National Energy Services Reunited Corp. cash flow statement

In fiscal 2025, National Energy Services Reunited Corp.'s operations generated $264m of cash; it spent $143m on capital projects, leaving free cash flow of $121m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

National Energy Services Reunited Corp.: cash flow statement, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	134	128	93	177	229	264
Depreciation and amortisation	121	122	116	142	143	142
Stock-based pay	8	10	9	7	6	8
Capital spending	—	107	122	68	105	143
Free cash flow	—	21	−30	109	124	121
Free cash flow after stock pay	—	11	−39	102	118	112

US$ millions unless shown otherwise. Fiscal quarters.

National Energy Services Reunited Corp.: cash flow statement, quarterly
Quarter	2025 Q1Mar 2025	2025 Q2Jun 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Cash from operations	20	98	31	174
Depreciation and amortisation	36	29	34	32
Stock-based pay	2	2	3	3
Capital spending	30	30	36	74
Free cash flow	−10	69	−5	100
Free cash flow after stock pay	−11	67	−8	97

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from National Energy Services Reunited Corp.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to National Energy Services Reunited Corp.