-- Second quarter revenue of $1,105 million decreased 4% sequentially
-- Second quarter operating income of $107 million decreased 13%
sequentially
-- Second quarter net income of $39 million decreased 64% sequentially; net
income margin of 3.5%
-- Second quarter adjusted EBITDA* of $223 million, decreased 4%
sequentially; adjusted EBITDA margin* of 20.2% decreased 4 basis points
sequentially
-- Second quarter cash provided by operating activities of $175 million and
adjusted free cash flow* of $139 million
-- Shareholder return of $36 million for the quarter, which included
dividend payments of $20 million and share repurchases of $16 million
-- Announced the acquisition of NCS Multistage $(NCSM)$ in a
stock-and-cash transaction, expanding Weatherford's well completions
portfolio
-- Introduced an updated plan to redomesticate from Ireland to Delaware,
reflecting continued confidence in the initiative's long-term value
creation potential
-- Awarded several Managed Pressure Drilling ("MPD") contracts from Noble
Corporation, Constellation Oil Services and Ventura Offshore Holding Ltd.
*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled
HOUSTON, July 21, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc $(WFRD)$ ("Weatherford" or the "Company") announced today its results for the second quarter of 2026.
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. Basic income per share in the second quarter of 2026 was $0.55, a decrease of 63% sequentially and a decrease of 70% year-over-year. Diluted income per share in the second quarter of 2026 was $0.55, a decrease of 63% sequentially and a decrease of 70% year-over-year.
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.
Girish Saligram, President and Chief Executive Officer, commented, "Despite the significant disruption in the Middle East due to the Iran conflict, our second-quarter results, especially adjusted free cash flow, were strong, demonstrating the reliability and resilience of our operating paradigm. I am proud of the One Weatherford team for coming together to deliver once again.
While the Middle East situation remains volatile and creates activity headwinds in the short term, our longer-term thesis remains intact. A return to the pre-conflict operating levels is expected to be gradual, contingent on continued regional stability, and requires an absence of further geopolitical escalation. Our second half 2026 outlook is appropriately adjusted to reflect these dynamics and while our total year outlook has slightly reduced, the second half represents a significant ramp up in margin contribution versus the first half.
We remain focused on the factors within our control, driving long-term shareholder value through disciplined execution, portfolio strengthening, and structural simplification. The adjusted free cash flow performance and improved outlook on conversion is a consequence of this focus. The acquisition of NCS Multistage strengthens our completions portfolio, expands our technology offering, and gives us at least $15 million of cost synergies upon closing and integration. In parallel, our updated proposal to redomesticate to Delaware reinforces our commitment and our shareholders' confidence in the multi-faceted benefits of this initiative. When completed, we expect the redomestication and related corporate restructuring to generate $20 to $30 million of annual cash savings, further enhancing our cash flow profile."
*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled
Operational & Commercial Highlights
-- Noble Corporation awarded Weatherford multiple MPD contracts and a global
aftermarket agreement in Nigeria.
-- Constellation Oil Services awarded Weatherford two contracts to provide
offshore well intervention operations and MPD in deepwater Brazil.
-- Ventura Offshore Holding Ltd. awarded Weatherford a complete MPD solution
contract for the SSV Victoria offshore drilling rig in Brazil.
-- Valaris awarded Weatherford a two-year contract to provide MPD equipment
and services in offshore Brazil.
-- Esso Exploration & Production Nigeria Ltd., an ExxonMobil affiliate,
awarded Weatherford a deepwater integrated completions contract including
integrated upper and lower completions solutions for deepwater wells in
offshore Nigeria.
-- Petroleum Development Oman awarded Weatherford a three-year contract to
provide Integrated Drilling Services covering 247 wells in the Marmul
field, supporting both production and injection operations, following the
successful completion of the 837-well contract awarded in 2022.
-- Chevron awarded Weatherford a five-year framework contract, which
establishes the basis for Weatherford to provide Tubular Running Services
("TRS"), casing accessories, remote controlled top drive cement head,
Fishing/Milling & Whipstocks services for Chevron's Gorgon Stage 3
multi-well deepwater development project in Australia.
-- Oil & Gas Development Company Limited awarded Weatherford a three-year
contract to provide Wireline services in Pakistan.
-- PTTEP Thailand awarded Weatherford a 22-month contract to supply downhole
deployment valves and services for Sinphuhorm oil and gas field.
-- Kuwait Oil Company awarded two five-year contracts for the supply of
Annular Casing Packer for Triassic-Paleozoic High-Pressure
High-Temperature Wells and the supply of Electronic Submersible Pumps
feed-through packers for multiple wells.
-- Shell awarded Weatherford the non-welded mandrel scope for its offshore
Gulf of America operations.
Technology Highlights
-- Drilling & Evaluation ("DRE")
-- In Saudi Arabia, Weatherford completed the first qualification
deployment of ArrayPro$(TM)$ with Aramco, validating a fully
integrated production logging solution for horizontal wells. The
ruggedized system delivered high quality real time data and
reliable performance in demanding environments, supporting
improved reservoir insight and production optimization.
-- In France, Weatherford supported Lithium de France's geothermal
and lithium exploration at Schwabwiller in Alsace using a
PressurePro(TM) MPD Lite configuration with a Rotating Control
Device and choke. The system maintained near balanced conditions
and effectively managed influx behavior, enabling safe operations
within a narrow operating window. This approach improved drilling
efficiency and enabled the well to reach target depth, reinforcing
Weatherford's differentiated capability in European geothermal and
lithium developments.
-- Well Construction and Completions ("WCC")
-- In Denmark, Weatherford delivered its first MARS(TM) operation in
Europe within a geothermal application for Innargi A/S. Selected
over conventional logging for its multipoint array sensing
capability, the system provided clear visualization across
injection zones. Over a five-day campaign, it delivered detailed
real-time insights into reservoir behavior, enabling the
identification of previously undetected anomalies and supporting
improved reservoir understanding.
-- In the United Arab Emirates ("UAE"), Weatherford was recognized as
"Best Liner Hanger Supplier and Services Provider" by a National
Oil Company, reflecting strong execution and partnership
performance. The Liner Hanger Systems team completed over 100
liner deployments across more than 22,000 operational hours in the
previous year, demonstrating consistent delivery that reduces
operational variability and supports efficient well construction
and schedule reliability.
-- Production and Intervention ("PRI")
-- In the UAE, Weatherford introduced the Rotaflex(TM) 1160 long
stroke pumping unit, delivered as a fully integrated solution to
address highly challenging unconventional reservoirs. Designed for
rigless operations, the system is engineered to maximize recovery
and accelerate payback. By optimizing performance across the full
production system, it enhances reliability, reduces operational
complexity, and supports lower power consumption and emissions.
-- In the Permian Basin, Weatherford deployed its
Hi-VOL(TM) hydraulic jet pump technology for key operators,
replacing Electric Submersible Pump systems that had experienced
premature failures in corrosive environments. This solution
improves reliability, reduces intervention frequency and workover
costs, and sustains production rates. Following the initial
deployments at the end of 2025, the program expanded to 15 active
units by the second quarter of 2026 with strong performance
standards.
Shareholder Return
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. In the first half of the year, Weatherford paid dividends of $40 million and repurchased shares for approximately $26 million, resulting in a total shareholder return of $66 million.
On July 16, 2026, our Board declared a cash dividend of $0.275 per share of the Company's ordinary shares. The dividend is payable on September 3, 2026, to shareholders of record as of August 6, 2026.
Other Events
The previous proposal to redomesticate to Texas received support in excess of 60% of votes cast at the Company's June 2026 shareholder meetings, but did not receive the requisite 75% support needed to pass. Consequently, the Company introduced an updated plan to redomesticate to Delaware. This revised proposal reinforces Weatherford's conviction in the value creation potential through simplified corporate structure, effective execution of merger and acquisition transactions, improved financial market access, and increased shareholder value. Subject to approval in 2026, the redomestication and related corporate restructuring is expected to generate annual cash savings of approximately $20 to $30 million beginning in 2027.
Results by Reportable Segment
Drilling and Evaluation ("DRE")
Three Months Ended Variance
------------------------------- -----------------
Jun 30, Mar 31, Jun 30,
($ in Millions) 2026 2026 2025 Seq. YoY
---------------- --------- --------- --------- -------- -------
Revenue $ 291 $ 321 $ 335 (9)% (13)%
Segment Adjusted
EBITDA $ 58 $ 72 $ 69 (19)% (16)%
Segment Adj
EBITDA Margin 19.9% 22.4% 20.6% (250)bps (67)bps
Second quarter 2026 DRE revenue of $291 million decreased by $30 million, or 9% sequentially, primarily from lower MPD and Wireline activity in the Middle East on account of the heightened geopolitical tensions and lower Wireline activity in North America, partly offset by higher MPD activity in Europe/Sub-Sahara Africa/Russia. Year-over-year DRE revenue decreased by $44 million, or 13%, primarily from lower Wireline and Drilling-related Services activity, partly offset by higher MPD activity in Europe/Sub-Sahara Africa/Russia.
Second quarter 2026 DRE segment adjusted EBITDA of $58 million decreased by $14 million, or 19% sequentially, primarily from lower MPD and Wireline activity in the Middle East on account of the heightened geopolitical tensions and lower Wireline activity in North America, partly offset by higher MPD activity and strong fall through in Europe/Sub-Sahara Africa/Russia. Year-over-year DRE segment adjusted EBITDA decreased by $11 million, or 16%, primarily from lower Wireline and Drilling-related Services activity, partly offset by higher MPD activity and fall through in Europe/Sub-Sahara Africa/Russia.
Well Construction and Completions ("WCC")
Three Months Ended Variance
-----------------
Jun 30, Mar 31, Jun 30,
($ in Millions) 2026 2026 2025 Seq. YoY
---------------- --------- --------- --------- ------- --------
Revenue $ 433 $ 443 $ 456 (2)% (5)%
Segment Adjusted
EBITDA $ 107 $ 110 $ 118 (3)% (9)%
Segment Adj
EBITDA Margin 24.7% 24.8% 25.9% (12)bps (117)bps
Second quarter 2026 WCC revenue of $433 million decreased by $10 million, or 2% sequentially, primarily from lower Liner Hanger and Completions activity in the Middle East/North Africa/Asia, partly offset by higher Cementation Products activity in Middle East/North Africa/Asia and higher Completions activity in Europe/Sub-Sahara Africa/Russia. Year-over-year, WCC revenues decreased by $23 million, or 5%, primarily from lower activity in Middle East/North Africa/Asia, partly offset by higher Completions activity in Latin America.
Second quarter 2026 WCC segment adjusted EBITDA of $107 million decreased by $3 million, or 3% sequentially, primarily from lower Liner Hanger and Completions activity in the Middle East/North Africa/Asia and lower fall through in Latin America, partly offset by higher Cementation Products activity in Middle East/North Africa/Asia and higher Completions activity in Europe/Sub-Sahara Africa/Russia. Year-over-year WCC segment adjusted EBITDA decreased by $11 million, or 9% primarily from lower activity in Middle East/North Africa/Asia, partly offset by higher Cementation Products fall through in the region.
Production and Intervention ("PRI")
Three Months Ended Variance
------------------
Jun 30, Mar 31, Jun 30,
($ in Millions) 2026 2026 2025 Seq. YoY
---------------- --------- --------- --------- -------- --------
Revenue $ 316 $ 296 $ 327 7% (3)%
Segment Adjusted
EBITDA $ 70 $ 54 $ 63 30% 11%
Segment Adj
EBITDA Margin 22.2% 18.2% 19.3% 391bps 289bps
Second quarter 2026 PRI revenue of $316 million increased by $20 million, or 7% sequentially, primarily from higher international Pressure Pumping activity and higher Artificial Lift activity in North America, partly offset by lower Artificial Lift activity in Latin America and Europe/Sub-Sahara Africa/Russia. Year-over-year PRI revenue decreased by $11 million, or 3%, primarily from lower Artificial Lift activity in North America and Latin America, partly offset by higher Pressure Pumping activity.
Second quarter 2026 PRI segment adjusted EBITDA of $70 million increased by $16 million, or 30%, sequentially, primarily from higher international Pressure Pumping activity and fall through, partly offset by lower Artificial Lift activity in Latin America and Europe/Sub-Sahara Africa/Russia. Year-over-year PRI segment adjusted EBITDA increased by $7 million, or 11% primarily from higher Intervention Services & Drilling Tools fall through in North America and Europe/Sub-Sahara Africa/Russia, partly offset by lower Subsea Intervention activity and fall through in Latin America.
Revenue by Geography
Three Months Ended Variance
----------------
Jun Mar Jun
30, 31, 30,
($ in Millions) 2026 2026 2025 Seq. YoY
---------------------- ------ ------ ------ ------- -------
North America $ 205 $ 220 $ 241 (7)% (15)%
International $ 900 $ 932 $ 963 (3)% (7)%
Latin America 197 223 195 (12)% 1%
Middle East/North
Africa/Asia 446 476 524 (6)% (15)%
Europe/Sub-Sahara
Africa/Russia 257 233 244 10% 5%
Total Revenue $1,105 $1,152 $1,204 (4)% (8)%
======================= ===== ===== ===== ======= =======
North America
Second quarter 2026 North America revenue of $205 million decreased by $15 million, or 7%, sequentially, primarily from lower Wireline and Completions activity in Canada, partly offset by higher Artificial Lift activity in U.S. land. Year-over-year, North America revenue decreased by $36 million, or 15%, primarily from lower Artificial Lift and Cementation Products activity, partly offset by higher Completions activity in U.S. offshore.
International
Second quarter 2026 international revenue of $900 million decreased by $32 million, or 3% sequentially and decreased by $63 million, or 7% year-over-year.
Second quarter 2026 Latin America revenue of $197 million decreased by $26 million, or 12% sequentially, primarily from lower Drilling-related Services and Integrated Services & Projects activity in Mexico, partly offset by higher Completions activity in the country. Year-over-year, Latin America revenue increased by $2 million, or 1%, primarily from higher Completions activity in the Caribbean and higher MPD in Mexico, partly offset by lower Drilling-related Services activity in Argentina and Mexico.
Second quarter 2026 Middle East/North Africa/Asia revenue of $446 million decreased by $30 million, or 6% sequentially, primarily from lower activity on account of heightened geopolitical tensions partly offset by higher Cementation Products activity in Saudi Arabia. Year-over-year, the Middle East/North Africa/Asia revenue decreased by $78 million, or 15%, primarily from lower activity on account of heightened geopolitical tensions partly offset by higher Drilling Services in Kuwait.
Second quarter 2026 Europe/Sub-Sahara Africa/Russia revenue of $257 million increased by $24 million or 10% sequentially, primarily from higher Pressure Pumping, Completions and MPD activity, partly offset by lower Drilling Services activity in Europe. Year-over-year, Europe/Sub-Sahara Africa/Russia revenue increased by $13 million or 5%, primarily from higher Pressure Pumping and MPD activity, partly offset by lower Drilling Services activity in Europe.
About Weatherford
Weatherford is a global energy services company that helps customers drill smarter, complete wells more effectively, and maximize production across the entire well lifecycle. With a differentiated portfolio of market-leading solutions, integrated technologies, and a broad global customer footprint across six continents, we blend advanced engineering, digital intelligence, and world-class field expertise to reduce risk, improve performance, and maximize the value of customer assets. Together, we elevate every operation, delivering stronger wells, sharper decisions, and better energy for the world. Visit weatherford.com for more information and connect with us on social media.
Conference Call Details
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).
Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company's website.
Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.
A telephonic replay of the conference call will be available until August 5, 2026, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 855-669-9658 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 2958915. A replay and transcript of the earnings call will also be available in the investor relations section of the Company's website.
Contacts
For Investors:
Luke Lemoine
Senior Vice President, Corporate Development & Investor Relations
+1 713-836-7777
investor.relations@weatherford.com
For Media:
Kelley Hughes
Senior Director, Communications, Marketing & Sustainability
media@weatherford.com
Forward-Looking Statements
This news release contains projections and forward-looking statements concerning, among other things, the Company's adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words "believe," "project," "expect," "anticipate," "estimate," "outlook," "budget," "intend," "strategy," "plan," "guidance," "may," "should," "could," "will," "would," "will be," "will continue," "will likely result," and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford's management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only estimates and may differ materially from actual future events or results, based on factors including but not limited to: global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, public health issues such as pandemics, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from the Russia Ukraine conflict, conflicts in the Middle East (including the Iran conflict) or instability in Latin America, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations (including changes in the regulatory environment) imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts and our incorporation of artificial intelligence tools, increases in the prices and lead times, and the lack of availability of our procured products and services, including due to macroeconomic and geopolitical conditions such as tariffs and changes in trade policies, our ability to timely collect from customers; our ability to manage our workforce and systems, including the impact of our enterprise resource planning system implementation and business enhancements; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; the realization of additional cost savings and operational efficiencies, including as a result of our proposed Redomestication from Ireland to Delaware; our ability to receive, in a timely manner and on satisfactory terms, required shareholder and court approval, and to satisfy the other conditions to the proposed Redomestication within the expected timeframe or at all; our ability to realize the expected benefits from the proposed Redomestication; the occurrence of difficulties in connection with the Redomestication, including any costs related thereto; the risk that the proposed Redomestication disrupts current plans and operations; any changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof by the tax authorities in Ireland, the United States and other jurisdictions following the proposed Redomestication; the future financial performance of Weatherford following the Redomestication; the risk that the proposed acquisition of NCS Multistage is not consummated as expected, in a timely manner or at all; and our ability to achieve the anticipated benefits of the proposed acquisition within the expected time period or at all.
These risks and uncertainties are more fully described in Weatherford's reports and registration statements filed with the U.S. Securities and Exchange Commission (the "SEC"), including the risk factors described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company's forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.
*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled
Additional Information and Where to Find It
In connection with the proposed Redomestication, Weatherford filed a definitive proxy statement with the SEC on July 13, 2026. Weatherford may also file other relevant documents with the SEC regarding the proposed Redomestication. The definitive proxy statement will be mailed to shareholders of Weatherford. This communication is not a substitute for any proxy statement or any other document that may be filed with the SEC or sent to Weatherford's shareholders in connection with the proposed Redomestication.
INVESTORS AND SECURITY HOLDERS OF Weatherford ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT Weatherford AND THE PROPOSED REDOMESTICATION AND RELATED MATTERS.
Investors and security holders are able to obtain free copies of the definitive proxy statement and other documents containing important information about Weatherford and the proposed Redomestication through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Weatherford are available free of charge on Weatherford's website at www.weatherford.com.
Participants in the Solicitation
Weatherford and its directors, executive officers and other members of management and employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies from Weatherford's shareholders in connection with the proposed Redomestication. Information about the directors and executive officers of Weatherford and their ownership of Weatherford's securities is set forth in the definitive proxy statement relating to the proposed Redomestication https://www.sec.gov/Archives/edgar/data/1603923/000119312526302022/d136463ddef14a.htm, which was filed with the SEC on July 13, 2026, including under the section "Share Ownership". Additional information regarding Weatherford's directors and executive officers is also included in Weatherford's 2026 Proxy Statement, which was filed with the SEC on April 21, 2026. You may obtain free copies of these documents using the sources indicated above.
Weatherford International plc
Selected Statements of Operations (Unaudited)
Three Months Ended Six Months Ended
------------------
($ in Millions, June March June June
Except Per Share 30, 31, 30, 30, June 30,
Amounts) 2026 2026 2025 2026 2025
----------------- ------- ------- ------- ------- ---------
Revenues:
DRE Revenues $ 291 $ 321 $ 335 $ 612 $ 685
WCC Revenues 433 443 456 876 897
PRI Revenues 316 296 327 612 661
All Other 65 92 86 157 154
------------------ ----- ----- ----- ----- -----
Total Revenues 1,105 1,152 1,204 2,257 2,397
Operating Income:
DRE Segment
Adjusted
EBITDA([1]) $ 58 $ 72 $ 69 $ 130 $ 143
WCC Segment
Adjusted
EBITDA([1]) 107 110 118 217 246
PRI Segment
Adjusted
EBITDA([1]) 70 54 63 124 125
All Other([2]) 6 13 19 19 23
Corporate([2]) (18) (16) (15) (34) (30)
Depreciation and
Amortization (71) (70) (64) (141) (126)
Share-based
Compensation (11) (12) (9) (23) (16)
Gain on Sale of
Business -- -- 70 -- 70
Restructuring
Charges (9) (13) (11) (22) (40)
Other Charges,
Net (25) (15) (3) (40) (16)
------------------ ----- ----- ----- ----- -----
Operating
Income 107 123 237 230 379
Other Expense:
Interest
Expense, Net of
Interest Income
of $11, $10,
$14, $21, and
$25 (16) (17) (21) (33) (47)
Other Expense,
Net (16) (1) (25) (17) (45)
------------------ ----- ----- ----- ----- -----
Income Before
Income Taxes 75 105 191 180 287
Income Tax
(Provision)
Benefit (33) 4 (46) (29) (56)
------------------ ----- ----- ----- ----- -----
Net Income 42 109 145 151 231
Net Income
Attributable to
Noncontrolling
Interests 3 1 9 4 19
------------------ ----- ----- ----- ----- -----
Net Income
Attributable
to
Weatherford $ 39 $ 108 $ 136 $ 147 $ 212
================== ===== ===== ===== ===== =====
Basic Income Per
Share $ 0.55 $ 1.50 $ 1.87 $ 2.05 $ 2.91
Basic Weighted
Average Shares
Outstanding 71.9 71.9 72.2 71.9 72.7
Diluted Income
Per Share $ 0.55 $ 1.49 $ 1.87 $ 2.04 $ 2.90
Diluted Weighted
Average Shares
Outstanding 72.2 72.2 72.4 72.2 72.9
([1]) Segment adjusted EBITDA is our primary measure
of segment profitability under U.S. GAAP ASC 280 "Segment
Reporting" and represents segment earnings before
interest, taxes, depreciation, amortization, share-based
compensation, restructuring charges and other adjustments.
Research and development expenses are included in
segment adjusted EBITDA.
([2]) All Other includes results from non-core business
activities (including integrated services and projects),
and Corporate includes overhead support and centrally
managed or shared facilities costs. All Other and
Corporate do not individually meet the criteria for
segment reporting.
Weatherford International plc
Selected Balance Sheet Data (Unaudited)
($ in Millions) June 30, 2026 December 31, 2025
-------------------------------------- --------------- -------------------
Assets:
Cash and Cash Equivalents $ 1,100 $ 987
Restricted Cash 37 55
Accounts Receivable, Net 1,104 1,234
Inventories, Net 811 836
Property, Plant and Equipment, Net 1,131 1,124
Intangibles, Net 265 285
Liabilities:
Accounts Payable 625 650
Accrued Salaries and Benefits 241 285
Current Portion of Long-term Debt 30 30
Long-term Debt 1,450 1,455
Shareholders' Equity:
Total Shareholders' Equity 1,789 1,696
Weatherford International plc
Selected Cash Flows Information (Unaudited)
Three Months Ended Six Months Ended
------------------- ----------------
June March June June
30, 31, 30, 30, June 30,
($ in Millions) 2026 2026 2025 2026 2025
------------------ ----- ----- ----- ------ --------
Cash Flows From
Operating
Activities:
Net Income $ 42 $109 $145 $ 151 $ 231
Adjustments to
Reconcile Net
Income to Net Cash
Provided By
Operating
Activities:
Depreciation and
Amortization 71 70 64 141 126
Foreign Exchange
Losses (Gain) 10 (4) 17 6 30
Gain on
Disposition of
Assets (7) (6) (3) (13) (4)
Gain on Sale of
Business -- -- (70) -- (70)
Deferred Income
Tax Provision
(Benefit) -- 9 (5) 9 2
Share-Based
Compensation 11 12 9 23 16
Changes in
Accounts
Receivable,
Inventory,
Accounts
Payable, Accrued
Salaries and
Benefits and
Income Taxes
Payable 64 (26) (33) 38 (47)
Other Changes,
Net (16) (28) 4 (44) (14)
------------------- --- --- --- ---- ----
Net Cash Provided
By Operating
Activities 175 136 128 311 270
------------------- --- --- --- ---- ----
Cash Flows From
Investing
Activities:
Capital
Expenditures
for Property,
Plant and
Equipment (42) (54) (54) (96) (131)
Proceeds from
Disposition of
Assets 6 3 5 9 6
Proceeds from
Sale of
Businesses -- -- 97 -- 97
Purchases of
Blue Chip Swap
Securities (11) (3) (83) (14) (83)
Proceeds from
Sales of Blue
Chip Swap
Securities 11 3 82 14 82
Other Investing
Activities (6) (17) (4) (23) (7)
------------------- --- --- --- ---- ----
Net Cash Provided
by (Used In)
Investing
Activities (42) (68) 43 (110) (36)
------------------- --- --- --- ---- ----
Cash Flows From
Financing
Activities:
Repayments of
Long-term Debt (9) (8) (34) (17) (73)
Distributions to
Noncontrolling
Interests (5) -- (8) (5) (8)
Tax Remittance
on Equity
Awards (1) (17) -- (18) (20)
Share
Repurchases (16) (10) (34) (26) (87)
Dividends Paid (20) (20) (18) (40) (36)
Other Financing
Activities 2 (1) (3) 1 (6)
------------------- --- --- --- ---- ----
Net Cash Used In
Financing
Activities $(49) $(56) $(97) $(105) $(230)
=================== === === === ==== ====
Weatherford International plc
Non-GAAP Financial Measures Defined (Unaudited)
We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford's management believes that certain non-GAAP financial measures (as defined under the SEC's Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Adjusted EBITDA* - Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Adjusted EBITDA margin* - Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Adjusted Free Cash Flow* - Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Net Debt* - Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company's results prepared in accordance with GAAP.
Net Leverage* - Net Leverage* is a non-GAAP measure which is calculated by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
*Non-GAAP - as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled
Weatherford International plc
GAAP to Non-GAAP Financial Measures Reconciled (Unaudited)
Three Months Ended Six Months Ended
----------------------------------
($ in Millions,
Except Margin in June 30, March 31, June 30, June 30, June 30,
Percentages) 2026 2026 2025 2026 2025
------------------- ---------- ---------- ---------- ---------- ----------
Revenues $1,105 $1,152 $1,204 $2,257 $2,397
Net Income
Attributable to
Weatherford $ 39 $ 108 $ 136 $ 147 $ 212
Net Income Margin 3.5% 9.4% 11.3% 6.5% 8.8%
Adjusted EBITDA* $ 223 $ 233 $ 254 $ 456 $ 507
Adjusted EBITDA
Margin* 20.2% 20.2% 21.1% 20.2% 21.2%
Net Income
Attributable to
Weatherford $ 39 $ 108 $ 136 $ 147 $ 212
Net Income
Attributable to
Noncontrolling
Interests 3 1 9 4 19
Income Tax
Provision
(Benefit) 33 (4) 46 29 56
Interest
Expense, Net of
Interest Income
of $11, $10,
$14, $21, and
$25 16 17 21 33 47
Other Expense,
Net 16 1 25 17 45
-------------------- ----- ----- ----- ----- -----
Operating Income 107 123 237 230 379
Depreciation and
Amortization 71 70 64 141 126
Other Charges
Credits,
Net([1]) 25 15 3 40 16
Gain on Sale of
Business -- -- (70) -- (70)
Restructuring
Charges 9 13 11 22 40
Share-Based
Compensation 11 12 9 23 16
-------------------- ----- ----- ----- ----- -----
Adjusted EBITDA* $ 223 $ 233 $ 254 $ 456 $ 507
Net Cash Provided By
Operating
Activities $ 175 $ 136 $ 128 $ 311 $ 270
Capital
Expenditures
for Property,
Plant and
Equipment (42) (54) (54) (96) (131)
Proceeds from
Disposition of
Assets 6 3 5 9 6
-------------------- ----- ----- ----- ----- -----
Adjusted Free Cash
Flow* $ 139 $ 85 $ 79 $ 224 $ 145
==================== ===== ===== ===== ===== =====
([1]) Other Charges, Net in the three and six months
ended June 30, 2026 primarily includes redomestication
and mergers and acquisitions. Other Charges, Net in
the three and six months ended June 30, 2025 primarily
includes fees to third-party financial institutions
related to collections of certain receivables from
our largest customer in Mexico and other miscellaneous
charges and credits.
*Non-GAAP - as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined
Weatherford International plc
GAAP to Non-GAAP Financial Measures Reconciled Continued
(Unaudited)
March 31,
($ in Millions) June 30, 2026 2026 June 30, 2025
-------------------- ------------- ------------- --------------
Current Portion of
Long-term Debt $ 30 $ 31 $ 26
Long-term Debt 1,450 1,453 1,565
--------------------- --- -------- --- -------- --- ---------
Total Debt $ 1,480 $ 1,484 $ 1,591
--------------------- --- -------- --- -------- --- ---------
Cash and Cash
Equivalents $ 1,100 $ 1,012 $ 943
Restricted Cash 37 38 60
--------------------- --- -------- --- -------- --- ---------
Total Cash $ 1,137 $ 1,050 $ 1,003
--------------------- --- -------- --- -------- --- ---------
Components of Net
Debt
Current Portion of
Long-term Debt $ 30 $ 31 $ 26
Long-term Debt 1,450 1,453 1,565
Less: Cash and
Cash Equivalents 1,100 1,012 943
Less: Restricted
Cash 37 38 60
--------------------- --- -------- --- -------- --- ---------
Net Debt* $ 343 $ 434 $ 588
--------------------- --- -------- --- -------- --- ---------
Net Income for
trailing 12 months $ 366 $ 463 $ 481
Adjusted EBITDA* for
trailing 12 months $ 1,016 $ 1,047 $ 1,188
Net Leverage* (Net
Debt*/Adjusted
EBITDA*) 0.34 x 0.41 x 0.49 x
*Non-GAAP - as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined
(END) Dow Jones Newswires
July 21, 2026 16:30 ET