Helmerich & Payne (HP) delivered a QQ2 2025 performance that reflects the transformational impact of the KCAD Deutag acquisition and the ensuing international growth strategy. Revenue came in at just over $1.016 billion with gross margins of 15.4% and an EBITDA of $230.4 million, underscoring HP’s ability to generate meaningful cash flow even as net income remained modest at $1.65 million for the quarter. The quarter was characterized by the integration of KCAD’s international footprint, including Saudi operations, which introduced near-term margin headwinds (notably in the international segment) but also positioned HP for longer-term scale and value creation through technology, commercial models, and synergies.