Weatherford

Weatherford International provides equipment and services for oil and gas wells. It has three segments: Drilling and Evaluation (DRE), which includes managed pressure drilling (MPD) and wireline; Well Construction and Completions (WCC); and Production and Intervention (PRI), which includes artificial lift and pressure pumping. It has large operations in the Middle East, North Africa, Asia, Latin America and North America.

The parent company is incorporated in Ireland, its headquarters are in Houston and its shares trade on NASDAQ. Revenue was $1,143 million in Q3 2026. Girish Saligram is President and CEO.

The market prices Weatherford for lower activity in the Middle East and for weak oilfield spending. The conflict with Iran disrupted work in the region in 2026. In Q3 2026, revenue was $1,143 million, 7% lower than a year earlier. In October 2026, Weatherford said that recent events in the Middle East reduced the expectation of a quick recovery.

Cost control still raised the adjusted EBITDA margin to 22.2% in Q3 2026 from 20.2% in Q2. For the gap to close, three things must be true. Activity in the Middle East must recover, so that adjusted EBITDA rises in Q4 2026, as management expects, and revenue grows again in 2027. Adjusted free cash flow must stay strong, as in Q3 2026, when it was $155 million.

The redomestication to Delaware, which shareholders approved on September 3, 2026, must close in Q4 2026 and give the expected $20 million to $30 million of annual cash savings from 2027, and the NCS Multistage purchase must give at least $15 million of cost synergies. The Irish High Court decision on the redomestication and the Q4 2026 report in about January 2027 give the next tests. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a new escalation in the Middle East or lower oil prices, which reduce customer spending.

1. Oct 21, 2026Passed

   Q3 2026 results: Middle East activity and marginsHigher adjusted EBITDA margin than the 20.2% of Q2 2026 and continued positive adjusted free cash flow pass; a lower margin or a further cut to the outlook fails.Outcome: Adjusted EBITDA margin rose to 22.2%, adjusted free cash flow was $155 million, and Weatherford raised its full-year adjusted free cash flow guidance again.
2. Dec 2026 · est.Pending

   Redomestication to Delaware closesThe High Court of Ireland sanctions the scheme and the move closes in Q4 2026 passes; a delay into 2027 or a court refusal fails.
3. Jan 20, 2027 · est.Pending

   Q4 2026 results: EBITDA increase and 2027 outlookQ4 adjusted EBITDA above the $254 million of Q3 2026 and a 2027 outlook for growth pass; flat or lower Q4 adjusted EBITDA or a weaker 2027 outlook fails.

Every passed and failed checkpoint across all picks

• October 20, 2026Weatherford reported Q3 2026 results. Revenue rose 3% from Q2 to $1,143 million but fell 7% from a year earlier. Net income was $120 million, and adjusted EBITDA was $254 million, a margin of 22.2%. Adjusted free cash flow was $155 million. Weatherford expects a meaningful increase in adjusted EBITDA in Q4 2026 and raised its full-year adjusted free cash flow guidance again.
• October 20, 2026Weatherford gave notice to redeem all $236 million of its 8.625% senior notes due 2030 on October 30, 2026, with cash on hand. It expects this to cut annual cash interest by about $20 million.
• October 15, 2026The Board declared a dividend of $0.275 per share, payable on December 3, 2026.

• A large part of the business is in the Middle East. The Iran conflict reduced MPD, wireline and completions activity in Q2 2026, and a further escalation can cut activity again.
• Customer spending depends on oil and gas prices. Lower prices can reduce drilling and completion work, mostly in North America and with national oil companies.
• The redomestication needs the sanction of the High Court of Ireland. A delay can postpone the expected $20 million to $30 million of annual cash savings.
• The NCS Multistage purchase must be integrated. If the expected $15 million of cost synergies do not come, the purchase gives less value.

Weatherford has low net debt. At September 30, 2026, total debt was $1.48 billion and cash was $1.16 billion, with $37 million more of restricted cash. Read more