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TULSA - Helmerich & Payne Inc. (NYSE:HP) shares tumbled 9.6% after the drilling contractor reported an unexpected fourth-quarter loss, overshadowing better-than-expected revenue.
The company posted an adjusted loss of $0.01 per share for the quarter ended September 30, 2025, missing analyst expectations of $0.21 in earnings. Revenue came in at $1.01 billion, surpassing the consensus estimate of $968.58 million. The disappointing bottom-line results included $56 million in non-recurring charges that contributed to a consolidated net loss of $57 million, or $0.58 per share.
"Fiscal 2025 was a historic year for H&P, as we grew our global drilling footprint to over 200 operating rigs, surpassed over $1 billion of direct margins in our North American Solutions business, welcomed the talented team from KCA Deutag, and established new relationships with a diverse set of global customers," commented CEO John Lindsay.
The North America Solutions segment reported operating income of $118 million during the quarter, down from $158 million in the prior quarter. The segment realized direct margins of $242 million, yielding $18,620 per day. Meanwhile, the International Solutions segment posted an operating loss of $75 million, though this marked an improvement from the previous quarter’s $167 million loss.
Looking ahead, Helmerich & Payne expects gross capital expenditures between $280 million and $320 million for fiscal 2026, representing a reduction from 2025 spending. The company also announced it had repaid $210 million of its $400 million term loan as of the end of October and now expects to repay the entire loan by the end of the third fiscal quarter of 2026.
For the first quarter of fiscal 2026, the company expects direct margins between $225 million and $250 million in North America Solutions, with an average rig count of approximately 138 to 144 contracted rigs.
"We remain focused on generating strong free cash flow and accelerating debt reduction," said Senior Vice President and CFO Kevin Vann, who also noted the company has made "solid progress in streaming our cost structure."
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