Helmerich & Payne reported a fiscal fourth‑quarter 2025 net loss of $0.58 per share on a consolidated basis, driven by $56 million in non‑recurring charges. The adjusted loss was $0.01 per share, a miss of $0.27 against the consensus estimate of $0.26 per share.
Revenue reached $1.01175 billion, up 3.7% from the $975.7 million consensus estimate and 0.1% from the $1.011 billion reported in the prior quarter. The beat was largely supported by strong demand in the North America Solutions (NAS) segment, which generated $242 million in direct margins compared to $266 million in the prior quarter, while International Solutions posted an operating loss of $75 million, an improvement from a $167 million loss in Q3 2025.
The company’s NAS operating income fell from $158 million to $118 million, reflecting pricing pressure and higher operating costs despite a 4% increase in rig activity. International Solutions’ loss narrowed as the company integrated the KCA Deutag acquisition, which added new rigs and customers.
Management highlighted the company’s focus on debt reduction and capital efficiency. CEO John Lindsay said the year was “historic” because H&P grew its global drilling footprint to over 200 operating rigs and surpassed $1 billion in direct margins in NAS. CFO Kevin Vann noted that the company is on track to repay its $400 million term loan by the third fiscal quarter of 2026 and that capital expenditures for fiscal 2026 will be $280–$320 million, a reduction from the $350–$380 million spent in fiscal 2025.
Guidance for fiscal 2026 includes an average contracted rig count of 132–148 in NAS and an average operating rig count of 58–68 in International Solutions. The company projects offshore direct margins of $100–$115 million and expects to generate strong free cash flow to accelerate debt repayment. The reactivation of seven rigs in Saudi Arabia in the first half of 2026 is expected to further support revenue growth.
Helmerich & Payne’s results underscore a mixed picture: revenue growth and a robust global footprint are offset by margin compression in NAS and the impact of one‑time charges. The company’s disciplined approach to capital spending and debt reduction signals confidence in sustaining profitability amid a challenging drilling environment.
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