Weatherford reports Q3 2026 revenue of $1.14 billion, up 3% sequentially

Weatherford International plc (NASDAQ: WFRD) reported third quarter 2026 revenue of $1,143 million, a 3% sequential increase and a 7% year-over-year decline. The company announced operating income of $153 million, up 43% sequentially but down 14% year-over-year, while net income rose 208% sequentially to $120 million.

Adjusted EBITDA reached $254 million in the quarter, representing a 22.2% margin that expanded 204 basis points sequentially. Cash provided by operating activities totaled $192 million, and adjusted free cash flow came in at $155 million, a 12% sequential increase. Basic and diluted income per share both stood at $1.66, reflecting significant sequential growth.

Girish Saligram, President and Chief Executive Officer, attributed the margin expansion to a diversified portfolio and disciplined cost management, noting that conflict-related operational disruptions in the Middle East weighed on activity levels. Saligram stated that the company expects a meaningful ramp in adjusted EBITDA for the fourth quarter and is increasing full year adjusted free cash flow guidance.

Strategic developments during the period included the completion of the acquisition of NCS Multistage Holdings, Inc., a stock-and-cash transaction intended to strengthen Weatherford's completions portfolio. Shareholders approved the company's redomestication to Delaware, a move expected to generate approximately $20 million to $30 million in annual cash savings beginning in 2027, subject to regulatory and court approvals. Additionally, Weatherford issued notice to redeem all $236 million principal amount of its 8.625% Senior Notes due 2030.

Commercial highlights included a two-year extension and new offshore completions award from Equinor for the Statfjord and Oseberg licenses on the Norwegian Continental Shelf. Other contracts included a 46-unit supply agreement for Progressive Cavity Pumping systems in Venezuela and a Managed Pressure Drilling equipment package for a deepwater campaign offshore Indonesia. Seplat Energy awarded a five-year contract for completions products in Nigeria, while Kuwait Oil Company signed a five-year agreement for directional drilling and logging services.

The company returned $47 million to shareholders in the quarter through $19 million in dividend payments and $28 million in share repurchases. Capital expenditures were $45 million, up 7% sequentially. Weatherford noted that its Enterprise Resource Planning transformation remains on track, with the first major application launching in the third quarter.