Patterson-UTI Energy (PTEN) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Patterson-UTI Energy published the results on October 28, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Patterson-UTI reports in thousands of dollars; the figures above are those amounts converted to millions. It reports no adjusted EPS. Its main non-GAAP measures are Adjusted EBITDA and segment adjusted gross profit.
• Q3 2026 net income includes a $22.1 million gain on the sale of rigs, recorded in Corporate, which Patterson-UTI excludes from Adjusted EBITDA. "Other" includes oil and natural gas working interests and, before its April 2025 divestiture, the oilfield rentals business.

Source: Patterson-UTI Energy Q3 2026 results, October 28, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Patterson-UTI Energy splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Patterson-UTI Energy's Drilling Services revenue was $417 million in Q3 2026, up 10% from $380 million in Q3 2025, 31% of total revenue.
• Patterson-UTI Energy's Completion Services revenue was $808 million in Q3 2026, up 15% from $705 million in Q3 2025, 60% of total revenue.
• Patterson-UTI Energy's Drilling Products revenue was $110 million in Q3 2026, up 28% from $85.9 million in Q3 2025, 8% of total revenue.
• Patterson-UTI Energy's Other revenue was $6.4 million in Q3 2026, up 39% from $4.6 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Patterson-UTI Energy said:

“Overall, we expect Drilling Services adjusted gross profit of $150 million in the fourth quarter.”

“In Completion Services, we expect fourth quarter adjusted gross profit of $140 million, supported by activity levels broadly consistent with the third quarter and additional pricing improvements.”

“In Drilling Products, we expect fourth quarter adjusted gross profit to decline 5-10%, sequentially, primarily reflecting the expectation for lower drilling activity in Saudi Arabia due to ongoing geopolitical unrest in the region.”

“For the fourth quarter, we expect general and administrative expense to be approximately $70 million and depreciation, depletion, amortization, and impairment expense to be approximately $220 million.”

Source: Patterson-UTI Energy Q3 2026 release, Oct 28, 2026.

This is the company's own guidance as of Oct 28, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the PTEN forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenues and diluted net income (loss) per common share, each as first reported in that quarter's release, converted from thousands to millions.

We do not hold a confirmed date for Patterson-UTI Energy's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 28, 2026

Patterson-UTI Energy's revenue comes from three segments that serve oil and natural gas producers, mostly in the United States. In Q3 2026 Completion Services, its hydraulic fracturing and related well completion business, brought in $808 million, Drilling Services (contract drilling and directional drilling) $417 million, Drilling Products (the Ulterra drill bit business acquired in 2023) $110 million, and Other $6 million. Total revenue was $1.3 billion, a 9% sequential increase, and about 14% above Q3 2025. (Patterson-UTI Energy Q3 2026 release, Oct 28, 2026; Patterson-UTI Energy Form 10-Q, Q3 2026, Nov 2, 2026)

Patterson-UTI's U.S. Contract Drilling operating days totaled 9,249, with an average of 101 rigs operating, up from 92 in the second quarter, and it exited the quarter with 104 rigs operating. Growth was concentrated in oil-producing basins, particularly the Rockies and Permian. It had 145 marketed land rigs at September 30, 2026, 137 of them Tier-1, super-spec rigs, and a U.S. contract drilling backlog of approximately $424 million. (Patterson-UTI Energy Q3 2026 release, Oct 28, 2026; Patterson-UTI Energy Form 10-Q, Q3 2026, Nov 2, 2026)

Patterson-UTI's Completion Services revenue rose 7.3% from the second quarter, helped by a mid-single-digit pricing increase. Activity declined modestly because several fleets had elevated non-productive time late in the quarter from temporary sand availability constraints in South Texas and trucking delays in the Permian Basin. The company says that by the end of 2026, approximately 90% of its active fleet will be natural gas capable. (Patterson-UTI Energy Q3 2026 release, Oct 28, 2026; Patterson-UTI Energy Form 10-Q, Q3 2026, Nov 2, 2026)

Patterson-UTI's Drilling Products revenue rose 21% sequentially, its strongest quarter since it acquired Ulterra, with record revenue per industry rig in the United States. The Middle East is its largest international market. Patterson-UTI's customer base is concentrated: in 2025 its ten largest customers provided approximately 57% of consolidated operating revenues and one customer accounted for approximately $597 million, or approximately 12%. (Patterson-UTI Energy Q3 2026 release, Oct 28, 2026; Patterson-UTI Energy Form 10-K, 2025, Feb 10, 2026)

Patterson-UTI Energy returned to a profit in Q3 2026: net income attributable to common stockholders was $28 million, or $0.07 per diluted share, against a loss of $0.10 per share a year earlier and $0.05 in the second quarter. Corporate other operating income included a $22.1 million gain on the sale of rigs. Patterson-UTI does not publish an adjusted EPS figure. (Patterson-UTI Energy Q3 2026 release, Oct 28, 2026; Patterson-UTI Energy Form 10-Q, Q3 2026, Nov 2, 2026)

Depreciation, depletion, amortization and impairment of $221.6 million is the largest cost below direct operating costs and is why Adjusted EBITDA of $264 million is far above net income. Adjusted EBITDA also excludes the rig-sale gain. The effective income tax rate was 39.3% in the quarter, against 15.3% a year earlier. (Patterson-UTI Energy Q3 2026 release, Oct 28, 2026; Patterson-UTI Energy Form 10-Q, Q3 2026, Nov 2, 2026)

Patterson-UTI returned approximately $62 million to shareholders in the quarter, including $24 million of share repurchases, and declared a quarterly dividend of $0.10 per share, up from $0.08 a year earlier. Diluted weighted average shares were 384,356 thousand. It had approximately $669 million of remaining buyback authorization at September 30, 2026. (Patterson-UTI Energy Q3 2026 release, Oct 28, 2026; Patterson-UTI Energy Form 10-Q, Q3 2026, Nov 2, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Patterson-UTI Energy gives a next-quarter outlook by segment in its release, framed as adjusted gross profit. For Q4 2026 it expects about 104 U.S. rigs on average and Drilling Services adjusted gross profit of $150 million, against $149 million in Q3, Completion Services adjusted gross profit of $140 million, against $133 million, and a 5-10% sequential decline in Drilling Products adjusted gross profit because of lower drilling activity expected in Saudi Arabia. (Patterson-UTI Energy Q3 2026 release, Oct 28, 2026)

Patterson-UTI also expects Q4 2026 general and administrative expense of approximately $70 million and depreciation, depletion, amortization and impairment of approximately $220 million, and anticipates additional rig reactivations in the first quarter of 2027. It gives no revenue or EPS outlook. (Patterson-UTI Energy Q3 2026 release, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover Patterson-UTI Energy, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Patterson-UTI Energy's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning PTEN is on is PTEN a buy or a sell?, what analysts expect next is on the PTEN forecast, and what the company does is on the Patterson-UTI Energy (PTEN) stock page.

Every number on this page can be traced to a document Patterson-UTI Energy published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.