-- First quarter revenue of $1,152 million decreased 3% year-over-year
-- First quarter operating income of $123 million decreased 13%
year-over-year
-- First quarter net income of $108 million increased 42% year-over-year;
net income margin of 9.4%
-- First quarter adjusted EBITDA* of $233 million, decreased 8%
year-over-year; adjusted EBITDA margin* of 20.2% decreased 98 basis
points year-over-year
-- First quarter cash provided by operating activities of $136 million and
adjusted free cash flow* of $85 million
-- Shareholder return of $30 million for the quarter, which included
dividend payments of $20 million and share repurchases of $10 million
-- Awarded a multi-year Integrated Completions contract to support offshore
operations in Denmark by TotalEnergies
-- Awarded a five-year contract to provide TRS for offshore operations in
Vietnam by Phu Quoc POC
-- Announced proposal to reorganize its corporate structure by
redomesticating from Ireland to the United States, with Texas as the
company's new legal home
(*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled)
HOUSTON, April 21, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc $(WFRD)$ ("Weatherford" or the "Company") announced today its results for the first quarter of 2026.
Revenues for the first quarter of 2026 were $1,152 million, a decrease of 3% year-over-year and a decrease of 11% sequentially. Operating income in the first quarter of 2026 was $123 million, a decrease of 13% year-over-year and a decrease of 38% sequentially. Net income in the first quarter of 2026 was $108 million, with a 9.4% margin, an increase of 42%, or 300 basis points, year-over-year, and a decrease of 22%, or 133 basis points, sequentially. Adjusted EBITDA* was $233 million, with a 20.2% margin*, a decrease of 8% or 98 basis points, year-over-year, and a decrease of 20% or 235 basis points, sequentially. Basic income per share in the first quarter of 2026 was $1.50, an increase of 44% year-over-year, and a decrease of 22% sequentially. Diluted income per share in the first quarter of 2026 was $1.49, an increase of 44% year-over-year and a decrease of 22% sequentially.
First quarter 2026 cash flows provided by operating activities were $136 million, a decrease of 4% year-over-year, and a decrease of 49% sequentially. Adjusted free cash flow* was $85 million, an increase of 29% year-over-year, and a decrease of 62% sequentially. Capital expenditures were $54 million in the first quarter of 2026, a decrease of 30% year-over-year, and an increase of 6% sequentially.
Girish Saligram, President and Chief Executive Officer, commented, "I am deeply grateful to and proud of the One Weatherford team for delivering excellent operating results in the midst of a very complex and challenged environment in the first quarter. With significant operational disruptions in the Middle East, we stayed focused on what matters the most - protecting our employees, maintaining continuity of operations for our customers, and controlling the variables we could. While we faced losses in revenue and increased costs due to the Iran conflict, we were able to offset the impact of those through additional contributions from other parts of the business.
In parallel, we remain committed to advancing our strategic priorities to create value for all our stakeholders by simplifying processes and reducing structural costs. Our proposal to redomesticate from Ireland to the United States and specifically Texas, represents a significant step towards simplifying our operating structure and reducing administrative and compliance complexity.
Looking ahead, we expect the operational disruptions in the Middle East to cloud near term visibility as the geopolitical backdrop remains volatile and therefore creates uncertainty. Given the likelihood that it will take at minimum several weeks for activity levels to normalize, logistics to stabilize and incremental costs to come down, our second quarter results are expected to be softer than previously anticipated, with performance within the range dependent on the timing of these factors. At the same time, assuming that the conflict is fully behind us by the end of the quarter, we have increased confidence in the second-half ramp that positions us for a stronger 2027.
As a result, we are maintaining our second half guidance and the total year guidance on adjusted free cash flow generation remains intact. We have a strong balance sheet and are bullish about the medium-to-long term outlook, which is supported by energy security priorities and sustained upstream investment."
(*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled)
Operational & Commercial Highlights
-- Phu Quoc POC awarded Weatherford a five-year contract to provide Tubular
Running Services ("TRS") for offshore operations in Vietnam.
-- TotalEnergies awarded Weatherford a multi-year Integrated Completions
contract to support offshore operations in Denmark.
-- PTTEP awarded Weatherford an 18-month contract extension to provide
Drilling Services on Rig 15 in Thailand.
-- A major operator awarded Weatherford a two-year contract to provide
Wireline services in Turkey.
-- Almex Plus Firm LLP awarded Weatherford a one-year contract to provide
Managed Pressure Drilling ("MPD") in Kazakhstan.
-- A major operator awarded Weatherford two contracts to provide MPD and
Subsea Intervention in Brazil.
-- HOCOL S.A. awarded Weatherford a three-year contract to provide Wireline
services in Colombia.
-- A major operator awarded Weatherford a three-year contract to provide
Wireline in Canada.
-- A major operator awarded Weatherford a four-year contract to provide
Cementation Products and Liner Hangers services in Denmark.
-- Stogit awarded Weatherford a six-year contract to provide Completions
tools and services in Italy.
-- A National Oil Company awarded Weatherford a two-year contract to provide
Well Services in the United Arab Emirates ("UAE").
-- A major operator awarded Weatherford an 18-month contract to provide TRS
in Cyprus.
-- Shell awarded Weatherford a multi-year contract to provide Artificial
Lift products and services for its operations in Vaca Muerta, Argentina.
-- A major operator awarded Weatherford two contracts to provide Completions
and Digital Solutions in Canada.
-- Agiba Petroleum Company (Eni JV) awarded Weatherford two year contract
for Artificial Lift downhole pumps in Egypt.
Technology Highlights
-- Drilling & Evaluation ("DRE")
-- In Saudi Arabia, Weatherford set a new global record for
extended-reach Wireline work, logging 29,121 ft measured depth
with the Compact Well Shuttle system. The run surpassed
Weatherford's 2024 mark and shows stronger capability to evaluate
long, highly deviated wells without relying on traditional
conveyance.
-- In Asia, Weatherford executed multiple complex high-pressure and
depleted wells for a major operator using Managed Pressure
Wellbore techniques, delivering fast cycle times while avoiding
stuck pipe, lost-in-hole events, and well-control incidents.
-- Well Construction and Completions ("WCC")
-- In Saudi Arabia, Weatherford successfully executed the first
rigless thru-tubing sand-control gravel-pack operation, restoring
a gas well that has been shut-in due to sand production to be
fully sand-free without the need for a workover rig. The
successful deployment validated the simplicity and effectiveness
of our technology, and it is expected to become a recurring
implementation.
-- In Indonesia, Weatherford deployed its Vero$(R)$ One-Touch system
for a major operator to improve how well pipes are handled and
installed. The system reduced the need for manual intervention,
lowering safety risks, while making rig-floor operations more
efficient. The integrated spin-in automation delivered faster,
more consistent make-up with precise torque control, increasing
running efficiency compared to conventional methods.
-- Production and Intervention ("PRI")
-- In the United Kingdom ("UK"), Weatherford completed the first
deployment of the AlphaVTM casing system in the Irish Sea's
Liverpool Bay, eliminating a dedicated wellbore-preparation run
and increasing trip speeds. The operation delivered meaningful
time savings and lowered overall operational costs while marking
the first AlphaV whipstock installation in the UK sector.
-- In Oman, Weatherford advanced its digital portfolio by deploying
Electric Submersible Pump ("ESP") Predictive Analytics in
collaboration with Petroleum Development Oman within the ForeSite
Well Management System, moving the technology from pilot to
operational use. The integration of ForeSite(R) with PetroVisor's
machine-learning framework delivered on-premise to meet stringent
cybersecurity requirements, enabled predictive ESP through failure
forecasting, run-life estimation, and real-time performance
insights. This deployment strengthens Weatherford's position in
AI-driven production optimization and establishes a scalable
foundation for broader digital expansion across the region.
Shareholder Return
During the first quarter of 2026, Weatherford paid dividends of $20 million and repurchased shares for $10 million, resulting in a total shareholder return of $30 million.
On April 16, 2026, our Board declared a cash dividend of $0.275 per share of the Company's ordinary shares. The dividend is payable on June 4, 2026, to shareholders of record as of May 6, 2026.
Other Events
Weatherford announced its proposal to reorganize its corporate structure by redomesticating from Ireland to the U.S., with Texas as its new legal home (the "Redomestication"). The proposed Redomestication is expected to be completed in the third quarter of 2026, subject to shareholder and other customary approvals. This transition is expected to bring greater alignment between our operating profile and structure, simplifies corporate and operational structure, eliminates certain administrative and compliance burdens and costs, provides the possibility of larger U.S. shareholder and lender bases and enables greater agility in managing global tax considerations.
Results by Reportable Segment
Drilling and Evaluation ("DRE")
Three Months Ended Variance
---------------------------------- --------------------
Mar 31, Dec 31, Mar 31,
($ in Millions) 2026 2025 2025 Seq. YoY
---------------- ---------- ---------- ---------- ---------- --------
Revenue $ 321 $ 340 $ 350 (6)% (8)%
Segment Adjusted
EBITDA $ 72 $ 83 $ 74 (13)% (3)%
Segment Adj
EBITDA Margin 22.4% 24.4% 21.1% (198) bps 129 bps
First quarter 2026 DRE revenue of $321 million decreased by $29 million, or 8% year-over-year, primarily from lower activity in Latin America, Middle East/North Africa/Asia and North America, partly offset by higher Wireline and Drilling Services activity in Europe/Sub-Sahara Africa/Russia. Sequentially, DRE revenue decreased by $19 million, or 6%, primarily from lower activity in Middle East/North Africa/Asia and Latin America, partly offset by higher Drilling Services activity in Europe/Sub-Sahara Africa/Russia and Wireline activity in North America.
First quarter 2026 DRE segment adjusted EBITDA of $72 million decreased by $2 million, or 3% year-over-year, primarily from lower activity in Latin America, Middle East/North Africa/Asia and North America, partly offset by higher Wireline activity in Europe/Sub-Sahara Africa/Russia and higher MPD fall through in Middle East/North Africa/Asia and Europe/Sub-Sahara Africa/Russia. Sequentially, DRE segment adjusted EBITDA decreased by $11 million, or 13%, primarily from lower activity in Middle East/North Africa/Asia and Latin America and lower fall through of Drilling Services in Europe/Sub-Sahara Africa/Russia, partly offset by higher Wireline activity in North America.
Well Construction and Completions ("WCC")
Three Months Ended Variance
----------------------
Mar 31, Dec 31, Mar 31,
($ in Millions) 2026 2025 2025 Seq. YoY
---------------- ---------- ---------- ---------- ---------- ----------
Revenue $ 443 $ 510 $ 441 (13)% --%
Segment Adjusted
EBITDA $ 110 $ 144 $ 128 (24)% (14)%
Segment Adj
EBITDA Margin 24.8% 28.2% 29.0% (340) bps (419) bps
First quarter 2026 WCC revenue of $443 million increased by $2 million, or largely flat year-over-year, primarily from higher Liner Hanger activity, partly offset by lower Cementation Products and TRS activity in Middle East/North Africa/Asia. Sequentially, WCC revenues decreased by $67 million, or 13%, primarily from lower activity across all geographies especially in Middle East/North Africa/Asia.
First quarter 2026 WCC segment adjusted EBITDA of $110 million decreased by $18 million, or 14% year-over-year, primarily from overall flat activity and lower fall through in Middle East/North Africa/Asia, partly offset by higher TRS fall through in North America. Sequentially, WCC segment adjusted EBITDA decreased by $34 million, or 24%, primarily from lower activity across all geographies especially in Middle East/North Africa/Asia.
Production and Intervention ("PRI")
Three Months Ended Variance
---------------------
Mar 31, Dec 31, Mar 31,
($ in Millions) 2026 2025 2025 Seq. YoY
---------------- ---------- ---------- ---------- ---------- ---------
Revenue $ 296 $ 353 $ 334 (16)% (11)%
Segment Adjusted
EBITDA $ 54 $ 73 $ 62 (26)% (13)%
Segment Adj
EBITDA Margin 18.2% 20.7% 18.6% (244) bps (32) bps
First quarter 2026 PRI revenue of $296 million decreased by $38 million, or 11% year-over-year, primarily from the sale of Pressure Pumping business in Argentina and lower Artificial Lift activity in North America, partly offset by higher Subsea Intervention activity. Sequentially, PRI revenue decreased by $57 million, or 16%, primarily from lower activity in Middle East/North Africa/Asia and lower Artificial Lift activity in North America, partly offset by higher Artificial Lift and Pressure Pumping activity in Europe/Sub-Sahara Africa/Russia.
First quarter 2026 PRI segment adjusted EBITDA of $54 million decreased by $8 million, or 13% year-over-year, primarily from lower activity in North America and lower fall through in Middle East/North Africa/Asia, partly offset by higher Subsea Intervention activity in Latin America and higher Digital Solutions fall through in Middle East/North Africa/Asia. Sequentially, PRI segment adjusted EBITDA decreased by $19 million, or 26%, primarily from lower activity in North America, Middle East/North Africa/Asia and Latin America, partly offset by higher Subsea Intervention fall through in Latin America.
Revenue by Geography
Three Months Ended Variance
----------------------- ------------
Mar Dec
31, 31, Mar 31,
($ in Millions) 2026 2025 2025 Seq. YoY
---------------------- ------ ------ ------- ----- -----
North America $ 220 $ 249 $ 250 (12)% (12)%
International $ 932 $1,040 $ 943 (10)% (1)%
Latin America 223 248 241 (10)% (7)%
Middle East/North
Africa/Asia 476 556 503 (14)% (5)%
Europe/Sub-Sahara
Africa/Russia 233 236 199 (1)% 17 %
----------------------- ----- ----- ------ ----- -----
Total Revenue $1,152 $1,289 $ 1,193 (11)% (3)%
======================= ===== ===== ====== ===== =====
North America
First quarter 2026 North America revenue of $220 million decreased by $30 million, or 12% year-over-year, primarily from lower activity in U.S. land and U.S. offshore, partly offset by higher Completions activity in Canada. Sequentially, North America revenue decreased by $29 million, or 12%, primarily from lower activity in U.S. land and offshore, partly offset by higher Wireline activity in Canada.
International
First quarter 2026 international revenue of $932 million decreased by $11 million, or 1% year-over-year, and decreased by $108 million, or 10% sequentially.
First quarter 2026 Latin America revenue of $223 million decreased by $18 million, or 7% year-over-year, primarily from lower activity in Argentina especially due to the sale of our Pressure Pumping business, partly offset by a rebound in activity in Mexico. Sequentially, Latin America revenue decreased by $25 million, or 10%, primarily from lower activity in Brazil and Mexico, partly offset by higher Artificial Lift activity in Argentina.
First quarter 2026 Middle East/North Africa/Asia revenue of $476 million decreased by $27 million, or 5% year-over-year, primarily from lower activity on account of heightened geopolitical tensions partly offset by higher Completions activity in Saudi Arabia. Sequentially, the Middle East/North Africa/Asia revenue decreased by $80 million, or 14%, primarily from lower activity on account of heightened geopolitical tensions partly offset by higher Integrated Services and Projects in Saudi Arabia.
First quarter 2026 Europe/Sub-Sahara Africa/Russia revenue of $233 million increased by $34 million, or 17% year-over-year, primarily from higher Integrated Services and Projects and TRS activity in Europe, partly offset by lower Drilling Services activity in Europe. Sequentially, Europe/Sub-Sahara Africa/Russia revenue decreased by $3 million or 1%, primarily from lower WCC activity, partly offset by higher Drilling Services activity in Europe.
About Weatherford
Weatherford is a global energy services company that empowers customers to drill smarter, complete stronger, and produce larger across the full lifecycle of the well. With a differentiated portfolio of market-leading solutions, integrated technologies, and a broad global customer footprint across six continents, we blend advanced engineering, digital intelligence, and world-class field expertise to reduce risk, improve performance, and maximize the value of customer assets. Together, we elevate every operation, delivering stronger wells, sharper decisions, and better energy for the world.
Conference Call Details
Weatherford will host a conference call on Wednesday, April 22, 2026, to discuss the Company's results for the first quarter ended March 31, 2026. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).
Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company's website.
Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.
A telephonic replay of the conference call will be available until May 5, 2026, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 855-669-9658 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 5490297. A replay and transcript of the earnings call will also be available in the investor relations section of the Company's website.
Contacts
For Investors:
Luke Lemoine
Senior Vice President, Corporate Development & Investor Relations
+1 713-836-7777
investor.relations@weatherford.com
For Media:
Kelley Hughes
Senior Director, Communications, Marketing & Sustainability
media@weatherford.com
Forward-Looking Statements
This news release contains projections and forward-looking statements concerning, among other things, the Company's adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words "believe," "project," "expect," "anticipate," "estimate," "outlook," "budget," "intend," "strategy," "plan," "guidance," "may," "should," "could," "will," "would," "will be," "will continue," "will likely result," and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford's management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only estimates and may differ materially from actual future events or results, based on factors including but not limited to: global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, public health issues such as pandemics, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from the Russia Ukraine conflict, conflicts in the Middle East (including the Iran conflict) or instability in Latin America, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations (including changes in the regulatory environment) imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts and our incorporation of artificial intelligence tools, increases in the prices and lead times, and the lack of availability of our procured products and services, including due to macroeconomic and geopolitical conditions such as tariffs and changes in trade policies, our ability to timely collect from customers; our ability to manage our workforce and systems, including the impact of our enterprise resource planning system implementation and business enhancements; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; the realization of additional cost savings and operational efficiencies, including as a result of our proposed Redomestication from Ireland to Texas; our ability to receive, in a timely manner and on satisfactory terms, required shareholder and court approval, and to satisfy the other conditions to the proposed Redomestication within the expected timeframe or at all; our ability to realize the expected benefits from the proposed Redomestication; the occurrence of difficulties in connection with the Redomestication, including any costs related thereto; the risk that the proposed Redomestication disrupts current plans and operations; any changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof by the tax authorities in Ireland, the United States and other jurisdictions following the proposed Redomestication; and the future financial performance of Weatherford following the Redomestication.
These risks and uncertainties are more fully described in Weatherford's reports and registration statements filed with the U.S. Securities and Exchange Commission (the "SEC"), including the risk factors described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company's forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.
(*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled)
Additional Information and Where to Find It
In connection with the proposed Redomestication, Weatherford filed a definitive proxy statement with the SEC on April 21, 2026. Weatherford may also file other relevant documents with the SEC regarding the proposed Redomestication. The definitive proxy statement will be mailed to shareholders of Weatherford. This communication is not a substitute for any proxy statement or any other document that may be filed with the SEC or sent to Weatherford's shareholders in connection with the proposed Redomestication.
INVESTORS AND SECURITY HOLDERS OF Weatherford ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT Weatherford AND THE PROPOSED REDOMESTICATION AND RELATED MATTERS.
Investors and security holders are able to obtain free copies of the definitive proxy statement and other documents containing important information about Weatherford and the proposed Redomestication through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Weatherford are available free of charge on Weatherford's website at www.weatherford.com.
Participants in the Solicitation
Weatherford and its directors, executive officers and other members of management and employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies from Weatherford's shareholders in connection with the proposed Redomestication. Information about the directors and executive officers of Weatherford and their ownership of Weatherford's securities is set forth in the definitive proxy statement relating to the proposed Redomestication , which was filed with the SEC on April 21, 2026, including under the sections entitled "Director Compensation", "2025 Summary Compensation Table", "Grants of Plan-Based Awards", "Outstanding Equity Awards at December 31, 2025", "Option Exercises and Shares Vested in 2025", and "Share Ownership". You may obtain free copies of these documents using the sources indicated above.
Weatherford International plc
Selected Statements of Operations (Unaudited)
Three Months Ended
($ in Millions,
Except Per Share December 31,
Amounts) March 31, 2026 2025 March 31, 2025
----------------- ---------------- ---------------- ----------------
Revenues:
DRE Revenues $ 321 $ 340 $ 350
WCC Revenues 443 510 441
PRI Revenues 296 353 334
All Other 92 86 68
------------------ -------- --- ------- --------
Total Revenues 1,152 1,289 1,193
Operating Income:
DRE Segment
Adjusted
EBITDA([1]) $ 72 $ 83 $ 74
WCC Segment
Adjusted
EBITDA([1]) 110 144 128
PRI Segment
Adjusted
EBITDA([1]) 54 73 62
All Other([2]) 13 5 4
Corporate([2]) (16) (14) (15)
Depreciation and
Amortization (70) (74) (62)
Share-based
Compensation (12) (12) (7)
Restructuring
Charges (13) (7) (29)
Other (Charges)
Credits, Net (15) 1 (13)
Operating
Income 123 199 142
Other Expense:
Interest
Expense, Net of
Interest Income
of $10, $10,
and $11 (17) (21) (26)
Loss on
Extinguishment
of Debt and
Bond Redemption
Premium -- (38) (1)
Other Expense,
Net (1) (12) (19)
Income Before
Income Taxes 105 128 96
Income Tax
(Provision)
Benefit 4 11 (10)
------------------ -------- --- ------- --------
Net Income 109 139 86
Net Income
Attributable to
Noncontrolling
Interests 1 1 10
------------------ -------- --- ------- --------
Net Income
Attributable
to
Weatherford $ 108 $ 138 $ 76
================== ======== === ======= ========
Basic Income Per
Share $ 1.50 $ 1.92 $ 1.04
Basic Weighted
Average Shares
Outstanding 71.9 71.8 73.1
Diluted Income
Per Share $ 1.49 $ 1.91 $ 1.03
Diluted Weighted
Average Shares
Outstanding 72.2 72.5 73.4
([1]) Segment adjusted EBITDA is our primary measure of
segment profitability under U.S. GAAP ASC 280 "Segment
Reporting" and represents segment earnings before
interest, taxes, depreciation, amortization, share-based
compensation, restructuring charges and other adjustments.
Research and development expenses are included in
segment adjusted EBITDA.
([2]) All Other includes results from non-core business
activities (including integrated services and projects),
and Corporate includes overhead support and centrally
managed or shared facilities costs. All Other and
Corporate do not individually meet the criteria for
segment reporting.
Weatherford International plc
Selected Balance Sheet Data (Unaudited)
($ in Millions) March 31, 2026 December 31, 2025
------------------------------------- ---------------- -------------------
Assets:
Cash and Cash Equivalents $ 1,012 $ 987
Restricted Cash 38 55
Accounts Receivable, Net 1,166 1,234
Inventories, Net 824 836
Property, Plant and Equipment, Net 1,130 1,124
Intangibles, Net 275 285
Liabilities:
Accounts Payable 630 650
Accrued Salaries and Benefits 224 285
Current Portion of Long-term Debt 31 30
Long-term Debt 1,453 1,455
Shareholders' Equity:
Total Shareholders' Equity 1,759 1,696
Weatherford International plc
Selected Cash Flows Information (Unaudited)
Three Months Ended
---------------------------------------------------
December 31,
($ in Millions) March 31, 2026 2025 March 31, 2025
------------------ ---------------- --------------- ----------------
Cash Flows From
Operating
Activities:
Net Income $ 109 $ 139 $ 86
Adjustments to
Reconcile Net
Income to Net Cash
Provided By
Operating
Activities:
Depreciation and
Amortization 70 74 62
Foreign Exchange
Losses (Gain) (4) 5 13
Gain on
Disposition of
Assets (6) (3) (1)
Deferred Income
Tax Provision
(Benefit) 9 (27) 7
Share-Based
Compensation 12 12 7
Changes in
Accounts
Receivable,
Inventory,
Accounts Payable
and Accrued
Salaries and
Benefits (13) 57 (17)
Other Changes,
Net (41) 11 (15)
------------------- --- ------- --- ------ --- -------
Net Cash Provided
By Operating
Activities 136 268 142
------------------- --- ------- --- ------ --- -------
Cash Flows From
Investing
Activities:
Capital
Expenditures
for Property,
Plant and
Equipment (54) (51) (77)
Proceeds from
Disposition of
Assets 3 5 1
Purchases of
Blue Chip Swap
Securities (3) (14) --
Proceeds from
Sales of Blue
Chip Swap
Securities 3 13 --
Other Investing
Activities (17) (16) (3)
------------------- --- ------- --- ------ --- -------
Net Cash Used In
Investing
Activities (68) (63) (79)
------------------- --- ------- --- ------ --- -------
Cash Flows From
Financing
Activities:
Borrowings of
Long-term Debt -- 1,200 --
Debt Issuance
Costs (1) (18) --
Repayments of
Long-term Debt (8) (1,308) (39)
Distributions to
Noncontrolling
Interests -- (13) --
Tax Remittance
on Equity
Awards (17) (1) (20)
Share
Repurchases (10) (7) (53)
Dividends Paid (20) (18) (18)
Other Financing
Activities -- (32) (3)
------------------- --- ------- --- ------ --- -------
Net Cash Used In
Financing
Activities $ (56) $ (197) $ (133)
=================== === ======= === ====== === =======
Weatherford International plc
Non-GAAP Financial Measures Defined (Unaudited)
We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford's management believes that certain non-GAAP financial measures (as defined under the SEC's Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Adjusted EBITDA* - Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Adjusted EBITDA margin* - Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
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April 21, 2026 16:45 ET (20:45 GMT)