HP Helmerich & Payne, Inc.

Overview and Growth

In fiscal 2025, Helmerich & Payne, Inc. recorded $3.75B of revenue, net loss of $163.69M, and an operating cash inflow of $542.95M. At $3.75B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $2.76B in fiscal 2024, revenue recorded a 35.9% year-over-year increase. Diluted earnings per share were -$1.66, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS decreased by 148.4% from $3.43 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. The revenue-to-assets relationship was 0.56x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $1.23B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 33.0% of revenue, showing how much of the top line remained after direct costs. The reported operating result was $3.32M, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 0.1%, showing how efficiently sales converted into operating profit. After all below-operating-line items, the company recorded a net loss of $163.69M for the fiscal year. Measured against revenue, the bottom-line deficit represented 4.4% after all recognized items. The company reported a pretax loss of $74.11M, before the effect of income taxes. Measured against revenue, the pretax deficit represented 2.0%. The reported income-tax provision was $85.83M, the amount recognized between pretax income and the final net-income result. The net loss equaled 5.8% of period-end equity, showing the deficit relative to book capital. Relative to total assets, the net loss represented 2.4%.

Liquidity and Capital Structure

The company held $6.71B of assets against $3.88B of liabilities and $2.83B of equity, revealing how the asset base was financed. Current assets were $1.47B against $814.84M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 1.8x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $196.85M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 24.2%, excluding receivables and other current assets. The company carried $2.06B of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.73x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 30.8%, comparing borrowing with the total asset balance. Relative to total assets, liabilities measured 57.8%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 2.9% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 16.0% from $5.78B in fiscal 2024, leaving current total assets higher year over year. Book equity was 3.0% lower than fiscal 2024 equity of $2.92B, showing how shareholder capital changed year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $542.95M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Capital spending was $426.37M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 78.5% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $116.58M, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 3.1%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 1.7%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Sep 30, 2025. Analysis generated Oct 21, 2026.