Full Transcript: Weatherford International Q2 2026 Earnings Call

Weatherford International (NASDAQ: WFRD ) held its second-quarter earnings conference call on Wednesday.

Below is the complete transcript from the call.

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View the webcast at Summary Weatherford International reported Q2 2026 revenue of $1.105 billion, adjusted EBITDA of $223 million at a 20.2% margin, and adjusted free cash flow of $139 million, despite geopolitical challenges in the Middle East.

The company highlighted strategic contract wins in deepwater projects across Brazil, West Africa, and Australia, and continued a strong presence in Saudi Arabia and Oman.

Weatherford updated its second half guidance, expecting higher margins despite ongoing Middle East conflicts, and increased confidence in free cash flow conversion.

The proposed redomestication to Delaware aims to unlock $20 to $30 million in annual savings by 2027, contingent on shareholder approval.

The acquisition of NCS Multistage is expected to enhance the company's completions portfolio, particularly in unconventional resources, with anticipated cost synergies of $15 million annually post-closing.

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As a reminder, today's event is being recorded.

I would now like to turn the conference over to Luke Lemoine, Senior Vice President of Corporate Development.

Sir, you may begin.

Luke Lemoine, Investor Relations Welcome everyone to the Weatherford International second quarter 2026 earnings conference call.

I'm joined today by Girish Saligram, President and CEO, and Anuj, Executive Vice President and CFO.

We'll start today with our prepared remarks and then open up for questions.

You may download a copy of the presentation slides corresponding to today's call from our website Investor Relations section.

I want to remind everyone that some of today's comments include forward-looking statements.

These statements are subject to many risks and uncertainties that could cause our actual results to differ materially from any expectation expressed herein.

Please refer to our latest Securities and Exchange Commission filings for risk factors and cautions regarding forward-looking statements.

Our comments today also include non-GAAP financial measures.

The underlying details and a reconciliation of GAAP to non-GAAP financial measures are included in our earnings press release or accompanying slide deck, which can be found on our website.

As a reminder, today's call is being webcast, and a recorded version will be available in our website's Investor Relations section following the conclusion of this call.

With that, I'd like to turn the call over to Girish.

Girish Saligram, President and CEO Thanks, Luke, and thank you all for joining our call.

I'll start with an overview of our second quarter performance and short-term outlook followed by a couple of key enterprise updates.

Anuj will then cover specifics on financial performance, balance sheet, detailed guidance, and I will wrap up with some thoughts on the current operating environment and our focus areas before opening for Q&A.

To summarize our Q2 2026 performance, we delivered revenue of $1.105 billion, adjusted EBITDA of $223 million at a 20.2% margin, and adjusted free cash flow of $139 million representing a 62.3% conversion on adjusted EBITDA.

I would like to thank the One Weatherford team, and especially our Middle East-based employees, for their focus on customers, safety, and operational discipline as the region continues to work through a challenging operating environment due to the ongoing conflict.

I am especially pleased with Q2 margin and cash performance given the challenging environment.

We were hampered by the Middle East activity profile not returning to pre-conflict levels driven by the geopolitical events that everyone is well aware of.

Further, we had activity declines in Indonesia, pockets of pricing headwinds leading to volume declines, and a union strike in Norway that put further pressure.