Filing Flows › National Energy Services Reunited (NESR) › Q3 2026 › vs Q3 2025
National Energy Services Reunited (NESR) Q3 2026 vs Q3 2025 (year over year)
National Energy Services Reunited's revenue rose $209M (+71%) from $295M in Q3 2025 to $505M in Q3 2026. The biggest changes: Production Services +$139M (+79%); Drilling and Evaluation Services +$70.9M (+59%). Gross margin 13.7% against 12.0% (+1.7 pts).
National Energy Services Reunited, Q3 2026: revenue $505M (+71% year over year), operating margin 10.4%, net earnings $34.3M, operating cash flow −$3.2M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 13.7% | 12.0% | +1.7 pts |
| Operating margin | 10.4% | 6.6% | +3.8 pts |
| Net margin | 6.8% | 6.0% | +0.8 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Production Services | $313M | $174M | $139M | +79% |
| Drilling and Evaluation Services | $192M | $121M | $70.9M | +59% |
| Revenue | $505M | $295M | $209M | +71% |
| Gross profit | $69.0M | $35.4M | $33.6M | +95% |
| Cost of revenue | $436M | $260M | $176M | +68% |
| Operating profit | $52.5M | $19.6M | $32.9M | +168% |
| Operating expenses | $16.4M | $15.8M | $691K | +4% |
| Pre-tax earnings | $43.0M | $12.2M | $30.8M | +252% |
| Other expense, net | $9.5M | $7.4M | $2.1M | +28% |
| SG&A | $12.6M | $11.1M | $1.5M | +14% |
| Other operating costs | $3.9M | $4.7M | −$821K | -17% |
| Net earnings | $34.3M | $17.7M | $16.6M | +94% |
| Income tax | $8.7M | −$5.5M | $14.2M | — |
| Operating cash sources | $78.4M | $47.8M | $30.6M | +64% |
| Depreciation & amortization | $37.1M | $34.6M | $2.5M | +7% |
| Share-based compensation | $3.7M | $2.2M | $1.6M | +72% |
| Cash used in operations | $3.2M | −$6.7M | $9.9M | — |
| Working capital & other | $78.4M | $47.8M | $30.6M | +64% |
Questions
How much did National Energy Services Reunited's revenue grow year over year in Q3 2026?
National Energy Services Reunited's revenue rose $209M (+71%) from $295M in Q3 2025 to $505M in Q3 2026.
What drove National Energy Services Reunited's revenue change in Q3 2026?
Production Services +$139M (+79%); Drilling and Evaluation Services +$70.9M (+59%).