Nabors Industries (NBR) financial statements
Nabors Industries reported revenue of $3.2B in fiscal 2025, up 4.1% a year over 9 years.
Net income was $287M and the operating margin 14.8%, against -5.3% in 2016.
Free cash flow was -$23M.
The diluted share count rose 161% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Nabors Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2B | $2.6B | $3.1B | $3.0B | $2.1B | $2.0B | $2.7B | $3.0B | $2.9B | $3.2B |
| Cost of revenue | $1.3B | $1.7B | $2.0B | $1.9B | $1.3B | $1.3B | $1.7B | $1.8B | — | — |
| Gross profit | $884M | $846M | $1.1B | $1.1B | $801M | $731M | $988M | $1.2B | — | — |
| Research and development | $34M | $51M | $56M | $50M | $34M | $35M | $50M | $56M | $57M | $53M |
| Selling, general and admin | $228M | $251M | $266M | $259M | $204M | $214M | $228M | $244M | $249M | $305M |
| Operating income | -$118M | -$142M | $59M | $89M | -$171M | -$81M | $44M | $434M | $417M | $471M |
| Interest expense | $185M | $223M | $227M | $204M | $206M | $171M | $178M | $185M | $211M | $215M |
| Pre-tax income | -$1.2B | -$580M | -$519M | -$589M | -$706M | -$488M | -$246M | $129M | -$31M | $538M |
| Income tax | -$187M | -$83M | $79M | $92M | $57M | $56M | $62M | $79M | $57M | $163M |
| Net income | -$1.0B | -$547M | -$641M | -$703M | -$806M | -$569M | -$350M | -$12M | -$176M | $287M |
| EPS (diluted) | -$182.00 | -$95.00 | -$99.61 | -$105.39 | -$118.69 | -$76.58 | -$40.52 | -$5.49 | -$22.37 | $17.39 |
| Diluted shares | 6M | 6M | 7M | 7M | 7M | 8M | 9M | 9M | 9M | 14M |
| Gross margin | 39.7% | 33.0% | 35.3% | 36.6% | 37.5% | 36.2% | 37.2% | 40.4% | — | — |
| Operating margin | -5.3% | -5.5% | 1.9% | 2.9% | -8.0% | -4.0% | 1.7% | 14.4% | 14.2% | 14.8% |
| Net margin | -46.2% | -21.3% | -21.0% | -23.1% | -37.8% | -28.2% | -13.2% | -0.4% | -6.0% | 9.0% |
Balance sheet
Fiscal years, from Nabors Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $295M | $365M | $482M | $452M | $482M | $991M | $452M | $1.1B | $397M | $941M |
| Receivables | $508M | $698M | $756M | $453M | $363M | $288M | $327M | $348M | $388M | $392M |
| Inventory | $104M | $166M | $166M | $176M | $161M | $126M | $128M | $148M | $130M | $95M |
| Total current assets | $1.2B | $1.4B | $1.6B | $1.2B | $1.1B | $1.5B | $1.0B | $1.6B | $1000M | $1.6B |
| Property, plant and equipment | $6.3B | $6.1B | $5.5B | $4.9B | $4.0B | $3.3B | $3.0B | $2.9B | $2.8B | $2.9B |
| Goodwill | $167M | $173M | $184M | $28M | — | — | — | — | — | — |
| Total assets | $8.2B | $8.4B | $7.9B | $6.8B | $5.5B | $5.5B | $4.7B | $5.3B | $4.5B | $4.8B |
| Total current liabilities | $822M | $919M | $832M | $657M | $515M | $525M | $596M | $1.2B | $572M | $993M |
| Long-term debt | $3.6B | $4.0B | $3.6B | $3.3B | $3.0B | $3.3B | $2.5B | $2.5B | $2.5B | $2.1B |
| Total liabilities | $4.9B | $5.3B | $4.7B | $4.3B | $3.8B | $4.1B | $3.5B | $4.0B | $3.3B | $3.4B |
| Shareholders' equity | $3.2B | $2.9B | $2.7B | $2.0B | $1.2B | $591M | $369M | $327M | $135M | $591M |
| Net debt | $3.3B | $3.7B | $3.1B | $2.9B | $2.5B | $2.3B | $2.1B | $2.1B | $2.1B | $1.6B |
Cash flow
Fiscal years, from Nabors Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $532M | $63M | $326M | $685M | $350M | $429M | $501M | $638M | $581M | $693M |
| Capital spending | $395M | $574M | $459M | $428M | $196M | $234M | $373M | $541M | $568M | $716M |
| Free cash flow | $136M | -$512M | -$133M | $257M | $154M | $195M | $128M | $97M | $14M | -$23M |
| Stock-based compensation | $32M | $32M | $26M | $25M | $25M | $19M | $16M | $16M | $17M | $23M |
| Dividends paid | $51M | $69M | — | — | $23M | $7M | $65,000 | $194,000 | $87,000 | — |
| Share buybacks (net) | -$2M | -$18M | — | — | — | — | — | — | — | — |
| Net borrowing | $98M | $69M | -$118M | -$455M | -$394M | $513M | -$183M | $602M | -$647M | -$203M |
| Free cash flow margin | 6.1% | -20.0% | -4.4% | 8.4% | 7.2% | 9.7% | 4.8% | 3.2% | 0.5% | -0.7% |
| Dividends per share | $9.21 | $12.20 | — | — | $3.19 | $0.97 | $0.01 | $0.02 | $0.01 | — |
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Open NBR in InvestinglyQuestions
What was Nabors Industries's revenue in 2025?
$3.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Nabors Industries generate?
-$23M in fiscal 2025 (operating cash flow minus capital spending).
From Nabors Industries's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.