Helmerich & Payne, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Helmerich & Payne, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,624	1,805	2,487	2,798	1,774	1,219	2,059	2,872	2,757	3,746
Cost of revenue		1,245	1,648	1,803	1,185	953	1,427	1,709	1,625	2,511
Gross profit		560	840	995	589	266	632	1,164	1,132	1,235
Research and development	10.3	12	18.2	27.5	21.6	21.7	26.6	30.1	41	34.1
Selling, general and administrative	146	148	199	194	168	172	182	207	245	287
General and administrative	146	151
Operating income	-26	-169	33	20.6	-620	-429	45.3	568	457	3.32
Interest expense	22.9	19.7	24.3	25.2	24.5	24	19.2	17.3	29.1	108
Interest income	3.17	5.92	8.02	9.47	7.3	10.3	18.1	28.4	41.2	35.2
Other non-operating income	-46.7	-15.5	-17.1	-71.8	-16.3	-1.32	-14	25.1	23.6	-77.4
Pre-tax income	-72.7	-185	15.8	-51.2	-636	-430	31.3	593	481	-74.1
Income tax	-19.7	-56.7	-477	-18.7	-140	-104	24.4	159	137	85.8
Income from continuing operations	-53	-128	493	-32.5	-496	-337	6.55
Net income to minority interests								0	0	3.75
Net income	-56.8	-128	483	-33.7	-494	-326	6.95	434	344	-164
EBITDA	573	416	617	583	-138	-8.82	448	951	855	628
EPS, basic	-0.54	-1.20	4.39	-0.34	-4.60	-3.04	0.05	4.18	3.43	-1.66
EPS, diluted	-0.54	-1.20	4.37	-0.34	-4.60	-3.04	0.05	4.16	3.43	-1.66
Shares, basic (weighted)	108	109	109	109	108	108	106	102	98.9	99.3
Shares, diluted (weighted)	108	109	109	109	108	108	107	103	99.1	99.3
Dividend per share	2.78	2.80	2.82	2.84	1.92	1.00	1.00	1.00	0.25	0.25

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	906	521	284	348	488	918	232	257	217	197
Short-term investments	44.1	44.5	41.5	53	89.3	199	117	93.6	293	21.5
Receivables	287	398	531	462	150	204	431	403	419	753
Inventory	124	137	158	150	104	84.1	88	94.2	118	324
Other current assets	8.69	2.36	2.15	5.04	13.4	20.8	8.1	2.04	4.85	15.3
Total current assets	1,573	1,235	1,116	1,115	963	1,587	1,003	1,007	1,192	1,465
Property, plant and equipment	5,145	5,001	4,857	4,502	3,646	3,127	2,961	2,922	3,016	4,313
Lease right-of-use assets				0	44.6	49.2	39.1	50.4	67.1	124
Goodwill	4.72	51.7	64.8	82.8	45.7	45.7	45.7	45.7	45.7	183
Intangible assets	0.92	50.8	73.2	86.7	81	73.8	67.2	60.6	54.1	486
Long-term investments	85	84	98.7	32	31.6	135	219	265	101	68.2
Other non-current assets	24	17.2	5.26	20.9	17.1	16.2	20.9	32.1	63.7	67
Total assets	6,832	6,440	6,215	5,840	4,830	5,034	4,356	4,382	5,782	6,706
Accounts payable	95.4	136	133	45.4	36.5	72	127	131	135	218
Accrued liabilities	235	209	245	287	155	283	241	263	287	565
Deferred revenue	34.7	25.9	20.5	25.4	9.27	8.55	19.8	23.4	10.4	38.1
Short-term debt			0	0	0	483	0		0	6.86
Total current liabilities	330	344	377	410	219	866	395	419	447	815
Long-term debt	492	493	494	479	481	542	543	545	1,782	2,057
Lease liabilities					33.9	37.9	27.4	41	59.7	110
Other non-current liabilities	103	101	93.6	116	147	148	115	128	134	271
Total liabilities	2,271	2,275	1,832	1,827	1,511	2,122	1,590	1,610	2,865	3,876
Total debt	492	493	494	479	481	1,025	543	545	1,782	2,064
Paid-in capital	448	487	500	510	522	530	528	525	518	513
Retained earnings	4,290	3,856	4,028	3,714	3,010	2,573	2,474	2,708	2,884	2,619
Treasury stock	-188	-192	-173	-195	-198	-182	-236	-464	-489	-464
Other comprehensive income	-0.2	2.3	16.6	-28.6	-26.2	-20.2	-12.1	-7.98	-6.35	45
Shareholders' equity	4,561	4,165	4,383	4,012	3,319	2,913	2,765	2,772	2,917
Minority interests									0	105
Total equity	4,561	4,165	4,383	4,012	3,319	2,913	2,765	2,772	2,917	2,829
Total liabilities and equity	6,832	6,440	6,215	5,840	4,830	5,034	4,356	4,382	5,782	6,706
Shares outstanding	108	109	109	108	107	108	105	99.4	98.8	99.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-56.8	-128	483	-33.7	-494	-326	6.95	434	344	-160
Depreciation and amortization	599	586	584	563	482	420	403	382	397	625
Stock-based compensation	24.4	26.2	31.7	34.3	36.3	27.9	28	32.5	31.2	31.6
Deferred income tax	60.1	-24.1	-487	-44.6	-158	-89.8	-28.5	-20.4	-23.2	-78.7
Change in receivables	72.8	-97.1	-85.2	70.3	301	-28.4	-236	56.3	-10.7	-48.6
Change in inventory	1.94	-10.6	-22.4	-5.91	9.42	19.8	-5.23	-7.83	-20.8	-26.9
Change in payables	-10.9	39.4	-4.46	-9.15	-9.41	31	53.2	4.24	-2.29	-21.3
Cash from operations	755	371	558	856	539	136	234	834	685	543
Capital expenditures	-257	-398	-467	-458	-141	-82.1	-251	-395	-495	-426
Acquisitions		-70.4	-47.9	-16.2	0	0		0	0	-1,836
Purchases of investments	-57.3	-69.9	-71	-97.7	-135	-315	-165	-181	-201	-117
Sales and maturities of investments		0	0	12	0
Cash from investing	-234	-445	-472	-423	-87.9	-162	-167	-323	-459	-1,925
Debt issued				0	0	549	0	0	1,248	400
Debt repaid	-40
Stock issued	2.77	11.3	6.36	3.05	4.1	0	0
Share buybacks		0	0	-42.8	-28.5	0	-77	-247	-51.3	0
Dividends paid	-300	-306	-308	-313	-260	-109	-107	-201	-168	-101
Cash from financing	-344	-301	-320	-376	-297	426	-734	-464	987	66.7
Exchange rate effect								0	0	13
Net change in cash	176	-375	-234	56.8	154	400	-668	47.2	1,212	-1,303
Free cash flow	497	-26.4	91.3	397	398	54.3	-17	438	190	117
Interest paid	28	22.9	20.5	26.7	22.9	26.7	18.9	17.1	15.9	82.3
Income taxes paid	-24.1	-23.5	-38.4	16.2	46.7	-32.5	17.7	199	181	206

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $38.57 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.8%	Gross profit / revenue.
Operating margin	2.3%	Operating income / revenue.
EBITDA margin	20.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.0%	Pre-tax income / revenue.
Net margin	-3.4%	Net income / revenue.
FCF margin	7.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.5%	Cash from operations / revenue.
Return on assets (ROA)	-2.2%	Net income / average total assets.
R&D / revenue	0.7%	Research and development expense / revenue.
SG&A / revenue	7.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.6%	Capital expenditures / revenue.
D&A / revenue	18.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	35.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	25.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-99.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-58.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-26.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-147.6%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-148.4%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-20.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	32.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-38.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-21.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-37.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-33.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	16.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.96x	Current assets / current liabilities.
Quick ratio	1.38x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.29x	(Cash + short-term investments) / current liabilities.
Debt / assets	29.6%	Total debt / total assets.
Liabilities / assets	57.5%	Total liabilities / total assets.
Net debt	$1.63B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.98x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.87x	Operating income / interest expense.
Working capital	$770.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	9.6%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.64x	Revenue / average total assets.
Fixed asset turnover	1.03x	Revenue / average property, plant and equipment.
Inventory turnover	8.36x	Cost of revenue / average inventory.
Days inventory	44 days	365 x average inventory / cost of revenue.
Receivables turnover	4.60x	Revenue / average receivables.
Days sales outstanding	79 days	365 x average receivables / revenue.
Days payables	28 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	95 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	45.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.37	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$39.95	Revenue / diluted weighted shares.
FCF per share	$3.15	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.79	Cash from operations / diluted weighted shares.
Cash per share	$2.32	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	32.1%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.85B	Share price x shares outstanding.
Enterprise value	$5.49B	Market cap + total debt - cash - short-term investments.
P/S	0.96x	Market cap / revenue.
P/FCF	12.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.65x	Market cap / cash from operations, when positive.
EV/Sales	1.37x	Enterprise value / revenue.
EV/EBIT	61.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.67x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.2%	Free cash flow / market cap.
Earnings yield	-3.6%	Net income / market cap (the inverse of P/E).
Dividend yield	2.6%	Dividends paid over the period / market cap.
Shareholder yield	2.6%	(Dividends paid + share buybacks) / market cap.

What was Helmerich & Payne, Inc.'s revenue in fiscal 2025?

Helmerich & Payne, Inc. reported revenue of $3.75B for fiscal 2025, 35.9% higher than the year before.

Was Helmerich & Payne, Inc. profitable in fiscal 2025?

No. It reported a net loss of $163.7M.

How much free cash flow did Helmerich & Payne, Inc. generate in fiscal 2025?

Cash from operations of $543.0M minus capital expenditures of $426.4M left free cash flow of $116.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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