National Energy Services Reunited (NESR) Cash Flow: Operating & Free Cash Flow

National Energy Services Reunited Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for National Energy Services Reunited Corp. (NESR) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2017
Period ending	Dec 2025	Dec 2024	Mar 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2017
Operating Activities
Net Income	51.13	76.31	12.58	12.58	-36.42	-64.57	16.56	39.36	28.35
Depreciation & Amortization	141.73	142.78	142.23	142.23	115.85	122.13	120.72	88.11	38.41
Deferred Income Tax	-5.20	-2.72	-3.75	-3.75	-10.26	-12.14	-3.24	-3.94	0.60
Stock Based Compensation	8.32	6.03	6.76	6.76	9.27	9.76	7.83	5.65	0.11
Change in Working Capital	48.25	-9.16	7.71	7.71	1.23	62.78	-2.85	-42.81	7.89
Change in Accounts Receivable	-60.99	9.42	-22.97	-22.93	-29.25	-8.29	-2.62	-39.18	-5.00
Change in Inventory	0.43	-0.63	11.95	11.95	-16.76	-3.24	-11.87	-21.31	-8.12
Change in Accounts Payable	116.16	0.00	0.00	-3.37	0.00	0.00	5.27	36.64	9.17
Change in Other Working Capital	5.28	-17.95	18.73	2.62	47.24	74.30	6.37	-18.96	23.68
Other Operating Activities	5.28	16.09	11.43	2.62	12.91	9.79	-4.56	2.71	7.94
Net Cash from Operating Activities	264.24	229.33	176.96	176.96	92.58	127.74	134.45	89.09	83.19
Investing Activities
Capital Expenditures	-143.45	-105.11	-68.19	-68.19	-122.42	-107.08	-82.63	-107.94	-48.66
Acquisitions	4.91	0.00	0.00	-	0.00	-51.92	-13.22	0.00	-0.62
Purchases of Investments	0.00	0.00	-16.03	-16.03	-17.37	0.00	0.00	0.00	0.00
Other Investing Activities	-13.69	-6.03	0.76	-17.03	-6.93	-5.54	-0.59	0.60	-51.42
Net Cash from Investing Activities	-152.24	-111.13	-83.46	-83.46	-146.71	-164.54	-96.44	-107.34	-52.04
Financing Activities
Debt Repayment	-176.84	-74.12	-88.76	-194.57	-58.35	190.93	-32.41	72.29	-7.87
Dividends Paid	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	-20.00
Other Financing Activities	-9.01	-3.94	-15.77	-15.77	-14.44	-23.39	-3.83	-5.72	-4.27
Net Cash from Financing Activities	-87.26	-78.06	-104.53	-104.53	-72.80	167.54	-36.24	66.58	-32.14
Summary
Effect of Forex Changes on Cash	-7.90	0.00	0.00	-	0.01	0.01	0.04	-0.02	-0.05
Net Change in Cash	24.74	40.14	-11.03	-11.03	-126.92	130.76	1.81	48.31	-1.03
Cash at Beginning of Period	107.96	67.82	78.85	78.85	205.77	75.01	73.20	24.89	25.53
Cash at End of Period	132.70	107.96	67.82	67.82	78.85	205.77	75.01	73.20	24.50
Free Cash Flow	120.79	124.22	108.77	108.77	-29.84	20.67	51.82	-18.85	34.54
Supplemental Disclosures
Interest Paid	-	38.31	-	33.91	19.24	9.89	-	-	-
Income Taxes Paid	-	12.94	-	15.22	10.99	12.78	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About National Energy Services Reunited Cash Flow

What is National Energy Services Reunited's free cash flow?

National Energy Services Reunited generated free cash flow of $120.79M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $264.24M minus $143.45M of capital expenditures. That was down 2.8% from $124.22M a year earlier. Free cash flow equaled 9.1% of revenue.

How much does National Energy Services Reunited spend on capital expenditures?

National Energy Services Reunited spent $143.45M on capital expenditures in fiscal 2025, compared with $105.11M a year earlier. That equals 54.3% of operating cash flow.

Does National Energy Services Reunited pay dividends or buy back shares?

National Energy Services Reunited's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition