The Q3 guidance suggests NAS margins may improve sequentially, but International headwinds from the Middle East conflict persist. Watch for further updates on Saudi rig reactivations and cash flow generation to address the $350M bond maturing in 2027.
Price Chart
Executive Summary
HP reported fiscal Q2 2026 revenue of $932M, down 8.2% YoY, and a GAAP net loss of $0.59 per share, compared to a $0.01 profit a year ago. The North America Solutions segment improved sequentially, but International Solutions was significantly impacted by the Middle East conflict. The company repaid its term loan ahead of schedule and closed the Utica Square sale for over $100M.
Key Financial Metrics
Key Facts
- Revenue $932M (down 8.2% YoY); GAAP EPS -$0.59 (vs +$0.01 YoY)
- Adjusted EPS -$0.38 (non-GAAP)
- NAS operating income $111M (up from $36M in Q1, but Q1 had $98M impairment)
- International Solutions operating loss -$100M (vs -$55M in Q1) due to Middle East conflict
- Offshore Solutions exceeded guidance, direct margin $27M
- Term loan fully retired, reducing post-acquisition debt by $400M
- Closed sale of Utica Square with after-tax proceeds >$100M
- Guidance: NAS direct margin $230-240M for Q3; International $12-32M
Financial Impact
Revenue fell ~$84M YoY; net loss widened ~$60M; adjusted EBITDA $178M vs $242M in Q1.
Risk Factors
- Continued geopolitical instability in the Middle East affecting International operations
- Potential further impairments if oil prices decline or rig utilization drops
- Execution risk on FlexRobotics deployment and NAS margin improvement
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000046765-26-000025 |
| Document: hp-20260506.htm | 0000046765-26-000025 |
| Document: 0000046765-26-000025-index-headers.html | 0000046765-26-000025 |
| Document: 0000046765-26-000025-index.html | 0000046765-26-000025 |
| Document: 0000046765-26-000025.txt | 0000046765-26-000025 |
| 8-K Data (Synthetic) | 0000046765-26-000025 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 24, 2026 5w ago | Insider Cluster | $42.49 $39.79 | ▼ −6.35% | ▼ −7.67% | $38.56 (−9.25%) |
Aug 18, 2026 6w ago | Insider Cluster | $43.76 $41.46 | ▼ −5.26% | ▼ −3.30% | $38.56 (−11.88%) |
Aug 10, 2026 7w ago | 144 | $42.56 $44.21 | ▲ +3.88% | ▲ +4.94% | $38.56 (−9.40%) |
Jun 11, 2026 16w ago | Institutional Cluster | $39.19 $32.75 | ▼ −16.43% | ▼ −18.32% | $38.56 (−1.61%) |
May 6, 2026 21w ago | 8-K | $36.90 $38.44 | ▼ −4.17% | ▼ −1.04% | $38.56 (−4.50%) |
Mar 4, 2026 30w ago | 8-K | $34.13 $34.81 | ▲ +1.99% | ▲ +5.78% | $38.56 (+12.98%) |
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