Filing Flows › National Energy Services Reunited (NESR) › Q2 2026 › vs Q2 2025
National Energy Services Reunited (NESR) Q2 2026 vs Q2 2025 (year over year)
National Energy Services Reunited's revenue rose $193M (+59%) from $327M in Q2 2025 to $521M in Q2 2026. The biggest changes: Production Services +$125M (+61%); Drilling and Evaluation Services +$68.7M (+56%). Gross margin 15.6% against 13.4% (+2.2 pts).
National Energy Services Reunited, Q2 2026: revenue $521M (+59% year over year), operating margin 12.5%, net earnings $44.0M, operating cash flow $174M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 15.6% | 13.4% | +2.2 pts |
| Operating margin | 12.5% | 8.3% | +4.2 pts |
| Net margin | 8.5% | 4.6% | +3.8 pts |
| Free cash flow margin | 19.2% | 21.0% | -1.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Production Services | $330M | $205M | $125M | +61% |
| Drilling and Evaluation Services | $191M | $122M | $68.7M | +56% |
| Revenue | $521M | $327M | $193M | +59% |
| Gross profit | $81.3M | $43.9M | $37.4M | +85% |
| Cost of revenue | $439M | $283M | $156M | +55% |
| Operating profit | $64.8M | $27.1M | $37.8M | +139% |
| Operating expenses | $16.5M | $16.8M | −$342K | -2% |
| Pre-tax earnings | $58.9M | $19.5M | $39.4M | +203% |
| Other expense, net | $5.9M | $7.6M | −$1.7M | -22% |
| SG&A | $12.0M | $12.1M | −$81K | -0.7% |
| Other operating costs | $4.4M | $4.7M | −$261K | -6% |
| Net earnings | $44.0M | $15.2M | $28.8M | +190% |
| Income tax | $14.9M | $4.3M | $10.6M | +249% |
| Depreciation & amortization | $36.1M | $35.9M | $229K | +0.6% |
| Share-based compensation | $2.7M | $1.7M | $948K | +55% |
| Working capital & other | $91.2M | $45.7M | $45.5M | +100% |
| Operating cash flow | $174M | $98.5M | $75.5M | +77% |
| Free cash flow (company-reported) | $99.9M | $68.7M | $31.2M | +45% |
| Capital expenditures | $74.1M | $29.7M | $44.4M | +149% |
Questions
How much did National Energy Services Reunited's revenue grow year over year in Q2 2026?
National Energy Services Reunited's revenue rose $193M (+59%) from $327M in Q2 2025 to $521M in Q2 2026.
What drove National Energy Services Reunited's revenue change in Q2 2026?
Production Services +$125M (+61%); Drilling and Evaluation Services +$68.7M (+56%).