WFRD · Weatherford International plc

Weatherford's Q1 2026 results showed revenue of $1,152 million, down 3% year-over-year and 11% sequentially, primarily due to operational disruptions in the Middle East from the Iran conflict, lower activity in Latin America, and North America. Despite this, net income rose 42% to $108 million with a 9.4% margin, driven by cost controls and contributions from other regions offsetting revenue losses and increased costs. Adjusted EBITDA declined 8% to $233 million with a 20.2% margin, reflecting pricing and mix pressures. Segment performance varied: DRE revenue fell 8% YoY to $321 million due to reduced activity across most regions; WCC revenue was flat YoY at $443 million but down 13% sequentially from broad geographic declines; PRI revenue dropped 11% YoY to $296 million impacted by the Argentina Pressure Pumping sale and lower North America activity. Geographically, North America revenue declined 12% to $220 million, while International was down 1% to $932 million, with Middle East/North Africa/Asia most affected at -5%. Cash from operations was $136 million, supporting $30 million in shareholder returns via $20 million dividends and $10 million buybacks. CEO Girish Saligram highlighted team resilience amid challenges, commitment to strategic simplification, and the redomestication proposal to Texas in Q3 2026 to reduce administrative burdens and enhance U.S. alignment. Looking forward, Q2 is expected softer due to ongoing Middle East volatility, but second-half ramp confidence supports intact full-year adjusted free cash flow guidance, underpinned by a strong balance sheet and medium-term energy security outlook. Contract wins with TotalEnergies, Phu Quoc POC, and others signal sustained demand, while technology highlights like record Wireline reach and rigless sand control bolster competitive positioning.