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NBR - Nabors Industries Ltd.
Latest filing: 2026-03-31 | Reporting: gaap
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Company Summary
Nabors Industries provides contract land drilling rigs and drilling automation technology — including its PACE drilling rig fleet and RigCLOUD digital platform — to oil and gas exploration and production companies worldwide. The business model is contract drilling services with day-rate pricing, where E&P operators pay a daily fee for rig deployment and crew. Revenue runs approximately $2.8B annually, with primary operations in the U.S. Lower 48, the Middle East (especially Saudi Arabia via its SANAD joint venture), and Latin America. The company carries substantial debt load and operates in a cyclical market tied directly to oil and gas capital spending.
Past Year Trends
- Nabors reported full-year 2025 revenue of $3.2 billion, up approximately 8.7% year-over-year, with adjusted EBITDA of $913 million, driven primarily by international drilling segment expansion. (Bullish)
- Nabors completed the $625 million divestiture of its Quail Tools business in 2025, using proceeds to reduce net debt by $554 million and strengthen its balance sheet ahead of upcoming debt maturities. (Neutral)
- Quarterly operating revenues declined sequentially from $833 million in Q2 2025 to $784 million in Q1 2026, reflecting a softening U.S. Lower 48 land drilling market exacerbated by the April 2025 tariff-related rig count pullback. (Bearish)
Next Year Trends
- Nabors' SANAD joint venture in Saudi Arabia is positioned as the primary international growth catalyst for 2026, with management guiding to an international rig count of 96–98 rigs contingent on a rebound in Saudi Aramco drilling activity that was curtailed in 2025. (Bullish)
- U.S. Lower 48 rig count is guided at only 61–64 rigs for 2026, down from prior-year levels, as weak oil prices and post-tariff E&P capital discipline are expected to suppress domestic drilling demand through at least mid-2026. (Bearish)
- Nabors projects full-year 2026 adjusted EBITDA flat versus 2025's $913 million, with free cash flow guidance of only $80–90 million, leaving limited capacity to address upcoming debt maturities without further asset sales or refinancing. (Bearish)
Red Flags
No severe red flags identified as of August 2025.
Updated 2026-05-20
| endDate | formType | fiscalYear | Revenue | OperatingIncomeLoss |
|---|---|---|---|---|
| 2026-03-31 | 10-Q | 2026 | 783,548,000 | 4,262,000 |
| 2025-12-31 | 10-K (Q4 derived) | 2025 | 797,529,000 | 16,993,000 |
| 2025-09-30 | 10-Q | 2025 | 818,190,000 | 302,466,000 |
| 2025-06-30 | 10-Q | 2025 | 832,788,000 | -2,205,000 |
| 2025-03-31 | 10-Q | 2025 | 736,186,000 | 57,179,000 |
| 2024-12-31 | 10-K (Q4 derived) | 2024 | 729,819,000 | -32,869,000 |
| 2024-09-30 | 10-Q | 2024 | 731,805,000 | -33,087,000 |
| 2024-06-30 | 10-Q | 2024 | 734,798,000 | -13,029,000 |
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