# Weatherford International plc (WFRD) Informational only - not investment advice. CIK: 0001603923 SIC: 3533 Oil & Gas Field Machinery & Equipment SIC breadcrumb: [Manufacturing](/division/D/) > [Industrial And Commercial Machinery And Computer Equipment](/major-group/35/) > [SIC 3533 Oil & Gas Field Machinery & Equipment](/industry/3533/) Latest 10-K filed: 2026-02-04 SEC page: https://www.sec.gov/edgar/browse/?CIK=1603923 Filing source: https://www.sec.gov/Archives/edgar/data/1603923/000160392326000014/wfrd-20251231.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 4918000000 | USD | 2025 | 2026-02-04 | | Net income | 431000000 | USD | 2025 | 2026-02-04 | | Assets | 5197000000 | USD | 2025 | 2026-02-04 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001603923.json. Derived margins are computed from the extracted annual SEC facts. | Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | 5,744,000,000 | 4,954,000,000 | 3,685,000,000 | 3,645,000,000 | 4,331,000,000 | 5,135,000,000 | 5,513,000,000 | 4,918,000,000 | | Net income | | | | -3,392,000,000 | -2,813,000,000 | -2,811,000,000 | 3,661,000,000 | -1,921,000,000 | -450,000,000 | 26,000,000 | 417,000,000 | 506,000,000 | 431,000,000 | | Operating income | | | | -2,245,000,000 | -2,170,000,000 | -2,084,000,000 | -1,182,000,000 | -1,486,000,000 | 116,000,000 | 412,000,000 | 820,000,000 | 938,000,000 | 756,000,000 | | Diluted EPS | -0.45 | -0.75 | -2.55 | -3.82 | | | | -27.44 | -6.43 | 0.36 | 5.66 | 6.75 | 5.93 | | Assets | | | | 12,664,000,000 | 9,747,000,000 | 6,601,000,000 | 7,293,000,000 | 5,434,000,000 | 4,774,000,000 | 4,720,000,000 | 5,068,000,000 | 5,159,000,000 | 5,197,000,000 | | Liabilities | | | | 10,596,000,000 | 10,318,000,000 | 10,267,000,000 | 4,377,000,000 | 4,497,000,000 | 4,278,000,000 | 4,169,000,000 | 4,146,000,000 | 3,876,000,000 | 3,501,000,000 | | Stockholders' equity | | | | 2,012,000,000 | -626,000,000 | -3,705,000,000 | 2,931,000,000 | 907,000,000 | 472,000,000 | 535,000,000 | 924,000,000 | 1,285,000,000 | 1,699,000,000 | | Cash and cash equivalents | | | | 1,037,000,000 | 613,000,000 | 602,000,000 | 618,000,000 | 1,118,000,000 | 951,000,000 | 910,000,000 | 958,000,000 | 916,000,000 | 987,000,000 | | Net margin | | | | | | -48.94% | 73.90% | -52.13% | -12.35% | 0.60% | 8.12% | 9.18% | 8.76% | | Operating margin | | | | | | -36.28% | -23.86% | -40.33% | 3.18% | 9.51% | 15.97% | 17.01% | 15.37% | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-22. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001603923.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | 0.08 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 0.39 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.97 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 1,274,000,000 | 82,000,000 | 1.12 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 1,313,000,000 | 123,000,000 | 1.66 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 1,362,000,000 | 140,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 1,358,000,000 | 112,000,000 | 1.50 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 1,405,000,000 | 125,000,000 | 1.66 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 1,409,000,000 | 157,000,000 | 2.06 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 1,341,000,000 | 112,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 1,193,000,000 | 76,000,000 | 1.03 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 1,204,000,000 | 136,000,000 | 1.87 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 1,232,000,000 | 81,000,000 | 1.12 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 1,289,000,000 | 138,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 1,152,000,000 | 108,000,000 | 1.49 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1603923/000160392326000047/wfrd-20260331.htm Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization. Confidence: high Filing date: 2026-04-22 Report date: 2026-03-31 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. As used in this item, “Weatherford,” “the Company,” “we,” “us” and “our” refer to Weatherford International plc, a public limited company organized under the laws of Ireland, and its subsidiaries on a consolidated basis. The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements and Notes thereto included in “Item 1. Financial Statements.” Our discussion includes various forward-looking statements about our markets, the demand for our products and services and our future results. These statements include assumptions, certain risks and uncertainties. For information about these assumptions, risks and uncertainties, refer to the section “Forward-Looking Statements” and the section “PART II - OTHER INFORMATION - Item 1A. Risk Factors.” Recent Developments On April 2, 2026, the Company announced its proposal to reorganize the Company’s corporate structure through a redomestication of the parent company from Ireland to the United States as a Texas corporation (“Redomestication”). The proposed redomestication is subject to a number of conditions, including but not limited to the approval by the Company’s shareholders, as well as the sanction of the High Court of Ireland. If approved, the proposed redomestication is expected to take place during the third quarter of 2026. Business Weatherford is a leading global energy services company providing equipment and services used in the drilling, evaluation, well construction, completion, production, intervention and responsible abandonment of wells in the oil and natural gas exploration and production industry as well as new energy platforms. We conduct business in approximately 75 countries, answering the challenges of the energy industry with 295 operating locations including manufacturing, research and development, service, and training facilities. Our operational performance is reviewed and managed across the life cycle of the wellbore, and we report in three segments (1) Drilling and Evaluation, (2) Well Construction and Completions, and (3) Production and Intervention. Drilling and Evaluation (“DRE”) offers a suite of services including managed pressure drilling, drilling services, wireline and drilling fluids. DRE offerings range from early well planning to reservoir management through innovative tools and expert engineering to optimize reservoir access and productivity. Well Construction and Completions (“WCC”) offers products and services for well integrity assurance across the full life cycle of the well. The primary offerings are tubular running services, cementation products, completions, liner hangers and well services. WCC deploys conventional to advanced technologies, providing safe and efficient services in any environment during the well construction phase. Production and Intervention (“PRI”) offers a suite of reservoir stimulation designs, and engineering capabilities that isolate zones and unlock reserves in conventional and unconventional wells, deep water, and aging reservoirs. The primary offerings are intervention services & drilling tools, artificial lift, digital solutions, sub-sea intervention and pressure pumping services in select markets. 18 Table of Contents Industry Trends Demand for our industry’s products and services is driven by many factors, including commodity prices, the number of oil and gas rigs and wells drilled, depth and drilling conditions of wells, number of well completions, age of existing wells, reservoir depletion, regulatory environment, and the level of workover activity worldwide. Lower oil and natural gas prices and lower rig count generally correlate to lower exploration and production spending, and higher oil and natural gas prices and higher rig count generally correlate to higher exploration and production spending. Therefore, our financial results can be significantly affected by oil and natural gas prices as well as rig counts. As shown in the following tables, as of three months ended March 31, 2026, the average WTI oil price was flat compared to three months ended March 31, 2025 while the average Brent crude oil and Henry Hub natural gas prices were higher than during the three months ended March 31, 2025. Average rig counts decreased during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Oil and natural gas prices have experienced increased volatility and upward pressure in response to escalating geopolitical conflict involving Iran, the U.S. and Israel (“Iran Conflict”). The Iran Conflict, which began on February 28, 2026, has caused the WTI oil price to increase from $66.96 per barrel on February 27, 2026 to $102.86 per barrel on March 31, 2026 averaging $90.84 per barrel for the month of March and Brent crude oil price to increase from $71.32 per barrel on February 27, 2026 to $126.69 per barrel on March 31, 2026 averaging $102.01 per barrel for the month of March. Despite the higher oil prices, the Iran Conflict may have an adverse impact on exploration and production spending in the Middle East during the period of the conflict and could lead to significant disruption of global energy supplies, adversely affect global supply chains, energy markets and overall macroeconomic conditions. Developments in global trade policy, tariffs, geopolitical conflicts, sanctions, and regulation have affected and may continue to affect our industry. In February 2026, the U.S. Supreme Court ruled that certain tariffs were unlawful, invalidating the statutory basis for certain incremental tariffs enacted since February 2025, and remanded related matters to the Court of International Trade. Following this ruling, the U.S. presidential administration announced new tariffs under alternative authorities, furthering uncertainty regarding the scope, duration, and potential modification or suspension of existing and future tariffs, as well as possible retaliatory actions. We have filed a claim for a refund of certain tariffs with the Court of International Trade and are monitoring the situation closely for further information about how the U.S. government intends to proceed. Our first quarter 2026 financial results do not include potential benefits of a refund being received related to the forementioned tariffs. The table below shows the average oil and natural gas prices for West Texas Intermediate (“WTI”), Brent North Sea (“Brent”) crude oil and Henry Hub natural gas. Three Months Ended March 31, 2026 2025 Oil price - WTI (1) $ 71.80  $ 71.84  Oil price - Brent (1) $ 79.83  $ 75.81  Natural gas price - Henry Hub (2) $ 4.80  $ 4.15  (1) Oil price measured in dollars per barrel (rounded to the nearest $0.01) (2) Natural gas price measured in dollars per million British thermal units (rounded to the nearest $0.01) The table below shows historical average rig counts based on the weekly Baker Hughes Company rig count information. Three Months Ended March 31, 2026 2025 North America 749  803  International (1) 1,083  1,097  Worldwide 1,832  1,900   (1) Prior period international rig count figures were retroactively adjusted by Baker Hughes in the third quarter of 2025. 19 Table of Contents Iran Conflict The Iran Conflict, which began in February 2026, has and could continue to significantly disrupt the global oil and gas supply-demand balance, increase commodity price volatility and heighten uncertainty in regional operating conditions. We continue to evaluate our operations and business exposure, with a priority on the safety and well‑being of our employees, operating in compliance with applicable laws and sanctions, and performing under existing contracts with customers in the region. Disruptions to transportation routes, higher logistics and insurance costs, and changes in customer activity levels or project timing could affect our operating results, liquidity, and cash flows, particularly if conditions persist or escalate. While the situation remains fluid, adverse impacts can continue in future periods. We will continue to monitor developments and assess potential impacts on our business and financial position. Russia Ukraine Conflict In February 2022, the military conflict between Russia and Ukraine (“Russia Ukraine Conflict”) began and in response we evaluated, and continue to evaluate, our operations, with the priority being centered on the safety and well-being of our employees in the impacted regions, as well as operating in full compliance with applicable international laws and sanctions. Revenues in Russia were approximately 7% of our total revenues for the three months ended March 31, 2026, compared to 6% of our total revenue for the three months ended March 31, 2025. As of March 31, 2026, our Russia operations included $106 million in cash, $149 million in other current assets, $100 million in property, plant and equipment, net and other non-current assets, and $82 million in liabilities. As of December 31, 2025, our Russia operations included $107 million in cash, $152 million in other current assets, $91 million in property, plant and equipment, net and other non-current assets, and $80 million in liabilities. We continue to closely monitor and evaluate the developments in Russia as well as any changes in international laws and sanctions. We believe that operational complexity will increase over time and therefore continually evaluate these potential impacts on our business. As such, we continue to actively evaluate various options, strategies and contingencies with respect to our business in Russia, including, but not limited to: •continuing the business in compliance with applicable laws and sanctions; •evaluating the continued use or change in products, equipment and service offerings we currently provide in Russia; •curtailing or winding down our activities over time; •potentially divesting some or all of our assets or businesses in Russia, which could include the option of re-entering the country if and when sanctions or applicable laws would allow for the same; and •potential nationalization of the business. 20 Consolidated Statements of Operations - Operating Summary Revenues of $1.15 billion in the three months ended March 31, 2026, decreased 3% compared to $1.19 billion in the three months ended March 31, 2025. Year-over-year in the first quarter, product revenues decreased 2% and service revenues decreased 4%. For the same period, revenues declined in the PRI segment by 11% and in the DRE segment by 8%, while remaining largely flat in the WCC segment. Integrated services and projects experienced an increase in activity with revenues increasing by 35%. Geographically, the year-over-year first quarter revenue decrease was led by declines in North America of 12%, Middle East/North Africa/Asia of 5% and Latin America of 7% and partly offset by a revenue increase of 17% in the Europe/Sub-Sahara Africa/Russia region. Year-over-year revenue decreases were primarily driven by the divestiture of the pressure pumping business in Argentina in the second quarter of 2025 and also impacted by market disruption caused by the Iran Conflict. Operating income of $123 million in the three months ended March 31, 2026, decreased 13% compared to $142 million in the three months ended March 31, 2025. The first quarter year-over-year decrease was due to the decline in revenue driven by the divestiture of the pressure pumping business in Argentina and market disruptions caused by the Iran Conflict, with a partial offset from lower restructuring and research and development costs. Cost of products and services of $812 million in the three months ended March 31, 2026, decreased 1% compared to $819 million in the three months ended March 31, 2025. The year-over-year decrease was primarily due to a decline in product sales and a reduction in headc [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. As used in this item, “Weatherford”, “the Company,” “we,” “us” and “our” refer to Weatherford International plc, a public limited company organized under the laws of Ireland, and its subsidiaries on a consolidated basis. The following discussion should be read in conjunction with the earlier section “Item 1. Business” and our Consolidated Financial Statements and Notes thereto included later in “Item 8. Financial Statements and Supplementary Data.” Our discussion includes various forward-looking statements about our markets, the demand for our products and services and our future results. These statements include certain risks and uncertainties. For information about these risks and uncertainties, refer to the section entitled “Forward-Looking Statements” and the section entitled “Item 1A. Risk Factors.” The following section generally discusses our financial condition and results of operations for fiscal year ended December 31, 2025 compared to fiscal year ended December 31, 2024. Please refer to our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 6, 2025, for a discussion regarding our financial condition and results of operations for fiscal year ended December 31, 2024 as compared to fiscal year ended December 31, 2023. Industry Trends Demand for our industry’s products and services is driven by many factors, including commodity prices, the number of oil and gas rigs and wells drilled, depth and drilling conditions of wells, number of well completions, age of existing wells, reservoir depletion, regulatory environment, and the level of workover activity worldwide. Lower oil and natural gas prices and lower rig count generally correlate to lower exploration and production spending, and higher oil and natural gas prices and higher rig count generally correlate to higher exploration and production spending. Therefore, our financial results are significantly affected by oil and natural gas prices as well as rig counts. As shown in the following tables, as of December 31, 2025 oil prices and rig counts were notably lower than at December 31, 2024. The drop in oil prices and rig counts since December 31, 2024 has coincided with reduced activity levels across our industry. Henry Hub natural gas prices increased as of December 31, 2025 compared to December 31, 2024, driven by both U.S. domestic gas demand and investment decisions on adding new export liquified natural gas capacity. Gas production additions, largely driven by positive liquified natural gas sentiment ahead of actual capacity additions, were sourced from a backlog of drilled but uncompleted wells and deferred start-ups. The table below shows the average oil and natural gas prices for West Texas Intermediate (“WTI”) and Brent North Sea (“Brent”) crude oil and Henry Hub (“HH”) natural gas. Year Ended December 31, 2025 2024 Oil price - WTI (1) $ 65.46  $ 76.55  Oil price - Brent (1) $ 69.10  $ 80.53  Natural Gas price - HH (2) $ 3.53  $ 2.19  (1) Oil price measured in dollars per barrel (rounded to the nearest $0.01) (2) Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu Weatherford International plc – 2025 Form 10-K | 25 Table of Contents    Item 7 | MD&A     The table below shows historical average rig counts based on the weekly Baker Hughes Company rig count information. Year Ended December 31, 2025 2024 North America 738  786  International (1) 1,080  1,162  Worldwide 1,818  1,948   (1) Prior period international rig count figures were retroactively adjusted by Baker Hughes in the third quarter of 2025. In addition, there may be future impacts and effects on our industry in areas relating to global trade policy and tariffs, global conflicts and resulting sanctions, environmental regulation and others. As tariffs and trade policies continue to develop, the Company actively monitors for changes and adjusts operations to mitigate impacts. While they created some degree of margin dilution, tariffs did not have a material impact on the Company during the year ended December 31, 2025. Consolidated Statements of Operations - Operating Income Summary Revenues totaled $4,918 million in 2025, a decrease of $595 million, or 11% compared to 2024. Year-over-year in 2025, product revenues decreased 9% and service revenues decreased 12%. DRE, PRI and WCC were responsible for 52%, 19% and 17% of the decrease in revenues, respectively, with the remaining decrease from lower activity in integrated services and projects. Geographically, each region saw a decrease in revenue, with Latin America responsible for 83% of the decline, North America 11%, Europe/Sub-Sahara Africa/Russia 5% and Middle East/North Africa/Asia 1%. Year-over-year revenue decreases were primarily caused by a softening of the overall market which drove a decline in activity across segments and geographies. Operating income of $756 million in the twelve months ended December 31, 2025, decreased 19% compared to $938 million in the twelve months ended December 31, 2024, primarily due to the decline in revenue, with a partial offset from lower cost of products and services, lower selling general, administrative and research and development costs and a gain on the sale of our pressure pumping business in Argentina. Cost of products and services of $3.38 billion decreased $221 million, or 6%, in 2025 compared to 2024, primarily due to the decline in product sales and a reduction in headcount leading to lower personnel costs. Our cost of products and services as a percentage of revenues was 69% in 2025 compared to 65% in 2024. The higher cost ratio was primarily due to fixed costs decreasing at a slower rate than revenues. Selling, general, administrative and research and development costs of $772 million decreased $142 million primarily due to a decline in amortization expense and a reduction in headcount leading to lower personnel costs. These costs as a percentage of revenues were 16% in 2025, an improvement compared to 17% in 2024. Gain on sale of business was $70 million in 2025 due to the sale of our pressure pumping business in Argentina during the second quarter of 2025. No sale of business occurred in 2024. Restructuring charges were $58 million in 2025 and $42 million in 2024. The increase was driven by reductions to facility footprint and headcount as part of optimization and efficiency initiatives implemented in light of softening market conditions. See “Note 4 – Restructuring Charges” for additional information. Other charges, net were $18 million in 2025 and $14 million in 2024. Other charges, net primarily included fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico and other miscellaneous items. Other charges, net increased primarily due to acquisition and divestiture related expenditures offset by lower fees related to collections of certain receivables from our largest customer in Mexico in 2025. Weatherford International plc – 2025 Form 10-K | 26 Table of Contents    Item 7 | MD&A     Consolidated Statements of Operations - Non-Operating Summary Interest Expense, Net Interest expense, net was primarily the result of the interest on our outstanding long-term debt (see “Note 9 – Borrowings and Other Debt Obligations” to our Consolidated Financial Statements for additional details) offset by interest income. Interest expense, net, of $91 million in 2025, decreased $11 million, or 11%, compared to 2024 primarily from lower interest expense due to a reduction in our outstanding long-term debt. This was partly offset by a decline in interest income due to a reduction in our cash holdings in Argentina upon the execution of multiple Blue Chip Swaps (defined below). See “Note 18 – Blue Chip Swap Securities - Argentina” to our Consolidated Financial Statements for additional details. Extinguishment of Debt and Bond Redemption Premium The loss on extinguishment of debt was for charges on unamortized debt issuance costs and bond redemption premiums, both upon the early redemption of debt. During 2025, we issued $1.2 billion in aggregate principal on our 2033 Senior Notes and we repaid $1.36 billion in principal of our 2030 Senior Notes. As such, we recognized a $39 million loss, comprised of an $8 million loss on extinguishment of debt and $31 million bond redemption premium. During 2024, we repaid in full our 6.5% Senior Secured Notes due 2028 (“2028 Senior Secured Notes”) and $4 million in principal of our 2030 Senior Notes, resulting in a bond redemption premium of $9 million. During 2023, we repaid the remaining $125 million in principal on our Exit Notes and made $243 million in repayments and repurchases of our 2028 Senior Secured Notes, and incurred a $5 million bond redemption premium. Loss on Blue Chip Swap Securities An indirect foreign exchange mechanism known as the Blue Chip Swap (“BCS”) allows entities to remit U.S. dollars from operations in Argentina. During each of the years ended December 31, 2025 and 2024, we entered into a series of BCS securities transactions that resulted in a “Loss on Blue Chip Swap Securities” of $2 million and $10 million, respectively. See “Note 18 – Blue Chip Swap Securities - Argentina” to our Consolidated Financial Statements for additional details. Other Expense, Net Other expense, net, was primarily comprised of foreign exchange losses, letter of credit fees and other financing charges. Other expense, net, of $70 million was $8 million lower in 2025 as compared to 2024, which was primarily attributable to lower foreign currency losses. Foreign currency losses totaled $45 million and $56 million in 2025 and 2024, respectively, with decrease in 2025 primarily due to lower foreign currency losses in the Mexican Peso. Income Taxes We provide for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries are considered resident for income tax purposes. The relationship between our pre-tax income or loss from continuing operations and our income tax benefit or provision varies from period to period as a result of various factors, which include changes in total pre-tax income or loss, the jurisdictions in which our income is earned, the tax laws in those jurisdictions, the impacts of tax planning activities and the resolution of tax audits. Our effective rate differs from the Irish statutory tax rate as the majority of our operations are taxed in jurisdictions with different tax rates. In addition, we are unable to recognize tax benefit on certain losses. We record deferred tax assets for net operating losses and temporary differences between the book and tax basis of assets and liabilities that are expected to produce tax deductions in future periods. The realizability of the deferred tax assets is dependent upon judgments and assumptions inherent in the determination of future taxable income, including factors such as future operating conditions (particularly as related to prevailing oil prices and market demand for our products and services). The Company concluded it was not able to realize the benefit of certain deferred tax assets and has established a valuation allowance. Continued performance improvement in certain jurisdictions could result in a change in our realization of deferred tax asset assessment in the near future, which would release valuation allowance. The income tax provision and respective effective tax rate was $97 million and 18% and $189 million and 26% for 2025 and 2024, respectively. Weatherford International plc – 2025 Form 10-K | 27 Table of Contents    Item 7 | MD&A     Our income tax provisions in 2025 and 2024 are primarily driven by income in certain jurisdictions, deemed profit countries and withholding taxes on intercompany and third-party transactions that do not directly correlate to ordinary income or loss. Impairments and other charges recognized did not result in significant tax benefit as a result of being attributed to a non-income tax jurisdiction or our inability to forecast realization of the tax benefit of such losses. For the year ended December 31, 2025, income tax expense was lower than 2024, primarily driven by the release of $70 million in benefits from previously uncertain tax positions due audit settlements and lapses in the statute of limitations, partially offset by a decrease in the amount of valuation allowance releases as compared to 2024. We are continuously under tax examination in various jurisdictions. We cannot predict the timing or outcome regarding resolution of these tax examinations or if they will have a material impact on our consolidated financial statements. Weatherford International plc – 2025 Form 10-K | 28 Table of Contents    Item 7 | MD&A     Results of Operations by Segment Year Ended December 31, 2025 Reportable Segments All (Dollars in millions) DRE WCC PRI Other Total Revenue $ 1,371  $ 1,875  $ 1,340  $ 332  $ 4,918  Direct Costs(a) (876) (1,127) (913) Other Expense(b) (186) (233) (170) DRE Segment Adjusted EBITDA 309  309  WCC Segment Adjusted EBITDA 515  515  PRI Segment Adjusted EBITDA 257  257  All Other 42  Corporate (56) Depreciation and Amortization (267) Share-based Compensation Expense (c) (38) Gain on Sale of Business 70  Restructuring Charges (58) Other Charges, Net (18) Operating Income $ 756  (a)Segment cost of sales and direct operating costs. (b)Segment selling, general and administrative and research and development costs. (c)See “Note 14 – Share-Based Compensation” for additional information. Year Ended December 31, 2024 Reportable Segments All (Dollars in millions) DRE WCC PRI Other Total Revenue $ 1,682  $ 1,976  $ 1,452  $ 403  $ 5,513  Direct Costs(a) (1,007) (1,174) (955) Other Expense(b) (208) (238) (178) DRE Segment Adjusted EBITDA 467  467  WCC Segment Adjusted EBITDA 564  564  PRI Segment Adjusted EBITDA 319  319  All Other 84  Corporate (52) Depreciation and Amortization (343) Share-based Compensation Expense (c) (45) Restructuring Charges (42) Other Charges, Net (14) Operating Income $ 938  (a)Segment cost of sales and direct operating costs. (b)Segment selling, general and administrative and research and development costs. (c)See “Note 14 – Share-Based Compensation” for additional information. Weatherford International plc – 2025 Form 10-K | 29 Table of Contents    Item 7 | MD&A     Year Ended December 31, 2023 Reportable Segments All (Dollars in millions) DRE WCC PRI Other Total Revenue $ 1,536  $ 1,800  $ 1,472  $ 327  $ 5,135  Direct Costs(a) (920) (1,091) (953) Other Expense(b) (194) (254) (196) DRE Segment Adjusted EBITDA 422  422  WCC Segment Adjusted EBITDA 455  455  PRI Segment Adjusted EBITDA 323  323  All Other 38  Corporate (52) Depreciation and Amortization (327) Share-based Compensation Expense (c) (35) Gain on Sale of Business 2  Restructuring Charges (16) Other Credits, Net 10  Operating Income $ 820  (a)Segment cost of sales and direct operating costs. (b)Segment selling, general and administrative and research and development costs. (c)See “Note 14 – Share-Based Compensation” for additional information. Weatherford International plc – 2025 Form 10-K | 30 Table of Contents    Item 7 | MD&A     DRE Results 2025 vs 2024 Twelve Months Ended Variance ($ in Millions) Dec 31, 2025 Dec 31, 2024 $ % or bps Revenue $ 1,371  $ 1,682  $ (311) (18) % Direct Costs (876) (1,007) 131  13  % Other Expense (186) (208) 22 11  % Segment Adjusted EBITDA $ 309  $ 467  $ (158) (34) % Segment Adj EBITDA Margin 22.5  % 27.8  % n/m (523)  bps DRE revenues of $1.4 billion in 2025 decreased by $311 million or 18% compared to 2024 with approximately 50% of the decrease from lower activity in drilling-related services and approximately 25% of the decrease attributable to a decline in activity for managed pressure drilling. Geographically, approximately 85% of the revenue decrease was from the Latin America region primarily due to a decline in activity in Mexico. DRE segment adjusted EBITDA of $309 million in 2025 decreased by $158 million or 34% compared to 2024. DRE segment adjusted EBITDA margin was 22.5% in 2025 compared to 27.8% in 2024. The year-over-year decrease in segment adjusted EBITDA was primarily due to a decline in activity in Latin America. Both direct costs and other expense generally decreased in line with the decrease in activity. However, the rate of decrease in direct costs and other expense was lower than the rate of decrease in revenue, contributing to the decrease in margin. WCC Results 2025 vs 2024 Twelve Months Ended Variance ($ in Millions) Dec 31, 2025 Dec 31, 2024 $ % or bps Revenue $ 1,875  $ 1,976  $ (101) (5) % Direct Costs (1,127) (1,174) 47  4  % Other Expense (233) (238) 5 2  % Segment Adjusted EBITDA $ 515  $ 564  $ (49) (9) % Segment Adj EBITDA Margin 27.5  % 28.5  % n/m (108)  bps WCC revenues of $1.9 billion in 2025 decreased by $101 million or 5% compared to 2024 with approximately 70% of the decrease from lower activity in cementation products and approximately 30% of the decrease attributable to a decline in activity for completions. Geographically, approximately 65% of the decrease was from Latin America due to a decline in activity in Mexico and approximately 30% of the decrease was from the Europe/Sub-Sahara Africa/Russia region. The remainder of the decrease was driven by North America, but mostly offset by a revenue increase of $18 million in the Middle East/North Africa/Asia region. WCC segment adjusted EBITDA of $515 million in 2025 decreased by $49 million or 9% compared to 2024. WCC segment adjusted EBITDA margin was 27.5% in 2025 compared to 28.5% in 2024. The year-over-year decrease in segment adjusted EBITDA was primarily due to a decline in activity in cementation products across geographies and a decline in completions in the Latin America and Europe/Sub-Sahara Africa/Russia regions. The declines were partly offset by liner hanger activity in the Middle East/North Africa/Asia region. Both direct costs and other expense generally decreased in line with the decrease in activity. However, the rate of decrease in direct costs and other expense was lower than the rate of decrease in revenue, contributing to the decrease in margin. Weatherford International plc – 2025 Form 10-K | 31 Table of Contents    Item 7 | MD&A     PRI Results 2025 vs 2024 Twelve Months Ended Variance ($ in Millions) Dec 31, 2025 Dec 31, 2024 $ % or bps Revenue $ 1,340  $ 1,452  $ (112) (8) % Direct Costs (913) (955) 42  4  % Other Expense (170) (178) 8 4  % Segment Adjusted EBITDA $ 257  $ 319  $ (62) (19) % Segment Adj EBITDA Margin 19.2  % 22.0  % n/m (279)  bps PRI revenues of $1.3 billion in 2025 decreased by $112 million or 8% compared to 2024 with approximately 65% of the decrease from lower activity in intervention services and drilling tools and approximately 45% of the decrease attributable to a decline in activity for pressure pumping. The sale of our pressure pumping business in Argentina in the second quarter was the primary contributor to the decline in pressure pumping activity. The decrease in revenue was partly offset by a revenue increase of $15 million from sub-sea intervention activity. Geographically, approximately 80% of the revenue decrease was from the Latin America region. PRI segment adjusted EBITDA of $257 million in 2025 decreased by $62 million or 19% compared to 2024. PRI segment adjusted EBITDA margin was 19.2% in 2025 compared to 22.0% in 2024. The year-over-year decrease in segment adjusted EBITDA was primarily due to a decline in activity in intervention services and drilling tools across all geographies and a decline in pressure pumping, primarily in the Latin America region. Both direct costs and other expense generally decreased in line with the decrease in activity. However, the rate of decrease in direct costs and other expense was lower than the rate of decrease in revenue, contributing to the decrease in margin. All Other Results All other includes results from non-core business activities that do not individually meet the criteria for segment reporting, including integrated services and projects, which includes pass through services and project management services. All other revenues of $332 million, decreased $71 million or 18%, in 2025 compared to 2024 due to a decline in international activity for integrated services and projects. Corporate Corporate was a net expense of $56 million in 2025, which was slightly up compared to the net expense of $52 million in 2024. Depreciation and Amortization Depreciation and amortization expense in 2025 was $267 million, a decrease of $76 million compared to 2024 primarily due to certain intangible assets reaching full amortization in the fourth quarter of 2024. See “Note 2 – Segment Information”, “Note 6 – Property, Plant and Equipment, Net” and “Note 7 – Intangible Assets, Net” for additional information. Share-based Compensation We record share-based compensation expense in “Selling, General and Administrative” on the accompanying Consolidated Statements of Operations. We recognized $38 million in 2025 and $45 million in 2024. The year-over-year decrease was primarily due to the vesting of previously granted equity awards, resulting in a lower number of unvested awards subject to expense recognition. See “Note 14 – Share-Based Compensation” for additional information. Weatherford International plc – 2025 Form 10-K | 32 Table of Contents    Item 7 | MD&A     Outlook Growth and spending in the energy services industry is highly dependent on many external factors. These include but are not limited to; the impact from geopolitical conflicts; our customers’ capital expenditures; environmental, social and governance and other sustainability policies and initiatives; world economic, political, trade, and weather conditions; the price of oil, natural gas, and alternatives; member-country quota compliance within the Organization of Petroleum Exporting Countries and the expanded alliance (OPEC+); non-OPEC+ investments and project timing. Imbalance across geographies driven by geopolitical conflicts, investment variances and demand growth alignment with supply stability are driving a greater focus on energy markets balance. In the short term, we see continued focus on capital discipline and efficiencies across all geographies, which we expect to result in muted activity for our services and products, particularly in the first half of 2026, as our customers regulate activity timing and services spending, relative to macro-driven factors listed above. We expect activity to improve in the second half of 2026, resulting in a full year that is slightly lower to in line with 2025. We remain constructive on our activity profile over the next several years, as we expect positive macroeconomic conditions coupled with our focus on technology adoption and market penetration, to provide a pathway to multi-year energy demand expansion. The mix of customer spending related to regional and operating environment factors (short-cycle vs. long-cycle projects, offshore vs onshore, reservoir and well development cycles) may also influence the timing, type, and intensity of demand for products and services within our portfolio. We continue to closely monitor macroeconomic conditions, potential supply chain disruptions, inflationary factors, and other labor and logistical constraints that could impact our operations and results. Unpredictable developments—such as the potential opening of Venezuela to foreign oil companies—may increase activity levels in the mid to long term. Our customers continue to face challenges in balancing the cost of extraction activities with securing desired rates of production while achieving acceptable rates of return on investment. These challenges increase our customers’ requirements for technologies that improve productivity and efficiency and pressure us to deliver our products and services at competitive rates. Over the long-term, we expect demand for oil and natural gas exploration and production as well as new energy platforms to continue to require more advanced technology from the energy service industry. Weatherford delivers innovative energy services that integrate proven technologies with advanced digitization to create sustainable offerings for maximized value and return on investment. We continue to expand our product and services offerings across the well cycle, including well construction and completions remote monitoring, and predictive analytics. We believe we are well positioned to satisfy our customers’ needs, but the level of improvement in our businesses in the future will continue to depend heavily on pricing, volume of work, our ability to offer cost efficient, innovative and effective technology solutions, and our success in gaining market share in new and existing markets. We continue to follow our long-term strategy, aimed at achieving sustainable profitability and cash flow generation in our businesses, servicing our customers and creating value for our shareholders. Our long-term success will be determined by our ability to effectively manage the cyclicality of our industry, including growth during up-cycles and potential prolonged industry downturns, our ability to respond to industry changes and demands, while managing through risks we may be exposed to, and ultimately our ability to generate consistent positive cash flow and positive returns on invested capital. Weatherford International plc – 2025 Form 10-K | 33 Table of Contents    Item 7 | MD&A     Liquidity and Capital Resources At December 31, 2025, we had cash and cash equivalents of $987 million and $55 million in restricted cash, compared to $916 million of cash and cash equivalents and $59 million of restricted cash at December 31, 2024. The following table summarizes cash provided by (used in) each type of business activity in the periods presented: Year Ended December 31, (Dollars in millions) 2025 2024 Net Cash Provided by Operating Activities $ 676  $ 792  Net Cash Used in Investing Activities (145) (293) Net Cash Used in Financing Activities (474) (511) Operating Activities Cash provided by operating activities was $676 million in 2025 and $792 million in 2024. The primary operating source of cash in each year was collections related to our sales of products and services, partly offset by operating spend. The year-over-year decrease was primarily due to a decrease in collections as a result of decreased revenue, partially offset by lower employee costs and an increase in cash proceeds from factoring arrangements (see “Liquidity and Capital Resources - Accounts Receivable Factoring” below). Investing Activities Cash used in investing activities in 2025 was $145 million. The primary uses of cash in investing activities were for capital expenditures of $226 million and the purchase of Blue Chip Swap securities in Argentina for $117 million (see “Note 18 – Blue Chip Swap Securities - Argentina”). The uses of cash were partially offset by Blue Chip Swap proceeds of $115 million and $97 million of proceeds received from the sale of our pressure pumping business in Argentina (see “Note 2 – Segment Information”). Cash used in investing activities in 2024 was $293 million. The uses of cash in investing activities were for capital expenditures of $299 million, business acquisitions net of cash acquired of $51 million and the purchase of Blue Chip Swap securities in Argentina for $50 million (see “Note 18 – Blue Chip Swap Securities - Argentina”). The uses of cash were offset by proceeds from sale of investments of $41 million from our marketable securities in Argentina, Blue Chip Swap proceeds of $40 million and $31 million in proceeds from the disposition of assets. Financing Activities Cash used in financing activities in 2025 was $474 million. The primary uses of cash in financing activities were for repayments and repurchases of long-term debt of $1.4 billion (see “Note 9 – Borrowings and Other Debt Obligations”), $101 million for share repurchases (see “Note 15 – Shareholders’ Equity”), $72 million for dividend payments (see “Note 15 – Shareholders’ Equity”), bond redemption premium of $31 million resulting from early redemptions, distributions to noncontrolling interests of $29 million, $21 million in tax remittances on equity awards and $18 million in debt issuance costs. The uses of cash were offset by $1.2 billion in proceeds from the issuance of our 2033 Senior Notes. Cash used in financing activities in 2024 was $511 million. The primary uses of cash in financing activities were for repayments and repurchases of long-term debt of $287 million (see “Note 9 – Borrowings and Other Debt Obligations”), $99 million for share repurchases (see “Note 15 – Shareholders’ Equity”), $36 million for dividend payments (see “Note 15 – Shareholders’ Equity”) and distributions to noncontrolling interests of $39 million. In addition, we paid $31 million in tax remittances on equity awards. The remaining financing cash uses were primarily for bond redemption premiums and contingent considerations. Weatherford International plc – 2025 Form 10-K | 34 Table of Contents    Item 7 | MD&A     Sources of Liquidity Our sources of available liquidity include cash generated by our operations, cash and cash equivalent balances, and periodic accounts receivable factoring. From time to time, we may enter into transactions to dispose of businesses or capital assets that no longer fit our long-term strategy. We historically have accessed banks for short-term loans and the capital markets for debt and equity offerings. Based upon current and anticipated levels of operations and collections, we expect to have sufficient cash from operations and cash on hand to fund our cash requirements (discussed below) and financial obligations, both in the short-term and long-term. Cash Requirements Our cash requirements will continue to include payments for principal and interest on our long-term debt, capital expenditures, payments on our finance and operating leases, payments for short-term working capital needs, operating costs, shareholder returns and restructuring payments. We expect to utilize cash in our capital allocation framework, which includes investments in technology and infrastructure upgrades, and in strategic mergers and acquisitions. Our cash requirements also include personnel costs including awards under our employee incentive programs and other amounts to settle litigation related matters. In addition, we have derivative financial instruments where we have notional amounts that do not generally represent cash amounts exchanged by the parties and are calculated based on the terms of the derivative instrument, however, in the event of a related default, we could potentially be required to pay. See further discussion below under “Derivative Financial Instruments” and in “Note 11 – Derivative Financial Instruments.” As of December 31, 2025, we had outstanding debt of $236 million in aggregate principal amount for our 2030 Senior Notes and $1.2 billion in aggregate principal amount for our 2033 Senior Notes. We expect $103 million in interest payments annually in 2026 and $101 million each year thereafter until the maturity of our 2030 and 2033 Senior Notes. See “Note 9 – Borrowings and Other Debt Obligations” for additional information. Our capital spend is expected to be 3-5% of revenue over a 12 to 18 months rolling period and our 2026 capital spend is projected to fall within the same framework. Our payments on our operating and finance leases in 2026 are expected to be approximately $91 million, and $232 million in the years thereafter. See “Note 8 – Leases” for additional information. Cash and cash equivalents and restricted cash are held by subsidiaries outside of Ireland. At December 31, 2025 we had approximately $31 million of our cash and cash equivalents that cannot be immediately repatriated from various countries due to country central bank controls or other regulations. Repatriation of those cash balances might result in incremental taxes or losses similar to the Argentine Blue Chip Swap “BCS” transactions executed (see “Note 18 – Blue Chip Swap Securities - Argentina”), which may contribute to a decrease in cash and cash equivalents. As we continue to conduct business in countries with cash that cannot be immediately repatriated, we may consider infrequent transactions like the BCS transaction in the future to safeguard our cash from exposure to the effects of inflation and currency devaluation. Ratings Services’ Credit Ratings Our credit ratings at December 31, 2025 were upgraded since December 31, 2024 as follows: •Moody's Investors Service upgraded our Corporate Family Rating from ‘Ba3’ to ‘Ba2;’ with a positive outlook •Standard and Poor upgraded our issuer credit ratings from ‘BB-’ to ‘BB;’ with a stable outlook •Fitch Ratings upgraded our issuer credit ratings from ‘BB-’ to ‘BB;’ with a stable outlook Customer Receivables We may experience delays or defaults in customer payments due to, among other reasons, a weaker economic environment, reductions in our customers’ cash flow from operations, our customers’ inability to access credit markets or reach acceptable financing terms, as well as unsettled political and/or social conditions. Allowances have been recorded for receivables believed to be uncollectible, including amounts for the resolution of potential credit and other collection issues such as disputed invoices. Adjustments to the allowance are made depending on how potential issues are resolved and the financial condition of our customers. In addition, our customers are primarily in fossil fuel-related industries and broad declines in demand for or pricing of oil or natural gas might impact the collections of our customer receivables. Weatherford International plc – 2025 Form 10-K | 35 Table of Contents    Item 7 | MD&A     As of December 31, 2025, and December 31, 2024, Mexico accounted for 27% and 31% of our total net accounts receivables, respectively, of which our largest customer in the country accounted for 24% and 26% of our total net outstanding accounts receivables, respectively. Our largest customer in Mexico has a history of making late payments and, in more recent periods, has utilized third-party financial institutions to pay certain of our receivables. The balances due are not in dispute, however, additional or continued delays in customer payments in the future could differ from historical practice and management’s current expectations; and delays or failures to pay or defaults, if any, could negatively impact the future results of the Company. During the twelve months ended December 31, 2025 and December 31, 2024 we paid an immaterial amount of fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico. Pursuant to such arrangements, we received $93 million during the twelve months ended December 31, 2025 and $484 million during the twelve months ended December 31, 2024. Accounts Receivable Factoring From time to time, we participate in factoring arrangements to sell accounts receivable to third-party financial institutions for cash proceeds net of discounts and hold-back. During 2025 and 2024, we sold accounts receivable balances of $250 million and $111 million, respectively, and received cash proceeds of $247 million and $110 million, respectively, at the time of factoring. These proceeds are included as operating cash flows in our Consolidated Statements of Cash Flows. Derivative Financial Instruments We enter into foreign currency forward contracts to mitigate the risk of fluctuating exchange rates on future cash flows denominated in a foreign currency. The amounts will fluctuate, depending on exchange rate volatility, the volume of our foreign currency transactions, and our decisions to hedge. During the fourth quarters of 2024 and 2023, we entered into credit default swaps (“CDS”), further described below. The notional amounts of our foreign currency forward contracts and the CDS do not generally represent cash amounts exchanged by the parties and are calculated based on the terms of the derivative instrument. See also “Note 11 – Derivative Financial Instruments” for additional information. Credit Default Swap During the fourth quarter of 2024, we entered into a CDS with a third-party financial institution terminating in September of 2026 related to a secured loan between that third-party financial institution and our largest customer in Mexico. The secured loan was utilized by this customer to pay certain of our outstanding receivables and accordingly, in the fourth quarter of 2024, we received $25 million. The fair value of the derivative was not material as of December 31, 2025 and December 31, 2024. Under the CDS terms, within five business days upon notification of default, we could be required to pay the then outstanding notional balance net of recoveries. As of December 31, 2025, we had a notional balance of $14 million outstanding under the CDS and as of December 31, 2024 we had a notional balance of $25 million outstanding. Management expects the total notional balance under the CDS to be nil by December 31, 2026. A CDS was entered into during the fourth quarter of 2023 with the same parties for similar reasons as in the fourth quarter of 2024, and accordingly, in the first quarter of 2024, we received $142 million. The agreement was terminated in the third quarter of 2024, extinguishing the remaining notional balance. Guarantees Our 2030 Senior Notes were issued by Weatherford International Ltd., a Bermuda exempted company (“Weatherford Bermuda”), and guaranteed by the Company and other subsidiary guarantors party thereto. On December 1, 2022, the indenture related to our 2030 Senior Notes was amended and supplemented to add Weatherford International, LLC, a Delaware limited liability company (“Weatherford Delaware”) as co-issuer and co-obligor, and concurrently released the guarantee of Weatherford Delaware. Our 2033 Senior Notes were issued by Weatherford Bermuda and guaranteed by the Company and other subsidiary guarantors party thereto. On October 24, 2025, the indenture related to our 2033 Senior Notes was amended and supplemented to add Weatherford Delaware as co-issuer and co-obligor, and concurrently released the guarantee of Weatherford Delaware. See “Note 9 – Borrowings and Other Debt Obligations” for additional information. Weatherford International plc – 2025 Form 10-K | 36 Table of Contents    Item 7 | MD&A     Credit Agreement, Letters of Credit and Surety Bonds Weatherford Bermuda, Weatherford Delaware, Weatherford Canada Ltd. (“Weatherford Canada”) and WOFS International Finance GmbH (“Weatherford Switzerland”), together as borrowers, and the Company as parent, have an amended and restated credit agreement (the “Credit Agreement”). The Credit Agreement is guaranteed by the Company and certain of our subsidiaries and secured by substantially all of the personal property of the Company and those subsidiaries. At December 31, 2025, the Credit Agreement allowed for a total commitment amount of $1 billion, maturing on the earlier of (a) September 18, 2030 and (b) to the extent that more than $200 million of 2030 Senior Notes or Permitted Refinancing Indebtedness in respect thereof is outstanding on such date, the date that is 91 days prior to the stated maturity date of the Senior Notes or any Permitted Refinancing Indebtedness in respect thereof. Financial covenants in the Credit Agreement include a $250 million minimum liquidity covenant (which may increase up to $400 million dependent on the nature of transactions we may decide to enter into), a minimum interest coverage ratio of 2.50 to 1.00, a maximum total net leverage ratio of 3.50 to 1.00, and a maximum secured net leverage ratio of 1.50 to 1.00. On September 18, 2025, we amended the Credit Agreement to (i) allow for an increase in total commitment amount from $720 million to $1 billion comprised of $600 million to be used either for revolving loans or financial letters of credit and $400 million to be used for performance letters of credit, (ii) extend the maturity date to the earlier of September 18, 2030 or January 29, 2030 if more than $200 million of 2030 Senior Notes or Permitted Refinancing Indebtedness are outstanding on that date and (iii) include an accordion feature that will allow for further increases of commitments up to $1.15 billion. As of December 31, 2025, under the Credit Agreement we had zero borrowings, $7 million in financial letters of credit and $245 million in performance letters of credit outstanding. Additionally as of December 31, 2025, we had $207 million letters of credit under various uncommitted bi-lateral facilities ($47 million of which was cash collateral held and recorded in “Restricted Cash” on the Consolidated Balance Sheets). As of December 31, 2024, under the Credit Agreement we had zero borrowings, $12 million in financial letters of credit and $279 million in performance letters of credit outstanding. Additionally as of December 31, 2024, we had $91 million of letters of credit under various uncommitted bi-lateral facilities ($49 million of which was cash collateral held and recorded in “Restricted Cash” on the Consolidated Balance Sheets). We utilize surety bonds as part of our customary business practice in certain regions, primarily Latin America. As of December 31, 2025, we had $629 million of surety bonds outstanding. A breach of certain contractual or performance obligations under our outstanding letters of credit or surety bonds could result in beneficiaries calling such instruments, which could reduce our available liquidity if we are unable to mitigate the issue. Critical Accounting Estimates Our discussion and analysis of our financial condition and results of operation is based upon our Consolidated Financial Statements. We prepare these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). As such, we are required to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. We base our estimates on historical experience and available information and various other assumptions we believe to be reasonable under the circumstances. On an on-going basis, we evaluate our estimates, however, actual results may differ from these estimates under different assumptions or conditions. The accounting policies we believe require management’s most difficult, subjective or complex judgments and are the most critical to our reporting of results of operations and financial position are as follows: Weatherford International plc – 2025 Form 10-K | 37 Table of Contents    Critical Accounting Policies and Estimates Long-Lived Assets Long-lived assets, which include property, plant and equipment (“PP&E”), definite-lived intangibles and operating lease assets, comprise a significant amount of our assets. The carrying value of our long-lived assets at December 31, 2025 and December 31, 2024 was approximately $1.5 billion. The cost of the long-lived assets is then amortized over their expected useful life or their respective lease terms, if applicable. A change in the estimated useful lives of our long-lived assets would have an impact on our results of operations. We estimate the useful lives of our long-lived assets over their respective lease terms, if applicable, or as follows: Assets Estimated Useful Lives Buildings and Leasehold Improvements 10 – 40 years Rental and Service Equipment 3 – 10 years Machinery and Other 2 – 12 years Intangible Assets 5 – 10 years In estimating the useful lives of our PP&E, we rely primarily on our actual experience with the same or similar assets. The useful lives of our intangible assets are determined by the years over which we expect the assets to generate a benefit based on legal, contractual or regulatory terms. Long-lived assets to be held and used by us are reviewed to determine whether any events or changes in circumstances, known as triggering events, indicate that we may not be able to recover the carrying amount of the asset group. Triggering events include, but are not limited to, reduced or expected sustained decreases in cash flows generated by an asset group, negative changes in industry conditions (such as global rig count, commodity prices, and the global economy), a significant change in the long-lived assets’ use or physical condition, the introduction of competing technologies, and legal and regulatory challenges. The Company groups individual assets at the lowest level of identifiable cash flows and, if impairment triggers are present, performs an undiscounted cash flow analysis to identify asset groups that may not be recoverable. If the undiscounted cash flows do not exceed the carrying value of the long-lived asset group, the asset group is not recoverable, and impairment is recognized to the extent the carrying amount exceeds the estimated fair value of the asset group. A fair value assessment is performed on asset groups identified as not being recoverable using a discounted cash flow analysis or Level 3 fair value analysis, to determine if an impairment has occurred. The discounted cash flow analysis consists of estimating the future cash flows that are directly associated with, and are expected to arise from, the use and eventual disposition of the asset group over its remaining useful life. These estimated discounted cash flows are inherently subjective and include significant assumptions, specifically the forecasted revenue, forecasted operating margins, and the discount rate assumptions and require estimates based upon historical experience and future expectations. The fair value of the asset group is measured using market prices, or in the absence of market prices, is based on an estimate of discounted cash flows. Cash flows are discounted at an interest rate commensurate with our weighted average cost of capital for a similar asset. If an impairment has occurred, the Company recognizes a loss for the difference between the carrying amount and the fair value of the asset group. We group long-lived assets by product line. We have long-lived assets, such as facilities, utilized by multiple operating divisions that do not have identifiable cash flows and impairment testing for these long-lived assets is based on the consolidated entity. We did not recognize long-lived assets impairments during 2025, 2024 and 2023. Management cannot predict the occurrence of future impairment-triggering events, so we continue to assess whether indicators of impairment to long-lived assets exist due to the current business conditions in the energy services industry. Income Taxes We take into account the differences between the financial statement treatment and tax treatment of certain transactions. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates is recognized as income or expense in the period that includes the enactment date. See “Note 17 – Income Taxes” for detailed discussion of results. Weatherford International plc – 2025 Form 10-K | 38 Table of Contents    Critical Accounting Policies and Estimates We recognize the impact of an uncertain tax position taken or expected to be taken on an income tax return in the financial statements at the largest amount that is more likely than not to be sustained upon examination by the relevant taxing authority. We operate in approximately 75 countries through hundreds of legal entities. As a result, we are subject to numerous tax laws in the jurisdictions, and tax agreements and treaties among the various taxing authorities. Our operations in these jurisdictions in which we operate are taxed on various bases: income before taxes, deemed profits (which is generally determined using a percentage of revenues rather than profits), withholding taxes based on revenue, and other alternative minimum taxes. The calculation of our tax liabilities involves consideration of uncertainties in the application and interpretation of complex tax regulations in a multitude of jurisdictions across our global operations. We recognize potential liabilities and record tax liabilities for anticipated tax audit issues in the tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes will be due. The tax liabilities are reflected net of realized tax loss carryforwards. We adjust these reserves upon specific events; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is different from our current estimate of the tax liabilities. If our estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If payment of these amounts ultimately proves to be less than the recorded amounts, the reversal of the liabilities would result in tax benefits being recognized in the period when the contingency has been resolved and the liabilities are no longer necessary. Changes in tax laws, regulations, agreements and treaties, foreign currency exchange restrictions or our level of operations or profitability in each taxing jurisdiction could have an impact upon the amount of income taxes that we provide during any given year. Effective January 1, 2024, Ireland enacted tax legislation that models the Organization of Economic Cooperation and Development (“OECD”) reform plans focused on global profit allocation and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as “Pillar Two.” This did not materially increase taxes in 2025 and 2024 and is not expected to materially increase future taxes. Valuation Allowance for Deferred Tax Assets We record a valuation allowance to reduce the carrying value of our deferred tax assets when it is more likely than not that a portion or all of the deferred tax assets will expire before realization of the benefit. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character and in the related jurisdiction in the future. In evaluating our ability to recover our deferred tax assets, we consider the available positive and negative evidence, including our past operating results, the existence of cumulative losses in the most recent years and our forecast of near-term future taxable income and various tax planning strategies. When the likelihood of the realization of existing deferred tax assets changes, adjustments to the valuation allowance are charged to our income tax provision in the period in which the determination is made. The Company concluded it was not able to realize the benefits of certain of its deferred tax assets and has established a valuation allowance. Our valuation allowance on our deferred tax assets was $1.1 billion as of December 31, 2025 and December 31, 2024. Forward-Looking Statements This report contains various statements relating to future financial performance and results, business strategy, plans, goals and objectives, including certain projections, business trends, our shareholder returns program and other statements that are not historical facts. These statements constitute forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “budget,” “strategy,” “plan,” “guidance,” “outlook,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements reflect our beliefs and expectations based on current estimates and projections. While we believe these expectations, and the estimates and projections on which they are based, are reasonable and were made in good faith, these statements are subject to numerous risks and uncertainties. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecasted in the forward-looking statements. The forward-looking statements included herein are only made as of the date of this report, or if earlier, as of the date they were made, and we undertake no obligation to correct, update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required under federal securities laws. The following, together with disclosures under “Part I – Item 1A. Risk Factors”, sets Weatherford International plc – 2025 Form 10-K | 39 Table of Contents    Forward-Looking Statements forth certain risks and uncertainties relating to our forward-looking statements that may cause actual results to be materially different from our present expectations or projections: •global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations (including the Russia Ukraine Conflict, conflicts in the Middle East and instability in Latin America); •general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; •failure to ensure on-going compliance with current and future laws and government regulations, including but not limited to those related to the Russia Ukraine Conflict, and environmental and tax and accounting laws, rules and regulations; •changes in, and the administration of, treaties, laws, and regulations, including in response to issues related to the Russia Ukraine Conflict and conflicts in the Middle East or Latin America, such as nationalization of assets, and the potential for such issues to exacerbate other risks and uncertainties listed or referenced; •increases in the prices and lead times, and the lack of availability of our procured products and services, including due to macroeconomic and geopolitical conditions such as tariffs and changes in trade policies; •our ability to timely collect from customers; •cybersecurity incidents, as our reliance on digital technologies increases, those digital technologies may become more vulnerable and/or experience a higher rate of cybersecurity attacks, intrusions or incidents in the current environment of remote connectivity, as well as increased geopolitical conflicts and tensions, including as a result of the Russia Ukraine Conflict; •our ability to comply with, and respond to, climate change, environmental, social and governance and other “sustainability” initiatives and future legislative and regulatory measures both globally and in the specific geographic regions in which we and our customers operate; •our ability to effectively and timely address the need to conduct our operations and provide services to our customers more sustainably and with a lower carbon footprint; •the price and price volatility of, and demand for, oil, natural gas and natural gas liquids; •member-country quota compliance within the Organization of Petroleum Exporting Countries; •our ability to realize expected revenues and profitability levels from current and future contracts; •our ability to generate cash flow from operations to fund our operations; •our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, and including our digitalization efforts and our incorporation of artificial intelligence tools; •our ability to realize cost savings and business enhancements from our revenue and cost improvement efforts; •our ability to effectively execute our capital allocation framework; •our ability to attract, motivate and retain employees, including key personnel; •our ability to access the capital markets on terms that are commercially acceptable to the Company; •our ability to manage our workforce, supply chain challenges and disruptions, business processes, information technology systems and technological innovation and commercialization, including the impact of our enterprise resource planning system implementation, organization restructure, business enhancements, improvement efforts and the cost and support reduction plans; •our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; •our ability to service our debt obligations; •potential non-cash asset impairment charges for long-lived assets, intangible assets or other assets; •adverse weather conditions in certain regions of our operations; and •public health issues such as pandemics. Many of these factors are macro-economic in nature and are, therefore, beyond our control. Should one or more of these risks or uncertainties materialize, affect us in ways or to an extent that we currently do not expect or consider to be significant, or should underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from those described in this report as anticipated, believed, estimated, expected, intended, planned or projected. Finally, our future results will depend upon various other risks and uncertainties, including, but not limited to, those detailed in our current and past filings with the SEC under the Exchange Act and the Securities Act of 1933, as amended. Weatherford International plc – 2025 Form 10-K | 40 Table of Contents    Forward-Looking Statements