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Weatherford International (WFRD) investor relations material
Weatherford International Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 revenue was $1,289M, up 5% sequentially, with net income of $138M and basic EPS of $1.92; full year revenue was $4,918M, down 11% year-over-year, and net income was $431M.
Q4 operating income was $199M, up 12% sequentially; full year operating income was $756M, down 19% from prior year.
Adjusted EBITDA for Q4 was $291M (22.6% margin), and for 2025 was $1,067M (21.7% margin), both reflecting margin contraction year-over-year.
Free cash flow conversion reached 76% in Q4 and 43.7% for the full year, with significant collections from Mexico stabilizing cash flows.
Shareholder returns in 2025 totaled $173M, with a 10% increase in quarterly dividends to $0.275 per share approved.
Financial highlights
Q4 2025 operating cash flow was $268M; adjusted free cash flow was $222M, with a conversion rate of 76.3%.
Net leverage ratio at year-end was 0.42x, the lowest in over 15 years, with net debt at $443M.
Gross margin for Q4 was 30.8%, down 69 bps sequentially and 112 bps year-over-year.
2025 ROIC was 21.6%; adjusted free cash flow margin was 9.5%.
Full year 2025 adjusted free cash flow totaled $466M, a 576 basis point improvement over 2024.
Outlook and guidance
2026 revenues expected between $4.6B and $5.05B; adjusted EBITDA between $980M and $1.12B; midpoint guidance is $4.825B revenue and $1.05B adjusted EBITDA.
2026 adjusted free cash flow conversion projected in the low-to-mid 40% range.
Q1 2026 revenue guidance: $1.125–$1.165B, with adjusted EBITDA of $230–$240M; midpoint $1.145B and $235M, reflecting seasonality and order timing.
Management expects a soft activity outlook for the first half of 2026, with growth opportunities in the second half and improvement anticipated in 2027.
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