PATTERSON UTI ENERGY (PTEN) Company Report

Patterson-UTI generated $416 million in adjusted free cash flow for the full year 2025, with the fourth quarter marking its highest adjusted free cash flow quarter since its strategic transformation in 2023.
For Q4 2025, the company reported total revenue of $1.151 billion, a net loss attributable to common shareholders of $9 million (or $0.02 per share), and adjusted EBITDA of $221 million.
The board approved a 25% increase in the quarterly dividend to $0.10 per share, payable in the first quarter of 2026.
The gross CapEx budget for 2026 has been reduced by approximately 15% to roughly $500 million, and is expected to be below $500 million net of asset sales.
The company anticipates a negative impact on its Q1 2026 adjusted gross profit, particularly in the completion services segment, due to severe winter weather in January 2026.

1 day ago

Transcript

Patterson-UTI Energy Reports Q4 2025 Results and Provides 2026 Outlook

PTEN

Earnings

Guidance Update

Dividends

Patterson-UTI Energy reported Q4 2025 revenue of $1.151 billion and a net loss of $9 million, or $0.02 per share, with adjusted EBITDA totaling $221 million. For the full year 2025, the company generated $416 million in adjusted free cash flow.
The company increased its quarterly dividend by 25% to $0.10 per share and plans to reduce its gross CapEx budget by approximately 15% to $500 million for 2026.
For Q1 2026, Completion Services adjusted gross profit is expected to be approximately $95 million, impacted by severe winter weather, while Drilling Services adjusted gross profit is expected to decline by less than 5% from Q4 2025.

1 day ago

Transcript

Patterson-UTI Energy Reports Q4 2025 Results, Increases Dividend, and Provides 2026 Outlook

PTEN

Earnings

Dividends

Guidance Update

Patterson-UTI Energy reported $1.151 billion in total revenue and a net loss of $9 million (or $0.02 per share) for Q4 2025, with adjusted EBITDA totaling $221 million.
For the full year 2025, the company generated $416 million in adjusted free cash flow and increased its quarterly dividend by 25% to $0.10 per share.
The gross CapEx budget for 2026 is reduced by approximately 15% to $500 million, with net CapEx expected to be below $500 million.
For Q1 2026, adjusted gross profit in completion services is expected to be approximately $95 million, including an estimated $5 million-$10 million negative impact from severe winter weather.

1 day ago

Transcript

Patterson-UTI Provides Q4 2025 Business Update and 2026 Outlook

PTEN

Guidance Update

Dividends

Share Buyback

Patterson-UTI's Drilling Services segment averaged 93 active rigs in the United States during the fourth quarter of 2025, with cost controls exceeding expectations.
The company anticipates 2026 Capital Expenditures, net of asset sales, to be less than $500 million and expects strong adjusted Free Cash Flow (FCF) in 2026, with Q4 2025 projected as the strongest FCF quarter of 2025.
Patterson-UTI is committed to annually returning at least 50% of adjusted FCF to shareholders and has returned over 85% of adjusted FCF from the beginning of 2024 through Q3 2025, including a $0.08 per share quarterly dividend for thirteen consecutive quarters.
In Completion Services, approximately 2 million HHP is expected to be deployed in Q1 2026, with natural gas-powered assets fully utilized, and further Tier II decommissioning is planned for 2026.

1 day ago

Presentation

Patterson-UTI Energy Reports Q4 2025 Financial Results and Raises Dividend

PTEN

Earnings

Dividends

Guidance Update

Patterson-UTI Energy reported total revenue of $1.2 billion, a net loss attributable to common stockholders of $9 million, and Adjusted EBITDA of $221 million for the fourth quarter ended December 31, 2025.
For the full year 2025, the company generated $961 million in cash from operations and $416 million in Adjusted Free Cash Flow.
The quarterly dividend was raised by 25% to $0.10 per share, payable on March 16, 2026.
For the first quarter of 2026, Drilling Services adjusted gross profit is expected to decline by less than 5%, Completion Services adjusted gross profit is anticipated to be approximately $95 million, and full-year 2026 capital expenditures are projected to be less than $500 million, net of asset sales.

2 days ago

8-K

Patterson-UTI Energy, Inc. Reports Q4 2025 Operational Update and 2026 Financial Outlook

PTEN

Guidance Update

Dividends

Share Buyback

Patterson-UTI's Drilling Services segment averaged 93 active rigs in the United States during the fourth quarter of 2025, with cost controls exceeding expectations.
The company projects 2026 Capital Expenditures, net of asset sales, to be less than $500 million and anticipates another year of strong adjusted free cash flow in 2026, following Q4 2025 being the strongest quarter of 2025 for adjusted free cash flow.
Patterson-UTI is committed to annually returning at least 50% of adjusted free cash flow to shareholders, having returned more than 85% since early 2024 through Q3 2025, and has paid a $0.08 per share quarterly dividend for thirteen consecutive quarters.
The company maintains a strong capital structure, evidenced by an Investment Grade credit rating from all three major rating agencies, ~1X Net Debt to LTM adjusted EBITDA as of September 30, 2025, and no Senior Note maturities until 2028.

Jan 5, 2026, 1:00 PM

8-K

Patterson-UTI Reports Q3 2025 Results, Forecasts Lower 2026 CapEx

PTEN

Earnings

Guidance Update

Share Buyback

Patterson-UTI reported Q3 2025 revenue of $1.176 billion, a net loss of $36 million (or $0.10 per share), and adjusted EBITDA of $219 million.
The company returned $64 million to shareholders in Q3 2025, comprising a $0.08 per share dividend and $34 million in share repurchases, and is committed to returning at least 50% of annual free cash flow.
Management expects lower capital expenditures in 2026 compared to 2025, with full 2025 CapEx projected to be less than $600 million, and anticipates Q4 2025 to be the strongest free cash flow quarter of the year.
The company exited Q3 2025 with $187 million in cash and an undrawn $500 million revolving credit facility, maintaining a low net debt to EBITDA of just over one time.
Operational highlights include stabilized U.S. contract drilling activity and strong relative performance in completion services, with new 100% natural gas direct-drive emerald systems being deployed and EOS Completions platform automation rolling out to all fleets by year-end 2025.

Oct 23, 2025, 2:00 PM

Transcript

Patterson-UTI Reports Q3 2025 Financials and Outlines 2026 Capital Plans

PTEN

Earnings

Guidance Update

Share Buyback

Patterson-UTI reported Q3 2025 revenue of $1.176 billion, a net loss of $36 million (or $0.10 per share), and adjusted EBITDA of $219 million.
The company generated $146 million in adjusted free cash flow through the first three quarters of 2025, returned $64 million to shareholders in Q3 (including a $0.08 per share dividend and $34 million in share repurchases), and expects lower capital expenditures in 2026 compared to 2025.
Despite moderating U.S. shale activity, Patterson-UTI is adapting by enhancing commercial strategies, lowering costs, and investing in new technologies like the EOS Completions platform and direct-drive natural gas engines, with a favorable natural gas outlook for 2026.

Oct 23, 2025, 2:00 PM

Transcript

Patterson-UTI Energy Inc. Investor Presentation Highlights Q2 2025

PTEN

Share Buyback

Dividends

Guidance Update

Patterson-UTI targets returning at least 50% of adjusted free cash flow to shareholders annually, including through dividends (currently $0.08 per share per quarter) and share repurchases. So far in the third quarter of 2025, the company used $22 million to repurchase 4 million shares.
For the third quarter of 2025, the company expects to have averaged 96 rigs in the United States through the first two months, with 93 currently operating and relatively steady activity into the fourth quarter. Completion Services are expected to have steady activity and adjusted gross profit in Q3 2025 compared to Q2 2025.
As of June 30, 2025, Patterson-UTI had $684 million in total liquidity, a cash balance of $186 million, and net debt of $1.108 billion. The company maintains an Investment Grade credit rating from all three major rating agencies and has no Senior Note maturities until 2028.

Sep 2, 2025, 12:03 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for PATTERSON UTI ENERGY.

Q4 2025

Feb 5, 2026

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Q3 2025

Oct 23, 2025

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Q2 2025

Jul 24, 2025

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