EarningsQ2 2026 Earnings Report

Weatherford International (0WE) Q2 2026 Earnings Report

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Previous Report: Q1 2026

DE:0WE Q2 2026 EPS Results

Actual EPS€0.49

Consensus EPS€0.81

Beat/MissMissed by -€0.32

One Year Ago EPS€1.67

DE:0WE Q2 2026 Revenue Results

Actual Revenue€989.31M

Expected Revenue€956.98M

Beat/MissBeat by +€32.33M

YoY Revenue Growth-8.22%

Earnings Announcement Details

QuarterQ2 2026

Date07/21/2026

TimeAfter Close

Conference CallTuesday, July 21, 2026

DE:0WE Upcoming Earnings

Weatherford International's next earnings date is estimated for October 20, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

DE:0WE Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 21, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presents a predominantly positive operational and financial story despite meaningful near-term headwinds. Highlights include resilient margins (20.2%), very strong free cash flow generation (Q2 FCF $139M and 62.3% conversion), improved working capital, low net leverage (0.34x), strong liquidity ($1.7B), deliberate capital discipline (CapEx ~3.8% of revenue), contract wins across deepwater and offshore, and strategic M&A (NCS Multistage) with expected synergies. Offsetting these positives are revenue declines across multiple segments and regions (WCC -5% YoY, DRE -13% YoY, PRI -3% YoY), ongoing Middle East conflict impacts (activity suspensions, logistics cost pressures and an incremental profit hit incorporated into guidance), concluded Saudi LSTK revenue, and localized operational disruptions (Norway strike, Mexico timing uncertainty). Management maintained or modestly revised full-year guidance (adj. EBITDA midpoint ~1% lower versus April) while increasing confidence in free cash flow conversion, signaling disciplined execution. On balance the company appears to be navigating cyclical and geopolitical challenges effectively, preserving margins and balance sheet strength while positioning for recovery and growth.

Company Guidance

Weatherford entered Q3 2026 with Q2 results of $1.105B revenue, $223M adjusted EBITDA (20.2% margin), $139M adjusted free cash flow (62.3% conversion; ~13% of revenue), adjusted net working capital at 27% of revenue (improved ~90 bps), CapEx $42M (3.8% of revenue), cash & restricted cash ~$1.14B, total liquidity ~$1.7B and net leverage ~0.34x. For Q3 the company expects revenue of $1.105B–$1.155B, adjusted EBITDA $235M–$265M and adjusted free cash flow >$100M, with Q3 EBITDA margins targeted to be at least 100 bps higher than Q2. Full‑year 2026 guidance is revenue $4.54B–$4.80B, adjusted EBITDA $951M–$1.046B, adjusted free cash flow conversion now expected in the mid‑to‑high‑40% range (up from prior outlook) and an effective tax rate in the low‑to‑mid‑20% range; management also noted FY EBITDA midpoint is only ~1% below April guidance, reiterated 3%–5% CapEx over the cycle, and flagged expected 2027 cash savings from redomestication of $20M–$30M and at least $15M of annual cost synergies from the NCS deal within 18 months.

Revenue and Profitability

Q2 2026 revenue of $1.105 billion with adjusted EBITDA of $223 million representing a 20.2% margin; management emphasized margins held resiliently (essentially flat vs Q1) despite geopolitical disruption.

Strong Free Cash Flow and Conversion

Adjusted free cash flow of $139 million in Q2 2026 with a 62.3% adjusted free cash flow conversion (Q1+Q2 combined conversion ~49%); company raised full-year free cash flow conversion outlook to the mid-to-high 40% range.

Working Capital and Balance Sheet Strength

Adjusted net working capital at 27% of revenues, a sequential improvement of ~90 basis points; cash and restricted cash ~ $1.14 billion, total liquidity $1.7 billion, and net leverage ratio declined to 0.34x.

Capital Discipline

Q2 CapEx $42 million (3.8% of revenues), down ~$12 million vs Q2 2025 and consistent with the stated 3%-5% capital intensity target across a 12-18 month cycle.

Shareholder Returns

Returned $36 million to shareholders in Q2 ( $20 million dividends, $16 million share repurchases) and cumulative returns since program inception exceed $370 million.

Commercial Momentum and Contract Wins

Multiple deepwater and offshore awards in the quarter across Brazil, West Africa, Australia and others (e.g., MPD and integrated completions contracts with Constellation, Ventura Offshore, Valaris, Noble, Esso, Chevron), and PDO Marmul extension commencing in Q3 — signaling ramp potential in second half and beyond.

Strategic M&A — NCS Multistage

Definitive agreement to acquire NCS Multistage to expand completions and unconventional exposure; deal structured predominantly in equity, expected to close in H2 2026 subject to approvals, and forecasted to generate at least $15 million of annual cost synergies within 18 months.

Operational Achievements and Execution

Completed a five-year integrated PDO contract 14 months ahead of schedule and secured an extension; cited strong safety, cost control and execution in a challenging Middle East environment.

DE:0WE Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 20, 2026	2026 (Q3)	1.17 / -	1.003	―
Jul 21, 2026	2026 (Q2)	0.81 / 0.49	1.674	-70.59% (-1.18)
Apr 21, 2026	2026 (Q1)	0.95 / 1.33	0.922	44.66% (+0.41)
Feb 03, 2026	2025 (Q4)	1.28 / 1.93	1.343	43.87% (+0.59)
Oct 21, 2025	2025 (Q3)	1.05 / 1.00	1.844	-45.63% (-0.84)
Jul 22, 2025	2025 (Q2)	0.86 / 1.67	1.486	12.65% (+0.19)
Apr 22, 2025	2025 (Q1)	0.77 / 0.92	1.343	-31.33% (-0.42)
Feb 05, 2025	2024 (Q4)	1.21 / 1.34	1.701	-21.05% (-0.36)
Oct 22, 2024	2024 (Q3)	1.49 / 1.84	1.486	24.10% (+0.36)
Jul 23, 2024	2024 (Q2)	1.56 / 1.49	1.003	48.21% (+0.48)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed