Strong Full-Year Revenue and Margins
Total company revenue of $22.2 billion for FY2025 with adjusted operating margin of 14% for the year; Q4 revenue $5.7 billion (flat Q/Q) and Q4 adjusted operating margin of 15% (adjusted operating income $829 million).
Solid Cash Generation and Capital Returns
Generated $2.9 billion of cash flow from operations and $1.9 billion of free cash flow in 2025; repurchased $1.0 billion of common stock during the year (including $250 million in Q4) and returned 85% of free cash flow to shareholders; full-year repurchases ~42 million shares at an average $23.80.
International Resilience and Outperformance
International revenue $13.1 billion (down 2% YoY) outperformed a 7% decline in rig count; excluding notable declines in Saudi Arabia and Mexico, the remainder of international business grew ~7%; Q4 international revenue up 7% sequentially.
Record & Expanding International Product Lines
Artificial lift delivered record international quarterly revenue and is now active in 15 countries; unconventionals tech deployed in seven countries (simulfrac, continuous pumping, auto frac, sensory).
Technology and Operational Achievements
Completed the first fully autonomous geosteering run (Caribbean); customer adoption of ZEUS IQ, sensory, and auto frac increased 8% this quarter; drilling services grew meaningfully despite a 6% decline in rig count in North America (benefitting from iCruise and Logix automation).
Power Opportunity (VoltaGrid) Momentum
Strategic collaboration with VoltaGrid secured manufacturing capacity for 400 megawatts of modular power systems, with an expanding international pipeline and potential for a sizable long-term business.
Segment Profitability Improvements
Completion & Production Q4 operating income $570 million (+11% Q/Q) with a 17% margin; Drilling & Evaluation Q4 operating income $367 million (+5% Q/Q) with a 15% margin—both benefiting from favorable activity mix and year-end software/completion tool sales.
Free Cash Flow Strength in Q4
Q4 cash flow from operations $1.2 billion and free cash flow $875 million, supporting ongoing buybacks and deleveraging.