Companies /Energy

Patterson-UTI Energy Inc

NASDAQ: PTEN Oil & Gas Drilling
$12.17
▼ $0.55 (−4.29%) today
Markets open · 10:58am ET

Q3 2025 Earnings

Reported Oct 22, 2025, 6:53pm ET · SEC source
$-0.10
Beat +11.11%
EPS · est. $-0.11
$1.2B
Beat +0.43%
Revenue · est. $1.2B
−16.9%
Trailing market
PTEN vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%0+4%+8%Oct 22Oct 23report 6:53pm ETearnings+0.7%+9.1%
−4%0+4%+8%Oct 22Oct 23earnings+0.7%+9.1%
PTEN +9.1%S&P 500 +0.7%
−4%0+4%+8%Oct 22Oct 23report 6:53pm ETearnings+1.1%+9.1%
−4%0+4%+8%Oct 22Oct 23earnings+1.1%+9.1%
PTEN +9.1%NASDAQ +1.1%
−4%0+4%+8%Oct 22Oct 30report 6:53pm ETearnings+2.4%−0.5%
−4%0+4%+8%Oct 22Oct 30earnings+2.4%−0.5%
PTEN −0.5%S&P 500 +2.4%
−4%0+4%+8%Oct 22Oct 30report 6:53pm ETearnings+4.5%−0.5%
−4%0+4%+8%Oct 22Oct 30earnings+4.5%−0.5%
PTEN −0.5%NASDAQ +4.5%
+11.18%
Day of report
−1.92%
Next session
−6.80%
One week
−17.31%
30 days

S&P 500 over the same 30 days: −0.45%.

Did PTEN Beat Earnings? Q3 2025 Results

Patterson-UTI Energy delivered a modest beat in Q3 2025, posting a net loss of $0.10 per diluted share against a consensus estimate of $0.11, an 11.11% positive surprise, as the oilfield services company navigated a softer but steadying U.S. drilling environment. Revenue came in at $1.18 billion, edging above the $1.17 billion estimate, though the top line still reflected a sharp 13.4% decline year over year as domestic drilling and completion activity continued to moderate from prior-cycle highs. The clearest drag on the quarter was a $20 million legal accrual tied to personal injury claims from legacy incidents, which weighed on profitability even as adjusted EBITDA held at $218.65 million. Completion Services, the company's largest segment at $705.27 million in revenue, showed improved operational efficiency and steady pricing, with the first commercial direct-drive hydraulic fracturing fleet entering service. Looking ahead, management guided Q4 Completion Services adjusted gross profit at roughly $85 million and expects Q4 to be the strongest free cash flow quarter of the year, with full-year capital expenditures now tracking below $600 million.

Key Takeaways
  • Margin resiliency outpacing historical performance during activity moderation periods
  • Strong operational execution and efficiency gains in Completion Services
  • Record U.S. revenue per U.S. industry rig in Drilling Products, up approximately 40% since Ulterra acquisition
  • Cost reduction activities executed in first half of the year benefiting Q3 results
  • High demand for Emerald 100% natural gas-powered frac assets
  • Integration and performance-based commercial agreements enhancing revenue

“In the third quarter, our teams successfully navigated a challenging environment, and we are executing our plan that concentrates on optimizing our business in the areas that we can control. Operationally, our teams are performing well, and we continue to enhance our commercial strategy through additional integration and performance-based agreements, while at the same time we are lowering our cost structure. Margin performance across Patterson-UTI is outpacing what we have historically seen in periods of activity moderation. We think this outperformance is a function of the focus and execution of the teams in each of our segments and the technology edge that we are using to deliver better drilling and completion results for our customers. We expect this relative margin resiliency to continue.”

Patterson UTI Energy CEO, on the earnings call

Forward Guidance & Outlook

For Q4 2025, Drilling Services average rig count is expected to be similar to Q3, with adjusted gross profit down approximately 5% sequentially. Completion Services adjusted gross profit is expected to be approximately $85 million, with less seasonality than Q4 2024. Drilling Products adjusted gross profit is expected to improve slightly, driven by higher international revenue. SG&A is expected to be relatively steady, with DD&A of approximately $225 million. Q4 capital expenditures are expected to approximate $140 million. Full-year 2025 capex is now expected below $600 million, lower than previously guided. Q4 is expected to be the strongest free cash flow quarter of the year. Management expects activity to remain relatively steady into 2026 and sees a strengthening natural gas outlook as LNG takeaway capacity comes online.

PTEN YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$400.0M$800.0M$1.2B$1.4B$1.2BRevenue$-14,228,331$-28,054,000Operating Income$-18,545,955$-36,402,000Net Income
$0$400.0M$800.0M$1.2BRevenueOperating IncomeNet Income

PTEN Revenue by Segment

Completion Services$705.3M
Drilling Services$380.2M
U.S. Contract Drilling
Drilling Products$85.9M
Other Drilling Services (International & Directional)
Other$4.6M

Figures from SEC filings and company reports. Not investment advice.