Weatherford Reverses Sequential Profit Decline

The Tip Desk · November 8, 2026 · 3 min read

Net income attributable to Weatherford was $120 million, or $1.66 a share, as adjusted EBITDA margin reached 22.2%.

Weatherford International plc (WFRD) reversed a sequential profit decline in the third quarter, lifting net income attributable to the company to $120 million, or $1.66 a share, from $39 million, or $0.55 a share, in the second quarter. The global energy services company said the swing followed a 64% sequential drop in net income in the prior period.

Revenue was $1,143 million, up 3% sequentially after a 4% sequential decline in the second quarter, and down 7% year-over-year. Operating income was $153 million, up 43% sequentially after a 13% sequential decline. Adjusted EBITDA was $254 million, with a 22.2% margin, up 14% sequentially after a 4% sequential decline. The company said conflict-related operational disruptions in the Middle East weighed on activity levels.

Cash provided by operating activities was $192 million. Adjusted free cash flow was $155 million, up 12% sequentially after a 64% sequential increase, and up 57% year-over-year. Capital expenditures were $45 million.

Drilling and Evaluation was the sequential profit engine. Segment revenue was $331 million, up 14% sequentially, and segment adjusted EBITDA was $90 million, with a 27.2% margin, up 55% sequentially. The company attributed the sequential revenue increase primarily to higher MPD and Drilling Services activity in Latin America and higher MPD and Wireline activity in the Middle East/North Africa/Asia, partly offset by lower MPD activity in Europe/Sub-Sahara Africa/Russia.

Well Construction and Completions revenue was $450 million. Segment adjusted EBITDA was $100 million, with a 22.2% margin, down 7% sequentially. The company said the sequential EBITDA decline came primarily from lower fall through in North America and lower activity in Europe/Sub-Sahara Africa/Russia.

Production and Intervention revenue was $314 million. Segment adjusted EBITDA was $73 million, with a 23.2% margin, up 4% sequentially.

North America revenue was $236 million, up 15% sequentially, which the company said came primarily from higher activity across all reported segments, especially Completions in U.S. Land and Canada Land. International revenue was $907 million. Latin America revenue was $225 million, up 14% sequentially. Middle East/North Africa/Asia revenue was $447 million, largely flat sequentially, and down 16% year-over-year, which the company attributed primarily to subdued activity on account of heightened geopolitical tensions. Europe/Sub-Sahara Africa/Russia revenue was $235 million.

The company completed the acquisition of NCS Multistage Holdings in a stock-and-cash transaction, which it said strengthens its completions portfolio and expands capabilities in reservoir diagnostics and well performance solutions. Subsequent to quarter end, it issued notice to redeem all of its 8.625% Senior Notes due 2030 in an aggregate principal amount of $236 million, expected to reduce annualized cash interest expense by approximately $20 million. Shareholders approved redomestication to Delaware, which the company said is expected to generate $20 million to $30 million of annual cash savings beginning in 2027, subject to previously disclosed regulatory and court approvals.

Shareholder return was $47 million in the quarter, including $19 million of dividends and $28 million of share repurchases. Fitch Ratings and S&P Global Ratings revised their outlook to Positive from Stable while affirming a BB credit rating; Moody’s affirmed Ba2 with a Positive Outlook.

President and Chief Executive Officer Girish Saligram said the company still sees a meaningful ramp in adjusted EBITDA in the fourth quarter.