Weatherford Q1 Revenue Falls 3% While Net Income Rises 42%
Weatherford’s Q1 revenue of $1,152M fell 3% year-over-year while operating income dropped 13% to $123M, but net income climbed 42% to $108M with a 9.4% margin. The company generated $136M cash from operations, $85M adjusted free cash flow and proposed redomesticating from Ireland to Texas.
1. Q1 2026 Financial Performance
Weatherford reported first quarter revenue of $1,152 million, a 3% year-over-year decline, and operating income of $123 million, down 13%. Net income rose 42% to $108 million with a 9.4% margin, adjusted EBITDA was $233 million (20.2% margin), and cash from operations reached $136 million with $85 million in adjusted free cash flow.
2. Strategic Restructuring Initiative
The company proposed redomesticating from Ireland to the United States, selecting Texas as its new legal domicile to simplify its corporate structure, reduce administrative complexity and align operations with its primary market.
3. Contract Awards and Operational Highlights
During the quarter, Weatherford secured a multi-year Integrated Completions contract in Denmark and a five-year Tubular Running Services agreement in Vietnam. It also extended drilling services in Thailand and won wireline, managed pressure drilling, subsea intervention and artificial lift contracts across Turkey, Brazil, Colombia, Canada, Italy, UAE and Argentina.