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Nabors Industries cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$68.7M in Q3 2026 · $110M over twelve months

Operating cash flow$239M
Capital spending−$170M
Free cash flow+$68.7M
Cash / net income14.9×

Analysis

In Q3 2026, Nabors Industries generated $239M of operating cash flow and spent $170M on capital projects, leaving free cash flow of $68.7M. That is $70.8M more than in Q3 2025 (−$2.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $733M; the largest uses were net borrowing (+) / repaid (−) ($1.0B), capital spending ($623M), partners ($4.0M); besides operations, cash came from other financing ($528M), other investing ($308M); the cash balance fell by $106M.

Operating cash flow was $239M against net income of $16.0M — 14.9× profit, cash ran ahead of reported earnings. The largest differences: receivables −$67.2M, payables +$59.4M, prepaid and other assets +$23.3M.

Free cash flow

Nabors Industries: free cash flow by quarterNabors Industries: free cash flow by quarter−$92.3MQ4 2024−$77.2MQ1 2025−$46.7MQ2 2025−$2.1MQ3 2025$83.8MQ4 2025−$51.6MQ1 2026$9.6MQ2 2026$68.7MQ3 2026
Operating cash flow less capital spending.
Nabors Industries: operating cash flow against capital spendingNabors Industries: operating cash flow against capital spendingOperating cash flowCapital spending$149M$241MQ4 2024$87.7M$165MQ1 2025$152M$199MQ2 2025$208M$210MQ3 2025$246M$162MQ4 2025$113M$165MQ1 2026$135M$126MQ2 2026$239M$170MQ3 2026
Latest (Q3 2026): Operating cash flow $239M, Capital spending $170M.

Capital allocation, year by year

Nabors Industries: where the cash came from (up) and went (down), by fiscal yearNabors Industries: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $429MFY2021: Net borrowing −$937MFY2021: Asset sales $124MFY2021: Capital spending −$244MFY2021: Dividends −$7.4M$553MFY2021FY2022: Operating cash flow $501MFY2022: Net borrowing −$643MFY2022: Asset sales $26.7MFY2022: Capital spending −$381MFY2022: Dividends −$65K$528MFY2022FY2023: Operating cash flow $638MFY2023: Net borrowing $602MFY2023: Asset sales $14.1MFY2023: Capital spending −$553MFY2023: Dividends −$194K$1.3BFY2023FY2024: Operating cash flow $581MFY2024: Net borrowing −$647MFY2024: Asset sales $15.5MFY2024: Capital spending −$610MFY2024: Dividends −$87K$597MFY2024FY2025: Operating cash flow $693MFY2025: Net borrowing −$203MFY2025: Capital spending −$716MFY2025: Acquisitions −$84.4M$693MFY2025
Over these 5 years operating cash flow totalled $2.8B; the largest uses were capital spending ($2.5B) and net borrowing ($2.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$475M
Debt$2.4B
Net debt$1.9B
Due within a year$379M

Nabors Industries funds itself: free cash flow was $110M over the last twelve months, and $475M of cash and investments stands against $2.4B of debt ($379M due within a year, 1.3× covered by cash).

Nabors Industries: debt maturities by year (FY2025)Nabors Industries: debt maturities by year (FY2025)$379MYear 1$250MYear 4$650MYear 5$1.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $475M of cash and investments now.

Where the cash came from and went

Nabors Industries: sources (+) and uses (−) of cash, Q3 2026Nabors Industries: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$239MCapital spending−$170MNet borrowing (+) / repaid (−)−$105MCash drawn (+) / kept (−)$34.5MOther investing$5.8MPartners−$2.4MExchange rates−$1.7MOther financing−$29K
Nabors Industries: sources (+) and uses (−) of cash, TTM to Q3 2026Nabors Industries: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$1.0BOperating cash flow$733MCapital spending−$623MOther financing$528MOther investing$308MCash drawn (+) / kept (−)$106MExchange rates−$4.7MPartners−$4.0M

From profit to cash

Nabors Industries: net income to operating cash flow, Q3 2026Nabors Industries: net income to operating cash flow, Q3 2026Net income$16.0MStock-based pay$4.5MDeferred taxes$2.5MGains on investments−$331KGains on disposals$828KOther non-cash−$339KReceivables−$67.2MInventory$606KPayables$59.4MPrepaid and other assets$23.3MOther liabilities$20.9MIncome taxes payable$12.0MOperating cash flow$239M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$239M−$170M−$105M$34.5M$68.7M
Q2 2026$135M−$126M—−$9.5M$9.6M
Q1 2026$113M−$165M−$379M$440M−$51.6M
Q4 2025$246M−$162M−$560M−$359M$83.8M
Q3 2025$208M−$210M−$331M$144M−$2.1M
Q2 2025$152M−$199M−$12.5M$5.3M−$46.7M
Q1 2025$87.7M−$165M$193K−$10.4M−$77.2M
Q4 2024$149M−$241M—$58.1M−$92.3M

Nabors Industries: income statement and cash flow

Nabors Industries, Q3 2026: revenue $872M (+7% year over year), operating margin 15.7%. The chart follows the revenue to costs, profit and cash.

Nabors Industries: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.