Houston – November 09, 2026 -- National Energy Services Reunited Corp. (NESR) reported third-quarter revenue of $504.7 million, up 70.9% year-over-year, and net income of $34.3 million, up 93.5%, for the quarter ended September 30, 2026.
Diluted earnings per share reached $0.33, up $0.15 from a year earlier. Adjusted EBITDA, a non-GAAP measure, rose 49.9% to $95.9 million. The Board declared a quarterly cash dividend of $0.10 per share.
Sequential results fall from record second quarter
Net income dropped $9.7 million from the second quarter, and Adjusted EBITDA declined 9.7%. Diluted EPS fell $0.10 sequentially. NESR attributed the net income change mainly to activity swings in its hydraulic fracturing, well testing and wireline logging service lines.
Adjusted net income was $39.6 million, excluding $5.3 million of charges. These include a $2.9 million impairment on an equity investment and $1.1 million of current expected credit loss provisions. Adjusted diluted EPS was $0.38, against $0.44 in the prior quarter and $0.16 a year earlier.
Free cash flow stays negative at $45.9 million on working capital needs
Free cash flow, a non-GAAP measure, was negative $45.9 million, compared with negative $34.1 million in the third quarter of 2025. Higher working capital requirements and modestly higher capital expenditures drove the decline, partly offset by higher net income.
Cash and cash equivalents stood at $106.8 million, down from $124.8 million at year-end 2025 but up from $69.7 million a year earlier.
Net debt falls to $160.5 million after 2026 repayments
Total debt was $267.3 million at September 30, of which $123.4 million is short-term. At December 31, 2025, total debt was $310.1 million, including $118.8 million short-term. Net debt, a non-GAAP measure, fell to $160.5 million from $185.3 million.
Over the first nine months, NESR generated more than $200 million of operating cash flow and invested more than $150 million in capital expenditures. It also cut net debt by about $25 million, according to Chief Financial Officer Stefan Angeli.
The company separately disclosed a refinancing with a consortium of regional and international financial institutions. The new facilities replace existing secured credit facilities and set a multi-year maturity profile. They combine term financing, revolving credit and working capital lines.
NESR keeps 100% operational presence amid regional conflict
Chairman and CEO Sherif Foda said the company maintained a 100% operational presence across all operating units despite the ongoing regional conflict. He described resilience as "the defining theme" of the quarter.
Foda also pointed to an agreement to deliver the region's first direct lithium extraction project, announced in Riyadh. He called it a milestone for NESR Environmental & Decarbonization Applications (NEDA), the company's decarbonization unit.
Board declares $0.10 dividend payable December 10
The Board declared the dividend on November 6, 2026. It is payable on December 10, 2026, to shareholders of record as of December 3, 2026.