Short answer
Helmerich & Payne, Inc. (HP) filed its fiscal 2025 10-K annual report with the SEC on Nov 21, 2025. It reported revenue of $3.7B (+34.0% year over year) and net income of −$164M.
- Top risk flagged: Legal risk from early termination of rig contract in International Solutions, reducing backlog by $34.9 million post-September 30, 2025
FY2025 key financial metrics · XBRL
- Revenue
- $3.7B
- +34.0% YoY
- Net income
- −$164M
- −147.6% YoY
- Operating margin
- 0.1%
- −16.4 pp YoY
- EPS (diluted)
- −$1.66
- −148.4% YoY
- ROE
- -5.8%
- −17.6 pp YoY
- Operating cash flow
- $543M
- −20.7% YoY
Source: XBRL data from the Helmerich & Payne, Inc. (HP) FY2025 10-K on SEC EDGAR. USD.
Helmerich & Payne, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Contract drilling services and technology solutions for oil and natural gas industry with focus on rig operations and proprietary technology
- New emphasis: Integration and operational scaling of recently acquired KCA Deutag, including $4.8 billion drilling backlog and related contract risks
- Strategic shift: Increased focus on cybersecurity risk management due to rising sophisticated cyber threats and remote workforce expansion
- Quantitative metric: Goodwill of $182.9 million and intangible assets of $485.5 million related to acquisitions on Sept 30, 2025
- Noteworthy fact: Exposure to contract suspensions in Saudi Arabia post-KCA Deutag acquisition and heightened risks in national oil company contracts
Management Discussion & Analysis
- Operating cash flow $543.0M in FY 2025 vs $684.7M in FY 2024 due to Saudi startup and acquisition costs
- Capital expenditures $426.4M in FY 2025 down from $495.1M in FY 2024; FY 2026 capex guidance $280M-$320M
- Acquisition payment net cash outflow $1.8B in FY 2025 for business purchase
- Dividends $100.7M paid in FY 2025 ($1.00/share) vs $168.5M in FY 2024; share repurchases $51.3M in FY 2024, none in FY 2025
- Total debt $2.08B as of Sep 30, 2025 with $1.8B senior notes, $200M term loan; no borrowings on $950M revolver; expects operating cash flow plus credit facility to fund 2026 obligations
Risk Factors
- Legal risk from early termination of rig contract in International Solutions, reducing backlog by $34.9 million post-September 30, 2025
- Geopolitical exposure: increased FlexRig® activity in Saudi Arabia drives $542.4 million revenue uplift in fiscal 2025
- Operational vulnerability in BENTEC™ manufacturing and engineering with $51.3 million added operating expenses and $59.5 million goodwill impairment in fiscal 2025
- Market disruption risk from investment loss in Galileo, $29.6 million credit loss due to liquidity and governance issues
- Financial risk: $192.2 million goodwill impairment charge on International Solutions impacts income tax rate to negative 115.8% in fiscal 2025
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