NABORS INDUSTRIES LTD — Form 8-K
Filed October 27, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 62/100
What the filing says
Nabors Industries reported Q3 2026 operating revenues of $872 million (up 7% QoQ) with adjusted EBITDA of $246 million (up 11% QoQ). International Drilling achieved record daily adjusted gross margin of $19,060 (up $1,526 or 8.7% sequentially); U.S. Lower 48 rig count grew to 72.8 average (up 5 rigs QoQ) with daily margin of $14,016 (up $232). Adjusted free cash flow reached $75 million vs. $12 million prior quarter. Company redeemed $100 million of 9.125% notes and raised FY2026 adjusted EBITDA guidance to ~$930 million (upper end) and free cash flow to $100–110 million.
Why this rating
Strong operational momentum (record Int'l margins, 28% L48 rig growth since trough) and $75M FCF represent real progress. Debt reduction ($100M redemption) and raised guidance materially improve capital structure. However, $75M quarterly FCF and $2.0B gross debt on $390M market cap remain leverage-heavy relative to company size. Results affirm trajectory but don't transform risk profile.
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