-- Third quarter revenue of $1,232 million increased 2% sequentially
-- Third quarter operating income of $178 million decreased 25% sequentially
-- Third quarter net income of $81 million decreased 40% sequentially; net
income margin of 6.6%
-- Third quarter adjusted EBITDA* of $269 million increased 6% sequentially;
adjusted EBITDA margin* of 21.8% increased 74 basis points sequentially
-- Third quarter cash provided by operating activities of $138 million and
adjusted free cash flow* of $99 million
-- Expanded the credit facility by $280 million with aggregate commitments
of $1 billion
-- Announced the offer of $1,200 million in aggregate principal amount of
6.75% Senior Notes due 2033 and the cash tender offer to purchase $1,300
million in aggregate principal amount of our outstanding 8.625% Senior
Notes due 2030
-- Credit rating upgrades from Moody's to 'Ba2' (Positive Outlook), S&P
Global Ratings to 'BB' (Stable Outlook), and from Fitch Ratings to 'BB'
(Stable Outlook)
-- Shareholder return of $25 million for the quarter, which included
dividend payments of $18 million and share repurchases of $7 million
-- Board approved quarterly cash dividend of $0.25 per share, payable on
December 4, 2025, to shareholders of record as of November 6, 2025
-- Hosted 2025 FWRD conference, showcasing digital transformation,
next-generation well technologies, and industry collaboration to shape
the future of energy. The event marked the launch of Weatherford's
Industrial Intelligence Digital Portfolio, introducing AI-driven,
edge-enabled technologies designed to transform energy operations through
automation, efficiency, and data-powered decision-making
(*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled)
HOUSTON, Oct. 21, 2025 (GLOBE NEWSWIRE) -- Weatherford International plc $(WFRD)$ ("Weatherford" or the "Company") announced today its results for the third quarter of 2025.
Revenues for the third quarter of 2025 were $1,232 million, an increase of 2% sequentially and a decrease of 13% year-over-year. Operating income in the third quarter of 2025 was $178 million, a decrease of 25% sequentially and a decrease of 27% year-over-year. Net income in the third quarter of 2025 was $81 million, with a 6.6% margin, a decrease of 40%, or 472 basis points, sequentially, and a decrease of 48%, or 457 basis points, year-over-year. Adjusted EBITDA* was $269 million, with a 21.8% margin, an increase of 6% or 74 basis points, sequentially, and a decrease of 24%, or 336 basis points, year-over-year. Basic income per share in the third quarter of 2025 was $1.13, a decrease of 40% sequentially and a decrease of 48% year-over-year. Diluted income per share in the third quarter of 2025 was $1.12, a decrease of 40% sequentially and a decrease of 46% year-over-year.
Third quarter 2025 cash flows provided by operating activities were $138 million, an increase of 8% sequentially and a decrease of 47% year-over-year. Adjusted free cash flow* was $99 million, an increase of 25% sequentially and a decrease of 46% year-over-year. Capital expenditures were $44 million in the third quarter of 2025, a decrease of 19% sequentially and a decrease of 44% year-over-year.
Girish Saligram, President and Chief Executive Officer, commented, "In a quarter defined by continued industry headwinds, I am proud of the One Weatherford team for delivering across the board. Our swift and decisive actions in the first half of the year provided momentum to make noticeable improvements in the third quarter with a ramp up of margins and commercial wins. The financial performance, which exceeded our guidance range, was a direct result of the rigor and effectiveness of our operating paradigm.
With the expansion of our credit facility, the refinancing of a portion of our debt at significantly improved terms, and recent rating upgrades from the agencies, we have further strengthened our financial foundation.
At our FWRD 2025 conference, we showcased tangible proof points of our innovation as a catalyst for long-term value creation. The event highlighted more than 20 product launches across all segments and I am particularly excited about Intelligent Completions and the introduction of Weatherford Intelligence, a single, powerful platform that drives efficiency, automation, and smarter decision-making.
We remain on track to meet our full year 2025 guidance, with Latin America collections representing a timing factor in adjusted free cash flow projections. While activity in the first half of 2026 is expected to remain muted, we continue to be positive on the mid-to-long term activity outlook for the market and are well positioned to deliver strong performance for the next few years."
(*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled)
Operational & Commercial Highlights
-- Petroleo Brasilieiro S.A. ('Petrobras') awarded Weatherford a three-year
$147 million contract to deliver Tubular Running Services ("TRS") in
deepwater Brazil.
-- SNGN Romgaz S.A. awarded Weatherford an eight-year contract to provide
real-time monitoring services and transmission of dynamic parameters from
the wellheads of gas wells in onshore Romania.
-- Talos Energy awarded Weatherford a contract to provide Managed Pressure
Drilling ("MPD") and TRS in their Gulf of America operations.
-- Crescent Petroleum Diyala West Limited awarded Weatherford a contract for
the supply of Downhole Valves and provision of related services in the
newly developed field of Khashm Al Hamar in Iraq.
-- Shell awarded Weatherford a two-year contract to provide Cementation
Products in offshore U.S.
-- Petronas Indonesia awarded Weatherford a four-year contract to provide
MPD services for an offshore drilling campaign in Indonesia.
-- YPF S.A. awarded Weatherford a one-year contract extension for the
provision of Drilling Fluids in Central Argentina.
-- Pertamina awarded Weatherford a two-year contract to provide Downhole
Deployment Valve Technology in Indonesia.
-- Brunei Shell Petroleum awarded Weatherford a five-year contract extension
to provide Fishing, Milling and Associated Services in Brunei.
-- Kuwait Energy awarded Weatherford a two-year contract to provide Fishing
tools and services in onshore Iraq.
-- bp awarded Weatherford a three-year contract extension to provide Liner
Hangers, Annular Safety Valves, and Sand Screens in offshore Azerbaijan.
-- A major oilfield services company awarded Weatherford a three-year
contract to provide Cementation Products for an Exploration & Development
campaign in offshore Suriname.
-- A major operator awarded Weatherford a three-year contract to provide
Intervention Services & Drilling Tools ("ISDT") in onshore and offshore
Italy.
-- Ecopetrol S.A. awarded Weatherford four six-year contracts to provide
Artificial Lift Equipment and Services in onshore Colombia.
Technology Highlights
-- Drilling & Evaluation ("DRE")
-- In Kuwait, Weatherford completed the first deployment of its
MultiViewTM tool, enabling faster evaluation of three targeted
barriers in a gas injection well compared to conventional methods.
The operation reduced operating time, improved efficiency, and
delivered a comprehensive solution aligned with operator
expectations.
-- In Bahrain, Weatherford drilled the region's longest
extended-reach well for an NOC, achieving more than 12,000 feet in
a single run. The milestone also marks the longest run using the
MagnusTM 675 tool size outside the U.S., with just two longer
laterals completed domestically in 2020.
-- Well Construction and Completions ("WCC")
-- In Brazil, Weatherford completed seven installations of its RFID
OptiROSSTM remotely operated sliding sleeve for Petrobras,
enabling secondary injection points in three-zone open hole
completions. The RFID-driven solution reduced rig time, minimized
personnel exposure, improved well integrity, and optimized acid
stimulation logistics, delivering stronger returns over the life
of the well.
-- In Kuwait, Weatherford completed the first deployment of its
Pressure Isolation Tool for KOC, marking the inaugural use of this
technology in Kuwait and the Middle East. The operation delivered
significant cost savings by leveraging existing liner hanger
inventory, reduced operational risks, and ensured reliable
performance in challenging downhole conditions.
-- Production and Intervention ("PRI")
-- In Thailand, Weatherford completed two runs of its Advanced
Formation Testing and Sampling Service, showcasing significant
operational advancements and reliability for PTTEP. Equipped with
new fluid density and viscosity sensors, the service enabled
precise characterization of reservoir fluids, improved sampling
efficiency, and delivered meaningful cost savings for customers.
-- Others
-- In Colombia, Weatherford completed well testing across four zones
in the country's first stratigraphic well for La Luna, advancing
gas deliverability insights for the region. The integrated
operation combined Wireline, Pressure Pumping, Completions, ISDT,
TRS and Digital Solutions, encompassing borehole clean out, zone
perforation, drill stem testing and a completion strategy informed
by results. This achievement demonstrates Weatherford's execution
in complex scenarios and opens new opportunities in Colombia's gas
markets.
Corporate Treasury
-- On September 18, 2025, we announced the expansion of our credit facility
by $280 million with aggregate commitments of $1 billion. The facility is
now comprised of a $600 million revolver tranche, $400 million allocated
to performance letters of credit, an increased accordion feature, which
could expand lender commitments to up to $1.15 billion, subject to
certain conditions, and extends maturity from 2028 to 2030.
-- As of September 30, 2025, the Company's pro forma liquidity stands
at approximately $1.6 billion.
-- On September 22, 2025, we announced a private offering of $1,200 million
in aggregate principal amount of 6.75% Senior Notes due 2033 ("the 2033
Notes"). The net proceeds of the offering, together with cash on hand,
are intended to fund the previously announced tender offer for up to
$1,300 million of our 8.625% Senior Notes due 2030 ("the 2030 Notes"). As
of the date of this release, an aggregate principal amount of
approximately $893 million of the 2030 Notes have been tendered and paid.
On October 20, 2025, we issued a notice to redeem an amount of the 2030
Notes equal to the amount of the Tender Offer that remained unsubscribed
at its expiration date.
-- On September 22, 2025, we announced the Credit Rating upgrades from:
-- Moody's to 'Ba2' (Positive Outlook) from 'Ba3'
-- S&P Global Ratings to 'BB' (Stable Outlook) from 'BB-' and;
-- Fitch Ratings to 'BB' (Stable Outlook) from 'BB-'
Shareholder Return
During the third quarter of 2025, Weatherford paid dividends of $18 million and repurchased shares for approximately $7 million, resulting in a total shareholder return of $25 million. During the nine months ended September 30, 2025, Weatherford paid dividends of $54 million and repurchased shares for approximately $94 million, resulting in a total shareholder return of $148 million.
On October 15, 2025, our Board declared a cash dividend of $0.25 per share of the Company's ordinary shares, payable on December 4, 2025, to shareholders of record as of November 6, 2025.
Results by Reportable Segment
Drilling and Evaluation ("DRE")
Three Months Ended Variance
--------------------------------------- -------------- ----
September 30, June 30, September 30,
($ in Millions) 2025 2025 2024 Seq. YoY
---------------- ------------- --------- ------------- -------- ---- ----
Revenue $ 346 $ 335 $ 435 3% (20)%
Segment Adjusted
EBITDA $ 83 $ 69 $ 111 20% (25)%
Segment Adj
EBITDA Margin 24.0% 20.6% 25.5% 339 bps (153 )bps
Third quarter 2025 DRE revenue of $346 million increased by $11 million, or 3% sequentially, primarily from higher Drilling Services activity in Latin America, and Middle East/North Africa/Asia partly offset by lower MPD and Drilling Services activity in Europe/Sub-Sahara Africa/Russia and North America. Year-over-year DRE revenue decreased by $89 million, or 20%, primarily from lower activity in Latin America, North America and Middle East / North Africa / Asia, partly offset by higher Wireline activity in Europe/Sub-Sahara Africa/ Russia.
Third quarter 2025 DRE segment adjusted EBITDA of $83 million increased by $14 million, or 20% sequentially, primarily from higher Drilling Services and Wireline activity and fall through, partly offset by lower MPD activity. Year-over-year DRE segment adjusted EBITDA decreased by $28 million, or 25%, primarily from lower activity in Latin America, partly offset by higher Wireline fall through.
Well Construction and Completions ("WCC")
Three Months Ended Variance
------------- ----
September 30, June 30, September 30,
($ in Millions) 2025 2025 2024 Seq. YoY
---------------- ------------- --------- ------------- ------- ---- ----
Revenue $ 468 $ 456 $ 509 3% (8)%
Segment Adjusted
EBITDA $ 125 $ 118 $ 151 6% (17)%
Segment Adj
EBITDA Margin 26.7% 25.9% 29.7% 83 bps (296 )bps
Third quarter 2025 WCC revenue of $468 million increased by $12 million, or 3% sequentially, primarily from higher Completions activity in Middle East/North Africa/Asia and North America, partly offset by lower Cementation Products activity in Middle East/North Africa/Asia and North America. Year-over-year WCC revenues decreased by $41 million, or 8%, primarily from lower activity in Latin America, Europe/Sub-Sahara Africa/Russia and Middle East/North Africa/Asia, partly offset by higher Completions activity in North America.
Third quarter 2025 WCC segment adjusted EBITDA of $125 million increased by $7 million, or 6% sequentially, primarily from higher Completions and Well Services activity and fall through, partly offset by lower Cementation Products activity in Middle East/North Africa/Asia. Year-over-year WCC segment adjusted EBITDA decreased by $26 million, or 17%, primarily from lower activity across all geographies, especially in Latin America.
Production and Intervention ("PRI")
Three Months Ended Variance
--------------------------------------- ---------------- ----
September 30, June 30, September 30,
($ in Millions) 2025 2025 2024 Seq. YoY
---------------- ------------- --------- ------------- ---------- ---- ----
Revenue $ 326 $ 327 $ 371 -- % (12)%
Segment Adjusted
EBITDA $ 59 $ 63 $ 83 (6)% (29)%
Segment Adj
EBITDA Margin 18.1% 19.3% 22.4% (117 )bps (427 )bps
Third quarter 2025 PRI revenue of $326 million was largely flat sequentially, primarily from lower Sub-sea Intervention and ISDT activity, partly offset by higher Artificial Lift and Digital Solutions activity in Middle East/North Africa/Asia. Year-over-year PRI revenue decreased by $45 million, or 12%, primarily from lower activity across all geographies, especially in Latin America due to the sale of our Pressure Pumping business in Argentina, partly offset by higher Sub-sea intervention activity in Latin America.
Third quarter 2025 PRI segment adjusted EBITDA of $59 million decreased by $4 million, or 6% sequentially, primarily from lower Sub-sea Intervention activity and fall through partly offset by higher Artificial Lift activity in Middle East/North Africa/Asia. Year-over-year PRI segment adjusted EBITDA decreased by $24 million, or 29%, primarily from lower activity across all geographies especially in Latin America due to the sale of our Pressure Pumping business in Argentina, partly offset by higher Sub-sea intervention activity in Latin America.
Revenue by Geography
Three Months Ended Variance
June
September 30, September
($ in Millions) 30, 2025 2025 30, 2024 Seq. YoY
------ ----------- -------
North America $ 243 $ 241 $ 266 1 % (9)%
International $ 989 $ 963 $ 1,143 3 % (13)%
Latin America 214 195 358 10 % (40)%
Middle East/North
Africa/Asia 533 524 542 2 % (2)%
Europe/Sub-Sahara
Africa/Russia 242 244 243 (1)% -- %
Total Revenue $ 1,232 $1,204 $ 1,409 2 % (13)%
======================== ========= ===== ======= ===
North America
Third quarter 2025 North America revenue of $243 million increased by $2 million, or 1% sequentially, primarily from higher Completions activity in Canada, partly offset by lower Artificial Lift activity in U.S. Land and Cementation Products activity in U.S. offshore. Year-over-year, North America decreased by $23 million, or 9%, primarily from lower DRE and PRI activity, partly offset by higher Completions activity in Canada and U.S. Offshore.
International
Third quarter 2025 international revenue of $989 million increased by $26 million, or 3% sequentially and decreased by $154 million, or 13% year-over-year.
Third quarter 2025 Latin America revenue of $214 million increased by $19 million, or 10% sequentially, primarily from higher Drilling Services activity in Mexico, partly offset by lower Sub-sea intervention activity in Brazil. Year-over-year, Latin America revenue decreased by $144 million, or 40%, primarily from lower activity in Mexico and Argentina, partly offset by higher Sub-sea intervention activity.
Third quarter 2025 Middle East/North Africa/Asia revenue of $533 million increased by $9 million, or 2% sequentially, primarily from higher Completions and Artificial Lift activity partly offset by lower Cementation Products activity. Year-over-year, the Middle East/North Africa/Asia revenue decreased by $9 million, or 2%, primarily from lower activity across all the segments partly offset by higher Completions, Well Services and Artificial Lift activity.
Third quarter 2025 Europe/Sub-Sahara Africa/Russia revenue of $242 million decreased by $2 million, or 1% sequentially, primarily from lower activity across all the segments, partly offset by higher Wireline activity in Europe. Year-over-year, Europe/Sub-Sahara Africa/Russia revenue was largely flat year-over-year, primarily from lower activity in WCC and PRI, partly offset by higher Wireline activity in Europe.
About Weatherford
Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 17,000 team members representing approximately 110 nationalities and 310 operating locations. Visit weatherford.com for more information and connect with us on social media.
Conference Call Details
Weatherford will host a conference call on Wednesday, October 22, 2025, to discuss the Company's results for the third quarter ended September 30, 2025. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).
Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company's website.
Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.
A telephonic replay of the conference call will be available until November 5, 2025, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 8574819. A replay and transcript of the earnings call will also be available in the investor relations section of the Company's website.
Contacts
For Investors:
Luke Lemoine
Senior Vice President, Corporate Development & Investor Relations
+1 713-836-7777
investor.relations@weatherford.com
For Media:
Kelley Hughes
Senior Director, Communications, Marketing & Sustainability
media@weatherford.com
Forward-Looking Statements
This news release contains projections and forward-looking statements concerning, among other things, the Company's adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words "believe," "project," "expect," "anticipate," "estimate," "outlook," "budget," "intend," "strategy," "plan," "guidance," "may," "should," "could," "will," "would," "will be," "will continue," "will likely result," and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford's management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only estimates and may differ materially from actual future events or results, based on factors including but not limited to: global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from conflicts in the Middle East and the Russia Ukraine conflicts, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations (including changes in the regulatory environment) imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the potential for a resurgence of a pandemic in a given geographic area and related disruptions; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts, increases in the prices and lead times, and the lack of availability of our procured products and services, including due to macroeconomic and geopolitical conditions such as tariffs and changes in trade policies, our ability to timely collect from customers; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; and the realization of additional cost savings and operational efficiencies.
These risks and uncertainties are more fully described in Weatherford's reports and registration statements filed with the Securities and Exchange Commission, including the risk factors described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company's forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.
(*Non-GAAP - refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled)
Weatherford International plc
Selected Statements of Operations (Unaudited)
Three Months Ended Nine Months Ended
--------------------------------- --------------------------
($ in Millions, June
Except Per Share September 30, September September September
Amounts) 30, 2025 2025 30, 2024 30, 2025 30, 2024
------------------- ----------- ------- ----------- ----------- -------------
Revenues:
DRE Revenues $ 346 $ 335 $ 435 $ 1,031 $ 1,284
WCC Revenues 468 456 509 1,365 1,471
PRI Revenues 326 327 371 987 1,088
All Other 92 86 94 246 329
-------------------- ------ ----- ------ ------ ------
Total Revenues 1,232 1,204 1,409 3,629 4,172
Operating Income:
DRE Segment
Adjusted
EBITDA([1]) $ 83 $ 69 $ 111 $ 226 $ 371
WCC Segment
Adjusted
EBITDA([1]) 125 118 151 371 416
PRI Segment
Adjusted
EBITDA([1]) 59 63 83 184 241
All Other([2]) 14 19 23 37 73
Corporate([2]) (12) (15) (13) (42) (45)
Depreciation and
Amortization (67) (64) (89) (193) (260)
Share-based
Compensation (10) (9) (10) (26) (35)
Gain on Sale of
Business -- 70 -- 70 --
Restructuring
Charges (11) (11) -- (51) (8)
Other Charges, Net (3) (3) (13) (19) (13)
Operating Income 178 237 243 557 740
Other Expense:
Interest Expense,
Net of Interest
Income of $11,
$14, $13, $36 and
$44 (23) (21) (24) (70) (77)
Loss on Blue Chip
Swap Securities -- (1) -- (1) (10)
Other Expense, Net (16) (24) (41) (60) (83)
Income Before
Income Taxes 139 191 178 426 570
Income Tax
Provision (52) (46) (12) (108) (144)
-------------------- ------ ----- ------ ------ ------
Net Income 87 145 166 318 426
Net Income
Attributable to
Noncontrolling
Interests 6 9 9 25 32
-------------------- ------ ----- ------ ------ ------
Net Income
Attributable to
Weatherford $ 81 $ 136 $ 157 $ 293 $ 394
==================== ====== ===== ====== ====== ======
Basic Income Per
Share $ 1.13 $ 1.87 $ 2.14 $ 4.04 $ 5.39
Basic Weighted
Average Shares
Outstanding 71.9 72.2 73.2 72.4 73.1
Diluted Income Per
Share([) (3) (]) $ 1.12 $ 1.87 $ 2.06 $ 4.02 $ 5.25
Diluted Weighted
Average Shares
Outstanding 72.2 72.4 75.2 72.7 75.0
1. Segment adjusted EBITDA is our primary measure of segment profitability
under U.S. GAAP ASC 280 "Segment Reporting" and represents segment
earnings before interest, taxes, depreciation, amortization, share-based
compensation, restructuring charges and other adjustments. Research and
development expenses are included in segment adjusted EBITDA.
2. All Other includes results from non-core business activities (including
integrated services and projects), and Corporate includes overhead
support and centrally managed or shared facilities costs. All Other and
Corporate do not individually meet the criteria for segment reporting.
3. Included the maximum potentially dilutive shares contingently issuable
for an acquisition consideration during the three months ended September
30, 2024, the value of which was adjusted out of Net Income Attributable
to Weatherford in calculating diluted income per share.
Weatherford International plc
Selected Balance Sheet Data (Unaudited)
($ in Millions) September 30, 2025 December 31, 2024
--------------------------------- -------------------- -------------------
Assets:
Cash and Cash Equivalents $ 967 $ 916
Restricted Cash 64 59
Accounts Receivable, Net 1,282 1,261
Inventories, Net 880 880
Property, Plant and Equipment,
Net 1,118 1,061
Intangibles, Net 294 325
Liabilities:
Accounts Payable 690 792
Accrued Salaries and Benefits 281 302
Current Portion of Long-term
Debt 126 17
Long-term Debt 1,462 1,617
Shareholders' Equity:
Total Shareholders' Equity 1,567 1,283
Weatherford International plc
Selected Cash Flows Information (Unaudited)
Three Months Ended Nine Months Ended
------------------------------- --------------------------
June
September 30, September September September
($ in Millions) 30, 2025 2025 30, 2024 30, 2025 30, 2024
----------------- ----------- ----- ----------- ----------- -------------
Cash Flows From
Operating
Activities:
Net Income $ 87 $145 $ 166 $ 318 $ 426
Adjustments to
Reconcile Net
Income to Net
Cash Provided By
Operating
Activities:
Depreciation and
Amortization 67 64 89 193 260
Foreign Exchange
Losses 10 17 35 40 58
Loss on Blue
Chip Swap
Securities -- 1 -- 1 10
Gain on
Disposition of
Assets (2) (3) (1) (6) (33)
Gain on Sale of
Business -- (70) -- (70) --
Deferred Income
Tax Provision
(Benefit) 11 (5) (19) 13 8
Share-Based
Compensation 10 9 10 26 35
Changes in
Accounts
Receivable,
Inventory,
Accounts
Payable and
Accrued
Salaries and
Benefits (74) (22) 30 (113) (144)
Other Changes,
Net 29 (8) (48) 6 (77)
------------------ --- ----- --- --- ----- --- ----- --- -----
Net Cash Provided
By Operating
Activities 138 128 262 408 543
------------------ --- ----- --- --- ----- --- ----- --- -----
Cash Flows From
Investing
Activities:
Capital
Expenditures
for Property,
Plant and
Equipment (44) (54) (78) (175) (199)
Proceeds from
Disposition of
Assets 5 5 -- 11 18
Proceeds from
Sale of
Businesses -- 97 -- 97 --
Purchases of
Blue Chip Swap
Securities (20) (83) -- (103) (50)
Proceeds from
Sales of Blue
Chip Swap
Securities 20 82 -- 102 40
Business
Acquisitions,
Net of Cash
Acquired -- -- (15) -- (51)
Proceeds from
Sale of
Investments -- -- -- -- 41
Other Investing
Activities (7) (4) 1 (14) (6)
------------------ --- ----- --- --- ----- --- ----- --- -----
Net Cash Provided
by (Used In)
Investing
Activities (46) 43 (92) (82) (207)
------------------ --- ----- --- --- ----- --- ----- --- -----
Cash Flows From
Financing
Activities:
Repayments of
Long-term
Debt (7) (34) (5) (80) (264)
Distributions to
Noncontrolling
Interests (8) (8) (10) (16) (19)
Tax Remittance
on Equity
Awards -- -- -- (20) (9)
Share
Repurchases (7) (34) (50) (94) (50)
Dividends Paid (18) (18) (18) (54) (18)
Other Financing
Activities (7) (3) (6) (13) (18)
------------------ --- ----- --- --- ----- --- ----- --- -----
Net Cash Used In
Financing
Activities $ (47) $(97) $ (89) $ (277) $ (378)
================== === ===== === === ===== === ===== === =====
Weatherford International plc
Non-GAAP Financial Measures Defined (Unaudited)
We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford's management believes that certain non-GAAP financial measures (as defined under the SEC's Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Adjusted EBITDA* - Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Adjusted EBITDA margin* - Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Adjusted Free Cash Flow* - Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Net Debt* - Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company's results prepared in accordance with GAAP.
Net Leverage* - Net Leverage* is a non-GAAP measure which is calculated by dividing by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
(*Non-GAAP - as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled)
Weatherford International plc
GAAP to Non-GAAP Financial Measures Reconciled (Unaudited)
Three Months Ended Nine Months Ended
----------------------------------------
($ in Millions,
Except Margin in September June September September September
Percentages) 30, 2025 30, 2025 30, 2024 30, 2025 30, 2024
--------------------- ------------- ---------- ------------- ------------- -------------
Revenues $ 1,232 $1,204 $ 1,409 $ 3,629 $ 4,172
Net Income
Attributable to
Weatherford $ 81 $ 136 $ 157 $ 293 $ 394
Net Income Margin 6.6% 11.3% 11.1% 8.1% 9.4%
Adjusted EBITDA* $ 269 $ 254 $ 355 $ 776 $ 1,056
Adjusted EBITDA
Margin* 21.8% 21.1% 25.2% 21.4% 25.3%
Net Income
Attributable to
Weatherford $ 81 $ 136 $ 157 $ 293 $ 394
Net Income
Attributable to
Noncontrolling
Interests 6 9 9 25 32
Income Tax
Provision 52 46 12 108 144
Interest Expense,
Net of Interest
Income of $11,
$14, $13, $36 and
$44 23 21 24 70 77
Loss on Blue Chip
Swap Securities -- 1 -- 1 10
Other Expense, Net 16 24 41 60 83
---------------------- ----- ----- ----- ----- -----
Operating Income 178 237 243 557 740
Depreciation and
Amortization 67 64 89 193 260
Other Charges,
Net([1]) 3 3 13 19 13
Gain on Sale of
Business -- (70) -- (70) --
Restructuring
Charges 11 11 -- 51 8
Share-Based
Compensation 10 9 10 26 35
---------------------- ----- ----- ----- ----- -----
Adjusted EBITDA* $ 269 $ 254 $ 355 $ 776 $ 1,056
Net Cash Provided By
Operating Activities $ 138 $ 128 $ 262 $ 408 $ 543
Capital
Expenditures for
Property, Plant
and Equipment (44) (54) (78) (175) (199)
Proceeds from
Disposition of
Assets 5 5 -- 11 18
---------------------- ----- ----- ----- ----- -----
Adjusted Free Cash
Flow* $ 99 $ 79 $ 184 $ 244 $ 362
====================== ===== ===== ===== ===== =====
1. Other Charges, Net in the three and nine months ended September 30, 2025
and 2024 primarily includes fees to third-party financial institutions
related to collections of certain receivables from our largest customer
in Mexico and other miscellaneous charges and credits.
(*Non-GAAP - as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined)
Weatherford International plc
GAAP to Non-GAAP Financial Measures Reconciled Continued
(Unaudited)
September June September
($ in Millions) 30, 2025 30, 2025 30, 2024
--------------------------- ----------- ----------- -----------
Current Portion of
Long-term Debt $ 126 $ 26 $ 21
Long-term Debt 1,462 1,565 1,627
---------------------------- ------- ------- -------
Total Debt $ 1,588 $ 1,591 $ 1,648
---------------------------- ------- ------- -------
Cash and Cash Equivalents $ 967 $ 943 $ 920
Restricted Cash 64 60 58
---------------------------- ------- ------- -------
Total Cash $ 1,031 $ 1,003 $ 978
---------------------------- ------- ------- -------
Components of Net Debt
Current Portion of
Long-term Debt $ 126 $ 26 $ 21
Long-term Debt 1,462 1,565 1,627
Less: Cash and Cash
Equivalents 967 943 920
Less: Restricted Cash 64 60 58
---------------------------- ------- ------- -------
Net Debt* $ 557 $ 588 $ 670
---------------------------- ------- ------- -------
Net Income for trailing 12
months $ 405 $ 481 $ 534
Adjusted EBITDA* for
trailing 12 months $ 1,102 $ 1,188 $ 1,377
Net Leverage* (Net
Debt*/Adjusted EBITDA*) 0.51 x 0.49 x 0.49 x
(*Non-GAAP - as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined)
(END) Dow Jones Newswires
October 21, 2025 16:30 ET (20:30 GMT)