NBRMEDIUM SIGNALFINANCIAL10-K

Nabors delivered substantially higher operating income while expanding its global footprint and strategic focus on integrated drilling automation technologies.

The company demonstrated strong operational execution with meaningfully improved profitability and positive operating cash flow growth, suggesting effective cost management and market positioning. However, the substantial increase in current liabilities alongside higher current assets indicates significant balance sheet expansion that warrants monitoring for working capital management efficiency.

Comparing 2026-02-13 vs 2025-02-13View on EDGAR →
FINANCIAL ANALYSIS

Nabors showed robust financial performance with operating income substantially higher year-over-year, supported by nearly 20% growth in operating cash flow and increased capital expenditures reflecting continued investment in operations. The company reduced total debt by over $800 million while expanding both current assets and liabilities significantly, indicating major balance sheet restructuring. The overall financial picture suggests a company investing for growth while improving profitability and deleveraging, though the working capital expansion requires careful monitoring.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+90%
$247.9M→$471.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Current Liabilities
Balance Sheet
+73.6%
$571.9M→$993.0M

Current liabilities surged 73.6% — significant near-term obligations; verify ability to meet short-term debt.

Current Assets
Balance Sheet
+55.2%
$999.5M→$1.6B

Current assets grew 55.2% — improving short-term liquidity or inventory/receivables build.

Dividends Paid
Cash Flow
-55.2%
$194K→$87K

Dividends cut 55.2% — significant signal of cash flow stress or capital reallocation priorities.

Inventory
Balance Sheet
-27.1%
$130.0M→$94.8M

Inventory reduced 27.1% — lean inventory management or demand outpacing supply.

Capital Expenditure
Cash Flow
+26.1%
$567.9M→$715.9M

Capex increased 26.1% — ongoing investment in capacity or infrastructure for future growth.

Total Debt
Balance Sheet
-22.2%
$3.3B→$2.5B

Debt reduced 22.2% — deleveraging strengthens balance sheet and reduces financial risk.

Operating Cash Flow
Cash Flow
+19.2%
$581.4M→$693.3M

Operating cash flow grew 19.2% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-13
ADDED
The number of common shares outstanding as of February 6, 2026 was 14,673,186 excluding 1,161,283 common shares held by our subsidiaries, or 15,834,469 in the aggregate.
trade policies and regulations, including the imposition of new tariffs, trade embargoes or sanctions; general economic conditions, including the capital and credit markets; and our ability to utilize NOLs.
Nabors also supplies performance software, tubular running services, managed pressure drilling services and innovative technologies for both its own rig fleet and those operated by third parties.
One key component of Nabors strategy is to seamlessly integrate downhole hardware, surface equipment and software solutions into rig designs that drive industry-leading performance and increasing efficiencies.
A second component is to leverage advanced drilling automation capabilities to set new standards for operational excellence and transform the industry.
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REMOVED
The number of common shares outstanding as of February 7, 2025 was 9,603,654 excluding 1,161,283 common shares held by our subsidiaries, or 10,764,937 in the aggregate.
Nabors also provides performance software, directional drilling services, tubular running services and innovative technologies for its own rig fleet and those operated by third parties.
In today s performance-driven environment, Nabors is well positioned to seamlessly integrate downhole hardware, surface equipment and software solutions into rig designs.
Leveraging advanced drilling automation capabilities, Nabors highly skilled workforce continues to set new standards for operational excellence and transform the industry.
With operations in over 15 countries, we are a global provider of drilling and drilling-related services for land-based and offshore oil and natural gas wells, with a fleet of rigs and drilling-related equipment which, as of December 31, 2024 included: 285 actively marketed rigs for land-based drilling operations in the United States and multiple international markets; and 26 actively marketed rigs for offshore platform drilling operations in the United States and various countries throughout the world.
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