Filing Flows › National Energy Services Reunited (NESR) › Q1 2026 › vs Q1 2025
National Energy Services Reunited (NESR) Q1 2026 vs Q1 2025 (year over year)
National Energy Services Reunited's revenue rose $101M (+33%) from $303M in Q1 2025 to $405M in Q1 2026. The biggest changes: Production Services +$53.0M (+28%); Drilling and Evaluation Services +$48.5M (+42%). Gross margin 12.8% against 12.4% (+0.5 pts).
National Energy Services Reunited, Q1 2026: revenue $405M (+34% year over year), operating margin 8.9%, net earnings $23.8M, operating cash flow $30.7M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Gross margin | 12.8% | 12.4% | +0.5 pts |
| Operating margin | 8.9% | 6.9% | +2.0 pts |
| Net margin | 5.9% | 3.4% | +2.5 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Production Services | $241M | $188M | $53.0M | +28% |
| Drilling and Evaluation Services | $164M | $115M | $48.5M | +42% |
| Revenue | $405M | $303M | $101M | +33% |
| Gross profit | $51.8M | $37.5M | $14.4M | +38% |
| Cost of revenue | $353M | $266M | $87.1M | +33% |
| Operating profit | $36.0M | $20.9M | $15.1M | +72% |
| Operating expenses | $15.8M | $16.5M | −$718K | -4% |
| Pre-tax earnings | $30.9M | $13.7M | $17.2M | +126% |
| Other expense, net | $5.1M | $7.2M | −$2.1M | -29% |
| SG&A | $11.1M | $11.8M | −$718K | -6% |
| Other operating costs | $4.7M | $4.7M | $0 | 0% |
| Net earnings | $23.8M | $10.4M | $13.4M | +129% |
| Income tax | $7.1M | $3.3M | $3.8M | +114% |
| Operating cash sources | $60.1M | $48.3M | $11.8M | +24% |
| Depreciation & amortization | $33.8M | $36.0M | −$2.3M | -6% |
| Share-based compensation | $2.5M | $1.9M | $646K | +35% |
| Working capital & other | $29.4M | $27.8M | $1.6M | +6% |
| Operating cash flow | $30.7M | $20.5M | $10.3M | +50% |
| Capital expenditures | $36.0M | $30.1M | $5.9M | +20% |
| Negative free cash flow (OCF − capex) | $5.3M | $9.6M | −$4.4M | -45% |
Questions
How much did National Energy Services Reunited's revenue grow year over year in Q1 2026?
National Energy Services Reunited's revenue rose $101M (+33%) from $303M in Q1 2025 to $405M in Q1 2026.
What drove National Energy Services Reunited's revenue change in Q1 2026?
Production Services +$53.0M (+28%); Drilling and Evaluation Services +$48.5M (+42%).