NOV Inc. Earnings Recaps
Q1 2026
Apr 29, 2026
Shares of NOV Inc. closed down 0.3% following first quarter 2026 results. The muted market reaction reflects largely in-line performance amid significant Middle East-related disruptions and persistent supply chain headwinds.
Key takeaways
- First quarter 2026 revenue was $2.05 billion, with net income of $19 million, or $0.05 per diluted share; adjusted EBITDA reached $177 million.
- The Middle East conflict reduced revenue by approximately $54 million and EBITDA by $32 million, with logistics constraints and extended freight times weighing on deliveries and input costs.
- Capital equipment and aftermarket operations saw the largest disruptions, including delayed manufacturing throughput and higher operating costs from elevated freight expenses.
- Bookings in the Energy Equipment segment totaled $520 million, producing a book-to-bill ratio of 80% but marking the strongest Q1 orders since 2019.
- Management described Q2 guidance as contingent on ongoing regional conflict, stating that while logistics have improved from the worst levels, visibility remains limited and higher costs are likely to persist.
Q3 2025
Oct 28, 2025
NOV demonstrated resilience in Q3 2025, reporting stable revenues of $2.18 billion and strong free cash flow, despite facing a challenging macro environment and declining oilfield activity.
Key takeaways
- Revenue of $2.18 billion was down just 0.4% year-over-year, with EBITDA increasing to $258 million, representing 11.9% of revenue.
- Free cash flow increased to $245 million, showcasing effective cost management and project execution.
- Energy Equipment's strong demand led to record revenues in subsea flexible pipe and gas-focused process systems, with significant year-over-year margin expansion across key segments.
- Drilling activity slightly outperformed global rig count declines, supported by enhanced downhole technologies and increasing demand for proprietary products.
- Future prospects are optimistic, driven by the globalization of unconventional shale and a resurgence in deepwater development, which is expected to attract significant investment over the next decade.