Record International Drilling Margin. $75 Million in Adjusted Free Cash Flow. Nabors Reports Third Quarter 2026 Results.
Nabors reported Q3 2026 revenue of $872 million, up 7% sequentially, with adjusted EBITDA of $246 million, up nearly 11% from Q2, and $75 million in adjusted free cash flow. International Drilling posted a record daily adjusted gross margin of $19,060, up 8.7% sequentially, and the Lower 48 working fleet grew to an average of 72.8 rigs. The company redeemed $100 million of its 9.125% notes, continuing gross-debt reduction. Management raised full-year guidance: adjusted EBITDA of approximately $930 million at the upper end of prior guidance, and materially higher adjusted free cash flow of $100-110 million.
Key figures
- Revenue
- 872200000
- Guidance
- FY2026 adjusted EBITDA ~$930M (upper end of prior guidance); FY adjusted FCF $100-110M, materially higher than previous guidance; FY capex $710-720M; Q4 FCF $60-70M; targeting ~$1B annualized adjusted EBITDA run rate into 2027
- Net debt
- 1547613000
- Intl rigs
- 94.9
- Total debt
- 2022758000
- Adjusted fcf
- 74500000
- Lower48 rigs
- 72.8
- Notes redeemed
- $100 million of 9.125% notes
- Adjusted ebitda
- 245500000
- Net loss attributable
- 11000000
- Adjusted ebitda qoq growth
- 11%
- Adjusted fcf prior quarter
- 12300000
- Cash and short term investments
- 475145000
- Intl daily adjusted gross margin
- 19060
AI analysis
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