Filing Flows › National Energy Services Reunited (NESR) › Q4 2025
National Energy Services Reunited (NESR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 6, 2026
National Energy Services Reunited (NESR) reported revenue of $398M for the fourth quarter 2025 (Q4 2025), +16% from a year earlier and +35% from the quarter before. Operating margin was 7.7%, net earnings $7.8M (2.0% of revenue).
National Energy Services Reunited, Q4 2025: revenue $398M (+16% year over year), operating margin 7.7%, net earnings $7.8M, operating cash flow $139M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $398M | +35% | +16% |
| Gross profit | $48.0M | +36% | -19% |
| Operating profit | $30.7M | +56% | -30% |
| Net earnings | $7.8M | -56% | -71% |
| Operating cash flow | $139M | 21× | +200% |
| Free cash flow | $95.8M | — | +352% |
What changed
Revenue was $398.3M in Q4 2025, up 16% year over year and up 35% from the previous quarter.
Gross margin was 12.1%, down 5.2 points from a year earlier. Operating profit was $30.7M, a 7.7% margin (down 5.0 points year over year). Operating profit fell $12.9M even though revenue rose $54.6M versus a year earlier, so costs grew faster than sales. Operating expenses grew 11% against revenue growth of 16%. The fastest-growing cost line was SG&A (+16%). Net earnings were $7.8M, down 71% year over year. The effective tax rate was 47.9%.
Operating cash flow was $138.6M (up 200% year over year), 1776% of net earnings. Non-cash charges added back $35.2M of depreciation and amortization and $2.6M of share-based compensation. Working capital and other items added $93.0M. Capital expenditures of $42.8M left free cash flow of $95.8M.
Questions
What was National Energy Services Reunited's revenue in the fourth quarter 2025?
National Energy Services Reunited (NESR) reported revenue of $398M for the fourth quarter 2025 (Q4 2025), +16% from a year earlier and +35% from the quarter before.
Was National Energy Services Reunited profitable in the fourth quarter 2025?
Operating profit was $30.7M (7.7% of revenue) and net earnings $7.8M.
Source: National Energy Services Reunited 10-K on SEC EDGAR.