NESR in focus after Q2 adjusted EPS beats consensus by $0.10 and revenue grows 59%

A second-quarter earnings beat pushed National Energy Services Reunited Corp. (NASDAQ:NESR) 10.27% higher in pre-market trading Monday. Adjusted EPS of $0.44 cleared the $0.34 consensus by $0.10, while revenue of $520.8 million ran well above the $444.11 million Wall Street expected. That top-line result represents 59.1% growth from $327.4 million in the second quarter of 2025, driven by higher activity in hydraulic fracturing, well testing, and wireline logging.

The print

Net income of $44.0 million rose 189.6% year-on-year and 84.7% from the first quarter. Diluted EPS came in at $0.43, a $0.27 increase from the same period a year earlier.

Adjusted EBITDA reached $106.2 million, up 50.5% from Q2 2025 and 38.5% sequentially.

Chief Financial Officer Stefan Angeli called it "another exceptional quarter for NESR," pointing to record revenue, record adjusted EBITDA, and the company's strongest quarterly earnings to date. Angeli described the result as evidence of "significant operating leverage embedded in our business," with net income nearly tripling while revenue grew 59%.

Cash generation and balance sheet

Operating cash flow surged 466.6% year-on-year to $174.0 million. Free cash flow reached $99.9 million. Cash and cash equivalents stood at $175.0 million as of June 30, 2026, up from $124.8 million at December 31, 2025.

Net debt fell to $99.6 million from $185.3 million at the end of 2025. The company cited stronger cash generation and working capital management as the drivers.

Setup and what to watch

Monday's pre-market move of 10.27% reflected a beat that extended through the income statement and the balance sheet. The 59.1% year-on-year revenue gain and 466.6% jump in operating cash flow both ran at a pace that kept the result from resting on a single line item.

Adjusted EBITDA of $106.2 million and operating cash flow of $174.0 million show that revenue growth converted to cash at a rate that cut net debt sharply in a single quarter. Activity levels in hydraulic fracturing, well testing, and wireline logging remain the variable to watch. Net debt of $99.6 million against a free cash flow print of $99.9 million is where the balance-sheet picture now sits.

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