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Oil & gas equipment & services · Energy · Fiscal year ends Dec 31
Weatherford International reported revenue of $4.9B in the fiscal year ended Dec 2025, down 10.8% from the year before. Operating income was $756M, an operating margin of 15.4%, and net income was $431M. Operating cash flow of $676M less capital expenditure of $226M left free cash flow of $450M. Net debt was $428M.
Ranks among the 17 oil & gas equipment & services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,645 | 4,331 | 5,135 | 5,513 | 4,918 |
| Research & development | 85.0 | 90.0 | 112 | 123 | 108 |
| Operating income | 116 | 412 | 820 | 938 | 756 |
| Pre-tax income | −343 | 138 | 506 | 739 | 554 |
| Income tax | 86.0 | 87.0 | 57.0 | 189 | 97.0 |
| Net income | −450 | 26.0 | 417 | 506 | 431 |
| Diluted EPS | −6.43 | 0.36 | 5.66 | 6.75 | 5.93 |
| Diluted shares | 70.0 | 71.6 | 73.6 | 74.9 | 72.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 951 | 910 | 958 | 916 | 987 |
| Receivables | 825 | 989 | 1,216 | 1,261 | 1,234 |
| Inventory | 670 | 689 | 788 | 880 | 836 |
| Current assets | 2,911 | 3,043 | 3,345 | 3,402 | 3,372 |
| Net PP&E | 996 | 918 | 957 | 1,061 | 1,124 |
| Total assets | 4,774 | 4,720 | 5,068 | 5,159 | 5,197 |
| Payables | 380 | 460 | 679 | 792 | 650 |
| Deferred revenue | 45.0 | 54.0 | 58.0 | 51.0 | 48.0 |
| Current liabilities | 1,332 | 1,470 | 1,866 | 1,696 | 1,537 |
| Short-term debt | 12.0 | 45.0 | – | – | – |
| Long-term debt | 2,372 | 2,203 | 1,830 | 1,586 | 1,415 |
| Total liabilities | 4,278 | 4,169 | 4,146 | 3,876 | 3,501 |
| Shareholders' equity | 472 | 535 | 924 | 1,285 | 1,699 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 322 | 349 | 832 | 792 | 676 |
| Capital expenditure | 85.0 | 132 | 209 | 299 | 226 |
| Free cash flow | 237 | 217 | 623 | 493 | 450 |
| Depreciation & amortisation | 440 | 349 | 327 | 343 | 267 |
| Stock-based compensation | 25.0 | 25.0 | 35.0 | 45.0 | 38.0 |
| Acquisitions | – | 0.0 | 4.0 | 51.0 | 0.0 |
| Share buybacks | – | 0.0 | 0.0 | 99.0 | 101 |
| Dividends paid | – | 0.0 | 0.0 | 36.0 | 72.0 |
| Dividend per share | – | – | – | 0.50 | 1.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 18.8% | 18.6% | 7.4% | −10.8% |
| Operating income growth (YoY) | – | 255.2% | 99.0% | 14.4% | −19.4% |
| EPS growth (YoY) | – | – | 1472.2% | 19.3% | −12.1% |
| Operating margin | 3.2% | 9.5% | 16.0% | 17.0% | 15.4% |
| Net margin | −12.3% | 0.6% | 8.1% | 9.2% | 8.8% |
| Return on equityBlank when equity is negative | −95.3% | 4.9% | 45.1% | 39.4% | 25.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.4% | 12.7% | 25.6% | 27.1% | 20.7% |
| Free cash flow margin | 6.5% | 5.0% | 12.1% | 8.9% | 9.2% |
| Cash conversion (CFO ÷ net income) | −0.72x | 13.4x | 2.00x | 1.57x | 1.57x |
| Receivable days | 83 | 83 | 86 | 83 | 92 |
| Debt ÷ equity | 5.05x | 4.20x | 1.98x | 1.23x | 0.83x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,433 | 1,338 | 872 | 670 | 428 |
| Current ratio | 2.19x | 2.07x | 1.79x | 2.01x | 2.19x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.