Short answer
PATTERSON UTI ENERGY INC (PTEN) filed its fiscal 2025 10-K annual report with the SEC on Feb 10, 2026. It reported revenue of $4.8B (−9.8% year over year) and net income of −$94M.
- Top risk flagged: Regulatory risk: impact of U.S. and other governments' trade policies and tariffs enacted or proposed in 2025 causing global economic deterioration and market uncertainty
FY2025 key financial metrics · XBRL
- Revenue
- $4.8B
- −9.8% YoY
- Net income
- −$94M
- +90.3% YoY
- Operating margin
- -0.9%
- +15.9 pp YoY
- EPS (diluted)
- −$0.24
- +90.2% YoY
- ROE
- -2.9%
- +25.0 pp YoY
- Operating cash flow
- $961M
- −18.2% YoY
Source: XBRL data from the PATTERSON UTI ENERGY INC (PTEN) FY2025 10-K on SEC EDGAR. USD.
PATTERSON UTI ENERGY INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Contract drilling services in oil and natural gas industry
- No new products or segments introduced; focus on contract drilling backlog
- Strategic challenge: Reduced contract drilling backlog from $830M in 2022 to $291M in 2025
- Notable metric: Contract drilling backlog declined 65% over three years to $291M as of December 31, 2025
- Key risk: Potential uninsured liabilities and possible non-payment or termination of drilling contracts impacting financial stability
Management Discussion & Analysis
- Total revenues $4.83B down 9.9% YoY, Drilling Services $1.56B (-9.8%), Completion Services $2.89B (-10.5%), Drilling Products $344M (-2.3%)
- Operating margin improved in Drilling Products 7.6% vs 6.8%, whereas Completion Services loss narrowed: operating loss $79.4M vs $898.5M year ago
- Best performing segment Drilling Products operating income $26.1M (+8.5%); worst Completion Services operating loss $79.4M (-91.2%)
- Cash from operations $961M down from $1.18B; capital expenditures $589M down from $677M; financing uses $211M down from $475M (fewer share buybacks, lease payments)
- Management highlights industry-wide activity declines; expects continued headwinds from crude price sensitivity; monitoring OECD Pillar 2 tax legislation impacts
Risk Factors
- Regulatory risk: impact of U.S. and other governments' trade policies and tariffs enacted or proposed in 2025 causing global economic deterioration and market uncertainty
- Geopolitical threat: Middle East tensions contributing to energy market uncertainty and lowering average crude oil futures prices in 2025
- Operational vulnerability: $27.8 million impairment charge on Latin American drilling equipment due to reduced activity forecasts in Q2 2025
- Competitive disruption: abandonment of 42 non-Tier-1 super-spec drilling rigs in 2024 reflecting industry preference for Tier-1 rigs and technology advancements
- Financial risk: $1.23 billion senior notes maturing 2028-2033 with restrictive covenants and total debt to capitalization ratio limit of 50% as of Dec 31, 2025
Generated from the filing text; verify against the original. How to read a 10-K
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