Earnings quality remains robust as evidenced by an OCF/NI ratio of 1.25 in 2026Q1, supporting a shift toward consistent shareholder capital returns despite historical working capital volatility.
| 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 |
|---|
| Cash from Operations | 669M | 676M | 792M | 832M | 349M | 322M | 210M | -747M | -242M | -388M | -314M | 706M | 963M | 1.23B | 1.22B | 833M | 1.13B | 614.32M | 1.1B | 872.51M | 1.09B | 503.09M | 503.48M | 285.4M | 269.82M | 248.97M | 132.5M | 63M | 121.9M | -13.3M | 2.8M |
| Operating CF Margin % | - | 13.75% | 14.37% | 16.2% | 8.06% | 8.83% | 5.7% | -15.08% | -4.21% | -6.81% | -5.46% | 7.48% | 6.46% | 8.05% | 8.03% | 6.41% | 11.05% | 6.96% | 11.51% | 11.14% | 16.52% | 11.61% | 16.08% | 11.01% | 11.59% | 10.69% | 7.3% | 5.08% | 6.06% | -1.49% | 0.59% |
| Operating CF Growth % | -59.29% | -14.65% | -4.81% | 138.4% | 8.39% | 53.33% | 128.11% | -208.68% | 37.63% | -23.57% | -144.48% | -26.69% | -21.64% | 0.66% | 46.58% | -26.15% | 83.62% | -44.38% | 26.6% | -19.73% | 116.07% | -0.08% | 76.41% | 5.78% | 8.37% | 87.9% | 110.32% | -48.32% | 1016.54% | -575% | 112.79% |
| Net Income | 463M | 457M | 550M | 449M | 51M | -429M | -1.9B | 3.68B | -2.79B | -2.79B | -3.37B | -1.95B | -539M | -314M | -750M | 278M | -93.13M | 279.93M | 1.37B | 1.09B | 906.11M | 467.42M | 330.15M | 143.35M | -6.03M | 214.65M | -42.35M | -20.9M | 64.8M | 74.7M | 32M |
| Depreciation & Amortization | 275M | 267M | 343M | 327M | 349M | 440M | 503M | 447M | 556M | 801M | 956M | 1.2B | 1.37B | 1.4B | 1.28B | 1.14B | 1.05B | 906.7M | 731.81M | 606.23M | 483.06M | 345.77M | 272.71M | 249.01M | 230.77M | 223.52M | 206.63M | 166.7M | 170.7M | 33.7M | 16.8M |
| Stock-Based Compensation | 34M | 38M | 45M | 35M | 25M | 25M | 25M | 46M | 47M | 70M | 87M | 73M | 56M | 66M | 76M | 87M | 98.72M | 110M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -12M | -14M | 8M | -86M | 4M | -10M | -5M | 25M | -79M | -25M | 381M | -448M | -66M | -33M | -13M | 149M | 55.03M | -110.33M | -41.44M | 28.87M | 48.41M | 28.78M | -15.73M | -16.79M | -93.8M | 50.37M | 74.97M | -15.7M | -16M | 23.9M | -8M |
| Other Non-Cash Items | -36M | -32M | 31M | 162M | 30M | 210M | 1.31B | -4.52B | 2.21B | 1.65B | 1.34B | 1.27B | 775M | 372M | 948M | 75M | 216.82M | -56.26M | -3.48M | 9.03M | 8.64M | -21.92M | -65.5M | 6.99M | 184.56M | -25.99M | 36.47M | 73.1M | -27.9M | -1.8M | -7.7M |
| Working Capital Changes | -62M | -40M | -185M | -55M | -110M | 86M | 271M | -433M | -190M | -93M | 290M | 560M | -634M | -264M | -322M | -891M | -196.77M | -515.72M | -949.15M | -863.6M | -359.21M | -316.96M | -18.16M | -97.16M | -45.69M | -213.58M | -143.21M | -140.2M | -69.7M | -143.8M | -30.3M |
| Change in Receivables | -54M | 75M | -31M | -221M | -193M | -6M | 378M | -135M | -70M | -29M | 214M | 1.03B | 78M | -12M | -705M | -626M | -190.3M | 100.2M | -461.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 24M | 24M | -112M | -114M | -56M | -18M | 64M | -215M | 86M | -37M | 260M | 349M | -167M | 129M | -738M | -606M | -360.06M | -46.03M | -581.98M | -417.31M | -338.32M | -150.76M | -70.71M | -76.51M | -35.77M | -98.38M | -74.63M | -23.5M | -73.6M | -69.2M | -16.3M |
| Change in Payables | -78M | -131M | 97M | 231M | 84M | 56M | -250M | -72M | -90M | -2M | -21M | -813M | -150M | 69M | 543M | 237M | 298.49M | 41.28M | 230.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -134M | -145M | -293M | -289M | -54M | -83M | -75M | 149M | 122M | -62M | -137M | -659M | 330M | -1.1B | -2.31B | -1.67B | -907.72M | -1.52B | -3.01B | -2.23B | -1.24B | -1.25B | -105.29M | -377.01M | -404.79M | -939.35M | -215.07M | -90.4M | -218.1M | -421.8M | 131.3M |
| Capital Expenditures | -149M | -226M | -299M | -209M | -132M | -85M | -154M | -250M | -214M | -240M | -214M | -690M | -1.46B | -1.58B | -2.19B | -1.53B | -1B | -1.6B | -2.51B | -1.66B | -1.1B | -526.62M | -310.87M | -302.5M | -268.69M | -339.43M | -266.56M | -277.3M | -344.7M | -62.6M | -89M |
| CapEx % of Revenue | 3.06% | 4.6% | 5.42% | 4.07% | 3.05% | 2.33% | 4.18% | 5.05% | 3.73% | 4.21% | 3.72% | 7.31% | 9.76% | 10.38% | 14.42% | 11.79% | 9.8% | 18.17% | 26.13% | 21.17% | 16.75% | 12.15% | 9.93% | 11.67% | 11.54% | 14.58% | 14.69% | 22.36% | 17.14% | 7.02% | 18.62% |
| Acquisitions | 102M | 113M | -51M | -4M | 0 | 41M | 11M | 328M | 261M | 422M | -11M | 31M | 1.78B | 480M | -112M | -113M | 50.97M | 86.75M | -798.53M | -275.15M | -194.31M | -991.07M | -46.96M | -61.53M | -111.75M | -423.16M | -151.02M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -85M | -30M | 67M | -19M | 78M | -39M | -136M | 71M | 75M | -483M | -120M | 0 | -1.45B | 0 | -9M | -7M | 41.84M | 0 | 321.36M | -38.5M | 39.86M | -29.85M | -2.86M | -12.99M | -24.35M | -176.77M | 202.51M | 186.9M | 147.3M | -382.6M | 220.3M |
| Cash from Financing | -396M | -474M | -511M | -514M | -248M | -403M | 348M | 749M | 168M | 20M | 1.07B | 12M | -1.18B | 6M | 1.01B | 796M | -37.85M | 906.15M | 1.98B | 1.4B | 145.11M | 570.11M | -139.61M | 94.64M | 93.96M | 622.91M | 193.18M | 38.4M | 64.4M | 243M | 87M |
| Debt Issued (Net) | -175M | -206M | -287M | -386M | -198M | -375M | 417M | 935M | 242M | 53M | 206M | 35M | -1.18B | 12M | 990M | 798M | -29M | 833.67M | 1.96B | 1.59B | 622.52M | 379.94M | -192.76M | -322.56M | 63.52M | 470.89M | 188.45M | 106.2M | 100.4M | 178.2M | -40.8M |
| Equity Issued (Net) | -58M | -101M | -99M | 0 | 0 | -1M | 0 | 0 | 0 | 0 | 1.07B | 0 | 0 | 0 | 0 | 0 | 0 | 5.72M | 0 | -212M | -493.14M | 191.13M | 128.31M | 411.35M | 31.71M | 11.23M | 4.54M | -2.9M | -36.5M | 2M | 114.1M |
| Dividends Paid | -74M | -72M | -36M | 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 | 0 |
| Share Repurchases | -58M | -101M | -99M | 0 | 0 | -1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -246.19M | -548.58M | 0 | -1.24M | -2.62M | -2.7M | -2M | -2.12M | -4.2M | -40.4M | -14.4M | -900K |
| Other Financing | -89M | -95M | -89M | -128M | -50M | -27M | -69M | -186M | -74M | -33M | -206M | -23M | 3M | -6M | 22M | -2M | -8.85M | 66.77M | 21.38M | 25M | 15.72M | -960K | -75.16M | 5.85M | -1.27M | 140.79M | 186K | -64.9M | 500K | 62.8M | 13.7M |
| Net Change in Cash | 120M | 67M | -88M | -49M | -1M | -172M | 485M | 152M | -11M | -424M | 570M | -7M | 39M | 135M | -71M | -45M | 163.25M | 14.12M | 67.68M | 44.43M | -7.96M | -183.19M | 261.36M | 7.25M | -39.99M | -64.98M | 109.45M | 10.3M | -34M | 243M | 87M |
| Free Cash Flow | 466M | 450M | 493M | 623M | 217M | 237M | 56M | -997M | -456M | -628M | -528M | 16M | -492M | -355M | -973M | -699M | 127.49M | -989.37M | -1.4B | -785.57M | -15.27M | -23.52M | 192.61M | -17.1M | 1.13M | -90.46M | -134.06M | -214.3M | -216.8M | -75.9M | -86.2M |
| FCF Margin % | 9.56% | 9.15% | 8.94% | 12.13% | 5.01% | 6.5% | 1.52% | -20.13% | -7.94% | -11.02% | -9.18% | 0.17% | -3.3% | -2.33% | -6.4% | -5.38% | 1.25% | -11.21% | -14.62% | -10.03% | -0.23% | -0.54% | 6.15% | -0.66% | 0.05% | -3.88% | -7.39% | -17.28% | -10.78% | -8.51% | -18.03% |
| FCF Growth % | -4.12% | -8.72% | -20.87% | 187.1% | -8.44% | 323.21% | 105.62% | -118.64% | 27.39% | -18.94% | -3400% | 103.25% | -38.59% | 63.51% | -39.2% | -648.27% | 112.89% | 29.52% | -78.68% | -5045.88% | 35.1% | -112.21% | 1226.38% | -1613.27% | 101.25% | 32.52% | 37.44% | 1.15% | -185.64% | 11.95% | -57.88% |
| FCF per Share | 6.45 | 6.20 | 6.58 | 8.42 | 3.01 | 3.39 | 0.80 | -14.24 | -0.46 | -0.63 | -0.60 | 0.02 | -0.63 | -0.46 | -1.27 | -0.92 | 0.17 | -1.37 | -2.01 | -2.26 | -0.04 | -0.07 | 1.28 | -0.13 | 0.01 | -0.58 | -0.86 | -1.37 | -1.39 | -0.41 | -0.53 |
| FCF Conversion (FCF/Net Income) | 1.01x | 1.57x | 1.57x | 2.00x | 13.42x | -0.72x | -0.11x | -0.20x | 0.09x | 0.14x | 0.09x | -0.36x | -1.65x | -3.56x | -1.57x | 4.41x | -5.20x | 2.42x | 0.79x | 0.81x | 1.21x | 1.08x | 1.53x | 1.99x | -44.75x | 1.16x | -3.13x | -3.01x | 1.88x | -0.07x | 0.03x |
| Interest Paid | 69M | 0 | 153M | 181M | 220M | 269M | 232M | 272M | 584M | 538M | 467M | 477M | 511M | 525M | 478M | 461M | 403M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 92M | 0 | 168M | 132M | 86M | 62M | 79M | 89M | 99M | 87M | 161M | 331M | 386M | 442M | 443M | 291M | 351M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
International market demand volatility
As reported in recent financial statements, WFRD consistently generates operating cash flow in excess of net income, with an OCF/NI ratio reaching 1.25 in 2026Q1, suggesting that the company's reported earnings are supported by tangible cash inflows rather than aggressive accounting accruals or non-cash adjustments.
The persistent premium of operating cash flow over net income indicates a high quality of earnings, which is particularly encouraging given the company's recent revenue contraction. Investors should monitor whether this conversion efficiency remains stable as the company navigates potential shifts in its long-term service contract portfolio.
Based on the provided quarterly data, WFRD's free cash flow margins have fluctuated significantly, ranging from a high of 22.6% in 2023Q4 to a low of 5.3% in 2024Q1, reflecting the inherent volatility of capital-intensive oilfield service operations during periods of shifting global rig activity.
While the FCF trajectory appears stable on an absolute basis, the margin compression observed in recent quarters warrants further investigation into whether this is a structural shift or merely a reflection of cyclical timing. The ability to maintain positive FCF despite top-line headwinds suggests disciplined cost management.
According to historical financial filings, WFRD's capital expenditure as a percentage of revenue has remained relatively contained, peaking at 7.5% in 2024Q4, which implies that the company is successfully balancing necessary fleet maintenance with a cautious approach to growth-oriented capital deployment in a volatile market.
The moderate capital intensity suggests that the company is not over-investing in its asset base during a period of revenue contraction, which protects the balance sheet. Analysts should evaluate if current maintenance levels are sufficient to prevent long-term technological obsolescence in its specialized Managed Pressure Drilling segment.
As indicated by the quarterly cash flow statements, WFRD frequently experiences significant working capital outflows, such as the $118 million drag in 2024Q1, which highlights the company's susceptibility to the timing of collections and inventory build-ups inherent in large-scale international oilfield service projects.
The volatility in working capital changes suggests that cash flow generation is highly sensitive to the payment cycles of National Oil Companies and project-based milestones. Investors should monitor these fluctuations as they may obscure the underlying operational cash generation capability of the business during specific quarters.
Based on reported figures, WFRD has shifted its capital deployment toward shareholder returns, including $20 million in dividends and $10 million in buybacks during 2026Q1, signaling a transition from the post-reorganization focus on debt reduction to a more balanced approach to returning capital to investors.
This shift in capital allocation appears to reflect management's increased confidence in the company's cash flow sustainability. However, investors should remain cautious, as any sustained downturn in international activity could necessitate a rapid pivot back toward liquidity preservation over shareholder distributions.
Quick answers to the most common questions about buying WFRD stock.
Weatherford International plc (WFRD) generated $676.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Weatherford International plc (WFRD) generated $450.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Weatherford International plc (WFRD) spent $226.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Weatherford International plc (WFRD) returned $72.0M to shareholders via cash dividends and spent $101.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.