NESR revenue jumps 34% as Middle East oilfield activity surges

National Energy Services Reunited (NASDAQ:NESR) reported first-quarter 2026 revenue of $404.6 million, marking a 33.5% surge compared to the same period last year and a 1.6% sequential increase.

The results reflect sustained momentum in the company’s core markets as national oil companies ramp up production capacity.

The Houston-based oilfield services provider recorded net income of $23.8 million, or $0.23 per diluted share.

Adjusted EBITDA for the quarter reached $76.7 million, supported by a steady expansion in both the Production and Drilling and Evaluation segments.

Operating cash flow stood at $30.7 million.

In a significant shift toward shareholder returns, NESR’s board authorized a dual-track capital allocation plan.

The company expects to initiate a quarterly dividend of $0.10 per share starting in the fourth quarter of 2026.

Additionally, the board approved a share repurchase program of up to $50 million, signaling confidence in the company’s long-term cash flow profile and valuation.

NESR ended the quarter with a cash balance of $93 million.

Total debt was reported at $287.4 million, resulting in a net debt position of $194.4 million.

The company continues to prioritize balance sheet flexibility while investing in localized technology and sustainable energy services across the MENA region.