Helmerich & Payne Q1 Revenue Jumps 50% but Posts $0.15 EPS Loss
Helmerich & Payne delivered $1.02 billion in Q1 revenue, a 50.2% year-over-year increase that topped analyst forecasts by 3.1%, while reporting a $0.15 per-share loss versus $0.71 profit a year earlier. Offshore and international operating revenues surged 544.6% and 393.5%, respectively, driven by higher rig utilization.
1. Q1 Financial Results
Helmerich & Payne reported Q1 revenue of $1.02 billion for the quarter ended December 2025, up 50.2% from a year ago and exceeding the $986.41 million consensus by 3.1%. The company posted a loss per share of $0.15, missing the $0.12 profit estimate and reversing the $0.71 EPS gain in Q1 2025.
2. Segment Performance
North America Solutions operating revenue reached $563.94 million (-5.7% YoY) versus $555.45 million estimated, while Offshore Solutions generated $188.28 million, a 544.6% YoY jump above the $180.33 million forecast. International Solutions brought in $234.29 million, up 393.5% from prior year and beating the $230.53 million estimate.
3. Rig Metrics and Utilization
Average active rigs totaled 143 in North America (versus 140 estimate), three offshore (matching estimate) and 59 internationally (versus 61 estimate). Available rigs ended the quarter at 203 in North America (vs. 217 est.), four offshore (vs. seven est.) and 131 internationally (vs. 137 est.), reflecting tight capacity.
4. Investor Implications
The mixed results—strong top-line growth offset by a bottom-line miss—highlight pressures on margins despite robust demand for offshore and international drilling. Investors will watch upcoming rig utilization trends and cost controls to assess recovery in profitability.