Weatherford revenue rises 3% quarter-on-quarter to $1,143 million, falls year-on-year

Key Facts

Weatherford's revenue rose to $1,143 million in the third quarter of 2026, up 3% from the previous quarter, according to the company's earnings statement. Revenue remained 7% below its year-earlier level, however, as pressures on activity linked to the Middle East persisted. Diluted earnings per share under U.S. GAAP were $1.66 for the period. Analysts had expected earnings of $1.30 per share, according to Investing.com's coverage published on October 21. Revenue also exceeded analysts' estimates of $1.13 billion, alongside improved cash generation compared with the previous quarter and the year-earlier period.

Net income totaled $120 million, compared with $39 million in the second quarter, according to the two earnings disclosures. Net income in the previous quarter had fallen 64% quarter-on-quarter, with a net profit margin of 3.5%. In the third quarter, adjusted earnings before interest, taxes, depreciation and amortization were $254 million, with a margin of 22.2%. Adjusted free cash flow totaled $155 million, according to the company's official statement. That cash flow rose 12% from the previous quarter and 57% year-on-year. The conversion rate of adjusted earnings before interest, taxes, depreciation and amortization into adjusted free cash flow was 61.0%, according to Investing.com's coverage of the earnings presentation.

On operations, the chief executive said operational disruptions linked to the conflict in the Middle East weighed on activity levels. In Venezuela, Weatherford announced a contract from a major operator to supply 46 progressive cavity pumping units. The equipment is intended to support well completion operations, according to the company's official statement. The chief executive said during the earnings call that his growing confidence in opportunities in Venezuela was based on "actual orders," according to the transcript published by Investing.com. He also pointed to ongoing contracting work with customers in the Venezuelan market. He added that the company was increasing local hiring alongside these orders and contracting activities.

In its well completion business, Weatherford completed its previously announced acquisition of NCS Multistage, according to the announcement of the deal's completion. The transaction expanded the company's completion services portfolio, as well as its reservoir diagnostics and well performance optimization capabilities. On the Norwegian continental shelf, the company secured a two-year extension of agreements with Equinor. The extension covered several strategic framework agreements between the two companies, according to the contract announcement issued in October. Weatherford was also selected as a key supplier of completion systems for the Statfjord and Oseberg licenses on the Norwegian continental shelf.

In after-hours trading following the results, Weatherford shares rose 5.35% to $83.59, according to Investing.com's coverage of the earnings call published on October 21. On corporate structure, shareholders approved moving the company's legal domicile from Ireland to Delaware, according to its announcement on the process. The company expects the move to generate annual cash savings of approximately $20 million to $30 million. It identified 2027 as the year those expected savings would begin. It is targeting the fourth quarter of 2026 for the redomiciliation to take effect. Completion remains subject to closing conditions, including final approval from the Irish High Court.

For the fourth quarter of 2026, Weatherford expects revenue of between $1.28 billion and $1.33 billion, according to Investing.com's coverage of the company's earnings presentation. It is targeting adjusted earnings before interest, taxes, depreciation and amortization of between $270 million and $290 million for the same period. It also expects adjusted free cash flow to exceed $100 million in the final quarter of the year. For the full year of 2026, the company is targeting revenue of between $4.68 billion and $4.73 billion, according to the coverage published on October 21. It forecasts annual adjusted earnings before interest, taxes, depreciation and amortization in a range from $980 million to $1 billion.