The call presented strong operational and financial progress: record Q4 revenue, robust cash flow conversion, low leverage, successful on‑time mobilization of the strategically important Jafurah frac program, and a sizable regional tender pipeline that supports a higher revenue run-rate and a multi-year growth thesis. Headwinds discussed were largely one-time charges, some country-specific mobilization issues (notably Oman and a vendor bankruptcy provision in Saudi), margin compression in 2025 due to mix, and near-term seasonality (Q1) that will pressure margins before expected sequential improvement. Overall, the positives (record results, cash generation, balance sheet strength, large multi-year market opportunities and Jafurah scale) outweigh the transitory negatives, underpinning a constructive outlook.

Company Guidance

Management guided that 2026 should be its strongest growth year yet, aiming to exit 2026 at an annualized revenue run‑rate of approximately $2.0 billion; full‑year 2026 EBITDA margins are expected to be broadly consistent with 2025 (~21.3%) with Q1 as the seasonal low and margins improving sequentially through the year (Q1 seasonality to be more muted than prior years). They forecast Q1 interest expense of about $7.5 million and full‑year interest expense of roughly $22 million, an effective tax rate near 22.5%, capital expenditures of ≈$165 million (vs $150.9 million in 2025) with CapEx as a percent of revenue down year‑over‑year, and strong operating cash flow driving free cash‑flow conversion of ~35–40% of adjusted EBITDA in 2026 (versus ~43% in 2025); the company reiterated a leverage target of ≤1.0x net‑debt/adjusted‑EBITDA (net debt $185.3M, gross debt $310M at 12/31/25) and noted trailing ROCE of 10.2%.

Record Fourth Quarter Revenue

Q4 2025 revenue of $398.3 million — an all-time high — up 34.9% sequentially and 15.9% year-over-year, driven by Jafurah mobilization and strong North Africa activity.

Strong Adjusted EBITDA and Margins in Q4

Q4 2025 adjusted EBITDA of $84.4 million with a margin of 21.2%, broadly in line with Q3 despite higher revenue and competitively priced contract wins.

Solid Full Year Financials and EPS

Full year 2025 revenue of $1.324 billion (+1.7% YoY). Full year adjusted EBITDA $281.4 million with 21.3% margin. Adjusted diluted EPS: $0.32 in Q4 and $0.81 for full year 2025.

Exceptional Cash Flow and Working Capital

Full year 2025 cash flow from operations $264.2 million and free cash flow $120.8 million (≈43% conversion from adjusted EBITDA). Q4 featured record collections and the lowest year-end DSO on record.

Strengthened Balance Sheet and Low Leverage

As of Dec 31, 2025 gross debt $310 million, net debt $185.3 million; net debt-to-adjusted EBITDA 0.66 (well below 1x target). Interest expense fell to $32.5 million for the year (down $7.4 million YoY).

Jafurah Project Mobilized on Schedule with Scale Potential

Largest unconventional frac program in sector history was started on Nov 1, 2025; on plan for safe ramp and operational execution. Management expects a steady state by Q2 and potential to add fleets in Q3–Q4, with long-term optimization estimated to yield up to ~20% incremental efficiency.

Robust Regional Market Backdrop and Tender Pipeline

MENA activity described as steady-to-growing: Kuwait committed $8–10 billion/year upstream through 2030, ADNOC approved $150 billion for 2026–2030, Libya attracted ~$20 billion over 25 years. Company cited $2–3 billion of tenders submitted that could drive growth beyond the original $2 billion revenue target and a path to double the company in a couple of years.

Planned Investment Discipline and 2026 Guidance

2025 CapEx $150.9 million; 2026 expected CapEx ≈ $165 million. Full year 2026 revenue run-rate path toward ~$2 billion and projected free cash flow conversion of ~35%–40% from adjusted EBITDA; margins expected broadly consistent with 2025 with sequential improvement through the year.

National Energy Services Reunited (NESR) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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NESR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 13, 2026	2026 (Q1)	0.24 / -	0.14	―	―	―
Feb 17, 2026	2025 (Q4)	0.25 / 0.32	0.3	6.67% (+0.02)	―
Nov 13, 2025	2025 (Q3)	0.15 / 0.18	0.22	-20.00% (-0.04)	―
Aug 20, 2025	2025 (Q2)	0.18 / 0.21	0.2	5.00% (<+0.01)	―
Jun 03, 2025	2025 (Q1)	0.13 / 0.14	0.105	33.33% (+0.04)	―
Mar 12, 2025	2024 (Q4)	0.19 / 0.30	―	―	―
Nov 19, 2024	2024 (Q3)	0.23 / 0.22	0.155	41.94% (+0.07)	―
Aug 29, 2024	2024 (Q2)	- / 0.20	―	―	―	―
May 13, 2024	2024 (Q1)	- / -	―	―	―	―
Apr 30, 2024	2023 (Q4)	- / 0.10	―	―	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

NESR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 17, 2026	$20.83	$24.17	+16.03%
Nov 13, 2025	$13.03	$13.97	+7.21%
Aug 20, 2025	$7.29	$8.31	+13.99%
Jun 03, 2025	$6.32	$5.97	-5.54%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does National Energy Services Reunited (NESR) report earnings?

National Energy Services Reunited (NESR) is schdueled to report earning on May 13, 2026, TBA (Confirmed).

What is National Energy Services Reunited (NESR) earnings time?

National Energy Services Reunited (NESR) earnings time is at May 13, 2026, TBA (Confirmed).

Where can I see when companies are reporting earnings?

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What companies are reporting earnings today?

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What is NESR EPS forecast?

NESR EPS forecast for the fiscal quarter 2026 (Q1) is 0.24.