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National Energy Services Reunited (NESR) FY2025 results: revenue $1.3 billion, up 1.7% on the year

National Energy Services Reunited Corp. (NESR) reported revenue of $1.3 billion for fiscal 2025, the year ended 31 December 2025, up 1.7% on the year before. Net income was $51 million, down 33.0%, and diluted earnings per share $0.52. The figures are the company's own, from the 10-K it filed with the SEC on 6 March 2026.

Revenue
$1.3 billion
+1.7% on the year
FY2023FY2025
Operating margin
7.4%
10.6% a year earlier
FY2023FY2025
Net income
$51 million
-33.0% on the year
FY2023FY2025
Diluted EPS
$0.52
-35.0% on the year
FY2023FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Revenue rose on utilization and mobilization: Revenue was $398.3 million, up 34.9% sequentially and 15.9% year over year. Management attributed the increase to improved utilization and early mobilization on recently awarded contracts.
  • Adjusted EBITDA rose 32% sequentially: Adjusted EBITDA was $84.4 million, up 32.0% sequentially and down 3.2% from the fourth quarter of 2024.
  • Adjusted EPS doubled sequentially: Adjusted net income was $31.9 million and Adjusted Diluted EPS was $0.32, compared with $0.16 in the third quarter of 2025.
  • Jafurah unconventional completions award: Management cited an integrated unconventional completions scope in Saudi Arabia’s Jafurah development, which it said reinforces its partnership with Aramco.
  • Charges excluded from adjusted results: Adjusted net income excluded $24.1 million of charges and credits, which management described as discrete items recorded during the quarter.
Read the Q4 FY2025 earnings call summary

From this 10-K

Its ordinary shares trade on the Nasdaq Capital Market under the symbol NESR. The company describes itself as one of the largest oilfield services providers in the Middle East and North Africa, which it calls the MENA region. Its business consists mainly of upstream and midstream oilfield services for oil and natural gas companies.

National Energy Services Reunited Corp., the 10-K for 2025

Its ordinary shares trade on the Nasdaq Capital Market under the symbol NESR. The company describes itself as one of the largest oilfield services providers in the Middle East and North Africa, which it calls the MENA region. Its business consists mainly of upstream and midstream oilfield services for oil and natural gas companies.

How the business is organised

Production Services covers work done during the completion and production stages of a well's life. Drilling and Evaluation Services covers work done during well construction, mostly tied to drilling rigs. The company was formed in January 2017. On 6 June 2018 it acquired NPS Holdings Limited and Gulf Energy S.A.O.C. Its NPS subsidiary later acquired Sahara Petroleum Services Company S.A.E. on 1 June 2020 and specific oilfield service lines of Action Energy Company W.L.L. on 5 May 2021.

What Production Services does

The company says it has over 25 years of experience in cementing across the MENA region.

Under long-term agreements, NESR develops and manages production for customers and invests its own services, products and sometimes cash. In these arrangements it is generally paid from the cash flow the field generates, not when it delivers its services.

NESR Environmental and Decarbonization Applications, or NEDA, sits inside this segment. It was launched in 2024 as a reorganisation of the ESG IMPACT service line introduced in 2021. It covers technology partnerships, early-stage equity investments and in-house research on water recovery, mineral extraction, emissions monitoring and flare abatement. The filing says NEDA's results were not material to the company's statements of operations.

What Drilling and Evaluation Services does

The rig fleet ranges from 200 HP to 1,500 HP and can drill wells to depths of up to 4,000 meters. It includes 750 HP truck-mounted rigs.

Directional drilling includes the Roya technology family, made up of the RoyaStream measurement-while-drilling tool, the RoyaSeek logging-while-drilling tool and the RoyaSteer rotary-steerable system. NESR holds multi-year directional drilling platform contracts for this technology in Kuwait, Oman and Saudi Arabia. The segment also works with outside technology providers, including PHX Energy Services on directional drilling and Kinetic Pressure Control Limited on its KBOS blowout stopper technology.

Who buys from it

NESR's primary customers are national oil companies, large integrated oil companies and independent operators. The filing says most customers are national oil companies. Four customers each accounted for 49%, 9%, 8% and 7% of consolidated revenues. Most contracts can be cancelled or renegotiated by customers at any time. Some national oil company customers ask for long-term fixed-price bids, which leave NESR carrying the risk of cost overruns.

The company sells mainly through a direct sales force with a country-level focus and locally based teams. It also uses indirect channels. Activity tends to be higher in the fourth quarter, as customers use their annual budgets before year-end.

Where it operates

NESR has operations in Saudi Arabia, Oman, Kuwait, the United Arab Emirates, Iraq, Algeria, Egypt and Libya. It spends its capital mainly in Saudi Arabia, Oman, Kuwait and the United Arab Emirates. It also holds a minority stake in W. D. Von Gonten Engineering LLC, a reservoir characterization and laboratory business.

How it competes

Its competitors include large multinational companies and smaller local providers. The company lists price, operational performance, quality, safety record, responsiveness, technological capability and breadth of services as the main competitive factors. It says several of its main competitors have larger operating staffs and greater capital resources.

Its people

The workforce comes from over 60 nationalities. The company says it trains staff through on-the-job learning, online programs and classroom instruction. It also runs an annual bonus plan for key employees. Apart from certain employees in Oman, none of its employees are represented by unions or covered by collective bargaining agreements.

From NESR's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 6 March 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,3241,3021,146+1.7%
Cost of revenue1,1591,093997+6.1%
Gross profit165209149-21.1%
Gross margin12.4%16.0%13.0%
Selling, general and administrative47.652.249.2-8.7%
Operating income98.313880.7-28.6%
Operating margin7.4%10.6%7.0%
Interest expense32.539.945.8-18.5%
Pre-tax income60.495.529.8-36.8%
Income tax9.319.217.3-51.7%
Effective tax rate15.3%20.1%57.9%
Net income51.176.312.6-33.0%
Net margin3.9%5.9%1.1%
Diluted EPS$0.52$0.80$0.13-35.0%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow264229177+15.2%
Capital expenditure14310568.2+36.5%
Free cash flow121124109-2.8%
Free cash flow margin9.1%9.5%9.5%
Cash from investing-152-111-83.5
Cash from financing-87.3-78.1-105
Depreciation and amortisation142143142-0.7%
Share-based compensation8.36.06.8+37.9%
Diluted shares, weighted99m96m95m+3.5%
Shares outstanding at period end101m96mn/a+4.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity968908821+6.6%
Short-term borrowingsn/a59.7n/a
Debt310323n/a-4.0%
Operating lease liabilities18.420.8n/a-11.5%
Finance lease liabilities0.3n/an/a
Other liabilities555462n/a+20.1%
Total liabilities and equity1,8521,774n/a+4.4%
Fixed assets465438n/a+6.2%
Goodwill645645n/a0.0%
Intangible assets47.165.7n/a-28.3%
Cash and equivalents12510867.8+15.6%
Receivables178137171+29.7%
Inventory94.896.8n/a-2.0%
Other assets296283n/a+4.8%
Total assets1,8521,774n/a+4.4%

10-K for the year ended 31 December 2025, filed 6 March 2026: the filing.