NABORS INDUSTRIES LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NABORS INDUSTRIES LTD 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	2,228	2,564	3,058	3,043	2,134	2,018	2,654	3,006	2,930	3,185
Cost of revenue	1,344	1,718	1,977	1,929	1,333	1,287	1,666	1,790
Gross profit	884	846	1,081	1,114	801	731	988	1,216
Research and development	33.6	51.1	56.1	50.4	33.6	35.2	49.9	56.3	57.1	53.1
General and administrative	228	251	266	259	204	214	228	244	249	305
Operating income	-118	-142	58.6	89.1	-171	-80.8	44.3	434	417	471
Interest expense	185	223	227	204	206	171	178	185	211	215
Interest income					4.71	1.53	15.5	45.9	39.1	27.9
Other non-operating income	-44.2	-14.9	-29.5	-33.2	0.17	-1.71	-6.62	15.2	-9.94	-12.2
Pre-tax income	-1,198	-580	-519	-589	-706	-488	-246	129	-31	538
Income tax	-187	-83	79.3	91.6	57.3	55.6	61.5	79.2	56.9	163
Income from continuing operations	-989	-490	-652	-741	-838	-573	-350	-11.8
Net income to minority interests	0.14	6.18	28.2	22.4	42.8	25.6	43	61.7	88.1	87.8
Net income	-1,030	-547	-641	-703	-806	-569	-350	-11.8	-176	287
EBITDA	753	701	925	965	682	613	709	1,079	1,050	1,120
EPS, basic	-182.20	-95.11	-99.61	-105.39	-118.69	-76.58	-40.52	-5.49	-22.37	18.75
EPS, diluted	-182.20	-95.11	-99.61	-105.39	-118.69	-76.58	-40.52	-5.49	-22.37	17.39
Shares, basic (weighted)	5.52	5.61	6.69	7.03	7.06	7.61	8.9	9.16	9.2	13.2
Shares, diluted (weighted)	5.52	5.61	6.69	7.03	7.06	7.61	8.9	9.16	9.2	14.4
Dividend per share	12.01	12.01	12.00	2.00	0.50

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	264	337	448	436	472	991	451	1,057	390	941
Short-term investments	31.1	28.4	34	16.5	9.5	0.02	1.29	12.7	7.65	0.03
Receivables	508	698	756	453	363	288	327	348	388	392
Inventory	104	166	166	176	161	126	128	148	130	94.8
Other current assets	172	180	178	164	110	96.3	93	79.9	84.3	124
Total current assets	1,156	1,447	1,594	1,249	1,131	1,502	1,001	1,646	1,000	1,552
Property, plant and equipment	6,268	6,110	5,468	4,931	3,986	3,348	3,026	2,899	2,831	2,920
Lease right-of-use assets				46.6	32.3	23	34.5	30.7	28.7	40.1
Goodwill	167	173	184	28.4
Other non-current assets	230	253	264	247	139	135	161	179	126	129
Total assets	8,187	8,402	7,854	6,761	5,503	5,525	4,730	5,278	4,504	4,790
Accounts payable	265	363	393	295	221	254	314	294	321	300
Accrued liabilities	543	533	418	333	276	247
Deferred revenue	256	218	117	66.8	42.8	42.9	29.2	20,295	24,002	41.9
Short-term debt	0.3	0.18	0.56					630		377
Total current liabilities	822	919	832	657	515	525	596	1,214	572	993
Long-term debt	3,578	4,028	3,586	3,333	2,969	3,263	2,538	2,512	2,505	2,117
Lease liabilities				33.4	24.7	18.7	27.8	25.7	22.1	30.5
Other non-current liabilities	522	302	274	292	318	340	378	270	218	235
Total liabilities	4,932	5,259	4,699	4,285	3,804	4,131	3,514	3,997	3,298	3,352
Total debt	3,605	4,056	3,625	3,364	2,991	3,263	2,538	3,141	2,505	2,495
Paid-in capital	2,521	2,791	3,393	3,413	3,424	3,455	3,536	3,539	3,553	3,753
Retained earnings	2,033	1,423	651	-105	-946	-1,538	-1,841	-1,886	-2,092	-1,837
Treasury stock	-1,296	-1,314	-1,314	-1,314	-1,316	-1,316	-1,316	-1,316	-1,316	-1,316
Other comprehensive income	-12.1	11.2	-29.3	-11.8	-11.1	-10.6	-11	-10.8	-10.4	-10.4
Shareholders' equity	3,247	2,912	2,701	1,983	1,151	591	369	327	135	591
Minority interests	7.77	27	49.5	67.4	105	128	168	215	286	364
Total equity	3,255	2,939	2,750	2,050	1,257	719	537	542	421	955
Total liabilities and equity	8,187	8,402	7,854	6,761	5,503	5,525	4,730	5,278	4,504	4,790

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-1,030	-541	-613	-681	-763	-544	-307	49.9	-88	374
Depreciation and amortization	872	843	867	876	854	693	665	645	633	649
Stock-based compensation	32	31.9	26.4	24.7	24.6	19.4	15.8	15.8	16.5	23.4
Deferred income tax	-202	19.1	76.9	36	64.7	-10.7	7.34	15.9	21.7	97.1
Change in receivables	254	-168	-66.5	277	67.5	71.8	-54.5	-27.1	-42.4	80.6
Change in inventory	40.6	-17.4	-14	-18.7	6.19	32	0.93	-19.4	16.1	33.4
Change in payables	-180	79.2	-76.6	-143	-143	12.1	61.6	-32.4	-25.2	-51.3
Cash from operations	532	62.8	326	685	350	429	501	638	581	693
Capital expenditures	-395	-574	-459	-428	-196	-234	-373	-541	-568	-716
Acquisitions	-22.3	12.3	-20.9	-2.93						-84.4
Purchases of investments	-0.02	-6.72	-0.68	-4.32	-0.09	-14.7	-21.1	-38.3	-7.72	-4.35
Sales and maturities of investments	0.74	13.1	4.29	18.8	2.76	11.4
Cash from investing	-382	-498	-367	-356	-165	-117	-369	-570	-555	97.1
Debt issued	600	411	800		1,000	700		900	550	700
Debt repaid	-494	-382	-878	-455	-1,394	-187	-183	-298	-1,197	-903
Stock issued	0.97	8.3	301
Share buybacks	-1.69	-18.1
Dividends paid	-50.9	-68.5			-22.5	-7.38	-0.07	-0.19	-0.09
Cash from financing	-138	512	156	-332	-148	488	-662	593	-662	-567
Exchange rate effect	-2	-0.03					-7.22	-23	-15.1	-3.68
Net change in cash	9.5	77	109	-9.04	33.2	798	-536	637	-651	220
Free cash flow	136	-512	-133	257	154	195	128	97	13.5	-22.7
Interest paid	184	192	203	174	157	162	190	187	199	209
Income taxes paid	34.5	20.6	11.4	6.55	-17.5	11.2	29.2	49.5	73.8	73.7

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 $81.33 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	13.9%	Operating income / revenue.
Pre-tax margin	14.9%	Pre-tax income / revenue.
Net margin	7.7%	Net income / revenue.
FCF margin	1.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.9%	Cash from operations / revenue.
Effective tax rate	32.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	45.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.6%	Net income / average total assets.
Return on invested capital (ROIC)	13.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.7%	Research and development expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	19.9%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	13.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	119.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	6.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	19.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.4%	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	14.7%	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	-267.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	337.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-12.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.4%	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	-2.7%	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	56.7%	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	17.4%	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	15.4%	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	1.89x	Current assets / current liabilities.
Quick ratio	1.50x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.80x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.90x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	48.0%	Total debt / total assets.
Liabilities / assets	67.4%	Total liabilities / total assets.
Net debt	$1.61B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	2.34x	Operating income / interest expense.
Working capital	$563.5M	Current assets - current liabilities.
Tangible book value	$544.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.73x	Revenue / average total assets.
Fixed asset turnover	1.11x	Revenue / average property, plant and equipment.
Receivables turnover	7.25x	Revenue / average receivables.
Days sales outstanding	50 days	365 x average receivables / revenue.
FCF conversion	24.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	91.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$17.31	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	$225.19	Revenue / diluted weighted shares.
FCF per share	$4.32	Free cash flow / diluted weighted shares.
Operating cash flow per share	$49.20	Cash from operations / diluted weighted shares.
Book value per share	$38.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$38.12	Tangible book value / shares outstanding.
Cash per share	$35.72	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.30B	Share price x shares outstanding.
Enterprise value	$2.91B	Market cap + total debt - cash - short-term investments.
P/E	5.25x	Market cap / net income. Only when net income is positive.
P/S	0.40x	Market cap / revenue.
P/B	2.39x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.39x	Market cap / tangible book value, when positive.
P/FCF	21.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.85x	Market cap / cash from operations, when positive.
EV/Sales	0.90x	Enterprise value / revenue.
EV/EBIT	6.51x	Enterprise value / operating income, when both are positive.
EV/FCF	47.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.7%	Free cash flow / market cap.
Earnings yield	19.0%	Net income / market cap (the inverse of P/E).

What was NABORS INDUSTRIES LTD's revenue in fiscal 2025?

NABORS INDUSTRIES LTD reported revenue of $3.18B for fiscal 2025, 8.7% higher than the year before.

Was NABORS INDUSTRIES LTD profitable in fiscal 2025?

Yes. Net income was $286.6M, a net margin of 9%.

How much free cash flow did NABORS INDUSTRIES LTD generate in fiscal 2025?

Cash from operations of $693.3M minus capital expenditures of $715.9M left free cash flow of -$22.7M.

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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