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Nabors Industries (NBR) investor relations material
Nabors Industries Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Completed the acquisition of Parker Wellbore and divested Quail Tools for $625 million, transforming the portfolio and capital structure, and enabling significant debt reduction and interest savings.
Proceeds from Quail Tools sale used to reduce net debt by over 25%, with pro forma net debt at $1.67 billion and leverage at 1.8x, the lowest in over a decade.
Net income for Q3 2025 surged to $274 million, reversing prior losses, primarily due to the Quail Tools sale and Parker acquisition.
Adjusted EBITDA for Q3 2025 was $236 million, exceeding post-divestiture expectations, driven by international drilling and Parker integration synergies.
International operations, especially in Saudi Arabia, India, and Kuwait, showed strong growth and future deployment plans.
Financial highlights
Q3 2025 consolidated revenue was $818 million, down 1.8% sequentially but up 12% year-over-year, mainly due to portfolio changes.
Adjusted EBITDA was $236 million (28.9% margin), down from $248 million in Q2 2025, with the Quail sale accounting for most of the decline.
Net income for Q3 2025 was $274 million, compared to a net loss in the prior quarter, driven by the Quail Tools gain.
International Drilling daily adjusted gross margin exceeded $17,900, with EBITDA up 8.5% to $127.6 million.
Drilling Solutions segment delivered a 51% adjusted gross margin and contributed 21% of total adjusted EBITDA.
Outlook and guidance
Q4 2025 guidance: U.S. Drilling Lower 48 average rig count of 57–59, daily gross margin around $13,000, with some pricing erosion expected.
International drilling rig count projected at 91, with daily gross margin in the $18,100–$18,200 range.
Drilling Solutions EBITDA expected at $39 million; Rig Technologies EBITDA to rise to $5–$6 million.
CapEx for Q4 targeted at $180–$190 million; full-year CapEx revised to $715–$725 million.
On track to deliver $40 million of cost synergies in 2025 and over $60 million in 2026 from the Parker acquisition.
Detail remaining Quail proceeds debt reduction plan
What drives International vs. Lower 48 performance divergence?
What actions to improve Mexico collections?
Future net debt target and path to achieve it
What drives Saudi rig activity rebound?
Lower 48 daily margin stability beyond Q4?
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Next Nabors Industries earnings date
Q4 20256 Feb, 2026
Next Nabors Industries earnings date
Q4 20256 Feb, 2026
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Frequently asked questions
Nabors Industries Ltd is a global leader in oil and gas contract services, specializing in the provision of offshore platform work over and drilling rigs. The company excels in offering directional drilling services, performance tools, and cutting-edge drilling technologies, alongside drilling instrumentation and software. Nabors is recognized for its extensive range of ancillary well-site services, which encompass engineering, transportation, disposal, construction, well logging, maintenance, and other support services. Additionally, through its subsidiaries, Nabors manufactures and sells top drives, catwalks, draw works, wrenches, and other drilling-related equipment tailored for onshore and offshore drilling rigs. The company is headquartered in Hamilton, Bermuda, and its shares are listed on the NYSE.
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