The core outlook is unchanged, not upgraded. Nabors reiterated its third-quarter and full-year 2026 targets from the second-quarter earnings release, so there is no new earnings surprise to call a beat or miss. The key benchmarks remain adjusted EBITDA of $710-$730 million, capital expenditures of $920-$930 million and adjusted free cash flow of $20-$30 million (Full-year 2026 outlook).
| Metric | 2026 outlook |
|---|---|
| Adjusted EBITDA | $710-$730 million (Full-year 2026 outlook) |
| Capital expenditures | $920-$930 million (Full-year 2026 outlook) |
| Adjusted free cash flow | $20-$30 million (Full-year 2026 outlook) |
| Third-quarter adjusted free cash flow | Consumption of approximately $40 million (Third-quarter 2026 outlook) |
| Pro forma gross debt | $2.020 billion (Capital structure) |
| Net debt | $1.554 billion at June 30, 2026 (Capital structure) |
The balance-sheet update is the clearest tangible improvement. Nabors says it completed a partial redemption of high-coupon 2030 notes and achieved its $100 million 2026 debt-reduction target ahead of schedule. Pro forma gross debt falls to $2.020 billion, while net debt was $1.554 billion at June 30, 2026, versus $1.610 billion at year-end 2025 (Capital structure). 〔0〕
International growth adds incremental upside, but not near-term guidance. The company signed a multi-year Venezuela rig contract and expects the rig to begin work in early first-quarter 2027, helping position the international fleet for a potential 98-rig year-end exit. That is a new operating opportunity, but the filing does not quantify its 2026 earnings contribution (Strategic growth in international markets).
The geothermal story remains strategic rather than financial. Deployment of a PACE-B rig at Oregon's Project Obsidian advances Nabors' investment in Quaise Energy and targets a first 50-megawatt phase within a potential 1-plus-gigawatt project. The filing provides no revenue, profit or cash-flow contribution, so this expands the long-term narrative without changing the current scorecard (From venture investment to field deployment). 〔1〕
Read the original 8-K on SEC EDGAR ↗