National Energy Services Reunited Corp.
Business
National Energy Services Reunited Corp. (NESR) is one of the largest oilfield services providers in the Middle East and North Africa, serving national oil companies, integrated oil companies, and independent operators. The company provides upstream and midstream oilfield services across two primary segments: Production Services (hydraulic fracturing, coiled tubing, cementing, nitrogen services, artificial lift, completions, and integrated production management) and Drilling and Evaluation Services (drilling rigs, directional drilling, well testing, wireline and slickline services). NESR operates through direct sales channels across Saudi Arabia, Oman, Kuwait, United Arab Emirates, Iraq, Algeria, Egypt, and Libya.
Summary from 10-K filed 2026-03-06
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2017 2017-12-31 |
|---|---|---|---|---|---|
| Revenues | 1,324 | 1,302 | 1,146 | — | |
| Cost of services | −1,159 | −1,093 | −997 | — | |
| Gross profit | 165 | 209 | 149 | — | |
| Selling, general and administrative expenses (excluding Amortization) | −48 | −52 | −49 | — | |
| Amortization | −19 | −19 | −19 | — | |
| Operating income | 98 | 138 | 81 | −4 | |
| Interest expense, net | −33 | −40 | −46 | — | |
| Other (expense) / income, net | −5 | −2 | −5 | — | |
| Income before income tax | 60 | 95 | 30 | — | |
| Income tax expense | −9 | −19 | −17 | — | |
| Net income | 51 | 76 | 13 | −3 | |
| Basic (shares) | 98 | 95 | 95 | — | |
| Diluted (shares) | 99 | 96 | 95 | — | |
| Basic (per share) | 0.52 | 0.8 | 0.13 | — | |
| Diluted (per share) | 0.52 | 0.8 | 0.13 | — |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2017 2017-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 125 | 108 | 68 | — | — | |
| Accounts receivable, net (Note 5) | 178 | 137 | 171 | — | — | |
| Unbilled revenue | 121 | 112 | — | — | — | |
| Service inventories (Note 6) | 95 | 97 | — | — | — | |
| Prepaid assets | 13 | 10 | — | — | 127,420 | |
| Retention withholdings | 33 | 31 | — | — | — | |
| Other receivables | 55 | 38 | — | — | — | |
| Other current assets | 11 | 7 | — | — | — | |
| Total current assets | 630 | 541 | — | — | 868,516 | |
| Property, plant and equipment, net (Note 7) | 465 | 438 | — | — | — | |
| Intangible assets, net (Note 8) | 47 | 66 | — | — | — | |
| Goodwill (Note 8) | 645 | 645 | — | — | — | |
| Operating lease right-of-use assets (Note 9) | 20 | 26 | — | — | — | |
| Other assets | 43 | 58 | — | — | — | |
| Total assets | 1,852 | 1,774 | — | — | 231 | |
| Accounts payable and accrued expenses | 421 | 305 | — | — | 3 | |
| Current installments of long-term debt (Note 10) | 65 | 69 | — | — | — | |
| Short-term borrowings (Note 10) | 54 | 60 | — | — | — | |
| Income taxes payable (Note 12) | 25 | 8 | — | — | — | |
| Other taxes payable | 12 | 27 | — | — | — | |
| Operating lease liabilities (Note 9) | 3 | 5 | — | — | — | |
| Other current liabilities | 25 | 29 | — | — | — | |
| Total current liabilities | 605 | 504 | — | — | 3 | |
| Long-term debt (Note 10) | 191 | 254 | — | — | — | |
| Deferred tax liabilities (Note 12) | 2 | 6 | — | — | — | |
| Employee benefit liabilities (Note 11) | 36 | 32 | — | — | — | |
| Non-current operating lease liabilities (Note 9) | 18 | 21 | — | — | — | |
| Other liabilities | 31 | 49 | — | — | — | |
| Total liabilities | 884 | 865 | — | — | 12 | |
| Commitments and contingencies (Note 13) | — | — | — | — | — | |
| Preferred shares, no par value; unlimited shares authorized; none issued and outstanding at December 31, 2025, and 2024, respectively (Note 15) | — | — | — | — | — | |
| Common stock and additional paid in capital, no par value; unlimited shares authorized; 100,787,173 and 96,045,856 shares issued and outstanding at December 31, 2025, and 2024, respectively (Note 15) | 903 | 894 | — | — | 58 | |
| Retained income | 65 | 14 | — | — | −3 | |
| Accumulated other comprehensive income | 69,000 | 69,000 | — | — | — | |
| Total equity | 968 | 908 | 821 | 802 | — | |
| Total liabilities and equity | 1,852 | 1,774 | — | — | 231 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2017 2017-12-31 |
|---|---|---|---|---|---|
| Depreciation and amortization | 142 | 143 | 142 | — | |
| Share-based compensation expense | 8 | 6 | 7 | — | |
| (Gain) loss on disposal of assets | −4 | 467,000 | 487,000 | — | |
| Non-cash interest expense (income) | 1 | −1 | 2 | — | |
| Deferred tax (benefit) | −5 | −3 | −4 | — | |
| Allowance for doubtful receivables and unbilled revenue | 9 | 9 | 410,000 | — | |
| Charges on obsolete service inventories | 2 | 2 | 137,000 | — | |
| Impairments and other charges | 10 | 5 | 8 | — | |
| Other operating activities, net | 3 | 327,000 | 933,000 | — | |
| (Increase) decrease in accounts receivable | −49 | 25 | −23 | — | |
| (Increase) decrease in unbilled revenue | −9 | −16 | 14 | — | |
| (Increase) decrease in retention withholdings | −2 | 17 | −14 | — | |
| (Increase) decrease in inventories | 425,000 | −633,000 | 12 | — | |
| (Increase) decrease in prepaid assets | −3 | −909,000 | −9 | −127,420 | |
| (Increase) decrease in other current assets | −2 | 5 | 3 | — | |
| (Increase) decrease in other long-term assets and liabilities | −2 | −7 | 16 | — | |
| Increase (decrease) in accounts payable and accrued expenses | 116 | −39 | −3 | — | |
| Increase (decrease) in other current liabilities | −1 | 6 | 12 | — | |
| Net cash provided by operating activities | 264 | 229 | 177 | −865,000 | |
| Capital expenditures | −143 | −105 | −68 | — | |
| IPM investments (Note 3) | — | — | −16 | — | |
| Proceeds from disposal of assets | 5 | 3 | 2 | — | |
| Other investing activities | −14 | −9 | −1 | — | |
| Net cash used in investing activities | −152 | −111 | −83 | −229 | |
| Proceeds from long-term debt | — | 4 | 11 | — | |
| Repayments of long-term debt | −69 | −86 | −55 | — | |
| Proceeds from short-term borrowings | 99 | 83 | 95 | — | |
| Repayments of short-term borrowings | −104 | −73 | −137 | — | |
| Payments on capital leases | −4 | −3 | −2 | — | |
| Payments on seller-provided financing for capital expenditures | −7 | −4 | −16 | — | |
| Other financing activities, net | −2 | −163,000 | −197,000 | — | |
| Net cash used in financing activities | −87 | −78 | −105 | 231 | |
| Effect of exchange rate changes on cash | — | — | — | — | |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 25 | 40 | −11 | — | |
| Interest paid | 28 | 38 | 34 | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is National Energy Services Reunited Corp.'s CIK number?
National Energy Services Reunited Corp.'s SEC CIK number is 0001698514 (1698514). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find National Energy Services Reunited Corp.'s SEC filings?
All of National Energy Services Reunited Corp.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did National Energy Services Reunited Corp. last report earnings?
National Energy Services Reunited Corp. (NESR) most recently filed an earnings 8-K with the SEC on May 11, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001493152-26-022090). This is National Energy Services Reunited Corp.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is National Energy Services Reunited Corp.'s most recent earnings 8-K?
National Energy Services Reunited Corp.'s latest earnings 8-K (Item 2.02) was filed May 11, 2026 under accession 0001493152-26-022090. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
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