National Energy Services Reunited Corp (NESR) financial statements: income statement, balance sheet and cash flow
National Energy Services Reunited Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), National Energy Services Reunited Corp reported revenue of $1.3B (+1.7% year on year) and net income of $51.1M (-33.0% year on year).
Income statement
National Energy Services Reunited Corp income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenue from external customers
$1.3B
$1.3B
$1.1B
$909.5M
Cost of services
($1.2B)
($1.1B)
($997.3M)
($844.0M)
Gross profit
$164.7M
$208.7M
$148.7M
$65.5M
Selling, general and administrative expenses (excluding Amortization)
($47.6M)
($52.2M)
($49.2M)
($47.5M)
Amortization
($18.8M)
($18.8M)
($18.8M)
($18.9M)
Operating income
$98.3M
$137.7M
$80.7M
($917.0K)
Interest expense, net
($32.5M)
($39.9M)
($45.8M)
($34.1M)
Other Income
($5.4M)
($2.3M)
($5.0M)
$5.2M
Income before income tax
$60.4M
$95.5M
$29.8M
($29.8M)
Income tax expense
($9.3M)
($19.2M)
($17.3M)
($6.6M)
Net income
$51.1M
$76.3M
$12.6M
($36.4M)
Weighted Average Shares Outstanding
98.4M
95.5M
94.7M
93.0M
Weighted Average Shares Outstanding, Diluted
99.1M
95.7M
94.7M
93.0M
Basic
$0.52
$0.80
$0.13
-$0.39
Diluted
$0.52
$0.80
$0.13
-$0.39
National Energy Services Reunited Corp income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Total revenue
$520.8M
$404.6M
$925.8M
$630.5M
Cost of services
($439.5M)
($352.8M)
($809.1M)
($549.1M)
Gross profit
$81.3M
$51.8M
$116.7M
$81.3M
Selling, general and administrative expenses (excluding Amortization)
($12.0M)
($11.1M)
($35.0M)
($23.9M)
Amortization
($4.4M)
($4.7M)
($14.1M)
($9.4M)
Operating income
$64.8M
$36.0M
$67.6M
$48.0M
Interest expense, net
($7.0M)
($6.5M)
($25.0M)
($16.8M)
Other Income
$1.1M
$1.4M
—
$2.0M
Income before income tax
$58.9M
$30.9M
$45.4M
$33.2M
Income tax expense
($14.9M)
($7.1M)
($2.1M)
($7.6M)
Net income
$44.0M
$23.8M
$43.3M
$25.6M
Weighted Average Shares Outstanding
100.9M
100.8M
97.7M
96.3M
Weighted Average Shares Outstanding, Diluted
103.2M
102.9M
98.0M
97.2M
Basic
$0.44
$0.24
$0.44
$0.27
Diluted
$0.43
$0.23
$0.44
$0.26
Balance sheet
National Energy Services Reunited Corp balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and Cash Equivalents
$124.8M
$108.0M
$67.8M
$78.9M
Accounts Receivable
$178.0M
$137.3M
$171.3M
$148.7M
Accounts Receivable
$121.2M
$111.7M
$96.0M
$110.2M
Inventory
$94.8M
$96.8M
$98.4M
$110.5M
Prepaid Expenses
$13.2M
$10.1M
$9.2M
$337.0K
Retention withholdings
$33.1M
$31.1M
$48.4M
$34.3M
Other Non-Operating Current Assets
$54.5M
$38.5M
$39.8M
$38.3M
Other Non-Operating Current Assets
$10.7M
$7.1M
$10.8M
$16.7M
Total current assets
$630.4M
$540.5M
$541.7M
$537.8M
Total long-lived assets
$465.5M
$438.1M
$442.7M
$461.1M
Intangible Assets
$47.1M
$65.7M
$84.3M
$102.9M
Goodwill
$645.1M
$645.1M
$645.1M
$645.1M
Operating Lease Right-of-Use Asset
$20.3M
$26.0M
$31.6M
$30.0M
Other Non-Operating Non-Current Assets
$43.2M
$58.2M
$52.3M
$51.5M
Total assets
$1.9B
$1.8B
$1.8B
$1.8B
Accounts Payable
$421.1M
$305.3M
$351.2M
$353.5M
Current Portion of Long-Term Debt
$64.5M
$68.7M
$71.7M
$53.4M
Short-Term Debt
$54.3M
$59.7M
$48.9M
$89.9M
Accrued Income Taxes
$25.1M
$7.7M
$8.4M
$7.3M
Other taxes payable
$12.4M
$27.5M
$14.7M
$7.6M
Operating Lease Liability, Current
$2.9M
$5.4M
$7.4M
$6.3M
Other Non-Operating Current Liabilities
$24.7M
$29.1M
$31.1M
$26.2M
Total current liabilities
$604.9M
$503.5M
$533.4M
$544.1M
Long-Term Debt
$191.4M
$254.4M
$331.6M
$391.9M
Deferred Tax Liabilities, Current
$1.7M
$5.6M
—
—
Employee benefit liabilities (Note 11)
$36.3M
$31.8M
—
—
Operating Lease Liability, Non-Current
$18.4M
$20.8M
$25.1M
$25.1M
Other Non-Operating Non-Current Liabilities
$30.8M
$49.3M
$57.2M
$40.6M
Total liabilities
$883.6M
$865.4M
$976.2M
$1.0B
Total Stockholders' Equity
$902.8M
$894.3M
$883.9M
$877.3M
Retained Earnings
$65.0M
$13.9M
($62.4M)
($75.0M)
Accumulated Other Comprehensive Income
$69.0K
$69.0K
$69.0K
$69.0K
Total equity
$967.9M
$908.2M
$821.5M
$802.3M
Total liabilities and equity
$1.9B
$1.8B
$1.8B
$1.8B
National Energy Services Reunited Corp balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and Cash Equivalents
$175.0M
$93.0M
$69.7M
$131.8M
Accounts Receivable
$208.8M
$227.9M
$192.8M
$191.0M
Accounts Receivable
$173.3M
$171.3M
$126.3M
$114.6M
Inventory
$126.4M
$96.2M
$97.8M
$98.9M
Prepaid Expenses
$21.7M
$9.7M
$16.7M
$17.0M
Retention withholdings
$41.4M
$26.2M
$18.6M
$15.9M
Other Non-Operating Current Assets
$55.2M
$54.8M
$63.3M
$45.2M
Other Non-Operating Current Assets
$13.5M
$10.5M
$10.8M
$5.5M
Total current assets
$815.4M
$689.6M
$595.9M
$619.9M
Total long-lived assets
$530.7M
$476.2M
$437.2M
$423.9M
Intangible Assets
$38.0M
$42.4M
$51.7M
$56.4M
Goodwill
$645.1M
$645.1M
$645.1M
$645.1M
Operating Lease Right-of-Use Asset
$25.7M
$26.0M
$22.4M
$23.7M
Other Non-Operating Non-Current Assets
$42.3M
$44.6M
$56.8M
$58.1M
Total assets
$2.1B
$1.9B
$1.8B
$1.8B
Accounts Payable
$603.2M
$483.0M
$356.4M
$352.6M
Current Portion of Long-Term Debt
$64.5M
$64.5M
$64.5M
$65.9M
Short-Term Debt
$50.4M
$47.4M
$61.3M
$66.0M
Accrued Income Taxes
$37.0M
$30.8M
—
—
Other taxes payable
$16.1M
$15.2M
$26.2M
$31.2M
Operating Lease Liability, Current
$1.4M
$2.0M
$3.7M
$4.8M
Other Non-Operating Current Liabilities
$29.0M
$17.4M
$30.4M
$37.6M
Total current liabilities
$801.7M
$660.3M
$542.5M
$558.1M
Long-Term Debt
$159.7M
$175.5M
$207.2M
$222.9M
Deferred Tax Liabilities, Current
$660.0K
$918.0K
$4.3M
$5.3M
Employee benefit liabilities
$39.3M
$37.0M
$34.9M
$34.0M
Operating Lease Liability, Non-Current
$23.0M
$22.7M
$19.8M
$19.8M
Other Non-Operating Non-Current Liabilities
$30.8M
$32.3M
$43.8M
$50.0M
Total liabilities
$1.1B
$928.7M
$852.5M
$890.2M
Total Stockholders' Equity
$909.1M
$906.3M
$899.4M
$897.4M
Retained Earnings
$132.8M
$88.8M
$57.2M
$39.5M
Accumulated Other Comprehensive Income
$69.0K
$69.0K
$69.0K
$69.0K
Total equity
$1.0B
$995.2M
$956.7M
$936.9M
Total liabilities and equity
$2.1B
$1.9B
$1.8B
$1.8B
Cash flow statement
National Energy Services Reunited Corp cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Profit or Loss
$51.1M
$76.3M
$12.6M
($36.4M)
Depreciation Expense
$141.7M
$142.8M
$142.2M
$115.8M
Share-based compensation expense
$8.3M
$6.0M
$6.8M
$9.3M
(Gain) loss on disposal of assets
($3.6M)
$467.0K
$487.0K
($60.0K)
Non-cash interest expense (income)
$1.0M
($1.2M)
$1.5M
$8.1M
Income Tax Expense
($5.2M)
($2.7M)
($3.8M)
($10.3M)
Allowance for doubtful receivables and unbilled revenue
$8.7M
—
—
—
Restructuring Expense
$1.5M
$2.3M
$137.0K
$100.0K
Restructuring Expense
$9.6M
$5.3M
$7.9M
—
Net Cash from Operating Activities
$2.7M
$327.0K
$933.0K
$837.0K
(Increase) decrease in accounts receivable
($49.5M)
$25.2M
($23.0M)
($29.3M)
(Increase) decrease in unbilled revenue
($9.5M)
($15.7M)
$14.2M
($1.7M)
(Increase) decrease in retention withholdings
($2.1M)
$17.3M
($14.2M)
$6.8M
(Increase) decrease in inventories
$425.0K
($633.0K)
$12.0M
($16.8M)
(Increase) decrease in prepaid assets
($3.1M)
($909.0K)
($8.9M)
$6.2M
(Increase) decrease in other current assets
($1.7M)
$5.0M
$2.8M
($13.7M)
(Increase) decrease in other long-term assets and liabilities
($1.6M)
($7.0M)
$16.3M
$6.1M
Change in Accounts Payable
$116.2M
($38.5M)
($3.4M)
$33.7M
Increase (decrease) in other current liabilities
($1.0M)
$6.1M
$11.9M
$9.9M
Net cash provided by operating activities
$264.2M
$229.3M
$177.0M
$92.6M
Capital expenditures
($143.5M)
($105.1M)
($68.2M)
($122.4M)
Proceeds from Sale of PP&E
$4.9M
$3.1M
$1.8M
$626.0K
Other investing activities
($13.7M)
($9.1M)
($1.0M)
($7.6M)
Net cash used in investing activities
($152.2M)
($111.1M)
($83.5M)
($146.7M)
Repayments of long-term debt
($68.7M)
($85.8M)
($54.8M)
($78.8M)
Proceeds from Debt Issuance
$98.6M
$4.1M
$11.3M
$3.2M
Repayments of short-term borrowings
($104.2M)
($72.6M)
($137.4M)
($119.2M)
Payments on capital leases
($3.9M)
($3.2M)
($2.4M)
($3.1M)
Payments on seller-provided financing for capital expenditures
($7.4M)
($3.8M)
($15.6M)
($14.4M)
Net Cash from Financing Activities
($1.6M)
($163.0K)
($197.0K)
—
Net cash used in financing activities
($87.3M)
($78.1M)
($104.5M)
($72.8M)
Net increase (decrease) in cash, cash equivalents, and restricted cash
$24.7M
$40.1M
($11.0M)
($126.9M)
Cash and cash equivalents, beginning of period
$108.0M
$67.8M
$78.9M
$205.8M
Cash, cash equivalents, and restricted cash, end of period (Note 3)
$132.7M
—
—
—
Interest Expense
$28.5M
$38.3M
$33.9M
$19.2M
National Energy Services Reunited Corp cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Profit or Loss
$67.8M
$23.8M
—
$25.6M
Depreciation Expense
$69.9M
$33.8M
$106.5M
$71.9M
Share-based compensation expense
$5.2M
$2.5M
$5.7M
$3.6M
(Gain) on disposal of assets
($2.4M)
($373.0K)
($4.3M)
($886.0K)
Non-cash interest expense
$192.0K
($192.0K)
$983.0K
$531.0K
Income Tax Expense
$4.9M
$1.1M
($1.5M)
($431.0K)
Allowance for doubtful receivables and unbilled revenue
$1.8M
$480.0K
—
—
Restructuring Expense
$1.3M
$853.0K
$1.2M
$920.0K
Net Cash from Operating Activities
$71.0K
$25.0K
$399.0K
$354.0K
(Increase) decrease in accounts receivable
($32.0M)
($50.4M)
($56.2M)
($53.0M)
(Increase) decrease in unbilled revenue
($52.1M)
($50.2M)
($14.6M)
($2.9M)
(Increase) decrease in retention withholdings
($8.2M)
$6.9M
$12.5M
$15.2M
(Increase) decrease in inventories
($32.8M)
($2.2M)
($2.2M)
($3.0M)
(Increase) decrease in prepaid assets
($8.5M)
$3.5M
($6.5M)
($6.8M)
(Increase) decrease in other current assets
($2.6M)
$429.0K
($17.8M)
($5.1M)
(Increase) decrease in other long-term assets and liabilities
($1.6M)
($1.9M)
—
—
Change in Accounts Payable
$181.5M
$61.4M
$63.9M
$64.5M
Increase (decrease) in other current liabilities
$12.4M
$1.1M
($6.9M)
$5.1M
Net cash provided by operating activities
$204.8M
$30.7M
$125.7M
$119.0M
Capital expenditures
($110.1M)
($36.0M)
($100.6M)
($59.9M)
Proceeds from Sale of PP&E
$1.9M
$402.0K
$2.1M
$1.4M
Other investing activities
($1.3M)
($833.0K)
($8.3M)
($4.0M)
Net cash used in investing activities
($109.6M)
($36.4M)
($106.8M)
($62.4M)
Repayments of long-term debt
($32.3M)
($16.1M)
($52.6M)
($35.1M)
Proceeds from Debt Issuance
$42.2M
$19.6M
$75.7M
$53.5M
Repayments of short-term borrowings
($46.1M)
($26.5M)
($74.2M)
($47.0M)
Payments on capital leases
($3.6M)
($1.0M)
($2.8M)
($1.4M)
Payments on seller-provided financing for capital expenditures
($3.8M)
($1.3M)
($1.6M)
($1.2M)
Net cash used in financing activities
($43.6M)
($25.3M)
($57.1M)
($32.7M)
Net increase (decrease) in cash, cash equivalents, and restricted cash
$51.6M
($31.0M)
($38.3M)
$23.8M
Cash and cash equivalents, beginning of period
$132.7M
$132.7M
$108.0M
$108.0M
Cash, cash equivalents, and restricted cash, end of period (Note 2)