Revenue has held near $1.1B to $1.4B per quarter, but gross margin swung from 24.0% in 2026Q1 to 4.7% in 2026Q3, indicating that pricing and utilization drive highly volatile profitability.
Patterson-UTI Energy, Inc. (PTEN) 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 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 4.84B | 4.83B | 5.38B | 4.15B | 2.65B | 1.36B | 1.12B | 2.47B | 3.33B | 2.36B | 915.87M | 1.89B | 3.18B | 2.72B | 2.72B | 2.57B | 1.46B | 781.95M | 2.21B | 2.11B | 2.55B | 1.74B | 1B | 776.17M | 527.96M | 989.98M | 307.9M | 151.5M | 186.6M | 190.8M | 83.7M |
| Revenue Growth % | 0.01% | -10.25% | 29.7% | 56.61% | 95.09% | 20.71% | -54.5% | -25.74% | 41.17% | 157.32% | -51.57% | -40.57% | 17.17% | -0.27% | 6.14% | 75.4% | 87.09% | -64.6% | 4.49% | -16.98% | 46.32% | 73.91% | 28.94% | 47.01% | -46.67% | 221.52% | 103.24% | -18.81% | -2.2% | 127.96% | 80% |
| Cost of Goods Sold | 4.17B | 4.6B | 5.09B | 3.54B | 2.33B | 1.93B | 1.47B | 2.78B | 3.32B | 2.5B | 1.32B | 2.1B | 2.83B | 2.32B | 2.19B | 1.54B | 897.8M | 476.5M | 1.31B | 1.19B | 1.24B | 939.37M | 678.91M | 567.64M | 398.76M | 592.89M | 221.65M | 126.2M | 146.5M | 131.3M | 62.6M |
| COGS % of Revenue | - | 95.24% | 94.68% | 85.44% | 88.02% | 142.3% | 131.01% | 112.42% | 99.75% | 106.12% | 143.82% | 110.88% | 89.08% | 85.54% | 80.57% | 60.16% | 61.37% | 60.94% | 59.33% | 56.19% | 48.83% | 53.97% | 67.84% | 73.13% | 75.53% | 59.89% | 71.99% | 83.3% | 78.51% | 68.82% | 74.79% |
| Gross Profit | 670.07M | 229.86M | 286.17M | 603.72M | 317.1M | -574.04M | -348.58M | -306.88M | 8.19M | -144.2M | -401.34M | -205.85M | 347.49M | 392.66M | 529.13M | 1.02B | 565.13M | 305.45M | 898.54M | 926.15M | 1.3B | 801.09M | 321.86M | 208.53M | 129.19M | 397.08M | 86.25M | 25.3M | 40.1M | 59.5M | 21.1M |
| Gross Margin % | 13.85% | 4.76% | 5.32% | 14.56% | 11.98% | -42.3% | -31.01% | -12.42% | 0.25% | -6.12% | -43.82% | -10.88% | 10.92% | 14.46% | 19.43% | 39.84% | 38.63% | 39.06% | 40.67% | 43.81% | 51.17% | 46.03% | 32.16% | 26.87% | 24.47% | 40.11% | 28.01% | 16.7% | 21.49% | 31.18% | 25.21% |
| Gross Profit Growth % | - | -19.68% | -52.6% | 90.39% | 155.24% | -64.68% | -13.59% | -3846.15% | 105.68% | 64.07% | -94.97% | -159.24% | -11.5% | -25.79% | -48.23% | 80.87% | 85.02% | -66.01% | -2.98% | -28.93% | 62.66% | 148.9% | 54.35% | 61.41% | -67.46% | 360.38% | 240.91% | -36.91% | -32.61% | 181.99% | 83.48% |
| Operating Expenses | 632.15M | 255.07M | 1.18B | 251.77M | 106.07M | 103.7M | 543.67M | 154.69M | 116.5M | 73.89M | 54.88M | 87.17M | 80.14M | 73.85M | 65.57M | 501.55M | 364.21M | 64.11M | 347.04M | 255.88M | 263.92M | 219.79M | 150.64M | 123.79M | 121.09M | 116.77M | 44.53M | 35.5M | 37.4M | 26.1M | 16.4M |
| OpEx % of Revenue | - | 5.28% | 21.87% | 6.07% | 4.01% | 7.64% | 48.36% | 6.26% | 3.5% | 3.14% | 5.99% | 4.61% | 2.52% | 2.72% | 2.41% | 19.55% | 24.9% | 8.2% | 15.71% | 12.1% | 10.36% | 12.63% | 15.05% | 15.95% | 22.94% | 11.79% | 14.46% | 23.43% | 20.04% | 13.68% | 19.59% |
| Selling, General & Admin | 198.33M | 255.07M | 268.34M | 169.96M | 116.59M | 92.38M | 97.61M | 133.51M | 134.07M | 105.85M | 69.2M | 87.17M | 80.14M | 73.85M | 64.47M | 64.27M | 53.04M | 56.62M | 68.19M | 64.62M | 55.06M | 39.11M | 32.9M | 27.97M | 29.88M | 30.61M | 11.39M | 7.3M | 9.3M | 8.6M | 6.4M |
| SG&A % of Revenue | - | 5.28% | 4.99% | 4.1% | 4.4% | 6.81% | 8.68% | 5.4% | 4.03% | 4.49% | 7.56% | 4.61% | 2.52% | 2.72% | 2.37% | 2.5% | 3.63% | 7.24% | 3.09% | 3.06% | 2.16% | 2.25% | 3.29% | 3.6% | 5.66% | 3.09% | 3.7% | 4.82% | 4.98% | 4.51% | 7.65% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.84M | 3.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | 0.16% | 0.1% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 907.57M | 81.81M | -10.52M | 11.32M | 446.06M | 17.34M | 750K | 343K | 69K | 34K | 3K | 0 | 508K | 437.28M | 333.49M | 297.04M | 278.85M | 191.26M | 208.85M | 180.68M | 117.74M | 95.82M | 91.22M | 86.16M | 33.13M | 28.2M | 28.1M | 17.5M | 10M |
| Operating Income | 37.92M | -25.21M | -889.74M | 351.95M | 211.03M | -677.75M | -892.26M | -461.58M | -322.18M | -292.54M | -456.23M | -406.97M | 283.13M | 322.19M | 497.36M | 525.6M | 200.93M | -48.21M | 541.53M | 670.28M | 1.04B | 581.3M | 171.21M | 87.19M | 3.4M | 267.17M | 41.72M | -10.2M | 2.7M | 33.4M | 4.7M |
| Operating Margin % | 0.78% | -0.52% | -16.54% | 8.49% | 7.97% | -49.94% | -79.36% | -18.68% | -9.68% | -12.41% | -49.81% | -21.52% | 8.9% | 11.86% | 18.26% | 20.48% | 13.73% | -6.17% | 24.51% | 31.7% | 40.81% | 33.4% | 17.11% | 11.23% | 0.64% | 26.99% | 13.55% | -6.73% | 1.45% | 17.51% | 5.62% |
| Operating Income Growth % | - | 97.17% | -352.8% | 66.78% | 131.14% | 24.04% | -93.31% | -43.27% | -10.13% | 35.88% | -12.1% | -243.74% | -12.12% | -35.22% | -5.37% | 161.59% | 516.74% | -108.9% | -19.21% | -35.5% | 78.77% | 239.51% | 96.37% | 2465.92% | -98.73% | 540.35% | 509.05% | -477.78% | -91.92% | 610.64% | 104.35% |
| EBITDA | 910.82M | 915.05M | 282.14M | 1.08B | 694.98M | 171.43M | -221.35M | 542.3M | 529.26M | 490.8M | 212.21M | 457.79M | 1B | 919.66M | 1.02B | 962.88M | 534.42M | 241.63M | 809.96M | 919.48M | 1.24B | 740.51M | 291.83M | 185.19M | 94.61M | 353.33M | 74.86M | 18M | 30.8M | 50.9M | 14.7M |
| EBITDA Margin % | 18.82% | 18.96% | 5.25% | 26.13% | 26.25% | 12.63% | -19.69% | 21.95% | 15.91% | 20.83% | 23.17% | 24.21% | 31.48% | 33.86% | 37.6% | 37.53% | 36.53% | 30.9% | 36.66% | 43.49% | 48.52% | 42.55% | 29.16% | 23.86% | 17.92% | 35.69% | 24.31% | 11.88% | 16.51% | 26.68% | 17.56% |
| EBITDA Growth % | 1.84% | 224.33% | -73.96% | 55.89% | 305.4% | 177.45% | -140.82% | 2.46% | 7.83% | 131.28% | -53.64% | -54.31% | 8.94% | -10.19% | 6.35% | 80.17% | 121.17% | -70.17% | -11.91% | -25.58% | 66.85% | 153.75% | 57.59% | 95.73% | -73.22% | 372.01% | 315.87% | -41.56% | -39.49% | 246.26% | 93.42% |
| D&A (Non-Cash Add-back) | 872.9M | 940.26M | 1.17B | 731.42M | 483.94M | 849.18M | 670.91M | 1B | 851.43M | 783.34M | 668.43M | 864.76M | 718.73M | 597.47M | 526.61M | 437.28M | 333.49M | 289.85M | 268.43M | 249.21M | 196.37M | 159.22M | 120.62M | 98M | 91.22M | 86.16M | 33.13M | 28.2M | 28.1M | 17.5M | 10M |
| EBIT | 51.56M | -32.48M | -884.98M | 359.97M | 208.12M | -677.8M | -890.25M | -455.17M | -315.83M | -290.33M | -455.83M | -405.97M | 284.11M | 324.8M | 498.42M | 526.37M | 203.53M | -47.41M | 547.99M | 670.28M | 1.04B | 581.3M | 148.47M | 66.28M | 8.1M | 280.32M | 68.58M | -9.45M | 2.7M | 33.4M | 4.7M |
| Net Interest Income | -64.74M | -63.86M | -66.23M | -46.75M | -39.9M | -41.76M | -39.52M | -69.19M | -45.98M | -35.61M | -40.04M | -35.51M | -28.85M | -27.44M | -22.2M | -15.46M | -11.1M | -3.77M | 923K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 10.79M | 6.65M | 5.73M | 6.12M | 360K | 222K | 1.25M | 6.01M | 5.6M | 1.87M | 327K | 964K | 979K | 918K | 554K | 187K | 1.67M | 381K | 1.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 75.53M | 70.51M | 71.96M | 52.87M | 40.26M | 41.98M | 40.77M | 75.2M | 51.58M | 37.47M | 40.37M | 36.48M | 29.82M | 28.36M | 22.75M | 15.65M | 12.77M | 4.15M | 639K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -33.97M | -77.78M | -67.21M | -44.85M | -43.17M | -42.03M | -38.76M | -68.8M | -45.23M | -35.26M | -39.97M | -35.48M | -28.84M | -25.75M | -21.69M | -14.88M | -10.17M | -3.34M | -2.98M | 531K | 4.67M | 3.46M | 680K | 967K | 441K | -677K | -8.48M | -7.05M | -2.9M | 1.6M | -2.7M |
| Pretax Income | 3.95M | -102.99M | -956.95M | 307.1M | 167.86M | -719.78M | -931.02M | -530.38M | -367.41M | -327.8M | -496.2M | -442.45M | 254.28M | 296.44M | 475.67M | 510.72M | 190.75M | -51.55M | 542.95M | 670.81M | 1.04B | 584.76M | 171.89M | 88.16M | 3.84M | 266.5M | 38M | -13.4M | -200K | 35M | 2M |
| Pretax Margin % | 0.08% | -2.13% | -17.79% | 7.41% | 6.34% | -53.04% | -82.81% | -21.47% | -11.04% | -13.91% | -54.18% | -23.39% | 7.99% | 10.91% | 17.47% | 19.9% | 13.04% | -6.59% | 24.58% | 31.73% | 40.99% | 33.6% | 17.18% | 11.36% | 0.73% | 26.92% | 12.34% | -8.84% | -0.11% | 18.34% | 2.39% |
| Income Tax | 28.26M | -9.94M | 9.45M | 61.15M | 13.2M | -62.7M | -127.33M | -104.67M | -45.99M | -333.71M | -177.56M | -147.96M | 91.62M | 108.43M | 176.2M | 187.94M | 72.86M | -17.59M | 195.88M | 232.17M | 371.27M | 212.02M | 63.16M | 32.36M | 1.67M | 102.33M | 14.24M | -4.3M | 100K | 12.8M | -2.3M |
| Effective Tax Rate % | 716.12% | 9.65% | -0.99% | 19.91% | 7.87% | 8.71% | 13.68% | 19.74% | 12.52% | 101.8% | 35.78% | 33.44% | 36.03% | 36.58% | 37.04% | 36.8% | 38.19% | 34.13% | 36.08% | 34.61% | 35.57% | 36.26% | 36.74% | 36.71% | 43.5% | 38.4% | 37.49% | 32.09% | -50% | 36.57% | -115% |
| Net Income | -24.97M | -93.64M | -968.03M | 246.29M | 154.66M | -654.54M | -803.69M | -425.7M | -321.42M | 5.91M | -318.63M | -294.49M | 162.66M | 188.01M | 299.48M | 322.41M | 116.94M | -38.29M | 347.07M | 438.64M | 673.25M | 372.74M | 108.73M | 55.33M | 2.17M | 164.16M | 23.75M | -9.1M | -300K | 22.2M | 4.3M |
| Net Margin % | -0.52% | -1.94% | -18% | 5.94% | 5.84% | -48.23% | -71.49% | -17.23% | -9.66% | 0.25% | -34.79% | -15.57% | 5.11% | 6.92% | 11% | 12.57% | 7.99% | -4.9% | 15.71% | 20.75% | 26.44% | 21.42% | 10.86% | 7.13% | 0.41% | 16.58% | 7.71% | -6.01% | -0.16% | 11.64% | 5.14% |
| Net Income Growth % | 81.66% | 90.33% | -493.04% | 59.25% | 123.63% | 18.56% | -88.79% | -32.44% | -5538.6% | 101.85% | -8.2% | -281.04% | -13.48% | -37.22% | -7.11% | 175.7% | 405.41% | -111.03% | -20.88% | -34.85% | 80.62% | 242.8% | 96.53% | 2450.76% | -98.68% | 591.09% | 361.03% | -2933.33% | -101.35% | 416.28% | 126.32% |
| Net Income (Continuing) | -24.31M | -93.05M | -966.4M | 245.95M | 154.66M | -657.08M | -803.69M | -425.7M | -321.42M | 5.91M | -318.63M | -294.49M | 162.66M | 188.01M | 299.48M | 322.78M | 117.9M | -33.96M | 353.87M | 438.64M | 672.57M | 372.74M | 94.35M | 43.66M | 2.17M | 164.16M | 37.23M | -11.74M | -300K | 22.2M | 4.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 2.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.01M | 6.18M | 10.02M | 8.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.07 | -0.24 | -2.44 | 0.88 | 0.70 | -3.37 | -4.27 | -2.10 | -1.47 | 0.03 | -2.18 | -2.03 | 1.11 | 1.28 | 1.96 | 2.06 | 0.76 | -0.25 | 2.24 | 2.79 | 4.02 | 2.15 | 0.56 | 0.26 | -0.03 | 1.03 | 0.25 | -0.14 | -0.00 | 0.38 | 0.11 |
| EPS Growth % | 81.39% | 90.16% | -377.27% | 25.71% | 120.77% | 21.08% | -103.33% | -42.86% | -5000% | 101.38% | -7.39% | -282.88% | -13.28% | -34.69% | -4.85% | 171.05% | 404% | -111.16% | -19.71% | -30.6% | 86.98% | 283.93% | 115.38% | 966.67% | -102.91% | 312% | 278.57% | - | -101.24% | 245.45% | 22.22% |
| EPS (Basic) | - | -0.24 | -2.44 | 0.88 | 0.72 | -3.37 | -4.27 | -2.10 | -1.47 | 0.03 | -2.18 | -2.03 | 1.12 | 1.29 | 1.96 | 2.08 | 0.76 | -0.25 | 2.26 | 2.83 | 4.08 | 2.19 | 0.57 | 0.27 | -0.03 | 1.08 | 0.26 | -0.14 | -0.00 | 0.39 | 0.11 |
| Diluted Shares Outstanding | 384.36M | 383.46M | 397.2M | 280.06M | 219.5M | 195.02M | 188.01M | 203.04M | 218.64M | 199.88M | 146.18M | 145.42M | 145.38M | 145.3M | 151.7M | 155.3M | 153.28M | 152.07M | 154.72M | 157M | 167.41M | 173.77M | 169.21M | 164.57M | 157.41M | 158.39M | 149.68M | 65M | 63.29M | 59.01M | 40.17M |
| Basic Shares Outstanding | 381.1M | 383.46M | 397.2M | 279.5M | 215.94M | 195.02M | 188.01M | 203.04M | 218.64M | 198.45M | 146.16M | 145.42M | 144.07M | 144.36M | 151.14M | 153.87M | 152.77M | 152.07M | 153.38M | 154.75M | 165.16M | 170.43M | 166.26M | 161.27M | 157.41M | 152.81M | 142.41M | 65M | 63.29M | 56.98M | 39.62M |
| Dividend Payout Ratio | - | - | - | 40.62% | 27.87% | - | - | - | - | 276.06% | - | - | 35.83% | 15.48% | 10.12% | 9.63% | 26.33% | - | 26.76% | 15.63% | 6.81% | 7.33% | 9.22% | - | - | - | 168.39% | - | - | - | - |
Quick answers to the most common questions about buying PTEN stock.
For fiscal year 2025, Patterson-UTI Energy, Inc. (PTEN) reported total revenue of $4.83B. This represents a 5666.6% increase compared to $83.7M in 1996.
Patterson-UTI Energy, Inc. (PTEN) reported a net loss of $93.6M for the fiscal year ending 2025.
Patterson-UTI Energy, Inc. (PTEN) reported an operating income of $-25.2M, resulting in an operating profit margin of -0.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Patterson-UTI Energy, Inc. (PTEN) generated $229.9M in gross profit for the year, representing a gross profit margin of 4.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin margins amid cyclicality
Metrics are mathematically derived from official filings.
Revenue Rebound Lacks Margin Follow-Through
Based on reported figures, PTEN's latest quarter revenue of $1.3B rose 14.1% sequentially, yet the trailing decline versus prior-year levels of roughly 10% suggests activity recovery has been uneven and not yet durable across the cycle.
The sequential rebound from the 2026Q2 base appears driven by North American onshore demand and completions activity rather than a broad structural expansion. Because the revenue line has oscillated between roughly $1.1B and $1.4B over ten quarters, the trend reads as cyclical rather than secular. Investors should monitor whether pricing, not just utilization, supports the next leg of growth.
Thin Gross Margins Expose Pricing Vulnerability
As reported in the income statement, PTEN's gross margin of 4.7% in 2026Q3 sits far below the 22.9% to 24.0% range seen in 2026Q1 and 2026Q2, indicating highly volatile unit economics.
The wide swing in gross margin across adjacent quarters suggests the cost base is heavily sensitive to utilization and to reactivation or mix effects rather than to a stable pricing structure. Peer gross margins such as NBR's 19.5% imply PTEN is currently capturing a materially smaller share of each revenue dollar. This pattern may indicate limited pricing power in the pressure pumping and contract drilling markets.
Fixed Overhead Absorbs Limited Operating Cushion
Based on PTEN's reported figures, SG&A has held steady near $62M to $69M per quarter, which equates to a meaningful share of the thin gross profit in weaker periods and constrains operating income.
Because SG&A remains largely fixed while gross profit fluctuates between roughly $28M and $280M, operating results are highly exposed to activity levels. The relatively stable overhead suggests management has not materially flexed the corporate cost base through the cycle. Investors may wish to track whether integration synergies from the NexTier combination appear in future SG&A trends.
Net Income Swings Driven by Non-Operating Items
According to reported financial statements, PTEN's 2024Q3 net loss of $978.8M, far exceeding its operating loss of $990.6M, is largely explained by operating-level impairment-type charges rather than tax or financing noise, warranting scrutiny.
The gap between gross profit and operating income in several quarters, combined with an unusually large loss in 2024Q3, suggests that a significant portion of reported earnings volatility reflects non-recurring or non-cash charges. Stock-based compensation of $4M to $13M per quarter is modest relative to these swings and does not appear to explain the variance. Investors should treat reported EPS as a noisy signal until the drivers of these large charges are better understood.
Recovery Narrative Rests on Unproven Pricing
The strongest challenge is that PTEN's 2026Q3 profit of $28.4M may reflect a single favorable quarter, since the trailing operating margin remains near breakeven and EPS has been negative in most recent periods.
Short-side analysis would emphasize that one quarter of positive net income does not offset a sequence of losses across the preceding eight quarters, and that the 173.6% EPS growth figure reflects a low base rather than improved earnings power. Peer comparisons show HP and NINE also struggling with negative net margins, suggesting sector-wide pressure rather than company-specific execution. If pricing gains fail to persist, margins could revert toward the low single digits seen in prior quarters.