Revenue has contracted by 12.7% year-over-year as of 2026Q1, while operating margins remain pressured at -1.3% due to persistent challenges in the North American drilling and completion segments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 4.66B | 4.83B | 5.38B | 4.15B | 2.65B | 1.36B | 1.12B | 2.47B | 3.33B | 2.36B | 915.87M | 1.89B | 3.18B | 2.72B | 2.72B | 2.57B | 1.46B | 781.95M | 2.21B | 2.11B | 2.55B | 1.74B | 1B | 776.17M | 527.96M | 989.98M | 307.9M | 151.5M | 186.6M | 190.8M | 83.7M |
| Revenue Growth % | -9.41% | -10.25% | 29.7% | 56.61% | 95.09% | 20.71% | -54.5% | -25.74% | 41.17% | 157.32% | -51.57% | -40.57% | 17.17% | -0.27% | 6.14% | 75.4% | 87.09% | -64.6% | 4.49% | -16.98% | 46.32% | 73.91% | 28.94% | 47.01% | -46.67% | 221.52% | 103.24% | -18.81% | -2.2% | 127.96% | 80% |
| Cost of Goods Sold | 4.25B | 4.6B | 5.09B | 3.54B | 2.33B | 1.93B | 1.47B | 2.78B | 3.32B | 2.5B | 1.32B | 2.1B | 2.83B | 2.32B | 2.19B | 1.54B | 897.8M | 476.5M | 1.31B | 1.19B | 1.24B | 939.37M | 678.91M | 567.64M | 398.76M | 592.89M | 221.65M | 126.2M | 146.5M | 131.3M | 62.6M |
| COGS % of Revenue | - | 95.24% | 94.68% | 85.44% | 88.02% | 142.3% | 131.01% | 112.42% | 99.75% | 106.12% | 143.82% | 110.88% | 89.08% | 85.54% | 80.57% | 60.16% | 61.37% | 60.94% | 59.33% | 56.19% | 48.83% | 53.97% | 67.84% | 73.13% | 75.53% | 59.89% | 71.99% | 83.3% | 78.51% | 68.82% | 74.79% |
| Gross Profit | 410.78M | 229.86M | 286.17M | 603.72M | 317.1M | -574.04M | -348.58M | -306.88M | 8.19M | -144.2M | -401.34M | -205.85M | 347.49M | 392.66M | 529.13M | 1.02B | 565.13M | 305.45M | 898.54M | 926.15M | 1.3B | 801.09M | 321.86M | 208.53M | 129.19M | 397.08M | 86.25M | 25.3M | 40.1M | 59.5M | 21.1M |
| Gross Margin % | 8.81% | 4.76% | 5.32% | 14.56% | 11.98% | -42.3% | -31.01% | -12.42% | 0.25% | -6.12% | -43.82% | -10.88% | 10.92% | 14.46% | 19.43% | 39.84% | 38.63% | 39.06% | 40.67% | 43.81% | 51.17% | 46.03% | 32.16% | 26.87% | 24.47% | 40.11% | 28.01% | 16.7% | 21.49% | 31.18% | 25.21% |
| Gross Profit Growth % | - | -19.68% | -52.6% | 90.39% | 155.24% | -64.68% | -13.59% | -3846.15% | 105.68% | 64.07% | -94.97% | -159.24% | -11.5% | -25.79% | -48.23% | 80.87% | 85.02% | -66.01% | -2.98% | -28.93% | 62.66% | 148.9% | 54.35% | 61.41% | -67.46% | 360.38% | 240.91% | -36.91% | -32.61% | 181.99% | 83.48% |
| Operating Expenses | 486.71M | 255.07M | 1.18B | 251.77M | 106.07M | 103.7M | 543.67M | 154.69M | 116.5M | 73.89M | 54.88M | 87.17M | 80.14M | 73.85M | 65.57M | 501.55M | 364.21M | 64.11M | 347.04M | 255.88M | 263.92M | 219.79M | 150.64M | 123.79M | 121.09M | 116.77M | 44.53M | 35.5M | 37.4M | 26.1M | 16.4M |
| OpEx % of Revenue | - | 5.28% | 21.87% | 6.07% | 4.01% | 7.64% | 48.36% | 6.26% | 3.5% | 3.14% | 5.99% | 4.61% | 2.52% | 2.72% | 2.41% | 19.55% | 24.9% | 8.2% | 15.71% | 12.1% | 10.36% | 12.63% | 15.05% | 15.95% | 22.94% | 11.79% | 14.46% | 23.43% | 20.04% | 13.68% | 19.59% |
| Selling, General & Admin | 256.9M | 255.07M | 268.34M | 169.96M | 116.59M | 92.38M | 97.61M | 133.51M | 134.07M | 105.85M | 69.2M | 87.17M | 80.14M | 73.85M | 64.47M | 64.27M | 53.04M | 56.62M | 68.19M | 64.62M | 55.06M | 39.11M | 32.9M | 27.97M | 29.88M | 30.61M | 11.39M | 7.3M | 9.3M | 8.6M | 6.4M |
| SG&A % of Revenue | - | 5.28% | 4.99% | 4.1% | 4.4% | 6.81% | 8.68% | 5.4% | 4.03% | 4.49% | 7.56% | 4.61% | 2.52% | 2.72% | 2.37% | 2.5% | 3.63% | 7.24% | 3.09% | 3.06% | 2.16% | 2.25% | 3.29% | 3.6% | 5.66% | 3.09% | 3.7% | 4.82% | 4.98% | 4.51% | 7.65% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.84M | 3.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | 0.16% | 0.1% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 907.57M | 81.81M | -10.52M | 11.32M | 446.06M | 17.34M | 750K | 343K | 69K | 34K | 3K | 0 | 508K | 437.28M | 333.49M | 297.04M | 278.85M | 191.26M | 208.85M | 180.68M | 117.74M | 95.82M | 91.22M | 86.16M | 33.13M | 28.2M | 28.1M | 17.5M | 10M |
| Operating Income | -75.94M | -25.21M | -889.74M | 351.95M | 211.03M | -677.75M | -892.26M | -461.58M | -322.18M | -292.54M | -456.23M | -406.97M | 283.13M | 322.19M | 497.36M | 525.6M | 200.93M | -48.21M | 541.53M | 670.28M | 1.04B | 581.3M | 171.21M | 87.19M | 3.4M | 267.17M | 41.72M | -10.2M | 2.7M | 33.4M | 4.7M |
| Operating Margin % | -1.63% | -0.52% | -16.54% | 8.49% | 7.97% | -49.94% | -79.36% | -18.68% | -9.68% | -12.41% | -49.81% | -21.52% | 8.9% | 11.86% | 18.26% | 20.48% | 13.73% | -6.17% | 24.51% | 31.7% | 40.81% | 33.4% | 17.11% | 11.23% | 0.64% | 26.99% | 13.55% | -6.73% | 1.45% | 17.51% | 5.62% |
| Operating Income Growth % | - | 97.17% | -352.8% | 66.78% | 131.14% | 24.04% | -93.31% | -43.27% | -10.13% | 35.88% | -12.1% | -243.74% | -12.12% | -35.22% | -5.37% | 161.59% | 516.74% | -108.9% | -19.21% | -35.5% | 78.77% | 239.51% | 96.37% | 2465.92% | -98.73% | 540.35% | 509.05% | -477.78% | -91.92% | 610.64% | 104.35% |
| EBITDA | 850.86M | 915.05M | 282.14M | 1.08B | 694.98M | 171.43M | -221.35M | 542.3M | 529.26M | 463.73M | 212.27M | 457.79M | 1B | 919.66M | 1.02B | 962.88M | 534.42M | 241.63M | 809.96M | 919.48M | 1.24B | 740.51M | 291.83M | 185.19M | 94.61M | 353.33M | 74.86M | 18M | 30.8M | 50.9M | 14.7M |
| EBITDA Margin % | 18.25% | 18.96% | 5.25% | 26.13% | 26.25% | 12.63% | -19.69% | 21.95% | 15.91% | 19.68% | 23.18% | 24.21% | 31.48% | 33.86% | 37.6% | 37.53% | 36.53% | 30.9% | 36.66% | 43.49% | 48.52% | 42.55% | 29.16% | 23.86% | 17.92% | 35.69% | 24.31% | 11.88% | 16.51% | 26.68% | 17.56% |
| EBITDA Growth % | 403.91% | 224.33% | -73.96% | 55.89% | 305.4% | 177.45% | -140.82% | 2.46% | 14.13% | 118.47% | -53.63% | -54.31% | 8.94% | -10.19% | 6.35% | 80.17% | 121.17% | -70.17% | -11.91% | -25.58% | 66.85% | 153.75% | 57.59% | 95.73% | -73.22% | 372.01% | 315.87% | -41.56% | -39.49% | 246.26% | 93.42% |
| D&A (Non-Cash Add-back) | 926.79M | 940.26M | 1.17B | 731.42M | 483.94M | 849.18M | 670.91M | 1B | 851.43M | 756.27M | 668.49M | 864.76M | 718.73M | 597.47M | 526.61M | 437.28M | 333.49M | 289.85M | 268.43M | 249.21M | 196.37M | 159.22M | 120.62M | 98M | 91.22M | 86.16M | 33.13M | 28.2M | 28.1M | 17.5M | 10M |
| EBIT | -67.18M | -32.48M | -884.98M | 359.97M | 208.12M | -677.8M | -890.25M | -455.17M | -315.83M | -290.33M | -455.83M | -405.97M | 284.11M | 324.8M | 498.42M | 526.37M | 203.53M | -47.41M | 547.99M | 670.28M | 1.04B | 581.3M | 148.47M | 66.28M | 8.1M | 280.32M | 68.58M | -9.45M | 2.7M | 33.4M | 4.7M |
| Net Interest Income | -62.35M | -63.86M | -66.23M | -46.75M | -39.9M | -41.76M | -39.52M | -69.19M | -45.98M | -35.61M | -40.04M | -35.51M | -28.85M | -27.44M | -22.2M | -15.46M | -11.1M | -3.77M | 923K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 7.95M | 6.65M | 5.73M | 6.12M | 360K | 222K | 1.25M | 6.01M | 5.6M | 1.87M | 327K | 964K | 979K | 918K | 554K | 187K | 1.67M | 381K | 1.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 70.3M | 70.51M | 71.96M | 52.87M | 40.26M | 41.98M | 40.77M | 75.2M | 51.58M | 37.47M | 40.37M | 36.48M | 29.82M | 28.36M | 22.75M | 15.65M | 12.77M | 4.15M | 639K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -57.81M | -77.78M | -67.21M | -44.85M | -43.17M | -42.03M | -38.76M | -68.8M | -45.23M | -35.26M | -39.97M | -35.48M | -28.84M | -25.75M | -21.69M | -14.88M | -10.17M | -3.34M | -2.98M | 531K | 4.67M | 3.46M | 680K | 967K | 441K | -677K | -8.48M | -7.05M | -2.9M | 1.6M | -2.7M |
| Pretax Income | -133.74M | -102.99M | -956.95M | 307.1M | 167.86M | -719.78M | -931.02M | -530.38M | -367.41M | -327.8M | -496.2M | -442.45M | 254.28M | 296.44M | 475.67M | 510.72M | 190.75M | -51.55M | 542.95M | 670.81M | 1.04B | 584.76M | 171.89M | 88.16M | 3.84M | 266.5M | 38M | -13.4M | -200K | 35M | 2M |
| Pretax Margin % | -2.87% | -2.13% | -17.79% | 7.41% | 6.34% | -53.04% | -82.81% | -21.47% | -11.04% | -13.91% | -54.18% | -23.39% | 7.99% | 10.91% | 17.47% | 19.9% | 13.04% | -6.59% | 24.58% | 31.73% | 40.99% | 33.6% | 17.18% | 11.36% | 0.73% | 26.92% | 12.34% | -8.84% | -0.11% | 18.34% | 2.39% |
| Income Tax | -14.92M | -9.94M | 9.45M | 61.15M | 13.2M | -62.7M | -127.33M | -104.67M | -45.99M | -333.71M | -177.56M | -147.96M | 91.62M | 108.43M | 176.2M | 187.94M | 72.86M | -17.59M | 195.88M | 232.17M | 371.27M | 212.02M | 63.16M | 32.36M | 1.67M | 102.33M | 14.24M | -4.3M | 100K | 12.8M | -2.3M |
| Effective Tax Rate % | 11.16% | 9.65% | -0.99% | 19.91% | 7.87% | 8.71% | 13.68% | 19.74% | 12.52% | 101.8% | 35.78% | 33.44% | 36.03% | 36.58% | 37.04% | 36.8% | 38.19% | 34.13% | 36.08% | 34.61% | 35.57% | 36.26% | 36.74% | 36.71% | 43.5% | 38.4% | 37.49% | 32.09% | -50% | 36.57% | -115% |
| Net Income | -119.27M | -93.64M | -968.03M | 246.29M | 154.66M | -654.54M | -803.69M | -425.7M | -321.42M | 5.91M | -318.63M | -294.49M | 162.66M | 188.01M | 299.48M | 322.41M | 116.94M | -38.29M | 347.07M | 438.64M | 673.25M | 372.74M | 108.73M | 55.33M | 2.17M | 164.16M | 23.75M | -9.1M | -300K | 22.2M | 4.3M |
| Net Margin % | -2.56% | -1.94% | -18% | 5.94% | 5.84% | -48.23% | -71.49% | -17.23% | -9.66% | 0.25% | -34.79% | -15.57% | 5.11% | 6.92% | 11% | 12.57% | 7.99% | -4.9% | 15.71% | 20.75% | 26.44% | 21.42% | 10.86% | 7.13% | 0.41% | 16.58% | 7.71% | -6.01% | -0.16% | 11.64% | 5.14% |
| Net Income Growth % | 88.29% | 90.33% | -493.04% | 59.25% | 123.63% | 18.56% | -88.79% | -32.44% | -5538.6% | 101.85% | -8.2% | -281.04% | -13.48% | -37.22% | -7.11% | 175.7% | 405.41% | -111.03% | -20.88% | -34.85% | 80.62% | 242.8% | 96.53% | 2450.76% | -98.68% | 591.09% | 361.03% | -2933.33% | -101.35% | 416.28% | 126.32% |
| Net Income (Continuing) | -118.82M | -93.05M | -966.4M | 245.95M | 154.66M | -657.08M | -803.69M | -425.7M | -321.42M | 5.91M | -318.63M | -294.49M | 162.66M | 188.01M | 299.48M | 322.78M | 117.9M | -33.96M | 353.87M | 438.64M | 672.57M | 372.74M | 94.35M | 43.66M | 2.17M | 164.16M | 37.23M | -11.74M | -300K | 22.2M | 4.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 2.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.33M | 6.18M | 10.02M | 8.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.31 | -0.24 | -2.44 | 0.88 | 0.70 | -3.37 | -4.27 | -2.10 | -1.47 | 0.03 | -2.18 | -2.03 | 1.11 | 1.28 | 1.96 | 2.06 | 0.76 | -0.25 | 2.24 | 2.79 | 4.02 | 2.15 | 0.56 | 0.26 | -0.03 | 1.03 | 0.25 | -0.14 | -0.00 | 0.38 | 0.11 |
| EPS Growth % | 88.11% | 90.16% | -377.27% | 25.71% | 120.77% | 21.08% | -103.33% | -42.86% | -5000% | 101.38% | -7.39% | -282.88% | -13.28% | -34.69% | -4.85% | 171.05% | 404% | -111.16% | -19.71% | -30.6% | 86.98% | 283.93% | 115.38% | 966.67% | -102.91% | 312% | 278.57% | - | -101.24% | 245.45% | 22.22% |
| EPS (Basic) | - | -0.24 | -2.44 | 0.88 | 0.72 | -3.37 | -4.27 | -2.10 | -1.47 | 0.03 | -2.18 | -2.03 | 1.12 | 1.29 | 1.96 | 2.08 | 0.76 | -0.25 | 2.26 | 2.83 | 4.08 | 2.19 | 0.57 | 0.27 | -0.03 | 1.08 | 0.26 | -0.14 | -0.00 | 0.39 | 0.11 |
| Diluted Shares Outstanding | 379.59M | 383.46M | 397.2M | 280.06M | 219.5M | 195.02M | 188.01M | 203.04M | 218.64M | 199.88M | 146.18M | 145.42M | 145.38M | 145.3M | 151.7M | 155.3M | 153.28M | 152.07M | 154.72M | 157M | 167.41M | 173.77M | 169.21M | 164.57M | 157.41M | 158.39M | 149.68M | 65M | 63.29M | 59.01M | 40.17M |
| Basic Shares Outstanding | 379.59M | 383.46M | 397.2M | 279.5M | 215.94M | 195.02M | 188.01M | 203.04M | 218.64M | 198.45M | 146.16M | 145.42M | 144.07M | 144.36M | 151.14M | 153.87M | 152.77M | 152.07M | 153.38M | 154.75M | 165.16M | 170.43M | 166.26M | 161.27M | 157.41M | 152.81M | 142.41M | 65M | 63.29M | 56.98M | 39.62M |
| Dividend Payout Ratio | - | - | - | 40.62% | 27.87% | - | - | - | - | 276.06% | - | - | 35.83% | 15.48% | 10.12% | 9.63% | 26.33% | - | 26.76% | 15.63% | 6.81% | 7.33% | 9.22% | - | - | - | 168.39% | - | - | - | - |
Cyclical demand and pricing
As reported in recent financial filings, PTEN has experienced a sustained period of top-line erosion, with revenue declining 12.7% YoY in 2026Q1, marking a consistent trend of negative growth that reflects the broader cooling of activity levels across core North American unconventional oil and gas basins.
The consistent year-over-year revenue decline suggests that the company is struggling to maintain pricing power in a market characterized by reduced E&P capital expenditure. This trajectory implies that the integration of NexTier has not yet provided the necessary volume offset to counteract the cyclical downturn in drilling and completion activity.
Based on the provided income statement data, PTEN's gross margin has faced significant pressure, fluctuating from a high of 24.0% in 2026Q1 to a low of -2.2% in 2024Q3, indicating that the company's profitability is highly sensitive to utilization rates and the costs of fleet reactivation.
The thin and inconsistent gross margin profile suggests that the company's high fixed-cost structure leaves little room for error during periods of market softness. Investors should monitor whether the recent improvement to 24.0% in 2026Q1 represents a sustainable shift in pricing strategy or merely a temporary benefit from cost-cutting measures.
According to the income statement, PTEN has struggled to achieve positive operating leverage, with operating income remaining negative in five of the last six quarters, suggesting that the company's overhead and depreciation expenses are currently outpacing the revenue generated by its integrated service model.
The inability to scale operating income faster than gross profit indicates that the company's current cost structure is not yet optimized for the prevailing market environment. This may imply that the synergies expected from the NexTier merger have been slower to materialize than initially anticipated by the market.
As evidenced by the extreme net loss of $978.8 million in 2024Q3, the company's bottom-line performance has been significantly distorted by non-operating items and potential asset impairments, which complicates the assessment of normalized earnings power and the true underlying profitability of the core drilling and completion segments.
The volatility in net income, ranging from significant losses to marginal profitability, suggests that investors should focus on cash flow metrics rather than reported EPS. The presence of stock-based compensation, while relatively stable, adds a layer of dilution that warrants further investigation into the alignment of management incentives with shareholder returns.
Based on reported figures, the primary challenge to the current narrative is the company's inability to maintain consistent profitability despite its integrated service offering, raising concerns that the competitive intensity in the pressure pumping market may permanently impair the firm's ability to generate attractive returns on capital.
Short-sellers may focus on the persistent negative net margins as evidence that the company is over-invested in a commoditized service market. The reliance on high-spec rig utilization suggests that any further decline in US land rig counts could lead to a rapid deterioration of the company's financial position.
Quick answers to the most common questions about buying PTEN stock.
For fiscal year 2025, Patterson-UTI Energy, Inc. (PTEN) reported total revenue of $4.83B. This represents a 5666.6% increase compared to $83.7M in 1996.
Patterson-UTI Energy, Inc. (PTEN) reported a net loss of $93.6M for the fiscal year ending 2025.
Patterson-UTI Energy, Inc. (PTEN) reported an operating income of $-25.2M, resulting in an operating profit margin of -0.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Patterson-UTI Energy, Inc. (PTEN) generated $229.9M in gross profit for the year, representing a gross profit margin of 4.8%. This demonstrates the company's core pricing power and production efficiency.