Revenue recovered to $872.2M in Q3 2026, but gross margin swung from 17.1% to 43.5% across recent quarters and net margin remained negative at -1.3%, suggesting earnings quality is hard to read and cyclically exposed.
Nabors Industries Ltd. (NBR) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 3.27B | 3.18B | 2.93B | 3.01B | 2.65B | 2.02B | 2.13B | 3.04B | 3.06B | 2.56B | 2.23B | 3.86B | 6.8B | 6.15B | 6.99B | 6.06B | 4.22B | 3.5B | 5.3B | 4.94B | 4.94B | 3.55B | 2.45B | 1.92B | 1.52B | 2.12B | 1.33B | 642.3M | 968.2M | 1.03B | 719.7M |
| Revenue Growth % | 4.92% | 8.69% | -2.52% | 13.27% | 31.53% | -5.46% | -29.88% | -0.47% | 19.24% | 15.1% | -42.35% | -43.21% | 10.6% | -11.98% | 15.33% | 43.76% | 20.33% | -33.94% | 7.35% | -0.04% | 39.19% | 45.05% | 27.32% | 26.59% | -28.39% | 59.83% | 106.62% | -33.66% | -5.94% | 43.02% | 25.65% |
| Cost of Goods Sold | 2.29B | 2.56B | 2.38B | 1.79B | 1.67B | 1.29B | 1.34B | 2.81B | 1.98B | 1.72B | 1.34B | 2.37B | 4.51B | 3.98B | 4.37B | 3.78B | 2.42B | 2.01B | 3.11B | 2.76B | 2.57B | 2B | 1.57B | 1.28B | 973.91M | 1.3B | 888.32M | 418.7M | 623.8M | 737.8M | 539.7M |
| COGS % of Revenue | - | 80.5% | 81.08% | 59.56% | 62.78% | 63.81% | 62.6% | 92.18% | 64.66% | 67% | 60.34% | 61.37% | 66.21% | 64.72% | 62.48% | 62.31% | 57.49% | 57.44% | 58.64% | 55.95% | 51.99% | 56.25% | 64.24% | 66.41% | 64.11% | 61.14% | 66.94% | 65.19% | 64.43% | 71.68% | 74.99% |
| Gross Profit | 977.09M | 621.08M | 554.31M | 1.22B | 987.76M | 730.23M | 798.03M | 237.96M | 1.08B | 846.22M | 883.54M | 1.49B | 2.3B | 2.17B | 2.48B | 2.28B | 1.79B | 1.49B | 2.19B | 2.18B | 2.37B | 1.55B | 875.5M | 645.89M | 545.1M | 824.22M | 438.8M | 223.6M | 344.4M | 291.5M | 180M |
| Gross Margin % | 29.88% | 19.5% | 18.92% | 40.44% | 37.22% | 36.19% | 37.4% | 7.82% | 35.34% | 33% | 39.66% | 38.63% | 33.79% | 35.28% | 35.42% | 37.69% | 42.51% | 42.56% | 41.36% | 44.05% | 48.01% | 43.75% | 35.76% | 33.59% | 35.89% | 38.86% | 33.06% | 34.81% | 35.57% | 28.32% | 25.01% |
| Gross Profit Growth % | - | 12.05% | -54.4% | 23.07% | 35.27% | -8.5% | 235.36% | -77.98% | 27.7% | -4.22% | -40.82% | -35.06% | 5.94% | -12.35% | 8.39% | 27.48% | 20.18% | -32.02% | 0.8% | -8.29% | 52.72% | 77.47% | 35.55% | 18.49% | -33.86% | 87.83% | 96.24% | -35.08% | 18.15% | 61.94% | 29.78% |
| Operating Expenses | 719.18M | 357.65M | 306.38M | 300.44M | 278.37M | 249.13M | 240.01M | 309.09M | 336.02M | 302.25M | 261.22M | 365.58M | 549.73M | 1.94B | 2.01B | 1.41B | 1.18B | 1.12B | 1.14B | 976.19M | 830.56M | 588.5M | 495.79M | 400.53M | 337.26M | 325.39M | 258.92M | 165.1M | 161.9M | 136.8M | 103M |
| OpEx % of Revenue | - | 11.23% | 10.46% | 9.99% | 10.49% | 12.35% | 11.25% | 10.16% | 10.99% | 11.79% | 11.73% | 9.46% | 8.08% | 31.49% | 28.76% | 23.33% | 27.89% | 32.03% | 21.46% | 19.76% | 16.8% | 16.57% | 20.25% | 20.83% | 22.2% | 15.34% | 19.51% | 25.7% | 16.72% | 13.29% | 14.31% |
| Selling, General & Admin | 296.15M | 304.59M | 249.32M | 244.15M | 228.43M | 213.56M | 203.51M | 258.73M | 265.82M | 251.18M | 227.64M | 324.33M | 549.73M | 525.33M | 532.57M | 489.89M | 346.66M | 429.66M | 479.98M | 436.28M | 420.85M | 249.97M | 195.39M | 165.4M | 141.9M | 135.5M | 106.5M | 65.3M | 77M | 70.4M | 56.9M |
| SG&A % of Revenue | - | 9.56% | 8.51% | 8.12% | 8.61% | 10.59% | 9.54% | 8.5% | 8.69% | 9.8% | 10.22% | 8.39% | 8.08% | 8.54% | 7.62% | 8.08% | 8.22% | 12.26% | 9.05% | 8.83% | 8.51% | 7.04% | 7.98% | 8.6% | 9.34% | 6.39% | 8.03% | 10.17% | 7.95% | 6.84% | 7.91% |
| Research & Development | 54.38M | 53.06M | 57.06M | 56.3M | 49.94M | 35.57M | 36.5M | 50.36M | 70.19M | 51.07M | 33.58M | 41.25M | 49.7M | 45.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.67% | 1.95% | 1.87% | 1.88% | 1.76% | 1.71% | 1.65% | 2.3% | 1.99% | 1.51% | 1.07% | 0.73% | 0.74% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 924.09M | 829.26M | 692.46M | 658.04M | 539.91M | 409.71M | 338.53M | 300.4M | 235.13M | 195.37M | 189.9M | 152.41M | 99.8M | 84.9M | 66.4M | 46.1M |
| Operating Income | 257.9M | 263.43M | 247.93M | 915.16M | 709.39M | 481.1M | 558.02M | -71.13M | 744.63M | 543.96M | 622.32M | 1.13B | 1.75B | 558.18M | 908.07M | 927.05M | 616.02M | 368.96M | 1.22B | 1.27B | 1.52B | 967.66M | 375.09M | 240.46M | 204.13M | 485.5M | 118.27M | 49.6M | 149.4M | 110.6M | 60.6M |
| Operating Margin % | 7.89% | 8.27% | 8.46% | 30.44% | 26.73% | 23.85% | 26.15% | -2.34% | 24.35% | 21.21% | 27.93% | 29.17% | 25.71% | 9.07% | 12.99% | 15.3% | 14.61% | 10.53% | 22.96% | 25.73% | 30.75% | 27.25% | 15.32% | 12.51% | 13.44% | 22.89% | 8.91% | 7.72% | 15.43% | 10.75% | 8.42% |
| Operating Income Growth % | - | 6.25% | -72.91% | 29.01% | 47.45% | -13.78% | 884.52% | -109.55% | 36.89% | -12.59% | -44.8% | -35.55% | 213.41% | -38.53% | -2.05% | 50.49% | 66.96% | -69.7% | -4.23% | -16.34% | 57.06% | 157.98% | 55.99% | 17.79% | -57.95% | 310.49% | 138.46% | -66.8% | 35.08% | 82.51% | 19.06% |
| EBITDA | 893.57M | 912.67M | 881.34M | 1.56B | 1.37B | 1.17B | 1.41B | 804.97M | 1.61B | 1.39B | 1.5B | 2.1B | 2.9B | 1.68B | 1.97B | 1.85B | 1.38B | 1.04B | 1.89B | 1.83B | 1.94B | 1.34B | 701.79M | 506.72M | 430.34M | 707.05M | 270.69M | 149.4M | 234.3M | 177M | 106.7M |
| EBITDA Margin % | 27.32% | 28.66% | 30.08% | 51.91% | 51.79% | 58.21% | 66.15% | 26.45% | 52.76% | 54.18% | 67.18% | 54.36% | 42.59% | 27.31% | 28.13% | 30.55% | 32.74% | 29.61% | 35.56% | 36.98% | 39.26% | 37.66% | 28.67% | 26.35% | 28.33% | 33.33% | 20.4% | 23.26% | 24.2% | 17.2% | 14.83% |
| EBITDA Growth % | -28.12% | 3.56% | -43.52% | 13.53% | 17.03% | -16.8% | 75.37% | -50.1% | 16.1% | -7.16% | -28.76% | -27.5% | 72.46% | -14.55% | 6.23% | 34.11% | 33.05% | -44.99% | 3.23% | -5.86% | 45.12% | 90.55% | 38.5% | 17.75% | -39.14% | 161.21% | 81.18% | -36.24% | 32.37% | 65.89% | 30.28% |
| D&A (Non-Cash Add-back) | 635.67M | 649.23M | 633.41M | 645.29M | 665.07M | 693.38M | 853.7M | 876.1M | 868.51M | 845.44M | 874.3M | 973.32M | 1.15B | 1.12B | 1.06B | 924.09M | 764.25M | 668.41M | 668.24M | 555.4M | 420.79M | 369.58M | 326.71M | 266.26M | 226.21M | 221.55M | 152.41M | 99.8M | 84.9M | 66.4M | 46.1M |
| EBIT | 279.59M | 752.89M | 179.82M | 269.86M | 44.32M | -211.86M | -317.29M | -384.61M | -108.19M | -298.98M | -249.31M | 156.96M | 604.3M | 558.18M | 908.07M | 771.88M | 566.28M | 103.97M | 882.53M | 1.2B | 1.5B | 947.96M | 379.72M | 246.52M | 207.84M | 618.33M | 265.11M | 54.7M | 182.8M | 156.5M | 77M |
| Net Interest Income | -166.54M | -187.72M | -171.77M | -139.38M | -162.42M | -169.95M | -201.57M | -195.89M | -222.17M | -220.66M | -184.15M | -181.93M | -177.95M | -223.42M | 191.77M | -256.63M | -272.71M | -266.04M | -196.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 12.61M | 27.65M | 39.1M | 45.9M | 15.47M | 1.53M | 4.71M | 8.42M | 4.96M | 2.23M | 1.22M | 0 | 0 | 0 | 191.77M | 0 | 332K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 179.15M | 215.37M | 210.86M | 185.28M | 177.9M | 171.48M | 206.27M | 204.31M | 227.12M | 222.89M | 185.36M | 181.93M | 177.95M | 223.42M | 0 | 256.63M | 273.04M | 264.95M | 416.02M | 101.09M | 48.91M | 93.71M | 39.25M | 65.83M | 63.36M | 0 | 0 | 4M | 0 | 0 | 0 |
| Other Income/Expense | -161.02M | 274.1M | -278.97M | -786.03M | -955.07M | -969.19M | -1.26B | -517.79M | -1.26B | -1.12B | -1.82B | -1.55B | -2.36B | -455.02M | -634.11M | -183.2M | -529.02M | -149.23M | -372.84M | -64.6M | -70.7M | -186K | -43.88M | -71.89M | -67.07M | -60.72M | -35.37M | -9.1M | 50.6M | 71.8M | 21M |
| Pretax Income | 96.89M | 537.53M | -31.04M | 129.12M | -245.68M | -488.09M | -705.57M | -588.92M | -518.79M | -580.08M | -1.2B | -427.54M | -604.62M | 106.16M | 274.68M | 487.77M | 82.05M | -235.12M | 801.62M | 1.14B | 1.47B | 873.95M | 335.84M | 174.62M | 140.77M | 542.28M | 226.71M | 45.6M | 200M | 182.4M | 81.6M |
| Pretax Margin % | 2.96% | 16.88% | -1.06% | 4.3% | -9.26% | -24.19% | -33.06% | -19.35% | -16.97% | -22.62% | -53.78% | -11.06% | -8.89% | 1.73% | 3.93% | 8.05% | 1.95% | -6.71% | 15.11% | 22.98% | 29.76% | 24.61% | 13.72% | 9.08% | 9.27% | 25.57% | 17.08% | 7.1% | 20.66% | 17.72% | 11.34% |
| Income Tax | 61.17M | 163.09M | 56.95M | 79.22M | 61.54M | 55.62M | 57.29M | 91.58M | 79.27M | -82.97M | -186.83M | -98.04M | 62.67M | -55.18M | 32.63M | 142.6M | -24.81M | -149.23M | 250.45M | 239.66M | 450.18M | 225.25M | 33.38M | -17.61M | 19.29M | 194.49M | 91.23M | 17.9M | 75M | 67.6M | 11.1M |
| Effective Tax Rate % | 63.14% | 30.34% | -183.46% | 61.35% | -25.05% | -11.4% | -8.12% | -15.55% | -15.28% | 14.3% | 15.59% | 22.93% | -10.36% | -51.98% | 11.88% | 29.24% | -30.24% | 63.47% | 31.24% | 21.11% | 30.61% | 25.77% | 9.94% | -10.08% | 13.7% | 35.87% | 40.24% | 39.25% | 37.5% | 37.06% | 13.6% |
| Net Income | -59.4M | 248.34M | -176.08M | -11.78M | -350.26M | -569.27M | -805.64M | -723.88M | -640.95M | -546.81M | -1.03B | -372.68M | -670.66M | 149.88M | 232.35M | 243.68M | 94.69M | -85.55M | 551.17M | 930.69M | 1.02B | 648.7M | 302.46M | 192.23M | 121.49M | 357.45M | 137.36M | 27.7M | 125M | 114.8M | 70.5M |
| Net Margin % | -1.82% | 7.8% | -6.01% | -0.39% | -13.2% | -28.22% | -37.75% | -23.79% | -20.96% | -21.32% | -46.22% | -9.64% | -9.86% | 2.44% | 3.32% | 4.02% | 2.25% | -2.44% | 10.39% | 18.84% | 20.65% | 18.27% | 12.35% | 10% | 8% | 16.85% | 10.35% | 4.31% | 12.91% | 11.15% | 9.8% |
| Net Income Growth % | -128.77% | 241.03% | -1394.26% | 96.64% | 38.47% | 29.34% | -11.3% | -12.94% | -17.22% | 46.9% | -176.31% | 44.43% | -547.45% | -35.49% | -4.65% | 157.33% | 210.69% | -115.52% | -40.78% | -8.82% | 57.35% | 114.48% | 57.34% | 58.23% | -66.01% | 160.24% | 395.87% | -77.84% | 8.88% | 62.84% | 37.96% |
| Net Income (Continuing) | 35.72M | 374.43M | -87.99M | 49.9M | -307.22M | -543.71M | -762.85M | -680.5M | -598.06M | -497.11M | -1.01B | -329.5M | -667.28M | 161.34M | 242.06M | 350.17M | 256.62M | -85.89M | 479.66M | 895.67M | 993.01M | 638.15M | 302.46M | 192.23M | 121.49M | 357.45M | 137.36M | 27.7M | 125M | 114.8M | 70.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 20K | 7K | -12K | -14.66M | -56.73M | 0 | -50.62M | 0 | 0 | 0 | -2.84M | 0 | 0 | 0 | 35.02M | 27.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 929.36M | 846.92M | 1.07B | 954.47M | 846.44M | 803.57M | 548.26M | 492.75M | 454.34M | 230.96M | 7.77M | 11.16M | 10.17M | 12.09M | 12.19M | 13.4M | 14.7M | 14.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.10 | 17.16 | -22.37 | -5.49 | -40.52 | -76.58 | -118.69 | -96.77 | -95.84 | -97.42 | -186.23 | -65.85 | -115.01 | 23.50 | 28.00 | 41.50 | 16.50 | -15.10 | 82.50 | 162.50 | 170.00 | 100.00 | 48.00 | 31.00 | 20.25 | 56.00 | 22.50 | 5.06 | 29.00 | 27.00 | 18.75 |
| EPS Growth % | -150.71% | 176.71% | -307.47% | 86.45% | 47.09% | 35.48% | -22.65% | -0.97% | 1.62% | 47.69% | -182.81% | 42.74% | -589.4% | -16.07% | -32.53% | 151.52% | 209.27% | -118.3% | -49.23% | -4.41% | 70% | 108.33% | 54.84% | 53.09% | -63.84% | 148.89% | 344.66% | -82.55% | 7.41% | 44% | 31.58% |
| EPS (Basic) | - | 18.75 | -22.37 | -5.49 | -40.52 | -76.58 | -118.69 | -96.77 | -95.84 | -97.63 | -186.44 | -65.96 | -115.19 | 23.50 | 28.50 | 42.50 | 16.50 | -15.10 | 84.50 | 167.00 | 176.00 | 104.00 | 51.00 | 33.00 | 21.25 | 63.43 | 23.34 | 5.06 | 30.82 | 30.00 | 19.00 |
| Diluted Shares Outstanding | 14.5M | 14.42M | 9.2M | 9.16M | 8.9M | 7.61M | 7.06M | 7.03M | 6.69M | 5.61M | 5.53M | 5.66M | 5.81M | 5.93M | 5.85M | 5.85M | 5.8M | 5.67M | 5.76M | 5.73M | 6M | 6.49M | 6.56M | 6.28M | 6M | 6.75M | 6.1M | 4.82M | 4.5M | 4.25M | 3.76M |
| Basic Shares Outstanding | 14.5M | 13.19M | 9.2M | 9.16M | 8.9M | 7.61M | 7.06M | 7.03M | 6.69M | 5.6M | 5.52M | 5.65M | 5.81M | 5.88M | 5.8M | 5.74M | 5.7M | 5.67M | 5.63M | 5.58M | 5.8M | 6.24M | 5.96M | 5.86M | 5.75M | 5.82M | 5.75M | 4.21M | 4.04M | 3.83M | 3.71M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | 31.47% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NBR stock.
For fiscal year 2025, Nabors Industries Ltd. (NBR) reported total revenue of $3.18B. This represents a 342.5% increase compared to $719.7M in 1996.
Nabors Industries Ltd. (NBR) is profitable, generating $248.3M in net income for the fiscal year ending 2025 with a net profit margin of 7.8%.
Nabors Industries Ltd. (NBR) reported an operating income of $263.4M, resulting in an operating profit margin of 8.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Nabors Industries Ltd. (NBR) generated $621.1M in gross profit for the year, representing a gross profit margin of 19.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Unresolved Debt/Equity discrepancy
Metrics are mathematically derived from official filings.
Revenue Recovering Off Mid-2024 Base
Based on reported quarterly figures, NBR revenue rose from $729.8M in Q4 2024 to $872.2M in Q3 2026, a gain that appears to reflect rig-count recovery and international contract momentum rather than a single discrete event.
The sequential progression suggests top-line growth has been driven primarily by utilization and dayrate improvement across the drilling fleet, though the data does not separate volume from pricing effects. The 1.3% trailing revenue growth in Q3 2026 signals that momentum has slowed from the double-digit rates seen in earlier periods, which investors should monitor for signs of plateauing. Durability will depend on whether the International and Drilling Solutions segments continue to offset softness in U.S. natural gas-linked demand.
Gross Margin Swings Signal Cyclical Exposure
As reported in the quarterly income statements, NBR gross margin ranged from 17.1% in Q1 2026 to 43.5% in Q2 2026, a spread that appears to reflect the high fixed-cost structure of its drilling fleet and sensitivity to utilization.
Such wide quarterly swings suggest that gross profit is highly dependent on the timing of rig activity, reactivation costs, and contract rollovers rather than on stable structural pricing power. The recent 38.5% gross margin in Q3 2026 is well above the 19% levels of late 2025, which may indicate improved mix or utilization, but the magnitude of volatility warrants caution about extrapolating this level. Relative to HP at 14.8% gross margin, NBR currently screens stronger, though the comparison is sensitive to differing fleet and segment compositions.
Operating Income Lags Gross Profit Gains
Based on reported figures, NBR operating margin reached 9.8% in Q3 2026 against a 38.5% gross margin, indicating that operating expenses absorb a large share of gross profit and limit operating leverage.
SG&A has remained relatively flat near $71M to $77M per quarter while revenue has moved more, which suggests overhead is not the main constraint and that field-level and depreciation costs drive the gap. The compression between gross and operating margin implies that incremental gross profit has not translated efficiently into operating income. Investors should watch whether operating income scales faster than gross profit as utilization improves.
Reported Earnings Volatile and Hard to Read
According to reported quarterly results, NBR posted net losses in most recent quarters, including -$11.2M in Q3 2026, while Q3 2025 showed a $258.0M profit that appears inconsistent with the operating trend.
The large swing in Q3 2025 net income, against modest operating income of $76.0M, suggests non-operating items, tax effects, or one-time gains may have distorted reported earnings. Stock-based compensation remains small relative to revenue at roughly $4-9M per quarter, so it does not appear to explain the volatility. Earnings quality should be assessed with adjusted figures before drawing conclusions about underlying profitability.
Margin Recovery May Prove Temporary
Based on reported figures, the 43.5% and 38.5% gross margins in recent quarters contrast sharply with the 17-20% levels seen in early 2025 and 2026, raising the question of whether current strength is sustainable.
The bear case would emphasize that the recent margin expansion may reflect favorable contract timing or one-time efficiency gains rather than durable pricing power, given the company's history of quarterly volatility. Operating margin of 9.8% and negative net margin suggest that even with improved gross profit, the earnings base remains thin and vulnerable to utilization declines. A reversal in U.S. land demand could quickly reverse the gains, and the unresolved Debt/Equity discrepancy adds uncertainty about the capital structure that warrants further verification.