Nabors Industries (NYSE: NBR) reported Q1 EPS of ($1.54), $0.90 better than the analyst estimate of ($2.44). Revenue for the quarter came in at $783.55 million versus the consensus estimate of $770.59 million.

Outlook

Nabors expects the following metrics for the second quarter of 2026:

U.S. Drilling

Lower 48 average rig count of 67 - 68 rigs
Lower 48 daily adjusted gross margin of approximately $13,300
Alaska and Gulf of America combined adjusted EBITDA of approximately $15 million

International

Average rig count of 93 - 95 rigs
Daily adjusted gross margin of approximately $17,400 - $17,500

Drilling Solutions

Adjusted EBITDA of approximately $39 million

Rig Technologies

Adjusted EBITDA of approximately $3 million

Capital Expenditures

Capital expenditures of $180 - $190 million, including $75 - $80 million for newbuilds in Saudi Arabia

Adjusted Free Cash Flow

Adjusted free cash flow of approximately $10 million, including free cash consumption at SANAD of approximately $10 million

For earnings history and earnings-related data on Nabors Industries (NBR) click here.