Nabors Industries Ltd. (NBR) Cash Flow Statement
Where NBR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $693.3M +19.2% vs 2024
- Capital expenditures
- $715.9M 22.5% of revenue
- Free cash flow
- −$22.7M −0.7% margin
- Returned to shareholders
- $348.4M
- Change in cash
- $219.9M cash at year-end $942.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NBR operating cash flow, capex and free cash flow
NBR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $531.9M2016 | $693.3M2025 | +3.0%/yr | |
| Capital expenditures | $395.5M2016 | $715.9M2025 | +6.8%/yr | |
| Free cash flow | $136.4M2016 | −$22.7M2025 | — | |
| Free cash flow margin | 6.1%2016 | −0.7%2025 | −6.8 pts | |
| Operating cash flow / net income | 12.782023 | 1.852025 | −10.93 | |
| Stock-based compensation | $32.0M2016 | $23.4M2025 | −3.4%/yr | |
| Dividends paid | $50.9M2016 | $6.1M2025 | −21.1%/yr | |
| Share buybacks (net) | $1.7M2016 | $342.4M2025 | +80.5%/yr | |
| Capex / revenue | 17.8%2016 | 22.5%2025 | +4.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NBR cash flow by activity
NBR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NBR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $374.4M | −$88.0M | $49.9M | −$307.2M | −$543.7M | −$762.8M | −$680.5M | −$612.7M | −$540.6M | −$1.03B |
| Depreciation & amortization | $649.2M | $633.4M | $645.3M | $665.1M | $693.4M | $853.7M | $876.1M | $868.5M | $845.4M | $874.3M |
| Stock-based compensation | $23.4M | $16.5M | $15.8M | $15.8M | $19.4M | $24.6M | $24.7M | $26.4M | $31.9M | $32.0M |
| Change in working capital | $72.5M | −$101.2M | −$72.6M | $48.3M | $188.1M | −$8.4M | $136.7M | −$216.2M | −$384.9M | $92.1M |
| Other non-cash items | −$426.3M | $120.7M | −$559,000 | $79.1M | $71.6M | $242.7M | $327.6M | $259.8M | $111.0M | $563.1M |
| Cash from operating activities | $693.3M | $581.4M | $637.9M | $501.1M | $428.8M | $349.8M | $684.6M | $325.8M | $62.8M | $531.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$715.9M | −$567.9M | −$540.9M | −$373.4M | −$237.6M | −$195.5M | −$427.7M | −$458.9M | −$574.5M | −$395.5M |
| Investments (net) | −$4.3M | −$555.5M | −$530.7M | −$368.7M | $11.3M | $2.7M | $4.3M | $676,000 | $6.7M | $24,000 |
| Acquisitions & other investing | $817.4M | $567.9M | $501.1M | $373.4M | $109.1M | $27.4M | $67.6M | $91.2M | $65.7M | $13.3M |
| Cash from investing activities | $97.1M | −$555.5M | −$570.4M | −$368.7M | −$117.2M | −$165.5M | −$355.9M | −$367.1M | −$502.0M | −$382.1M |
| Financing activities | ||||||||||
| Dividends paid | −$6.1M | −$87,000 | −$194,000 | −$65,000 | −$7.4M | −$22.5M | −$49.6M | −$87.1M | −$68.5M | −$50.9M |
| Share repurchases & issuance (net) | −$342.4M | — | — | −$3.5M | $272.2M | −$1.7M | $4.6M | $2.21B | −$18.1M | −$1.7M |
| Net borrowing (repayment) | −$202.7M | −$647.0M | $601.5M | −$646.5M | $284.2M | −$104.7M | $455.4M | $800.0M | −$188,000 | $3,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $579.3M | $0 | $0 |
| Other financing | −$15.7M | −$14.9M | −$8.7M | −$11.5M | −$60.6M | −$19.1M | −$741.9M | −$3.35B | $598.9M | −$85.6M |
| Cash from financing activities | −$566.8M | −$662.0M | $592.6M | −$661.5M | $488.4M | −$148.0M | −$331.6M | $155.6M | $512.2M | −$138.2M |
| Summary | ||||||||||
| Net change in cash | $219.9M | −$651.2M | $637.0M | −$536.4M | $798.2M | $33.2M | −$9.0M | $109.1M | $72.9M | $9.6M |
| Cash at end of period | $942.8M | $723.0M | $1.37B | $737.1M | $1.27B | $475.3M | $442.0M | $451.1M | $337.0M | $264.1M |
| Free cash flow | −$22.7M | $13.5M | $97.0M | $127.6M | $191.1M | $154.2M | $256.8M | −$133.2M | −$511.7M | $136.4M |
| Free cash flow margin | −0.7% | 0.5% | 3.2% | 4.8% | 9.5% | 7.2% | 8.4% | −4.4% | −20.0% | 6.1% |
| Capex / revenue | 22.5% | 19.4% | 18.0% | 14.1% | 11.8% | 9.2% | 14.1% | 15.0% | 22.4% | 17.8% |
| Operating cash flow / net income | 1.85 | — | 12.78 | — | — | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.5M | $4.3M | $17.0M | $302.5M | −$2.2M | $57.2M | −$32.9M | −$33.1M | −$13.0M | −$9.0M | $3.9M | −$31.2M |
| Depreciation & amortization | $160.5M | $156.2M | $159.2M | $160.3M | $175.1M | $154.6M | $156.3M | $159.2M | $160.1M | $157.7M | $161.2M | $161.3M |
| Stock-based compensation | $4.5M | $4.4M | $8.8M | $6.0M | $4.5M | $4.1M | $4.7M | $4.1M | $3.6M | $4.2M | $3.2M | $4.3M |
| Change in working capital | −$32.5M | −$61.1M | $87.0M | $49.7M | −$22.2M | −$42.0M | −$20.9M | −$25.0M | $12.3M | −$67.7M | $22.2M | −$27.4M |
| Other non-cash items | $4.2M | $9.6M | −$26.1M | −$310.6M | −$3.4M | −$86.2M | $41.6M | $38.4M | $18.7M | $22.1M | −$8.5M | $26.4M |
| Cash from operating activities | $135.2M | $113.3M | $245.8M | $207.9M | $151.8M | $87.7M | $148.9M | $143.6M | $181.7M | $107.2M | $181.9M | $133.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$125.6M | −$165.0M | −$162.1M | −$210.0M | −$178.9M | −$165.0M | −$208.0M | −$127.9M | −$127.4M | −$104.6M | −$134.2M | −$143.2M |
| Investments (net) | −$474,000 | −$6.5M | −$10,000 | $166.5M | −$135.9M | −$74.9M | −$202.2M | −$126.1M | −$120.5M | −$106.6M | −$141.4M | −$3.5M |
| Acquisitions & other investing | $3.3M | $2.0M | $303.5M | $210.0M | $178.9M | $165.0M | $208.0M | $127.9M | $127.4M | $104.6M | $134.2M | $742,000 |
| Cash from investing activities | −$122.8M | −$169.5M | $141.4M | $166.5M | −$135.9M | −$74.9M | −$202.2M | −$126.1M | −$120.5M | −$106.6M | −$141.4M | −$146.0M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | −$6.1M | −$6.1M | −$6.1M | $0 | −$87,000 | −$87,000 | $0 | −$87,000 | $0 | −$194,000 |
| Share repurchases & issuance (net) | $3.6M | −$3.6M | −$2.2M | $2.2M | −$2.2M | −$2.2M | — | −$2.6M | — | −$2.6M | $7.1M | −$7.1M |
| Net borrowing (repayment) | $0 | −$379.1M | $140.4M | −$330.8M | −$12.5M | $193,000 | $0 | −$16.0M | — | — | — | −$3.7M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$5.5M | −$455,000 | −$159.4M | −$183.5M | $1.3M | $0 | $59,000 | −$7.0M | −$1.2M | −$632.4M | $531.3M | $312.5M |
| Cash from financing activities | −$1.9M | −$383.2M | −$27.3M | −$518.2M | −$19.4M | −$2.0M | −$28,000 | −$25.7M | −$1.2M | −$635.1M | $538.4M | $301.6M |
| Summary | ||||||||||||
| Net change in cash | $9.5M | −$440.4M | $359.0M | −$144.3M | −$5.3M | $10.4M | −$62.0M | −$9.4M | $56.7M | −$640.4M | $566.6M | $286.9M |
| Cash at end of period | $511.9M | $502.4M | $942.8M | $583.8M | $728.1M | $733.4M | $389.7M | $781.0M | $790.4M | $733.8M | $1.37B | $807.5M |
| Free cash flow | $9.6M | −$51.6M | $83.8M | −$2.1M | −$27.1M | −$77.2M | −$59.1M | $15.7M | $54.3M | $2.6M | $47.8M | −$9.8M |
| Free cash flow margin | 1.2% | −6.6% | 10.5% | −0.3% | −3.3% | −10.5% | −8.1% | 2.2% | 7.4% | 0.4% | 6.6% | −1.3% |
| Capex / revenue | 15.4% | 21.1% | 20.3% | 25.7% | 21.5% | 22.4% | 28.5% | 17.5% | 17.3% | 14.3% | 18.5% | 19.5% |
| Operating cash flow / net income | — | 26.59 | 14.47 | 0.69 | — | 1.53 | — | — | — | — | 47.17 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NBR cash generation
In fiscal 2025 (ended December 31, 2025), Nabors Industries generated $693.3 million of cash from operations (up 19.2%) and spent $715.9 million on capital expenditures, leaving free cash flow of -$22.7 million, −0.7% of revenue. It returned $348.4 million to shareholders through dividends ($6.1 million) and net share buybacks ($342.4 million). Cash and equivalents rose by $219.9 million over the year.
Related: NBR income statement, NBR balance sheet. See the NBR stock overview for the latest quote and news.
NBR cash flow FAQ
What is Nabors Industries's free cash flow?
Nabors Industries's free cash flow was -$22.7 million in fiscal 2025: $693.3 million of operating cash flow minus $715.9 million of capital expenditures It was $13.5 million a year earlier..
How much cash does Nabors Industries generate from operations?
Nabors Industries generated $693.3 million of cash from operating activities in fiscal 2025, 1.85 times its net income of $374.4 million.
How much does Nabors Industries spend on capital expenditures?
Nabors Industries spent $715.9 million on capital expenditures in fiscal 2025, 22.5% of revenue, compared with $567.9 million the year before.
How much stock does Nabors Industries buy back?
Nabors Industries spent $342.4 million on net share repurchases in fiscal 2025.
How much does Nabors Industries pay in dividends?
Nabors Industries paid $6.1 million in dividends in fiscal 2025.