NOV Inc. Q1 2026 Earnings Recap

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.