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- Q2 Net Income Down 64% Sequentially and 71% Year-over-year (new) — Sharp profit decline attributed to Middle East conflict disruption, raising questions about exposure to geopolitical risk and recovery timeline.
- Texas Redomestication Proposal Failed Despite 60% Support (new) — Significant shareholder opposition (40% voted against) to prior redomestication plan suggests governance concerns or skepticism about restructuring benefits.
Weatherford Q2 revenue falls 4% to $1.1B on Middle East disruption; acquires NCS Multistage
Filed July 21, 2026 · Period ending July 21, 2026 · ~2 min read
Key Changes
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high
Q2 2026 revenue declined 4% sequentially to $1,105M, with net income down 64% to $39M (3.5% margin), driven by Middle East conflict disruption. Adjusted EBITDA fell 4% to $223M (20.2% margin).
Exhibit 99.1 view on EDGAR → -
high
Announced acquisition of NCS Multistage in stock-and-cash transaction to expand well completions portfolio, with at least in expected cost synergies upon closing and integration.
Exhibit 99.1 view on EDGAR → -
high
Introduced updated plan to redomesticate from Ireland to Delaware after prior Texas proposal received 60% support but failed to reach required 75% threshold. Delaware plan expected to generate $20-30M in annual cash savings starting 2027.
Exhibit 99.1 view on EDGAR → -
high
Operating cash flow rose 29% sequentially to $175M and adjusted free cash flow jumped 64% to $139M despite revenue headwinds. Returned $36M to shareholders via $20M in dividends and $16M in buybacks.
Exhibit 99.1 view on EDGAR → -
medium
Board declared quarterly dividend of $0.275 per share, payable September 3, 2026, to shareholders of record as of August 6, 2026.
Exhibit 99.1 view on EDGAR →
Summary
Weatherford reported a challenging Q2 2026, with revenue declining 4% sequentially to $1,105 million and net income plunging 64% to $39 million as Middle East conflict disruption reduced activity levels. Operating income fell 13% sequentially to $107 million.
Despite the revenue headwinds, the company delivered strong cash generation, with operating cash flow up 29% to $175 million and adjusted free cash flow surging 64% to $139 million, enabling $36 million in shareholder returns through dividends and buybacks.
The company announced two strategic initiatives: acquiring NCS Multistage in a stock-and-cash transaction to expand its well completions portfolio (with at least $15 million in expected cost synergies), and introducing an updated plan to redomesticate from Ireland to Delaware. The Delaware proposal follows the failure of a Texas redomestication plan at the June 2026 shareholder meeting, where it received over 60% support but fell short of the required 75% threshold. The 40% opposition level signals meaningful shareholder skepticism about the restructuring's benefits. Management expects the Delaware redomestication to generate $20-30 million in annual cash savings starting in 2027. Retail holders should watch whether the geopolitical disruption in the Middle East persists into Q3 and whether the Delaware redomestication proposal can secure the supermajority support the Texas plan could not. The sharp profit decline and failed governance vote represent material concerns despite strong free cash flow performance.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Revenues for the second quarter of 2026 were $1,105 million, a decrease of 4% sequentially and a decrease of 8% year-over-year. Operating income in the second quarter of 2026 was $107 million, a decrease of 13% sequentially and a decrease of 55% year-over-year. Net income in the second quarter of 2026 was $39 million, with a 3.5% margin, a decrease of 64%, or 585 basis points, sequentially, and a decrease of 71%, or 777 basis points, year-over-year. Adjusted EBITDA* was $223 million, with a 20.2% margin*, a decrease of 4% or 4 basis points, sequentially, and a decrease of 12% or 92 basis points, year-over-year.
Weatherford disclosed Q2 2026 revenue of $1,105 million (down 4% sequentially, down 8% year-over-year), operating income of $107 million (down 13% sequentially, down 55% year-over-year), and net income of $39 million with a 3.5% margin (down 64% sequentially, down 71% year-over-year). Adjusted EBITDA was $223 million with a 20.2% margin (down 4% sequentially, down 12% year-over-year). Management attributed the sequential declines primarily to disruption in the Middle East due to the Iran conflict, which reduced activity levels.
Added in current filing · view on EDGAR →
Second quarter 2026 cash flows provided by operating activities were $175 million, an increase of 29% sequentially and an increase of 37% year-over-year. Adjusted free cash flow* was $139 million, an increase of 64% sequentially and an increase of 76% year-over-year. Capital expenditures were $42 million in the second quarter of 2026, a decrease of 22% sequentially and a decrease of 22% year-over-year. ... During the second quarter of 2026, Weatherford paid dividends of $20 million and repurchased shares for $16 million, resulting in a total shareholder return of $36 million.
Weatherford generated operating cash flow of $175 million (up 29% sequentially, up 37% year-over-year) and adjusted free cash flow of $139 million (up 64% sequentially, up 76% year-over-year) in Q2 2026. Capital expenditures were $42 million (down 22% sequentially and year-over-year). The company returned $36 million to shareholders through $20 million in dividends and $16 million in share repurchases. Management highlighted the strong free cash flow performance despite revenue headwinds.
Event · Item 2.02 — Results of Operations and Financial Condition
Weatherford announced Q2 2026 earnings results via press release and scheduled a conference call for July 22, 2026.
Added in current filing · verify on EDGAR →
On July 21, 2026, Weatherford International plc (“Weatherford” and together with its subsidiaries, “we” or the “Company”) issued a news release announcing results for the second quarter ended June 30, 2026.
Weatherford disclosed its financial results for the second quarter ended June 30, 2026, through a press release. The detailed results are contained in Exhibit 99.1, which is not included in this 8-K body. Without access to the exhibit, specific revenue, earnings, or operational metrics cannot be verified or summarized.
Added in current filing · verify on EDGAR →
Weatherford will host a conference call on Wednesday, July 22, 2026, to discuss the Company’s results for the second quarter ended June 30, 2026. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).
The company scheduled a conference call for July 22, 2026, at 8:30 a.m. Eastern Time to discuss the Q2 2026 results. Investors can participate via webcast or by dialing in, with presentation slides available on the investor relations website. A replay will be available until August 5, 2026.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 22, 2026 · How we verify