pten-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

Form 10-Q

______________________


þ			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-39270

______________________

Patterson-UTI Energy, Inc.

(Exact name of registrant as specified in its charter)

______________________


Delaware						75-2504748
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

10713 W. Sam Houston Pkwy N, Suite 800 Houston, Texas						77064
(Address of principal executive offices)						(Zip Code)

(281) 765-7100

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 Par Value

PTEN

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

Accelerated filer

Smaller reporting company

Non-accelerated filer

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

379,617,653 shares of common stock, $0.01 par value, as of April 22, 2026.

PATTERSON-UTI ENERGY, INC. AND SUBSIDIARIES

TABLE OF CONTENTS


	PART I — FINANCIAL INFORMATION
		Page
ITEM 1.	Financial Statements

	Unaudited condensed consolidated balance sheets	3

	Unaudited condensed consolidated statements of operations	4

	Unaudited condensed consolidated statements of comprehensive income (loss)	5

	Unaudited condensed consolidated statements of changes in stockholders’ equity	6

	Unaudited condensed consolidated statements of cash flows	7

	Notes to unaudited condensed consolidated financial statements	8

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	35

ITEM 4.	Controls and Procedures	35

	PART II — OTHER INFORMATION

ITEM 1.	Legal Proceedings	36



ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36

ITEM 5.	Other Information	37

ITEM 6.	Exhibits	37

Signature

PART I — FINANCIAL INFORMATION

ITEM 1. Financial Statements

The following unaudited condensed consolidated financial statements include all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented.

PATTERSON-UTI ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except share data)


	March 31, 2026		December 31, 2025
ASSETS
Current assets:
Cash, cash equivalents and restricted cash	$	337,244	$	420,642
Accounts receivable, net of allowance for credit losses of $14,555 and $14,469 at March 31, 2026 and December 31, 2025, respectively	742,379		723,277
Inventory	150,592		160,280
Other current assets	92,057		113,892
Total current assets	1,322,272		1,418,091
Property and equipment, net	2,627,928		2,711,037
Operating lease right of use asset	37,978		42,982
Finance lease right of use asset	7,822		14,932
Goodwill	487,388		487,388
Intangible assets, net	784,217		814,810
Deposits on equipment purchases	14,207		11,757
Other assets	78,707		69,469


Total assets	$	5,360,519	$	5,570,466
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	442,423	$	470,782
Accrued liabilities	256,326		366,488
Operating lease liability	15,846		18,652
Finance lease liability	5,656		7,720

Total current liabilities	720,251		863,642
Long-term operating lease liability	25,084		27,607
Long-term finance lease liability	928		5,453
Long-term debt, net of debt discount and issuance costs of $6,037 and $6,362 at March 31, 2026 and December 31, 2025, respectively	1,221,363		1,221,038
Deferred tax liabilities, net	212,032		215,818
Other liabilities	15,158		12,193
Total liabilities	2,194,816		2,345,751
Commitments and contingencies (see Note 9)
Stockholders’ equity:

Common stock, par value $0.01; authorized 800,000,000 shares with 524,089,062 and 523,736,898 issued and 379,602,464 and 379,301,646 outstanding at March 31, 2026 and December 31, 2025, respectively	5,240		5,236
Additional paid-in capital	6,497,270		6,492,862
Retained earnings (deficit)	(1,320,377)		(1,257,691)
Accumulated other comprehensive income (loss)	(1,694)		(1,155)
Treasury stock, at cost, 144,486,598 and 144,435,252 shares at March 31, 2026 and December 31, 2025, respectively	(2,021,064)		(2,020,714)
Total stockholders’ equity attributable to controlling interests	3,159,375		3,218,538
Noncontrolling interest	6,328		6,177
Total equity	3,165,703		3,224,715
Total liabilities and stockholders’ equity	$	5,360,519	$	5,570,466

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

PATTERSON-UTI ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except per share data)


	Three Months Ended March 31,
		2026		2025
Operating revenues:
Drilling Services		$	351,717	$	412,860
Completion Services		679,587		766,080
Drilling Products		79,797		85,663
Other		6,230		15,934
Total operating revenues		1,117,331		1,280,537
Operating costs and expenses:
Drilling Services		217,861		247,629
Completion Services

SEC Form 10-Q filed by Patterson-UTI Energy Inc.