Helmerich & Payne, Inc.

helmerichpayne.com

What Do They Do?

Provides drilling services and related technology to oil and gas exploration and production companies.

How Do They Make Money?

Most drilling services are billed by the day, with customers charged for the work as H&P provides it. Rates vary with the well, location, rig and operating conditions.

revenue

Segment	Share	How money arrives
North America Solutions Usage-based	63% FY2022: 87%	Usage-based
International Solutions Segment Usage-based	21% FY2022: 6.6%	Usage-based
Offshore Solutions Usage-based	14% FY2022: 6.1%	Usage-based

Who Are Their Customers?

U.S. customers range from major and large independent oil companies to smaller and private operators; international customers include major international and national oil companies. Drilling contracts are won through competitive bids or direct negotiations.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: no customer at 10% or more of revenue

Do Revenues Turn Into Profits?

Not on paper. It lost $163.7M in FY2025, but brought in more cash than it spent: $116.6M of free cash flow.

Operating income, FY2025

0% of revenue

▼ −99% vs FY2024 ($457.4M, 17%)

Net income, FY2025

−4% of revenue

▼ Now a loss vs FY2024 ($344.2M, 12%)

Free cash flow, FY2025

3% of revenue

▼ −39% vs FY2024 ($189.6M, 7%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −1%; vs $1B in Q3 FY2025
Net income: ▲ Now profitable; vs −$162.8M in Q3 FY2025

North America Solutions share of revenue vs 56.9% in Q3 FY2025

Mar 16, 2026 Todd Scruggs appointed CFO as Kevin Vann plans retirement Vann's retirement was set for June 30, 2026; Scruggs was appointed CFO effective July 1, 2026.
Dec 11, 2025 Trey Adams succeeds John Lindsay as CEO Lindsay was to retire after the March 4, 2026 annual meeting and continue as a senior adviser through December 31, 2026.

Growing. Revenue grew 3.1x in 4 years, from $1.2B in FY2021 to $3.7B in FY2025, about 32% a year.

Broader international and offshore operations The earlier report placed international drilling in Argentina, Bahrain, Colombia and the United Arab Emirates; the latest adds KCA Deutag land operations and offshore management contracts across broader international markets.

Added manufacturing and engineering The earlier report described real estate, research and development, and captive insurance in Other; the latest also includes BENTEC manufacturing and engineering facilities serving the energy industry.

Revenue over time

North America Solutions International Solutions Segment Offshore Solutions Other

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Nabors Industries, Patterson-UTI Energy, Precision Drilling, and Blake International Rigs

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