Nabors Reports $784M Q1 Revenue, $205M EBITDA and 167.9 Rig Count
Nabors Industries reported Q1 2026 revenues of $784 million, a $15 million net loss and $205 million adjusted EBITDA, with average rig count up to 167.9 from 162.9. It reduced total debt by $386 million since 2024 to $2.1 billion and extended debt maturity beyond five years.
1. Financial Performance
Nabors logged operating revenues of $783.5 million in Q1 2026 and recorded a net loss of $15 million, compared with net income of $10 million in Q4 2025. Adjusted EBITDA reached $204.8 million while adjusted free cash flow improved year-over-year to negative $48.2 million from negative $61.2 million.
2. Rig Activity Growth
Average total rigs working climbed to 167.9 in the first quarter, up from 162.9 in Q4 and 153.2 a year ago. In the Lower 48, rig count rose to 65.3 rigs with four new additions, and the SANAD joint venture deployed one newbuild in Saudi Arabia plus reactivated a previously suspended rig.
3. Debt Reduction and Awards
The company redeemed its remaining 2028 notes, cutting total debt to $2.1 billion—a $386 million reduction since year-end 2024—and extended its weighted average debt maturity beyond five years. Nabors also secured three industry awards recognizing its drilling technology and operational reliability.
4. Outlook and Guidance
Management expects to exit Q2 with approximately 69 rigs running in the Lower 48 and sustain that level through year-end 2026. Full-year capital spending is projected to remain within previously guided ranges, balancing growth with disciplined cash allocation.