Weatherford International plc (WFRD)

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

The Company plans to hold two shareholder meetings on September 3, 2026 to consider a proposal to redomesticate the parent company from Ireland to the United States as a Delaware corporation (“Redomestication”), following an earlier Texas redomestication proposal that, despite receiving over 60% support, did not receive the requisite shareholder approval. The proposed Redomestication is subject to customary conditions, including shareholder approval and sanction by the High Court of Ireland, and is expected to be completed during the fourth quarter of 2026.

On May 31, 2026, the Company entered into a definitive merger agreement to acquire NCS Multistage Holdings, Inc., which will become a wholly owned subsidiary of Weatherford upon closing (“Proposed Transaction”). The transaction consideration consists of Weatherford ordinary shares or a combination of ordinary shares and cash, subject to certain limitations, adjustments and proration provisions. This merger is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second half 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 302 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 and six months ended June 30, 2026, the average WTI oil price and average Brent crude oil price were higher compared to three and six months ended June 30, 2025 while the average Henry Hub natural gas prices were lower than during the three months ended June 30, 2025 and higher than during the six months ended June 30, 2025. Average rig counts decreased during the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. Oil prices have experienced increased volatility and upward pressure in response to the ongoing geopolitical conflict involving Iran, the U.S. and Israel (“Iran Conflict”). Despite higher oil prices driven by the Iran Conflict, it has adversely impacted exploration and production spending in the Middle East resulting in disruption of global energy supplies and adversely affecting 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 and affirmed that jurisdiction for tariff-related matters resided with the Court of International Trade; however, uncertainty persists as new tariffs have been introduced under alternative authorities. We have filed claims for refunds of certain tariffs and have begun receiving approvals and cash receipts, while continuing to prepare and submit additional claims as further guidance becomes available. Separately, certain tariffs implemented in 2026 have been challenged or modified, and we continue to monitor these developments, which are not currently expected to have a material impact on our results.

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.

The table below shows historical average rig counts based on the weekly Baker Hughes Company rig count information.

19

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 continue to 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, to the extent possible, mitigate 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 just under 10% and 9% of our total revenues for the three and six months ended June 30, 2026, respectively, compared to 7% of our total revenue for both the three and six months ended June 30, 2025. The increase in Russia revenues as a percentage of consolidated results year over year was driven by revenue decreases in the Middle East/North Africa/Asia region as a result of the Iran Conflict and the strengthening of the Ruble against the U.S. dollar. As of June 30, 2026, our Russia operations included $118 million in cash, $178 million in other current assets, $105 million in property, plant and equipment, net and other non-current assets, and $90 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

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.

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.

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 – 202

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]