Filing Flows › National Energy Services Reunited (NESR) › Q1 2026 › vs Q4 2025
National Energy Services Reunited (NESR) Q1 2026 vs Q4 2025 (quarter over quarter)
National Energy Services Reunited's revenue rose $6.3M (+2%) from $398M in Q4 2025 to $405M in Q1 2026. Gross margin 12.8% against 12.1% (+0.8 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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Gross margin | 12.8% | 12.1% | +0.8 pts |
| Operating margin | 8.9% | 7.7% | +1.2 pts |
| Net margin | 5.9% | 2.0% | +3.9 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $405M | $398M | $6.3M | +2% |
| Gross profit | $51.8M | $48.0M | $3.8M | +8% |
| Cost of revenue | $353M | $350M | $2.5M | +0.7% |
| Operating profit | $36.0M | $30.7M | $5.4M | +17% |
| Operating expenses | $15.8M | $17.3M | −$1.6M | -9% |
| Pre-tax earnings | $30.9M | $15.0M | $16.0M | +107% |
| Other expense, net | $5.1M | $15.7M | −$10.6M | -68% |
| SG&A | $11.1M | $12.7M | −$1.6M | -12% |
| Other operating costs | $4.7M | $4.7M | −$1K | 0% |
| Net earnings | $23.8M | $7.8M | $16.0M | +205% |
| Income tax | $7.1M | $7.2M | −$59K | -0.8% |
| Operating cash sources | $60.1M | $45.6M | $14.5M | +32% |
| Depreciation & amortization | $33.8M | $35.2M | −$1.5M | -4% |
| Share-based compensation | $2.5M | $2.6M | −$72K | -3% |
| Working capital & other | $29.4M | −$93.0M | $122M | — |
| Operating cash flow | $30.7M | $139M | −$108M | -78% |
| Capital expenditures | $36.0M | $42.8M | −$6.8M | -16% |
| Negative free cash flow (OCF − capex) | $5.3M | −$95.8M | $101M | — |
Questions
How much did National Energy Services Reunited's revenue grow quarter over quarter in Q1 2026?
National Energy Services Reunited's revenue rose $6.3M (+2%) from $398M in Q4 2025 to $405M in Q1 2026. Gross margin 12.8% against 12.1% (+0.8 pts).