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Helmerich & Payne, Inc.

HP

Helmerich & Payne, Inc. • NYSE
$27.90 ▲ 0.61% (+0.17)
Market Cap $2.77 B
52w High $37.30
52w Low $14.65
Dividend Yield 1.00%
P/E -16.81
Volume 436.37K
Outstanding Shares 99.44M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $1.012B ▼ $85.212M ▼ $-57.363M ▲ -5.67% ▲ $-0.58 ▲ $154.757M ▲
Q3-2025 $1.041B ▲ $285.478M ▲ $-162.758M ▼ -15.636% ▼ $-1.64 ▼ $75.783M ▼
Q2-2025 $1.016B ▲ $114.562M ▲ $1.654M ▼ 0.163% ▼ $0.01 ▼ $230.443M ▲
Q1-2025 $677.302M ▼ $76.382M ▼ $54.772M ▼ 8.087% ▼ $0.55 ▼ $197.797M ▼
Q4-2024 $693.793M $78.212M $75.476M 10.879% $0.75 $233.47M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $245.756M ▲ $6.706B ▼ $3.876B ▼ $2.725B ▼
Q3-2025 $187.399M ▼ $6.862B ▼ $3.995B ▼ $2.764B ▼
Q2-2025 $195.582M ▼ $7.242B ▲ $4.19B ▲ $2.935B ▼
Q1-2025 $526.496M ▲ $5.817B ▲ $2.87B ▲ $2.947B ▲
Q4-2024 $510.26M $5.782B $2.865B $2.917B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-57.363M ▲ $206.95M ▲ $-37.452M ▲ $-169.373M ▼ $-1.226M ▲ $142.809M ▲
Q3-2025 $-161.899M ▼ $121.596M ▲ $-56.987M ▲ $-90.453M ▼ $-17.928M ▲ $24.598M ▲
Q2-2025 $1.25M ▼ $56.046M ▼ $-1.868B ▼ $344.257M ▲ $-220.96M ▼ $-102.703M ▼
Q1-2025 $54.772M ▼ $158.358M ▼ $52.651M ▲ $-33.15M ▼ $177.859M ▼ $51.873M ▼
Q4-2024 $75.476M $168.756M $-104.75M $1.183B $1.247B $62.779M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
International Solutions Segment
International Solutions Segment
 $50.00M ▲$250.00M ▲$0 ▼$510.00M ▲
North America Solutions
North America Solutions
 $600.00M ▲$600.00M ▲$590.00M ▼$570.00M ▼
Offshore Gulfof Mexico
Offshore Gulfof Mexico
 $30.00M ▲$150.00M ▲$0 ▼$340.00M ▲
Other Segments
Other Segments
 $20.00M ▲$50.00M ▲$40.00M ▼$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Helmerich & Payne has moved from a period of losses to solid profitability over the last few years. Revenue has grown strongly from the downturn years and then leveled off more recently, suggesting the big post‑cycle rebound is behind them and the business is now in a more mature, steady phase. Margins have improved a lot: gross profit and operating profit have both shifted from negative to clearly positive, reflecting better pricing, higher utilization of rigs, and the value of its technology‑driven services. Net income and earnings per share have also swung from steep losses to healthy profits, which is notable in such a notoriously cyclical industry. The main watch points are that revenue has recently slipped slightly from its peak and earnings have come down from their high point, even though they remain well above prior years. That pattern is typical for an oilfield services name late in a cycle: still profitable, but growth momentum is slower and more sensitive to drilling activity and commodity prices.

Balance Sheet

Balance Sheet The balance sheet looks generally sound, with a solid equity base that has stayed fairly stable over the period, indicating the company has not been relying heavily on new equity issuance or taking large write‑downs recently. Total assets have edged up after a dip, which is consistent with reinvestment in the business and, potentially, acquisitions or international expansion. Cash on hand is lower than it was a few years ago, which likely reflects capital spending, debt actions, and shareholder returns, but it is still meaningful for liquidity. The key change is on the debt side: borrowings were reduced significantly and then rose again in the most recent year. That step‑up in debt is worth monitoring, as it increases financial leverage, but it is set against a business that is now profitable and generating positive cash flow. Overall, leverage does not look extreme, yet the company is clearly less net‑cash‑rich than it was right after the downturn.

Cash Flow

Cash Flow Cash generation from operations has improved steadily from a weak base to a much healthier level, showing that profits are increasingly backed by real cash, not just accounting gains. The strong operating cash flows in the last couple of years indicate the core business is throwing off cash in the current part of the cycle. Free cash flow has been positive in most recent years, though it has bounced around as management has stepped up capital spending. There was a patch of slightly negative free cash when reinvestment outpaced cash from operations, followed by a very strong free‑cash year and then a step down again as capital expenditures increased. Capital spending has risen noticeably, which fits with the company’s push into higher‑spec rigs, automation, and international growth. That is a strategic positive, but it does mean less surplus cash in the short term and more sensitivity to any sudden downturn in drilling demand. The balance between reinvestment and maintaining a cash cushion will be an ongoing area to watch.

Competitive Edge

Competitive Edge Within onshore drilling, Helmerich & Payne is positioned as a quality and technology leader rather than just a volume player. Its FlexRig® fleet is widely regarded as a high‑performance, standardized platform, which helps drive consistent operations, faster moves between wells, and better safety. The company’s real edge comes from pairing these rigs with proprietary software, automation, and data tools. Performance‑based contracts align its incentives with customers and help it capture some of the value it creates through more efficient drilling. This shifts the business away from being a pure day‑rate commodity provider. Scale in the U.S. high‑spec rig market, long relationships with major producers, and a growing international presence (especially in the Middle East) strengthen its negotiating position versus both customers and suppliers. The main structural risk remains the underlying cyclicality of oil and gas drilling and competition from other large, technology‑focused drillers, particularly if activity levels soften.

Innovation and R&D

Innovation and R&D Innovation is a core part of Helmerich & Payne’s identity. Its automation platforms, such as FlexFusion® and AutoSlide®, aim to standardize and optimize drilling in real time, reducing human error and boosting well quality. These tools help differentiate the company in what has historically been a very price‑driven business. Through H&P Technologies and products like DrillScan®, the company increasingly sells software and services that can be used on third‑party rigs. That opens a higher‑margin, asset‑light revenue stream and deepens its role as a technical partner rather than just an equipment provider. The stated roadmap toward more autonomous drilling, combined with investments in lower‑emissions and gas‑to‑LNG solutions, suggests management is trying to stay ahead of both efficiency and environmental trends. R&D spending is modest compared with big tech firms but meaningful for the drilling industry, and ongoing acquisitions of niche technology providers show a willingness to buy rather than build when speed matters.

Summary

Helmerich & Payne has transitioned from a loss‑making downturn position to solid, if cyclical, profitability, with better margins and stronger cash generation than a few years ago. Growth in revenue has moderated after a strong rebound, and earnings have eased from their peak, which is typical as the industry moves through the cycle. The balance sheet is still a relative strength, with stable equity and manageable leverage, though the recent increase in debt and lower cash balances reduce the cushion compared with earlier years. Cash flow is generally robust and supports the company’s elevated capital spending on technology, rigs, and international expansion. Competitively, the firm stands out as a technology‑driven driller with a strong position in high‑spec onshore rigs, growing performance‑based contracts, and a meaningful push into international markets. Its integrated hardware‑plus‑software offering and focus on automation and data give it a defensible niche. Key things to watch going forward include: how well it maintains utilization and pricing if drilling activity slows; the balance between reinvestment and financial flexibility; the success of integrating international operations; and tangible progress on its automation and decarbonization initiatives. The company is well‑positioned within its niche, but its results will remain closely tied to the broader oil and gas cycle.

NEWS

November 17, 2025 · 4:20 PM UTC

Helmerich & Payne, Inc. Announces Fiscal Fourth Quarter and Fiscal 2025 Results and Provides Initial Fiscal Year 2026 Operating and Financial Guidance

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November 17, 2025 · 4:05 PM UTC

H&P Announces Reactivation of Seven Rigs in Saudi Arabia

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October 9, 2025 · 4:20 PM UTC

Helmerich & Payne, Inc. Schedules Fiscal Fourth Quarter 2025 and Year End Conference Call and Webcast

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September 29, 2025 · 9:10 AM UTC

Helmerich & Payne, Inc. Announces Promotion of Trey Adams to President and Mike Lennox and John Bell to Executive Vice Presidents

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September 19, 2025 · 4:18 PM UTC

MBX Biosciences to Provide Topline Results from its Phase 2 Trial of Potential Once-Weekly Canvuparatide for Hypoparathyroidism (HP) on Monday, September 22

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