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National Energy Services Reunited (NESR) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · National Energy Services Reunited (NESR) Q2 2026 earnings results →

Q2 2026 Revenue up 59% year over year to $521M · 8¢ of every $1 of revenue kept as net profit · operating margin 12.5%

National Energy Services Reunited made $521M in Q2 2026 (+59% Y/Y): Production Services $330M, Drilling and Evaluation Services $191M. Operating margin 12.5%, net earnings $44.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.

Revenue$521M

Year over year+59%

Operating margin12.5%

Net earnings$44.0M

Operating cash flow$174M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $520.8M in Q2 2026, up 59% year over year and up 29% from the previous quarter. Production Services was the largest line at 63% of revenue. Production Services added $124.7M year over year (up 61%), 64% of the total change.

Gross margin was 15.6%, up 2.2 points from a year earlier. Operating profit was $64.8M, a 12.5% margin (up 4.2 points year over year). Of the extra revenue versus a year earlier, 20% reached operating profit, above the 8% margin then. Operating expenses fell 2% while revenue rose 59%. Net earnings were $44.0M, up 190% year over year. The effective tax rate was 25.3%.

Operating cash flow was $174.0M (up 77% year over year), 395% of net earnings. Non-cash charges added back $36.1M of depreciation and amortization and $2.7M of share-based compensation. Working capital and other items added $91.2M. After capital expenditures ($74.1M), free cash flow as the company reports it was $99.9M.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q2 2026	10-Q	Aug 10, 2026	$521M	+59%	12.5%	$44.0M	$174M
Q1 2026	10-Q	May 11, 2026	$405M	+34%	8.9%	$23.8M	$30.7M
Q4 2025	10-K	Mar 6, 2026	$398M	+16%	7.7%	$7.8M	$139M

Charts

Latest (Q2 2026): Y/Y +59%, Q/Q +29%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q2 2026): Net income $44.0M, Operating cash flow $174M.

+11.2% since FY2020: more shares outstanding (issuance, stock pay).

Cash $108M, short-term investments —, long-term debt $327M at 2024-12-31.

Oil & Gas Field Services, NEC; dot size is quarterly revenue; dashed lines are the industry's medians.