Houston-headquartered National Energy Services Reunited Corporation (NESR), a MENA-focused oilfield services provider, reported third-quarter (Q3) 2026 revenues of $504.7 million, up 70.9% year-on-year (YoY). Net income rose 93.5% to $34.3 million, reflecting higher activity across its oilfield services operations in the Middle East and North Africa (MENA), according to the company’s financial results.
Despite the annual growth, revenue declined 3.1% sequentially from $521 million in the second quarter of 2026, while net income fell from $44 million. Adjusted EBITDA also fell 9.7% quarter-on-quarter to $106.2 million, suggesting moderation after the company’s record second-quarter performance.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 49.9% YoY to $95.9 million. Diluted earnings per share (EPS) rose 83.3% to $ 0.33 from Q3 2025.
During the first nine months of 2026, NESR generated more than $200 million in operating cash flow and invested over $150 million in capital expenditures to support its expanding contract portfolio.
The company also reduced net debt by approximately $25 million to $160.5 million as of September 30, compared with $185.3 million at the end of 2025.
However, free cash flow turned negative at $45.9 million in Q3, compared with negative $34.1 million in the corresponding period of 2025. The company attributed the decline primarily to higher working capital requirements and moderately increased capital expenditures.
“NESR delivered another strong quarter of financial performance, reflecting the continued momentum of our business despite an increasingly challenging operating environment,” Stefan Angeli, Chief Financial Officer, commented.
“Resilience has been the defining theme of this quarter. I would like to recognize and congratulate our customers and the countries in which we operate for the exceptional resilience, reliability and flexibility they have demonstrated amid the ongoing regional conflict,” Sherif Foda, Chairman and Chief Executive Officer, noted.
Since its inception in 2017, NESR has grown into one of the premier oilfield services companies in the MENA and Asia-Pacific regions. In Egypt, NESR provides oilfield services including drilling support, hydraulic fracturing, and well stimulation. The company completed Egypt’s first unconventional multistage fracturing project in 2024 and is collaborating on studies to assess unconventional oil potential in the Western Desert.
