Cash Flow Statement

Operating Cash Flow

+38%

+98%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	316	238	156	122	128	131	155	192	216	233	259	303	358	444	547	649	778	880	994	1 021	1 026	1 021	946	866	816	764	740	476	389	19	(145)	(86)	(171)	66	(3)	95	137	286	400	249	300	35	36	165	131	205	24	147	99	162	373	(669)	(596)	(698)	(1 100)	(372)	(893)	(1 044)	(858)	(1 030)	(780)	(724)	(760)	(541)	(536)	(601)	(562)	(613)	(573)	(570)	(562)	(681)	(951)	(896)	(944)	(763)	(517)	(569)	(538)	(544)	(590)	(470)	(358)	(307)	(71)	15	(12)	50	(20)	(49)	(51)	(88)	(22)	(11)	325	374
Depreciation & Amortization	190	187	185	195	206	214	221	235	257	271	287	255	247	247	282	292	305	322	339	371	395	420	420	474	505	541	577	614	637	655	667	668	682	692	716	767	820	870	906	928	949	984	1 019	1 056	1 082	1 091	1 098	1 100	1 109	1 121	1 130	1 145	1 144	1 082	1 036	970	906	906	886	874	862	851	848	845	855	865	856	869	865	864	877	876	893	886	871	854	804	768	734	693	681	668	664	665	664	661	653	645	640	640	638	633	630	645	646	649
Change in Deffered Taxes	90	47	6	9	(9)	(21)	(19)	(26)	(13)	(10)	(1)	13	38	81	130	195	219	237	271	218	143	107	1	(63)	(95)	(96)	(73)	17	55	62	24	(219)	(205)	(243)	(143)	56	80	116	64	(12)	6	(75)	(155)	(132)	(176)	(137)	(82)	(103)	(97)	(79)	(77)	(240)	(309)	(238)	(336)	(203)	(202)	(333)	(271)	(207)	(188)	(165)	(153)	9	72	126	160	72	71	47	50	36	47	57	46	65	39	31	31	(11)	(6)	(3)	3	7	8	16	19	16	18	15	10	22	21	23	114	97
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	80	0	0	0	0	0	0	0	45	69	145	149	107	87	14	13	14	14	15	20	21	22	22	18	18	47	48	51	53	31	34	36	37	40	48	48	47	41	34	32	32	35	33	33	32	30	29	27	26	26	26	26	25	25	26	25	25	22	20	20	19	16	16	16	16	16	16	17	16	16	15	15	17	16	17	19	23
Other Non-Cash Items	12	11	15	25	25	45	46	27	24	8	6	47	66	78	50	54	50	52	45	87	71	60	132	249	302	354	397	634	683	966	916	781	726	423	539	392	361	216	145	328	371	739	766	536	445	229	393	272	318	300	15	1 058	1 002	1 006	1 338	476	875	986	704	798	470	351	376	137	126	192	178	215	201	231	193	316	580	479	466	203	(60)	(3)	20	102	173	103	53	88	(41)	(57)	(14)	(62)	11	41	75	116	8	(15)	(454)	(500)
Cash Taxes Paid	0	0	0	23	0	0	0	17	0	0	0	29	0	0	0	26	0	0	0	157	0	0	0	379	0	0	0	236	0	0	0	108	0	0	0	59	0	0	0	54	0	0	0	85	0	0	0	101	0	0	0	167	0	0	0	67	0	0	0	35	0	0	0	21	0	0	0	11	0	0	0	7	0	0	0	(18)	0	0	0	11	0	0	0	29	0	0	0	49	0	0	0	74	0	0	0	74
Cash Interest Paid	0	0	0	23	0	0	0	41	0	0	0	28	0	0	0	29	0	0	0	29	0	0	0	42	0	0	0	67	0	0	0	127	0	0	0	181	0	0	0	208	0	0	0	250	0	0	0	240	0	0	0	165	0	0	0	169	0	0	0	184	0	0	0	192	0	0	0	203	0	0	0	174	0	0	0	157	0	0	0	162	0	0	0	190	0	0	0	187	0	0	0	199	0	0	0	209
Change in Working Capital	137	176	118	50	(1)	(18)	(43)	(33)	(37)	3	(33)	(54)	(84)	(109)	(145)	(160)	(90)	(152)	(245)	(211)	(189)	(208)	(194)	(131)	(209)	(192)	(44)	(279)	(79)	137	242	472	305	142	(110)	(202)	(224)	19	18	(35)	(216)	(384)	(223)	(63)	16	129	10	3	256	95	246	488	404	302	206	(15)	25	161	195	96	(52)	(128)	(219)	(388)	(478)	(433)	(457)	(216)	(87)	(50)	122	137	106	89	62	(8)	104	134	181	188	133	80	41	48	54	27	10	(11)	(57)	(43)	(58)	(101)	(76)	(110)	(35)	73
Cash from Operating Activities	746 N/A	658 -12%	481 -27%	401 -17%	348 -13%	352 +1%	359 +2%	396 +10%	447 +13%	505 +13%	517 +2%	563 +9%	624 +11%	740 +18%	864 +17%	1 030 +19%	1 262 +23%	1 339 +6%	1 404 +5%	1 486 +6%	1 446 -3%	1 400 -3%	1 305 -7%	1 395 +7%	1 319 -5%	1 372 +4%	1 597 +16%	1 463 -8%	1 685 +15%	1 838 +9%	1 703 -7%	1 617 -5%	1 337 -17%	1 080 -19%	999 -7%	1 107 +11%	1 175 +6%	1 507 +28%	1 533 +2%	1 457 -5%	1 410 -3%	1 299 -8%	1 442 +11%	1 563 +8%	1 498 -4%	1 516 +1%	1 443 -5%	1 418 -2%	1 684 +19%	1 599 -5%	1 688 +6%	1 782 +6%	1 645 -8%	1 453 -12%	1 143 -21%	857 -25%	711 -17%	676 -5%	656 -3%	532 -19%	312 -41%	186 -41%	91 -51%	63 -31%	39 -38%	150 +283%	176 +17%	326 +85%	477 +47%	522 +9%	680 +30%	685 +1%	674 -2%	613 -9%	502 -18%	350 -30%	370 +6%	361 -2%	428 +19%	429 +0%	391 -9%	378 -3%	403 +7%	501 +24%	614 +22%	661 +8%	656 -1%	638 -3%	591 -7%	604 +2%	614 +2%	581 -5%	562 -3%	532 -5%	596 +12%	693 +16%
Investing Cash Flow
Capital Expenditures	(687)	(591)	(387)	(327)	(312)	(285)	(319)	(353)	(379)	(486)	(534)	(544)	(606)	(602)	(722)	(907)	(1 080)	(1 400)	(1 674)	(1 927)	(2 164)	(2 183)	(2 066)	(2 039)	(1 784)	(1 696)	(1 670)	(1 507)	(1 570)	(1 466)	(1 322)	(1 093)	(854)	(752)	(806)	(930)	(1 138)	(1 564)	(1 822)	(2 043)	(2 158)	(2 007)	(1 732)	(1 519)	(1 280)	(1 051)	(1 078)	(1 178)	(1 339)	(1 541)	(1 742)	(1 821)	(1 789)	(1 525)	(1 221)	(867)	(633)	(494)	(408)	(396)	(449)	(518)	(559)	(575)	(485)	(468)	(465)	(459)	(506)	(524)	(487)	(428)	(346)	(260)	(214)	(196)	(177)	(207)	(226)	(238)	(281)	(281)	(326)	(373)	(408)	(476)	(508)	(541)	(527)	(509)	(494)	(568)	(628)	(680)	(762)	(716)
Other Items	(21)	(60)	(77)	(328)	(249)	(92)	(359)	(55)	(153)	(184)	33	(5)	(19)	(65)	(4)	(51)	663	418	(365)	159	(565)	(50)	1 043	552	667	465	149	50	(43)	(200)	(184)	(69)	(4)	8	(681)	(743)	(775)	(545)	106	183	243	121	182	339	406	356	451	363	262	284	230	104	798	654	592	640	(64)	25	43	13	15	26	(27)	77	77	129	178	92	85	29	36	72	84	70	63	30	43	48	125	120	101	85	7	5	(7)	(13)	(23)	(30)	(22)	(5)	(1)	12	104	141	515	813
Cash from Investing Activities	(708) N/A	(651) +8%	(464) +29%	(654) -41%	(561) +14%	(377) +33%	(678) -80%	(408) +40%	(532) -30%	(670) -26%	(500) +25%	(549) -10%	(625) -14%	(667) -7%	(726) -9%	(958) -32%	(417) +57%	(982) -136%	(2 039) -108%	(1 769) +13%	(2 730) -54%	(2 232) +18%	(1 022) +54%	(1 487) -46%	(1 117) +25%	(1 230) -10%	(1 520) -24%	(1 457) +4%	(1 612) -11%	(1 666) -3%	(1 506) +10%	(1 163) +23%	(857) +26%	(744) +13%	(1 488) -100%	(1 673) -12%	(1 913) -14%	(2 110) -10%	(1 716) +19%	(1 860) -8%	(1 915) -3%	(1 887) +1%	(1 549) +18%	(1 180) +24%	(874) +26%	(696) +20%	(626) +10%	(816) -30%	(1 077) -32%	(1 256) -17%	(1 512) -20%	(1 717) -14%	(991) +42%	(872) +12%	(629) +28%	(227) +64%	(696) -206%	(469) +33%	(366) +22%	(382) -5%	(434) -13%	(492) -14%	(586) -19%	(498) +15%	(408) +18%	(339) +17%	(287) +16%	(367) -28%	(421) -15%	(495) -18%	(451) +9%	(356) +21%	(262) +26%	(190) +28%	(152) +20%	(166) -9%	(134) +19%	(158) -18%	(101) +36%	(117) -16%	(180) -54%	(196) -8%	(319) -63%	(369) -16%	(415) -12%	(489) -18%	(531) -9%	(570) -7%	(549) +4%	(515) +6%	(495) +4%	(555) -12%	(524) +6%	(539) -3%	(247) +54%	97 N/A
Financing Cash Flow
Net Issuance of Common Stock	(241)	(128)	9	10	13	26	26	26	61	46	54	71	169	109	125	95	(256)	(854)	(941)	(956)	(685)	(21)	33	(43)	(107)	(217)	(326)	(238)	(231)	(130)	(13)	10	11	13	13	6	12	13	12	12	(3)	(5)	(4)	(4)	5	7	7	5	9	(40)	(290)	(291)	(295)	(248)	(44)	(98)	(100)	(101)	(56)	(1)	9	9	9	(10)	0	563	562	579	0	(1)	(1)	0	(14)	(14)	(14)	(2)	0	0	12	0	(4)	(1)	(1)	0	(4)	(7)	(7)	0	(3)	(3)	(3)	0	(2)	(2)	(189)	(342)
Net Issuance of Debt	(158)	(172)	324	461	473	639	141	155	152	(295)	(295)	(292)	(279)	15	6	10	(765)	1 950	1 971	1 982	2 743	41	3	(38)	541	369	191	150	57	95	134	25	(572)	(619)	199	292	404	379	(182)	160	304	399	313	(245)	(406)	(601)	(846)	(690)	(769)	(342)	192	431	(9)	(205)	(511)	(677)	(209)	(235)	(252)	(70)	233	388	627	576	573	63	(247)	(458)	(606)	(299)	(242)	(271)	(281)	(233)	(170)	(77)	(210)	(200)	18	301	(189)	(133)	(394)	(643)	(79)	(116)	(95)	602	(47)	13	1	(647)	(16)	(28)	(343)	(203)
Cash Paid for Dividends	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(24)	(35)	(47)	(59)	(47)	(54)	(59)	(65)	(70)	(70)	(69)	(69)	(51)	(51)	(51)	(51)	(68)	(68)	(69)	(69)	(71)	(79)	(87)	(96)	(85)	(67)	(50)	(32)	(31)	(27)	(23)	(18)	(15)	(11)	(7)	(4)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	0	(6)	(6)	(6)
Other	0	2	(3)	(4)	(4)	(15)	(11)	(10)	(10)	(0)	(0)	0	0	0	0	(3)	(1)	(610)	(610)	(608)	(609)	(0)	9	2	(2)	2	(9)	(2)	(7)	(12)	(11)	(15)	(9)	(9)	(16)	(18)	(16)	(17)	(13)	(8)	(8)	(6)	(2)	(6)	(5)	(9)	(12)	2	(11)	(2)	1	(12)	(5)	(12)	(12)	(5)	(5)	(2)	(2)	(16)	(68)	(58)	(58)	14	55	39	39	121	135	140	137	(11)	(27)	(27)	(28)	(47)	(83)	(84)	(80)	195	244	243	243	(19)	(22)	(208)	97	(9)	(2)	186	(129)	(15)	0	(13)	(4)	(16)
Cash from Financing Activities	(399) N/A	(298) +25%	330 N/A	467 +42%	482 +3%	649 +35%	156 -76%	172 +10%	203 +18%	(249) N/A	(241) +3%	(221) +8%	(111) +50%	123 N/A	131 +6%	103 -22%	(1 022) N/A	486 N/A	420 -14%	418 0%	1 449 +246%	19 -99%	45 +134%	(79) N/A	432 N/A	154 -64%	(144) N/A	(89) +38%	(181) -103%	(48) +74%	111 N/A	19 -83%	(570) N/A	(614) -8%	195 N/A	280 +43%	401 +43%	375 -7%	(183) N/A	163 N/A	294 +80%	389 +32%	307 -21%	(254) N/A	(406) -60%	(627) -54%	(887) -41%	(730) +18%	(830) -14%	(431) +48%	(150) +65%	70 N/A	(373) N/A	(534) -43%	(636) -19%	(850) -34%	(382) +55%	(389) -2%	(360) +7%	(138) +62%	122 N/A	271 +121%	509 +88%	512 +1%	541 +6%	594 +10%	276 -54%	156 -44%	13 -92%	(245) N/A	(174) +29%	(332) -91%	(354) -7%	(304) +14%	(238) +22%	(148) +38%	(300) -102%	(286) +4%	(62) +78%	488 N/A	47 -90%	109 +132%	(152) N/A	(662) -335%	(104) +84%	(330) -218%	(5) +99%	593 N/A	(45) N/A	204 N/A	(124) N/A	(662) -436%	(29) +96%	(47) -63%	(540) -1 047%	(567) -5%
Change in Cash
Effect of Foreign Exchange Rates	(1)	0	2	2	3	5	4	7	8	4	11	12	9	9	10	6	6	8	0	(1)	2	3	6	2	(2)	1	(5)	(6)	(5)	(5)	5	12	11	2	(2)	0	4	9	1	(3)	(5)	(9)	(4)	(3)	(7)	(6)	(6)	(8)	(15)	(9)	(17)	(24)	(21)	(22)	(31)	(26)	(18)	(21)	(5)	(2)	(1)	(1)	(1)	0	(3)	(5)	(6)	(5)	(7)	(4)	(4)	(6)	(6)	(8)	(6)	(3)	(2)	(1)	0	(2)	(2)	1	(2)	(7)	(10)	(17)	(17)	(23)	(25)	(24)	(23)	(15)	(10)	(8)	(7)	(4)
Net Change in Cash	(361) N/A	(290) +20%	348 N/A	216 -38%	272 +26%	630 +131%	(158) N/A	166 N/A	126 -24%	(410) N/A	(213) +48%	(195) +9%	(102) +48%	205 N/A	278 +36%	180 -35%	(170) N/A	851 N/A	(216) N/A	136 N/A	168 +24%	(811) N/A	334 N/A	(169) N/A	633 N/A	295 -53%	(72) N/A	(89) -23%	(112) -26%	120 N/A	314 +162%	486 +55%	(79) N/A	(276) -248%	(295) -7%	(286) +3%	(333) -16%	(219) +34%	(364) -67%	(243) +33%	(216) +11%	(209) +3%	196 N/A	126 -36%	211 +67%	188 -11%	(76) N/A	(135) -79%	(238) -76%	(97) +59%	8 N/A	111 +1 224%	259 +133%	26 -90%	(153) N/A	(247) -61%	(385) -56%	(203) +47%	(74) +63%	10 N/A	(0) N/A	(37) -18 350%	14 N/A	77 +467%	170 +120%	400 +136%	160 -60%	109 -32%	62 -43%	(222) N/A	51 N/A	(9) N/A	53 N/A	112 +113%	106 -5%	33 -69%	(65) N/A	(84) -29%	266 N/A	798 +201%	256 -68%	293 +14%	(70) N/A	(536) -672%	86 N/A	(175) N/A	103 N/A	637 +517%	(28) N/A	270 N/A	(26) N/A	(651) -2 364%	(0) +100%	(62) -16 396%	(197) -216%	220 N/A
Free Cash Flow
Free Cash Flow	59 N/A	67 +13%	94 +40%	74 -21%	36 -52%	68 +88%	41 -40%	43 +5%	68 +60%	19 -72%	(17) N/A	19 N/A	19 -1%	138 +639%	141 +3%	122 -14%	183 +49%	(61) N/A	(271) -343%	(441) -63%	(718) -63%	(783) -9%	(761) +3%	(644) +15%	(465) +28%	(324) +30%	(73) +77%	(44) +39%	116 N/A	372 +222%	381 +2%	524 +37%	484 -8%	328 -32%	193 -41%	177 -8%	37 -79%	(57) N/A	(289) -407%	(586) -103%	(748) -28%	(709) +5%	(289) +59%	44 N/A	217 +393%	465 +114%	366 -21%	240 -34%	344 +43%	58 -83%	(54) N/A	(39) +27%	(145) -267%	(72) +50%	(79) -9%	(11) +87%	78 N/A	182 +133%	248 +36%	136 -45%	(137) N/A	(332) -143%	(468) -41%	(512) -9%	(446) +13%	(319) +29%	(289) +9%	(133) +54%	(29) +79%	(2) +92%	193 N/A	257 +33%	328 +28%	353 +8%	288 -19%	154 -46%	193 +25%	155 -20%	203 +31%	191 -6%	110 -43%	97 -11%	77 -20%	128 +65%	206 +61%	185 -10%	148 -20%	97 -34%	64 -34%	95 +48%	120 +27%	14 -89%	(66) N/A	(148) -123%	(166) -12%	(23) +86%

Income Statement Balance Sheet Cash Flow Statement

Nabors Industries Ltd
NYSE:NBR

Cash Flow Statement

Cash Flow Statement
Nabors Industries Ltd

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Nabors Industries Ltd NYSE:NBR

Cash Flow Statement

Cash Flow Statement Nabors Industries Ltd

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Nabors Industries Ltd
NYSE:NBR

Cash Flow Statement
Nabors Industries Ltd