NOV Inc. Q3 2025 Earnings Recap

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.