets | 1,197,179 | 1,551,573 |
| Property, plant and equipment, net | 2,908,061 | 2,920,019 |
| Deferred income taxes | 182,237 | 189,224 |
| Other long-term assets | 132,468 | 128,841 |
| Total assets (1) | 4,419,945 | 4,789,657 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Current portion of debt, net | — | 377,492 |
| Trade accounts payable | 365,472 | 300,467 |
| Accrued liabilities | 235,690 | 279,007 |
| Income taxes payable | 24,221 | 26,295 |
| Current lease liabilities | 8,256 | 9,740 |
| Total current liabilities | 633,639 | 993,001 |
| Long-term debt, net | 2,120,276 | 2,117,187 |
| Other long-term liabilities | 219,135 | 234,700 |
| Deferred income taxes | 5,017 | 7,126 |
| Total liabilities (1) | 2,978,067 | 3,352,014 |
| Commitments and contingencies (Note 9) | ||
| Redeemable noncontrolling interest in subsidiary | 495,886 | 482,446 |
| Shareholders’ equity: | ||
| Common shares, par value $0.05 per share: | ||
| Authorized common shares 32,000; issued 15,962 and 15,703, respectively | 798 | 785 |
| Capital in excess of par value | 3,757,860 | 3,752,604 |
| Accumulated other comprehensive income (loss) | (11,323) | (10,397) |
| Retained earnings (accumulated deficit) | (1,887,456) | (1,836,514) |
| Less: treasury shares, at cost, 1,161 and 1,161 common shares, respectively | (1,315,751) | (1,315,751) |
| Total shareholders’ equity | 544,128 | 590,727 |
| Noncontrolling interest | 401,864 | 364,470 |
| Total equity | 945,992 | 955,197 |
| Total liabilities and equity | 4,419,945 | 4,789,657 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income (loss) | 2,739 | 54,974 |
| Adjustments to net income (loss): | ||
| Depreciation and amortization | 316,735 | 329,699 |
| Deferred income tax expense (benefit) | 7,471 | 12,245 |
| Impairments and other charges | (28) | 31,102 |
| Amortization of debt discount and deferred financing costs | 3,542 | 4,388 |
| Bargain purchase gain | — | (116,499) |
| Losses (gains) on debt buyback | 1,657 | (1,914) |
| Losses (gains) on sale of long-lived assets, net | (124) | (15,831) |
| Share-based compensation | 8,866 | 8,642 |
| Foreign currency transaction losses (gains), net | 2,001 | 2,087 |
| Mark-to-market (gain) loss on warrants | (672) | (7,399) |
| Other | 3 | 2,232 |
| Changes in operating assets and liabilities, net of effects from acquisitions: | ||
| Accounts receivable | (48,133) | (15,981) |
| Inventory | 6,942 | 20,357 |
| Other current assets | (31,385) | (34,887) |
| Other long-term assets | 3,556 | (843) |
| Trade accounts payable and accrued liabilities | (7,442) | (23,682) |
| Income taxes payable | (2,238) | (6,792) |
| Other long-term liabilities | (14,909) | (2,353) |
| Net cash provided by (used for) operating activities | 248,581 | 239,545 |
| Cash flows from investing activities: | ||
| Purchase of investments | (6,990) | (1,782) |
| Cash acquired in stock-based business combination, net of cash paid | — | 84,429 |
| Capital expenditures | (290,566) | (343,865) |
| Proceeds from sales of assets and insurance claims | 6,108 | 42,855 |
| Other | (880) | 7,500 |
| Net cash (used for) provided by investing activities | (292,328) | (210,863) |
| Cash flows from financing activities: | ||
| Reduction in debt | (379,146) | (190,270) |
| Proceeds from revolving credit facilities | — | 318,000 |
| Reduction in revolving credit facilities | — | (140,000) |
| Payment of dividend to former Parker shareholders | — | (6,052) |
| Payments for employee taxes on net settlement of equity awards | (3,598) | (2,151) |
| Distributions to noncontrolling interest | (2,401) | (875) |
| Other | 5 | — |
| Net cash (used for) provided by financing activities | (385,140) | (21,348) |
| Effect of exchange rate changes on cash and cash equivalents | (2,052) | (2,203) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | (430,939) | 5,131 |
| Cash and cash equivalents and restricted cash, beginning of period | 942,844 | 722,960 |
| Cash and cash equivalents and restricted cash, end of period | 511,905 | 728,091 |
| RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | ||
| Cash and cash equivalents, beginning of period | 940,707 | 389,652 |
| Restricted cash, beginning of period | 2,137 | 333,308 |
| Cash and cash equivalents and restricted cash, beginning of period | 942,844 | 722,960 |
| Cash and cash equivalents, end of period | 509,782 | 387,321 |
| Restricted cash, end of period | 2,123 | 340,770 |
| Cash and cash equivalents and restricted cash, end of period | 511,905 | 728,091 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share amounts); (in thousands); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗