Weatherford International (0WE) Q3 2026 Earnings Report
DE:0WE Q3 2026 EPS Results
- Actual EPS
- EUR 1.48
- Consensus EPS
- EUR 1.19
- Beat/Miss
- Beat by +EUR 0.29
- One Year Ago EPS
- EUR 1.00
DE:0WE Q3 2026 Revenue Results
- Actual Revenue
- EUR 1.02B
- Expected Revenue
- EUR 1.01B
- Beat/Miss
- Beat by +EUR 7.92M
- YoY Revenue Growth
- -7.22%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/20/2026
- Time
- After Close
- Conference Call
- Tuesday, October 20, 2026
DE:0WE Upcoming Earnings
Weatherford International's next earnings date is estimated for February 9, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:0WE Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Weatherford reported solid third-quarter revenue growth, 22.2% Adjusted EBITDA margins, substantial free cash flow growth, stronger balance sheet metrics, successful NCS integration, and multiple offshore and completions awards. Management also raised its full-year free cash flow conversion outlook and presented a constructive 2027 outlook. The principal negatives were the unsettled and weaker-than-expected Middle East environment, regional declines in Europe, Sub-Saharan Africa, and Russia, expected fourth-quarter margin pressure from mix and Venezuela startup costs, and working capital remaining above the 25% target.
Company Guidance
For the fourth quarter, Weatherford expects revenues of $1.28 billion-$1.33 billion, Adjusted EBITDA of $270 million-$290 million, a margin that is modestly down from third quarter levels, and adjusted free cash flow of more than $100 million; Q4 capital expenditures will likely be in the $70 million-$80 million range, while total year CapEx will remain within the 3%-5% of revenue range. The company expects full-year adjusted free cash flow conversion in the high 40% range, compared with mid to high 40% in July, and expects the Middle East, North Africa, and Asia region to increase mid to high single digits sequentially in Q4. For 2027, excluding the Middle East, international market activity levels should rise mid to high single digits, North America will likely be up low single digits, and global market activity should increase in the mid-single digits with a more noticeable increase starting in the second quarter; Weatherford expects to be higher than that. The company expects to achieve 50% conversion in 2027, annual cash savings of approximately $20 million-$30 million beginning in 2027, at least $15 million of NCS cost synergies within 18 months of closing, Venezuela to ramp up in 2027 to triple-digit revenues, and MPD business growth above double digits this year.
- Strong Third-Quarter Financial PerformanceThird-quarter revenue was $1.143 billion, Adjusted EBITDA was $254 million at a 22.2% margin, and adjusted free cash flow was $155 million, representing 61% conversion on Adjusted EBITDA. Revenue grew 3% sequentially despite the first full quarter without the Saudi LSTK contract and the wind-down of the original Marmul contract in Oman.
- Meaningful Margin ExpansionAdjusted EBITDA margins expanded 204 basis points sequentially and 39 basis points year over year to 22.2%, despite a 7% year-over-year decline in revenue. Management said this supports its thesis that margins can expand in a flat environment.
- Free Cash Flow Growth and Improving ConversionAdjusted free cash flow increased 57% year over year in the third quarter. Year-to-date adjusted free cash flow was $379 million, up 55% year over year, with 53% conversion. The company reported two consecutive quarters above 60% conversion and raised its full-year 2026 adjusted free cash flow conversion outlook to the high 40% range from mid to high 40% in July.
- Resilient Middle East, North Africa, and Asia PortfolioMENA revenue was flat sequentially despite the Saudi LSTK conclusion and the Oman Marmul contract transition. The rest of the business grew sequentially, led by MPD, liner hangers, completions, and wireline, while regional profitability improved across all three segments. Arabian Gulf revenue grew 1% sequentially despite these headwinds.
- Latin America Growth and Improved CollectionsLatin America revenue grew 14% sequentially, driven by Mexico and the Caribbean. Activity with the largest customer in Mexico improved, and collections were described as strong and consistent, with regular payments continuing for several consecutive quarters.
- Venezuela Revenue Ramp UnderwayWeatherford recognized its first Venezuela revenue in the third quarter and expects tangible revenue contribution in the fourth quarter. Management said it has clear line of sight to contracting work, has received purchase orders, and expects Venezuela could ramp to triple-digit revenues in 2027, with further increases in 2028 and potentially approaching its prior peak in the next few years if the environment remains stable.
- DRE Segment Growth and Margin ExpansionDRE revenue grew 14% sequentially, while segment margins expanded by over 700 basis points. MPD capital sales were identified as a key driver, and management expects additional MPD sales over the next few years, while continuing to develop the longer-term aftermarket opportunity.
- WCC Growth and NCS ContributionWCC revenue grew 4% sequentially. The segment is expected to receive the full impact of the NCS acquisition in coming periods.
- Offshore Technology and Awards MomentumOffshore managed pressure drilling, tubular running services, interventions, and completions generated another strong quarter of awards. Awards included a two-year Equinor extension and new offshore completions award in Norway, a five-year Seplat Energy contract in Nigeria, and a Deepwater Gulf of America frac sleeves and service tools award expected to begin in the first quarter of 2027.
- MPD Growth and Aftermarket ExpansionManagement expects the MPD business to grow above double digits in 2026, with further growth in 2027. The aftermarket component is expected to more than double this year and could double again over the next couple of years. Approximately 70% of drill ships currently have or are installing an MPD system, and management expects penetration could rise to around 85% or 90%.
- Offshore Completions Growth OpportunityCompletions is now Weatherford's largest product line. Management expects offshore completions to be among the company's top-tier CAGR businesses over the next few years, supported by awards with TotalEnergies, Exxon, Equinor, and Seplat Energy, as well as the company's expanded conventional, unconventional, and offshore completions offering.
- Successful NCS Acquisition IntegrationThe NCS Multistage acquisition closed during the quarter, day one was described as smooth, key retained talent is on board, and the integration management office was established before closing. Cost synergy work streams are tracking toward at least $15 million within 18 months of closing.
- NCS Technology and Cross-Sell PotentialNCS brings a completions technology platform that has surpassed 500,000 frac stages completed since 2009. Customers in North America have requested more joint projects and quotations, while international teams are qualifying cross-sell opportunities in Argentina, the Middle East, and the North Sea. Management also highlighted opportunities in offshore tight plays, tracers, and engineered geothermal systems.
- ERP Modernization MilestoneWeatherford successfully launched its enterprise performance management applications. Financial consolidation for the quarter close was completed in the new system, and management described the process as routine, on time, and supported by strong planning and execution.
- Balance Sheet Strength and Debt ReductionThe company ended the quarter with approximately $1.2 billion of cash, total liquidity of approximately $1.8 billion, and net leverage of 0.28 times. S&P and Fitch upgraded their outlooks on the company's reaffirmed BB ratings to positive. Weatherford issued notice to redeem all $236 million of its 8.625% Senior Notes due 2030, which is expected to reduce annualized cash interest expense by approximately $20 million and leave no debt maturities for the next seven years.
- Shareholder ReturnsWeatherford returned $47 million to shareholders during the quarter, including $19 million in dividends and $28 million in share repurchases. Total shareholder returns since the program's inception exceeded $420 million.
- Fourth-Quarter Revenue and Cash Flow GuidanceFourth-quarter revenue guidance is $1.28 billion-$1.33 billion, Adjusted EBITDA guidance is $270 million-$290 million, and adjusted free cash flow is expected to be more than $100 million. The revenue increase is expected to come from a full quarter of NCS, Middle East product deliveries, deepwater MPD system deliveries, seasonally higher North American activity, increased Latin American volumes, and Venezuela startup.
- Constructive 2027 OutlookExcluding the Middle East, international market activity is expected to rise mid to high single digits in 2027, driven by Latin America and Asia, while North America is expected to increase low single digits. Assuming the Middle East remains at current levels, global market activity is expected to increase in the mid-single digits, with a more noticeable increase beginning in the second quarter. Weatherford expects to grow faster due to NCS, share gains, and Venezuela reopening.
- Long-Term Margin and Conversion TargetsManagement said it has a clear path toward mid-20s Adjusted EBITDA margins and 50% adjusted free cash flow conversion. The company expects to achieve 50% conversion in 2027 and believes mid-20s margins can be reached in a flat environment over approximately three to four years, with higher activity potentially accelerating the timing.
- Expected Redomestication SavingsShareholders approved the proposals required to redomesticate Weatherford from Ireland to Delaware. Subject to customary closing conditions, including final approval by the Irish High Court, the change is expected to become effective during the fourth quarter and generate approximately $20 million-$30 million of annual cash savings beginning in 2027.
- Capital Investment for 2027 DemandFourth-quarter capital expenditures are expected to increase to $70 million-$80 million, while full-year capital expenditures remain within the 3%-5% of revenue range. Management said the increased spending is being accelerated to meet demand expected in 2027.
DE:0WE Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 09, 2027 | 2026 (Q4) | 1.53- | 1.92 | ― | ― |
| Oct 20, 2026 | 2026 (Q3) | 1.191.48 | 1 | 48.21% (+0.48) | |
| Jul 21, 2026 | 2026 (Q2) | 0.800.49 | 1.67 | -70.59% (-1.18) | |
| Apr 21, 2026 | 2026 (Q1) | 0.941.33 | 0.92 | 44.66% (+0.41) | |
| Feb 03, 2026 | 2025 (Q4) | 1.281.92 | 1.34 | 43.87% (+0.59) | |
| Oct 21, 2025 | 2025 (Q3) | 1.051.00 | 1.84 | -45.63% (-0.84) | |
| Jul 22, 2025 | 2025 (Q2) | 0.861.67 | 1.48 | 12.65% (+0.19) | |
| Apr 22, 2025 | 2025 (Q1) | 0.760.92 | 1.34 | -31.33% (-0.42) | |
| Feb 05, 2025 | 2024 (Q4) | 1.201.34 | 1.69 | -21.05% (-0.36) | |
| Oct 22, 2024 | 2024 (Q3) | 1.491.84 | 1.48 | 24.10% (+0.36) |
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