Stable Total Revenue with Solid Margins
Total company revenue of $5.4B in Q1 2026 (flat YoY) with operating income of $679M and an operating margin of 13%.
Strong Cash Generation and Share Repurchase
Generated $273M cash flow from operations and $123M free cash flow in Q1; repurchased $100M of common stock with intent for higher buybacks in Q2 and H2.
International Revenue Growth
International revenue of $3.3B, up 3% YoY driven by Europe/Africa (+11% to $858M) and Latin America (+22% to $1.1B).
Latin America Momentum and Major Contract Award
Multibillion-dollar integrated completion services award from YPF in Argentina, including first Zeus electric fracturing deployment outside North America and Octiv AutoFrac — supports mid/high-single-digit international growth guidance.
Technology and Automation Advances
Closed-loop automation capability strengthened via Sekal acquisition (Drilltronics + LOGIX) and delivered automated geosteering/drilling in Guyana; Zeus IQ, iCruise, and Electrifcation (VoltaGrid pipeline with 400 MW in queue) highlighted as growth drivers.
Offshore Wins and Collaborative Model
Won strategic collaboration with PETRONAS in Suriname and noted repeat success offshore (Guyana, Suriname, Brazil) — management cites increasing offshore momentum and multi-year growth visibility.
Drilling & Evaluation Division Growth
Drilling & Evaluation revenue of $2.4B, up 4% YoY; operating income $351M (flat YoY) with 15% operating margin, helped by higher project management activity in Latin America and increased drilling services in Europe and Western Hemisphere.
North America Early Recovery Signs
North America: revenue $2.1B (-4% YoY) but management reports the Q2 'white space' filled, increasing inbound spot work, tightening premium equipment availability, and early signs of demand recovery driven by e-fleets and Zeus.