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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Information |
Segment Information | Note 12 Segment Information ​ Our business consists of four reportable segments: U.S. Drilling, International Drilling, Drilling Solutions and Rig Technologies. Our reportable segments include operating segments that have been aggregated based on the nature of the products and services provided. Results of Parker’s operations have been included within U.S. Drilling, International Drilling and Drilling Solutions segments. Prior to its sale, Quail Tools’ operations were included within the Drilling Solutions segment. The accounting policies of the segments are the same as those described in Note 2—Summary of Significant Accounting Policies. Inter-segment sales are recorded at cost or cost plus a profit margin. Management’s determination of our reporting segments was made on the basis of our strategic priorities within each segment and the differences in the products and services we provide. The reportable segments results are reviewed regularly by the chief operating decision maker (“CODM”), who is our Chairman and Chief Executive Officer, in deciding how to allocate resources and assess performance. Our CODM evaluates the segments’ operating performance based on adjusted operating income (loss), defined as net income (loss) before income taxes, interest expense, earnings (losses) from unconsolidated affiliates, investment income (loss), gain on disposition of Quail Tools, gain on bargain purchase and other, net. ​ The following table sets forth financial information with respect to our reportable operating segments: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ |  | September 30, 2025
​ | ​ | ​ | U.S. Drilling | ​ | ​ | International Drilling | ​ | ​ | Drilling Solutions | ​ | ​ | Rig Technologies | ​ | ​ | Total Reportable Segments | ​ | ​ | Other items (1) | ​ | ​ | Total
​ | ​ | (In thousands)
Operating revenues | ​ | $ | 249,836 | ​ | $ | 407,235 | ​ | $ | 141,942 | ​ | $ | 35,597 | ​ | $ | 834,610 | ​ | $ | (16,420) | ​ | $ | 818,190
Direct costs | ​ |  | (149,156) | ​ |  | (260,004) | ​ |  | (69,186) | ​ |  | (25,449) | ​ |  | (503,795) | ​ |  | 11,967 | ​ | ​ | (491,828)
Depreciation and amortization | ​ |  | (62,732) | ​ |  | (82,075) | ​ |  | (10,684) | ​ |  | (2,893) | ​ |  | (158,384) | ​ |  | (1,963) | ​ | ​ | (160,347)
Other segment expenses (2) | ​ |  | (6,519) | ​ | ​ | (19,680) | ​ | ​ | (12,090) | ​ | ​ | (6,378) | ​ | ​ | (44,667) | ​ | ​ | (45,387) | ​ |  | (90,054)
Total adjusted operating income (loss) | ​ | $ | 31,429 | ​ | $ | 45,476 | ​ | $ | 49,982 | ​ | $ | 877 | ​ | $ | 127,764 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 39,238 | ​ | $ | 132,678 | ​ | $ | 16,186 | ​ | $ | 517 | ​ | $ | 188,619 | ​ | $ | (566) | ​ | $ | 188,053
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended | ​
​ |  | September 30, 2025 | ​
​ | ​ | ​ | U.S. Drilling | ​ | ​ | International Drilling | ​ | ​ | Drilling Solutions | ​ | ​ | Rig Technologies | ​ | ​ | Total Reportable Segments | ​ | ​ | Other items (1) | ​ | ​ | Total | ​
​ | ​ | (In thousands) | ​
Operating revenues | ​ | $ | 736,020 | ​ | $ | 1,173,923 | ​ | $ | 405,404 | ​ | $ | 116,289 | ​ | $ | 2,431,636 | ​ | $ | (44,472) | ​ | $ | 2,387,164 | ​
Direct costs | ​ |  | (428,372) | ​ |  | (756,390) | ​ |  | (193,891) | ​ |  | (81,478) | ​ |  | (1,460,131) | ​ |  | 32,122 | ​ | ​ | (1,428,009) | ​
Depreciation and amortization | ​ |  | (185,877) | ​ |  | (246,210) | ​ |  | (44,760) | ​ |  | (7,574) | ​ |  | (484,421) | ​ |  | (5,625) | ​ | ​ | (490,046) | ​
Other segment expenses (2) | ​ |  | (18,955) | ​ | ​ | (56,838) | ​ | ​ | (33,493) | ​ | ​ | (20,304) | ​ | ​ | (129,590) | ​ | ​ | (138,453) | ​ |  | (268,043) | ​
Total adjusted operating income (loss) (2) | ​ | $ | 102,816 | ​ | $ | 114,485 | ​ | $ | 133,260 | ​ | $ | 6,933 | ​ | $ | 357,494 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 107,137 | ​ | $ | 368,189 | ​ | $ | 57,772 | ​ | $ | 1,268 | ​ | $ | 534,366 | ​ | $ | 2,732 | ​ | $ | 537,098 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ |  | September 30, 2024
​ | ​ | ​ | U.S. Drilling | ​ | ​ | International Drilling | ​ | ​ | Drilling Solutions | ​ | ​ | Rig Technologies | ​ | ​ | Total Reportable Segments | ​ | ​ | Other items (1) | ​ | ​ | Total
​ | ​ | (In thousands)
Operating revenues | ​ | $ | 254,773 | ​ | $ | 368,594 | ​ | $ | 79,544 | ​ | $ | 45,809 | ​ | $ | 748,720 | ​ | $ | (16,915) | ​ | $ | 731,805
Direct costs | ​ |  | (139,702) | ​ |  | (235,402) | ​ |  | (37,353) | ​ |  | (31,702) | ​ |  | (444,159) | ​ |  | 12,454 | ​ | ​ | (431,705)
Depreciation and amortization | ​ |  | (66,966) | ​ |  | (83,769) | ​ |  | (5,080) | ​ |  | (3,343) | ​ |  | (159,158) | ​ |  | (76) | ​ | ​ | (159,234)
Other segment expenses (2) | ​ |  | (6,411) | ​ | ​ | (17,241) | ​ | ​ | (7,880) | ​ | ​ | (8,003) | ​ | ​ | (39,535) | ​ | ​ | (38,845) | ​ |  | (78,380)
Total adjusted operating income (loss) | ​ | $ | 41,694 | ​ | $ | 32,182 | ​ | $ | 29,231 | ​ | $ | 2,761 | ​ | $ | 105,868 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 25,778 | ​ | $ | 81,903 | ​ | $ | 4,857 | ​ | $ | 586 | ​ | $ | 113,124 | ​ | $ | 4,785 | ​ | $ | 117,909
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended | ​
​ |  | September 30, 2024 | ​
​ | ​ | ​ | U.S. Drilling | ​ | ​ | International Drilling | ​ | ​ | Drilling Solutions | ​ | ​ | Rig Technologies | ​ | ​ | Total Reportable Segments | ​ | ​ | Other items (1) | ​ | ​ | Total | ​
​ | ​ | (In thousands) | ​
Operating revenues | ​ | $ | 786,485 | ​ | $ | 1,074,686 | ​ | $ | 238,079 | ​ | $ | 145,511 | ​ | $ | 2,244,761 | ​ | $ | (44,454) | ​ | $ | 2,200,307 | ​
Direct costs | ​ |  | (425,182) | ​ |  | (699,863) | ​ |  | (116,645) | ​ |  | (99,909) | ​ |  | (1,341,599) | ​ |  | 32,592 | ​ | ​ | (1,309,007) | ​
Depreciation and amortization | ​ |  | (205,775) | ​ |  | (246,490) | ​ |  | (15,123) | ​ |  | (8,405) | ​ |  | (475,793) | ​ |  | (1,267) | ​ | ​ | (477,060) | ​
Other segment expenses (2) | ​ |  | (18,220) | ​ | ​ | (50,003) | ​ | ​ | (22,868) | ​ | ​ | (25,367) | ​ | ​ | (116,458) | ​ | ​ | (114,052) | ​ |  | (230,510) | ​
Total adjusted operating income (loss) (2) | ​ | $ | 137,308 | ​ | $ | 78,330 | ​ | $ | 83,443 | ​ | $ | 11,830 | ​ | $ | 310,911 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 87,597 | ​ | $ | 251,163 | ​ | $ | 12,273 | ​ | $ | 4,158 | ​ | $ | 355,191 | ​ | $ | 13,365 | ​ | $ | 368,556 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ |  | September 30, | ​ | September 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
​ | ​ | (In thousands) | ​
Reconciliation of segment adjusted operating income (loss) to net income (loss): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) | ​ | $ | 302,466 | ​ | $ | (33,087) | ​ | $ | 357,440 | ​ | $ | (55,118) | ​
Income tax expense (benefit) | ​ | ​ | 117,571 | ​ | ​ | 10,118 | ​ | ​ | 155,655 | ​ | ​ | 41,716 | ​
Income (loss) before income taxes | ​ | ​ | 420,037 | ​ | ​ | (22,969) | ​ | ​ | 513,095 | ​ | ​ | (13,402) | ​
Investment (income) loss | ​ |  | (7,323) | ​ | ​ | (11,503) | ​ |  | (20,048) | ​ | ​ | (29,885) | ​
Interest expense | ​ | ​ | 54,334 | ​ | ​ | 55,350 | ​ | ​ | 164,741 | ​ | ​ | 157,222 | ​
Gain on disposition of Quail Tools | ​ | ​ | (415,557) | ​ | ​ | — | ​ | ​ | (415,557) | ​ | ​ | — | ​
Gain on bargain purchase | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (116,499) | ​ | ​ | — | ​
Other, net | ​ | ​ | 24,470 | ​ | ​ | 41,608 | ​ | ​ | 75,334 | ​ | ​ | 69,795 | ​
Other reconciling items (1) | ​ | ​ | 51,803 | ​ | ​ | 43,382 | ​ | ​ | 156,428 | ​ | ​ | 127,181 | ​
Total segment adjusted operating income (loss) (3) | ​ | $ | 127,764 | ​ | $ | 105,868 | ​ | $ | 357,494 | ​ | $ | 310,911 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2025 |  | 2024
​ | ​ | (In thousands)
Total assets: | ​ | ​ | ​ | ​ | ​ | ​
U.S. Drilling | ​ | $ | 1,012,063 | ​ | $ | 1,049,650
International Drilling | ​ |  | 2,494,424 | ​ |  | 2,348,590
Drilling Solutions | ​ |  | 221,598 | ​ |  | 79,065
Rig Technologies | ​ |  | 166,351 | ​ |  | 215,225
Total reportable segments | ​ | ​ | 3,894,436 | ​ | ​ | 3,692,530
Other reconciling items (4) | ​ |  | 939,068 | ​ |  | 811,771
Total | ​ | $ | 4,833,504 | ​ | $ | 4,504,301
(1) | Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment and unallocated corporate expenses, assets and capital expenditures.
​
(2) | Other segment expenses represent general and administrative expenses and research and engineering expenses.
​
(3) | Management evaluates the performance of our operating segments using adjusted operating income (loss), which is our segment performance measure, because it believes that this financial measure reflects our ongoing profitability and performance. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze our performance. A reconciliation to income (loss) is provided in the above table.
​
(4) | Represents corporate-related assets.

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- Definition The entire disclosure for reporting segments including data and tables. 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