Weatherford announces Q2 2026 earnings; acquisition of NCS Multistage and Delaware redomestication plan
Weatherford reported second-quarter 2026 revenue of $1,105 million, down 4% sequentially and 8% year-over-year, with net income of $39 million (3.5% margin). The company announced the acquisition of NCS Multistage in a stock-and-cash transaction expected to deliver at least $15 million in cost synergies, and introduced an updated plan to redomesticate to Delaware—a revised proposal after shareholders failed to approve a Texas redomestication at the June 2026 meeting. The Delaware redomestication and corporate restructuring are expected to generate $20 to $30 million in annual cash savings beginning in 2027.
Key facts
- Second quarter 2026 revenue of $1,105 million decreased 4% sequentially and 8% year-over-year
- Second quarter 2026 net income of $39 million decreased 64% sequentially
- Adjusted EBITDA of $223 million with 20.2% margin, decreased 4% sequentially
- Acquisition of NCS Multistage expected to deliver at least $15 million of cost synergies upon closing and integration
- Delaware redomestication and related corporate restructuring expected to generate $20 to $30 million of annual cash savings beginning in 2027
- Second quarter adjusted free cash flow of $139 million, increased 64% sequentially
- Share repurchases of $16 million and dividend payments of $20 million in Q2 2026
- Middle East revenue of $446 million decreased 6% sequentially due to heightened geopolitical tensions from Iran conflict
Why it matters
Weatherford is pursuing portfolio consolidation through the NCS Multistage acquisition while restructuring its domicile to Delaware, actions the CEO framed as long-term shareholder value creation; the company's near-term outlook was adjusted downward due to Middle East disruptions but second-half margin contribution is expected to ramp significantly.
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Derived from 8-K filed 2026-07-21. Not investment advice. View the source filing on SEC.gov →