Key Highlights

  • Nabors (NYSE:NBR) is scheduled to report third-quarter results on Tuesday, October 27, 2026, with consensus pointing to a loss of USD 0.90 per share, against a second-quarter loss of USD 2.04 per share.
  • Second-quarter operating revenue was USD 814.8 million and adjusted EBITDA was USD 221.7 million, and management lifted its full-year adjusted EBITDA outlook to a range of USD 920 million to USD 930 million.
  • Management guided the third quarter to a Lower 48 average of 73 rigs and an international average of 94 to 96 rigs, with adjusted free cash flow expected to consume about USD 40 million.
  • Precision Drilling (NYSE:PDS) is also scheduled to report on the same date, so investors receive two drilling contractor reads in one session on North American rig demand and day rate trends.

The Setup and the Last Guidance

Nabors (NYSE:NBR) is a land drilling contractor with rigs in North America and the Middle East, and it is scheduled to report third-quarter results on Tuesday, October 27, 2026, with the earnings call listed for Wednesday, October 28, 2026. Consensus calls for a loss of USD 0.90 per share. In the second quarter, reported on Tuesday, July 28, 2026, operating revenue rose about 4% to USD 814.8 million, adjusted EBITDA reached USD 221.7 million and net debt eased to USD 1,610.4 million. The company guided the third quarter to a Lower 48 daily adjusted gross margin of about USD 13,800 and an international margin of USD 18,100 to USD 18,400 per day. Results cannot be known in advance.

Why Rig Counts and SANAD Spending Drive the Read

Nabors (NYSE:NBR) earns revenue from day rates, which are the daily fees a customer pays for a working rig, so rig counts and margins per day set profit. Management expects the Lower 48 to exit the third quarter near 74 rigs and said the full-year rig count outlook had once again increased. The Chief Executive Officer pointed to contracted additions that give visibility to a second-half adjusted EBITDA run-rate of USD 1 billion on an annualised basis. Cash is the constraint: capital expenditure guidance is USD 710 million to USD 730 million, including USD 325 million to USD 335 million for SANAD newbuilds, rigs built for a Saudi Arabian joint venture, and full-year adjusted free cash flow is guided to just USD 20 million to USD 30 million.

Risks and What to Watch

The bull case for Nabors (NYSE:NBR) is a loss narrower than USD 0.90 per share, adjusted EBITDA above the roughly USD 225 million implied by the annual range, and a further rise in the Lower 48 rig count, which would support the view that earnings are accelerating. The bear case is a rig count short of 73, margins per day below USD 13,800 or a further delay in free cash flow, which would pressure a highly leveraged balance sheet and likely weigh on the shares. Investors should watch the 2027 SANAD funding plan, net debt and any change to the USD 920 million to USD 930 million range. Precision Drilling reports the same evening and the Federal Reserve decides on Wednesday, October 28, 2026.

Where Things Stand

The answer is that Nabors (NYSE:NBR) reports against a loss estimate of USD 0.90 per share, but the outlook for rigs, margins and cash flow is likely to move the shares more than the loss itself. The bar is a company already guiding to USD 920 million to USD 930 million of adjusted EBITDA for 2026. The next catalysts are the third-quarter release on Tuesday, October 27, the call on Wednesday, October 28, together with the Federal Reserve decision the same day. Consensus figures are estimates, not guarantees, and this is not investment advice.