# WFRD earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/WFRD) · [Earnings tab](https://www.lopjlb.com/stock/WFRD?tab=earnings)

Updated: 2026-07-21T04:54:56

Quarters analyzed: 8

## Cross-quarter narrative

Across eight quarterly CallCards, Weatherford’s story shifts from a 2024 Q2 peak of 26% adjusted EBITDA margin and upbeat capital‑return initiatives to a 2026 Q1 picture of modest 20% margins and heightened geopolitical headwinds. Early quarters highlighted strong international demand, especially in the Middle East, offsetting North‑American softness and Latin‑American delays. By late 2024 the company warned of revenue drag from Mexico and Russia, and in 2025 the tone turned more cautious as demand softness in Saudi Arabia, tariff‑related pricing pressure in the U.S., and uncertain Mexico cash flows recurred. Margin pressure intensified, falling to the low‑20s by 2025‑2026 despite cost‑optimization programs and digital‑AI restructuring that helped preserve profitability. Capital returns remained a constant thread: a $1‑share dividend and $500 M buyback launched in 2024, followed by a 10% dividend uplift and continued buybacks funded by strong free‑cash‑flow conversion. Geopolitical risks evolved from Colombia unrest to an Iran‑MENA conflict, while weather‑related disruptions receded after the 2024 Houston storm. Overall, the narrative moves from growth optimism to a more defensive stance focused on margin protection, disciplined capital allocation, and navigating persistent external uncertainties.

## Latest CallCard · Q1

Weatherford Q1 2026: revenue $1.152B, adj EBITDA $233M (20.2% margin), adj FCF $85M; Iran conflict hits MENA with $30-50M H1 profit impact; raised FCF conversion guidance to mid-40%; constructive on H2 2026 and 2027 driven by energy security tailwinds.','tone': {'mgmt': 0.6, 'mgmt_rationale': 'Manag

**Guidance:** vague

**Tone:** mgmt 0 · Q&A pressure 0 · divergence 0

## Quarter one-liners

- **2026 Q1:** Weatherford Q1 2026: revenue $1.152B, adj EBITDA $233M (20.2% margin), adj FCF $85M; Iran conflict hits MENA with $30-50M H1 profit impact; raised FCF conversion guidance to mid-40%; constructive on H2 2026 and 2027 driven by energy security tailwinds.','tone': {'mgmt': 0.6, 'mgmt_rationale': 'Manag
- **2025 Q4:** Weatherford Q4 2025: 5% seq revenue growth, 22.6% EBITDA margin, $222M adj FCF (76% conversion), 2026 guidance $4.6-5.05B rev, $980M-1.12B adj EBITDA, low-mid 40% FCF conversion, dividend +10%.
- **2025 Q3:** Weatherford Q3 beat expectations with margin expansion and strong FCF despite soft markets; Mexico payments improving, cautious optimism for H2 2026 recovery, cost cuts and ERP underway.','tone': {'mgmt': 0.3, 'mgmt_rationale': 'Management highlights strong execution, margin expansion, and balance s
- **2025 Q2:** Weatherford Q2 2025 delivered cash generation and modest margin despite market headwinds, kept guidance unchanged while flagging continued demand softness and pricing pressure.
- **2025 Q1:** Weatherford Q1 2025 in-line but activity softened; Mexico down ~60% YoY, NA down 4% sequentially; 2025 guidance lowered with revenue decline high-single to mid-double digits; maintaining dividends and buybacks; cost cuts ongoing.','tone': {'mgmt': -0.2, 'mgmt_rationale': 'Management acknowledges mar
- **2024 Q4:** Q4 miss on Mexico/North Sea; FY24 adj EBITDA margin 25.1%, $524M FCF; 2025 guide lower revenue $5.1-5.35B on Mexico/Russia drag, margins ~24%, FCF conversion improving; cost cuts, buybacks continue.','tone': {'mgmt': 0.2, 'mgmt_rationale': 'Management acknowledges Q4 revenue miss but highlights full
- **2024 Q3:** WFRD Q3: margins 25.2%, FCF $184M despite revenue headwinds from LatAm delays & MENA scheduling; guides Q4 flat to low-single digit growth, FY EBITDA >25%, FCF >$500M; targets high-20s margins in 3yrs.','tone': {'mgmt': 0.3, 'mgmt_rationale': 'Management acknowledges near-term activity moderation bu
- **2024 Q2:** Weatherford Q2 2024: 26% adj EBITDA margin, revenue up 10% YoY but below expectations due to Colombia, Mexico, storm; launched $1/share dividend + $500M buyback; guiding ~20% adj EBITDA growth, >$500M FCF. International strength (MENA +14% YoY) offsets North America weakness. Net leverage 0.5x, ROIC

## Theme arcs

- **Adjusted EBITDA margin** (deteriorating): From 26% in Q2 2024 to ~20% in Q1 2026 as pricing pressure and cost actions offset growth
- **International demand** (deteriorating): Early MENA strength gave way to Saudi softness and broader intl slowdown by 2025
- **North America demand** (deteriorating): Weakening noted in Q2 2024, continued decline through 2025‑2026
- **Capital return policy** (improving): Consistent dividend and buybacks launched in 2024, dividend increased 10% in Q4 2025
- **Guidance certainty** (deteriorating): From maintained guidance in 2024 Q2 to vague, higher uncertainty language by 2025‑2026
- **Cost optimization** (improving): Ongoing restructuring, digital/AI initiatives and footprint rightsizing improve margin resilience
- **Free‑cash‑flow conversion** (improving): Conversion rose from ~35% in 2024 Q2 to mid‑40% guidance in 2026 Q1
- **Geopolitical risk exposure** (new): Iran conflict emerges in 2026 Q1, adding $30‑50 M profit impact

## Fear persistence

- **Colombia unrest** [resolved]: Mentioned only in 2024 Q2
- **Houston storm/weather disruption** [resolved]: Cited in 2024 Q2, no later references
- **North America demand weakness** [recurring]: Repeated through 2024‑2026 quarters
- **Latin America uncertainty** [recurring]: LatAm delays noted in 2024 Q2, Q3 and again in 2025 Q1
- **Tariff‑related pricing pressure** [recurring]: Highlighted in 2025 Q2 and influences margin outlook
- **Saudi market softness** [recurring]: Softness flagged in 2025 Q2, impacts Q3 revenue
- **Mexico cash‑flow/payments uncertainty** [recurring]: Fears in 2025 Q2, improvement noted in 2025 Q3 and Q4
- **Iran‑MENA conflict** [new]: Emerges in 2026 Q1 with $30‑50 M profit impact

## Guidance path

2024 Q2:maintained → 2024 Q3:vague → 2024 Q4:vague → 2025 Q1:vague → 2025 Q2:maintained → 2025 Q3:vague → 2025 Q4:maintained → 2026 Q1:vague

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