As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q4. Today, we are looking at oilfield services stocks, starting with Helix Energy Solutions (NYSE: HLX).

Oilfield services companies provide equipment, technology, and services enabling exploration and production activities, including drilling, completion, well intervention, and reservoir evaluation. Their fortunes closely track upstream capital spending cycles. Tailwinds include increased drilling activity during favorable commodity environments, demand for efficiency-enhancing technologies, and growing offshore and unconventional resource development. Headwinds include significant revenue volatility tied to oil and gas price swings and producer spending discipline. Intense competition pressures pricing and margins, while the energy transition may structurally reduce long-term demand. Workforce availability and technological disruption require continuous adaptation.

The 26 oilfield services stocks we track reported a strong Q4. As a group, revenues beat analysts’ consensus estimates by 3.7%.

Thankfully, share prices of the companies have been resilient as they are up 6.7% on average since the latest earnings results.

Helix Energy Solutions (NYSE: HLX)

Playing a pivotal role in the 2010 Macondo oil spill response with its Q4000 vessel, Helix Energy Solutions (NYSE: HLX) provides specialized services to extend the life of offshore oil and gas wells and decommission aging infrastructure.

Helix Energy Solutions reported revenues of $334.2 million, down 5.9% year on year. This print exceeded analysts’ expectations by 11.6%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our fourth quarter financial results, accounting for seasonal impacts, highlight the outstanding execution by the Helix team. Our team delivered $74 million of EBITDA, our highest fourth quarter EBITDA since 2013. We generated Free Cash Flow of over $100 million during the quarter, delivering $120 million of Free Cash Flow for the full year 2025. We have amassed a substantial cash balance, $445 million at year end, providing significant optionality for its deployment. The market does remain volatile. Oil prices declined nearly 20% year over year, resulting in a slower oil and gas offshore market. This downturn resulted in an $18 million non-cash charge for our Thunder Hawk field during the fourth quarter. Following a successful recompletion in February, the field is expected to resume production early April. In this challenging market, we are finding pockets of market resilience despite macro and geopolitical head winds. Our sales efforts secured a multi-year P&A program in the UK North Sea on up to 34 subsea wells. We expect the near-term market to continue at its current pace, but recognize momentum is building in the offshore market pointing to improvements in the latter half of 2026 and into 2027.”

Interestingly, the stock is up 8.9% since reporting and currently trades at $9.88.

Is now the time to buy Helix Energy Solutions? Access our full analysis of the earnings results here, it’s free.

Liberty Energy (NYSE: LBRT)

Operating approximately 40 active fleets across North America's most productive shale basins, Liberty Energy (NYSE: LBRT) provides hydraulic fracturing services that help oil and gas companies extract resources from shale formations.

Liberty Energy reported revenues of $1.04 billion, up 10.1% year on year, outperforming analysts’ expectations by 16.3%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

Liberty Energy delivered the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 31.9% since reporting. It currently trades at $28.76.

Is now the time to buy Liberty Energy? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: World Kinect (NYSE: WKC)

Serving over 150,000 customers from commercial jets to cargo ships to heating oil consumers, World Kinect (NYSE: WKC) procures and delivers fuel and energy products to airlines, shipping companies, trucking fleets, and industrial businesses worldwide.

World Kinect reported revenues of $9.03 billion, down 7.5% year on year, falling short of analysts’ expectations by 2.3%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.

As expected, the stock is down 13.2% since the results and currently trades at $23.07.

Read our full analysis of World Kinect’s results here.

Borr Drilling (NYSE: BORR)

Operating one of the world's youngest jack-up fleets with an average age under eight years, Borr Drilling (NYSE: BORR) operates jack-up rigs that drill oil and gas wells in shallow waters up to 400 feet deep for exploration and production companies.

Borr Drilling reported revenues of $259.4 million, down 1.4% year on year. This result topped analysts’ expectations by 8.1%. Overall, it was an incredible quarter as it also produced a beat of analysts’ EPS estimates.

The stock is flat since reporting and currently trades at $5.76.

Read our full, actionable report on Borr Drilling here, it’s free.

NOV (NYSE: NOV)

With roots stretching back to 1862 when it began making equipment for early oil fields, NOV (NYSE: NOV) manufactures drilling rigs, drill bits, pumps, and other equipment used to drill oil and gas wells.

NOV reported revenues of $2.28 billion, down 1.3% year on year. This number beat analysts’ expectations by 4.8%. Taking a step back, it was a satisfactory quarter as it also logged a solid beat of analysts’ EBITDA estimates but a significant miss of analysts’ EPS estimates.

The stock is down 2.5% since reporting and currently trades at $18.90.

Read our full, actionable report on NOV here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.