S&P 500
7,674.00
+0.27%
Dow Jones
53,147.20
+0.63%
Nasdaq 100
29,236.80
-0.01%
Russell 2000
3,009.09
+0.53%
FTSE 100
10,833.60
+0.82%
Nikkei 225
65,859.00
+0.55%
Patterson UTI Energy

Patterson UTI Energy (PTEN) Q2 2026 Earnings

Reported Jul 29, 2026 at 6:12 PM ET · SEC Source

Q2 26 EPS

$0.00

BEAT +100.00%

Est. $-0.03

Q2 26 Revenue

$1.23B

BEAT +6.39%

Est. $1.15B

vs S&P Since Q2 26

+24.4%

BEATING MARKET

PTEN +27.5% vs S&P +3.2%

Market Reaction

Did PTEN Beat Earnings? Q2 2026 Results

Patterson-UTI Energy posted a cleaner-than-expected second quarter, with adjusted earnings coming in at $0.00 per diluted share against a consensus estimate of negative $0.03, a 100% beat, while revenue of $1.23 billion edged up 0.7% year over year a… Read more Patterson-UTI Energy posted a cleaner-than-expected second quarter, with adjusted earnings coming in at $0.00 per diluted share against a consensus estimate of negative $0.03, a 100% beat, while revenue of $1.23 billion edged up 0.7% year over year and climbed 10% sequentially. The headline GAAP result carried a net loss of roughly $19.60 million, but that figure was weighed down by a $20.01 million non-cash charge tied to the company's exit from Contract Drilling operations in Colombia, making the underlying performance considerably more constructive. Adjusted EBITDA reached $231.89 million, up from $205.04 million in the prior quarter, as Completion Services revenue grew to $753.64 million and Drilling Products delivered its strongest quarterly revenue since the Ulterra acquisition. Analysts had broadly anticipated a difficult environment, yet pricing on newly awarded term contracts rose approximately 10 to 15% compared to start-of-year levels. Looking ahead, management guided Q3 Drilling Services adjusted gross profit to approximately $145 million and Completion Services to approximately $140 million, with full-year free cash flow expected to more than cover dividend payments.

Key Takeaways

  • • 10% sequential increase in total revenue driven by higher U.S. onshore activity
  • • Revenue per pump hour increased mid-single digits sequentially in Completion Services
  • • 10-15% pricing increases on recently awarded Drilling Services term contracts vs. start of year
  • • Tight industry frac capacity supporting pricing improvement
  • • Drilling Products posted strongest quarterly revenue since Ulterra acquisition
  • • Power Solutions natural gas fueling business delivered strongest percentage increase in adjusted gross profit

PTEN Forward Guidance & Outlook

For Q3 2026, management expects Drilling Services adjusted gross profit of approximately $145 million, with the U.S. rig count averaging approximately 100 rigs and exiting the quarter above that average. Completion Services adjusted gross profit is expected at approximately $140 million, supported by near-full utilization and additional pricing improvement. Drilling Products adjusted gross profit is expected at approximately $40 million, and Other at approximately $5 million. G&A expense is expected at approximately $70 million and DD&A at approximately $225 million. Total capital expenditures net of asset sales are still expected at approximately $600 million for full-year 2026. Management expects full-year 2026 free cash flow to more than cover dividend payments, with free cash flow improvement expected in 2027. Active horsepower is not expected to increase during the second half of 2026, though the company continues investing in Emerald natural gas frac technology and disciplined fleet management. Growth capital investments announced during Q2 are expected to support continued growth into 2027 and beyond.

24/7 Wall St

PTEN YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

PTEN Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“We delivered a strong quarter, with a positive inflection in activity and momentum building across each of our businesses as we moved through the second quarter and into the third. Our team executed very well, customer activity is growing, and the U.S. onshore market is responding to a more constructive commodity price environment. These results reflect the strategic investments we have made to position Patterson-UTI as a premier oilfield services company across each of our core businesses. Importantly, this second quarter performance was achieved without the benefit of the additional growth capital investments announced during the quarter. We expect those investments to support continued growth into 2027 and beyond, while further strengthening our technology leadership.”

— Andy Hendricks, Q2 2026 Earnings Press Release

Back to PTEN Stock Page