239 Land Rigs in Nabors’ Fleet Ahead of Third-Quarter Results
Key Facts
Nabors will report third-quarter results after the market closes on October 27 and has scheduled a call to discuss them the following day at 10:00 a.m. U.S. Central Time, according to an investor relations notice. The call comes as investors await details on operating and financial performance for the period, after the latest published results showed operating revenue of $814.8 million in the second quarter of 2026. That quarter’s revenue was higher than $783.5 million in the first quarter, but below $832.8 million in the second quarter of 2025. The comparison shows revenue rising quarter over quarter while declining year over year. The information available here did not include a confirmed figure for third-quarter revenue, making the company’s scheduled results the next point of comparison.
International drilling revenue rose 11% year over year to $851.993 million in the first half of 2026, according to a Nabors filing with the U.S. Securities and Exchange Commission. Over the same period, drilling solutions revenue fell 18% to $216.862 million. In its second-quarter results, the company described key factors supporting its business, citing “continued momentum in the international drilling franchise, strengthening activity in the Lower 48, and higher free cash flow.” The description places international drilling, Lower 48 activity and cash flow in the context of performance the company reported before the third quarter. It does not specify how much any of these factors contributed to third-quarter revenue, which management will discuss on its upcoming call.
Second-quarter profitability and liquidity metrics presented a different picture from the growth in international revenue: adjusted earnings before interest, taxes, depreciation and amortization were $221.660 million, compared with $204.813 million in the first quarter and $248.459 million in the second quarter of 2025. Adjusted free cash flow was $12.342 million in the second quarter, following an outflow of $48.219 million in the first quarter. On spending, Nabors narrowed the expected range for new Sanad program construction to $325–335 million for 2026, from $360–380 million. The company attributed the outlook revision to spending on the capital program, according to its second-quarter results filing. These figures give investors benchmarks for tracking whether the new period’s results will come with changes in profitability, cash flow or spending.
As of June 30, 2026, Nabors’ fleet included 239 active marketed land rigs and 27 offshore platform rigs, according to its quarterly filing. In its third-quarter operating guidance, the company said it expected to end the period with about 74 rigs operating in the Lower 48, with a slight increase from that level during the rest of the year. It also raised its annual adjusted earnings outlook to $920–930 million and estimated adjusted free cash flow for 2026 at $20–30 million. These forecasts provide a baseline against which to compare management’s third-quarter report and full-year outlook. Nabors shares closed at $82.29 on October 26, according to EL7 data. A replay of the call will be available until 4:00 p.m. U.S. Central Time on November 4, 2026.