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National Energy Services Reunited cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$99.9M in Q2 2026 · $156M over twelve months

Operating cash flow$174M
Capital spending−$74.1M
Free cash flow+$99.9M
Cash / net income4.0×
Cash conversion cycle-51 days

Analysis

In Q2 2026, National Energy Services Reunited generated $174M of operating cash flow and spent $74.1M on capital projects, leaving free cash flow of $99.9M. That is $31.2M more than in Q2 2025 ($68.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was $350M; the largest uses were capital spending ($194M), net borrowing (+) / repaid (−) ($81.8M), other financing ($16.3M); besides operations, cash came from asset & business sales ($5.3M); the cash balance rose by $52.5M.

Operating cash flow was $174M against net income of $44.0M — 4.0× profit, cash ran ahead of reported earnings. The largest differences: payables +$120M, depreciation & amortization +$36.1M, inventory −$30.6M.

Its cash conversion cycle was -51 days (receivables 38 + inventory 23 − payables 112): suppliers fund its working capital.

Free cash flow

National Energy Services Reunited: free cash flow by quarterNational Energy Services Reunited: free cash flow by quarter$43.4MQ3 2024$21.2MQ4 2024−$9.6MQ1 2025$68.7MQ2 2025−$34.1MQ3 2025$95.8MQ4 2025−$5.3MQ1 2026$99.9MQ2 2026
Operating cash flow less capital spending.
National Energy Services Reunited: operating cash flow against capital spendingNational Energy Services Reunited: operating cash flow against capital spendingOperating cash flowCapital spending$70.8M$27.4MQ3 2024$46.3M$25.1MQ4 2024$20.5M$30.1MQ1 2025$98.5M$29.7MQ2 2025$6.7M$40.8MQ3 2025$139M$42.8MQ4 2025$30.7M$36.0MQ1 2026$174M$74.1MQ2 2026
Latest (Q2 2026): Operating cash flow $174M, Capital spending $74.1M.

Capital allocation, year by year

National Energy Services Reunited: where the cash came from (up) and went (down), by fiscal yearNational Energy Services Reunited: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $128MFY2021: Net borrowing $212MFY2021: Asset sales $2.8MFY2021: Capital spending −$107MFY2021: Acquisitions −$51.9M$343MFY2021FY2022: Operating cash flow $92.6MFY2022: Net borrowing −$58.4MFY2022: Asset sales $626KFY2022: Capital spending −$122M$93.2MFY2022FY2023: Operating cash flow $177MFY2023: Net borrowing −$88.8MFY2023: Asset sales $1.8MFY2023: Capital spending −$68.2M$179MFY2023FY2024: Operating cash flow $229MFY2024: Net borrowing −$78.2MFY2024: Asset sales $3.1MFY2024: Capital spending −$105M$232MFY2024FY2025: Operating cash flow $264MFY2025: Net borrowing −$78.3MFY2025: Asset sales $4.9MFY2025: Capital spending −$143M$269MFY2025
Over these 5 years operating cash flow totalled $891M; the largest uses were capital spending ($546M) and net borrowing ($304M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$175M
Debt$275M
Net debt$99.6M
Due within a year$68.7M

National Energy Services Reunited funds itself: free cash flow was $156M over the last twelve months, and $175M of cash and investments stands against $275M of debt ($68.7M due within a year, 2.5× covered by cash).

National Energy Services Reunited: debt maturities by year (FY2024)National Energy Services Reunited: debt maturities by year (FY2024)$68.7MYear 1$64.5MYear 2$194MYear 3
Principal due in each year as disclosed in the annual report, against $175M of cash and investments now.

Where the cash came from and went

National Energy Services Reunited: sources (+) and uses (−) of cash, Q2 2026National Energy Services Reunited: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$174MCash drawn (+) / kept (−)−$82.6MCapital spending−$74.1MNet borrowing (+) / repaid (−)−$13.1MOther financing−$5.2MAsset & business sales$1.5MOther investing−$500K
National Energy Services Reunited: sources (+) and uses (−) of cash, TTM to Q2 2026National Energy Services Reunited: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$350MCapital spending−$194MNet borrowing (+) / repaid (−)−$81.8MCash drawn (+) / kept (−)−$52.5MOther financing−$16.3MOther investing−$11.0MAsset & business sales$5.3M

From profit to cash

National Energy Services Reunited: net income to operating cash flow, Q2 2026National Energy Services Reunited: net income to operating cash flow, Q2 2026Net income$44.0MDepreciation & amortization$36.1MStock-based pay$2.7MDeferred taxes$3.7MGains on disposals−$2.0MReceivables$18.3MInventory−$30.6MPayables$120MContract assets−$2.0MPrepaid and other assets−$3.0MOther liabilities$11.3MOperating cash flow$174M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20263823112-51
Q1 20264524115-46
Q4 20254325102-34
Q3 20256035095
Q1 20254534104-25
Q3 20243932118-46

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$174M−$74.1M−$13.1M−$82.6M$99.9M
Q1 2026$30.7M−$36.0M−$23.0M$31.0M−$5.3M
Q4 2025$139M−$42.8M−$30.0M−$63.0M$95.8M
Q3 2025$6.7M−$40.8M−$23.8M$62.1M−$34.1M
Q2 2025$98.5M−$29.7M−$12.4M−$53.1M$68.7M
Q1 2025$20.5M−$30.1M−$17.7M$29.3M−$9.6M
Q4 2024$46.3M−$25.1M−$28.5M$10.2M$21.2M
Q3 2024$70.8M−$27.4M—−$43.2M$43.4M

National Energy Services Reunited: income statement and cash flow

National Energy Services Reunited, Q2 2026: revenue $521M (+59% year over year), operating margin 12.5%. The chart follows the revenue to costs, profit and cash.

National Energy Services Reunited: 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.