Total Revenues

–12% (fell from $1,358M to $1,193M)

Lower overall activity led to a 12% decline in total revenues in Q1 2025 versus Q1 2024. This drop reflects a decrease in both services and products revenue across segments and geographies, contrasting with the previous period’s higher activity levels. " "

Services Revenue

–14.5% (declined from $865M to $741M)

The 14.5% decrease in services revenue indicates a significant reduction in customer demand and lower utilization of service offerings, worsening from the stronger performance in Q1 2024. " "

Products Revenue

–8% (declined from $493M to $452M)

An 8% drop in products revenue reflects a weakened order flow and reduced equipment sales, aligning with the overall lower demand observed in Q1 2025 relative to the previous period. " "

Operating Income

–39% (declined from $233M to $142M)

The steep 39% decline in operating income is largely due to the revenue drop, compounded by fixed cost pressures and possibly increased restructuring or non-recurring charges that eroded margins compared to the healthier Q1 2024 performance. " "

Net Income

–30% (declined from $123M to $86M)

A 30% reduction in net income results from the combination of lower operating income and rising costs, which offset previous period gains and led to weaker profitability in Q1 2025. " " "

Net Cash Provided by Operating Activities

+8% (increased from $131M to $142M)

Despite the revenue declines, operating cash flow improved by 8% as tighter working capital management and disciplined cost control allowed the company to convert its operations into cash more efficiently than in Q1 2024. " "

Capital Expenditures

+30% (increased from ($59)M to ($77)M)

Capital expenditures saw a roughly 30% increase in Q1 2025, indicating that the company chose to invest more aggressively in assets or growth projects, contrasting with the previous period’s more conservative capex as it positioned itself for a potential market recovery. " "

Cash & Cash Equivalents & Total Shareholders’ Equity

Cash increased from $824M to $873M; Equity grew from $1,100M to $1,360M

Improvements in balance sheet metrics—rising cash and shareholders’ equity—reflect stronger financing activities, better liquidity management, and constructive adjustments from share repurchases or equity issuances. These factors strengthened the company’s financial foundation relative to Q1 2024. " "

Revenues (Quarterly)

Q2 2025

$1.17 billion to $1.21 billion "

$1.165 billion to $1.195 billion "

lowered

Adjusted EBITDA (Quarterly)

Q2 2025

$245 million to $265 million "

$245 million to $265 million "

no change

Free Cash Flow (Quarterly)

Q2 2025

Near breakeven, with free cash flow expected to be more second‐half weighted "

Expected to be roughly flat on a normalized basis, with timing of Mexico payments "

no change

Revenues (Annual)

FY 2025

$5.1 billion to $5.35 billion "

$4.6 billion to $5 billion "

lowered

Adjusted EBITDA (Annual)

FY 2025

$1.2 billion to $1.35 billion "

$975 million to $1.1 billion "

lowered

Free Cash Flow Conversion (Annual)

FY 2025

Increase by 100 to 200 basis points "

Increase by 100 to 200 basis points "

no change

Effective Tax Rate (Annual)

FY 2025

Mid-20% range "

Mid-20% range "

no change

Capital Expenditures (CapEx) (Annual)

FY 2025

To remain at 5% of revenues, with higher first‐half spending "

Expected to decline over the course of the year and land within 3% to 5% of revenues "

lowered

Liquidity & Free Cash Flow Performance

In Q2–Q4 2024, Weatherford emphasized its strong liquidity position ($1.3 billion), improvements in free cash flow conversion (up to 37.9% in full‐year 2024) and consistent net working capital efficiency. " " " "

Q1 2025 saw continued emphasis with adjusted free cash flow of $66 million, an improved conversion rate (26.1% vs. 24.4% year‐ago), and sustained working capital efficiency, along with strategic debt reduction. " " "

Consistent positive narrative with incremental improvements in cash conversion and balance sheet strength.

Aggressive Cost Optimization & Operational Efficiency

Q2–Q4 2024 discussions focused on cost optimization through facility consolidation, restructuring charges, enhanced working capital efficiency, and benefits from process improvements. " " " "

Q1 2025 highlighted a multi‐year cost optimization program with significant headcount reductions (over 1,000 jobs cut) and initiatives like heightened discretionary cost control and technology-enabled efficiency gains. " " "

Ongoing emphasis with a sharper, more aggressive focus on headcount and technology to drive productivity.

Margin Expansion & Profitability Dynamics

Q2–Q4 2024 calls detailed adjusted EBITDA margins in the range of 25%–26%, targeted margin improvements via cost controls, pricing discipline, and structural cost reductions, with forecasts for high 20s over the next three years. " " "

In Q1 2025, margins were pressured by lower revenues and underabsorbed headcount, but management stressed potential for margin uplift (25 to 75 basis points annually) driven by productivity improvements and cost structure adjustments. " " "

A cautious tone amid revenue headwinds, yet with a steady commitment to long‐term margin expansion.

International Market Growth & Regional Diversification

Q2–Q4 2024 communications underscored steady international revenue growth, particularly driven by robust performance in the Middle East, North Africa, Asia and highlights on regional diversification (e.g., strong Saudi Arabia, mixed Latin America). " " "

In Q1 2025, while stable activity was noted in regions like MENA (with robust spending in Kuwait, UAE, Oman, and emerging Iraqi activity), there was sharper reported downturn in Mexico (up to 60% decline) and cautious tones on Europe and North America. " " "

Consistent focus on broad geographic diversification but a notable shift toward greater reliance on stable regions (MENA) amid steep declines in Mexico.

Product Innovation & Advanced Technology Adoption

Q2–Q4 2024 featured detailed discussions on MPD programs, the rollout of technologies like Motus, Modus, and digital integrations (e.g., ForeSite Sense and Edge 2.0) to drive value and margin expansion. " " "

Q1 2025 offered only a brief mention of MPD offerings in Argentina’s Vaca Muerta region, with less emphasis on technologies like Motus or Modus. "

A relative retreat in detailed technology discussions, suggesting reduced emphasis or integration into broader strategies.

Pricing Power vs. Negotiation Challenges

Previous periods (Q2–Q4 2024) featured in‐depth discussions about robust pricing discipline, technology-based value propositions, and effective negotiation strategies that helped maintain or increase pricing even in challenging markets. " " "

There was no specific discussion of pricing power or negotiation challenges in Q1 2025 [–].

A topic that was consistently addressed previously is no longer mentioned in the current period.

Regional Market & Geopolitical Risks

In Q2–Q4 2024, the focus was on challenges in Mexico (activity slowdowns), Russia (declining business due to sanctions), and Latin America, alongside stable or growing opportunities in the Middle East and other regions. " " "

Q1 2025 provided expanded discussion with detailed mention of a 60% decline in Mexico, stable MENA markets, and caution in North America and Europe, indicating heightened geopolitical risks and shifting regional dynamics. " " "

Consistent concern overall, with sharper contrasts emerging between declining regions and stable growth pockets.

Tariff & Trade Uncertainties

There were no mentions of tariff or trade uncertainties in Q2–Q4 2024 discussions [–].

Q1 2025 introduced the topic, highlighting challenges in quantifying their impact, especially in segments like DRE and production & intervention, leading to potential demand suppression. "

A new concern emerging in the current period, likely driven by evolving global trade conditions.

Project Delays & Operational Disruptions

Q2–Q4 2024 calls mentioned scheduling delays in the Middle East/North Africa, project delays in Latin America, and disruptions from events (e.g., storms in Houston, social unrest in Colombia). " " "

In Q1 2025, project delays were again noted—manifesting as project start-up costs and broader market slowdowns affecting EBITDA—indicating operational disruptions remain an ongoing risk. " "

A consistently recurring challenge, with current emphasis on the financial impact of startup delays and broader cyclical disruptions.

Revenue Guidance Vulnerabilities

Across Q2–Q4 2024, vulnerabilities were highlighted due to regional declines (notably in Mexico and Russia), operational hiccups, and external shocks like FX volatility and social unrest. " "

Q1 2025 continued to stress vulnerabilities in revenue guidance, citing market uncertainty, significant regional drop-offs (e.g., Mexico), conservative guidance assumptions, and anticipation of demand suppression. " " "

Steady concern over revenue uncertainties persists, with similar factors affecting guidance across periods.