NOV Inc. reported third quarter 2026 revenue of $2.23 billion, net income of $90 million and adjusted EBITDA of $281 million. Management expects 2027 bookings to meaningfully exceed 2026 and 2025 and sees a path to $1.5 billion of annual EBITDA.
NOV · NOV Inc.
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NOV reported third-quarter 2026 revenues of $2.23 billion, net income of $90 million and operating profit of $142 million. Energy Equipment revenue declined 2 percent, while Energy Products and Services revenue increased 9 percent; backlog totaled $3.98 billion.
NOV Inc. reported third quarter 2026 revenues of $2.23 billion, net income of $90 million and Adjusted EBITDA of $281 million. For the fourth quarter of 2026, management expects roughly flat year-over-year revenues and Adjusted EBITDA of $260 million to $300 million.
Metrics snapshot
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Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q2 FY26 earnings call · Jul 29, 2026TL;DR. NOV posted $2.13B Q2 revenue with adjusted EBITDA of $283M (incl. ~$40M tariff refund benefit) and strong incremental margins, while guiding Q3 to flat-to-up 2% revenue and $240-270M EBITDA, but Energy Products & Services revenue fell 5% YoY, energy equipment backlog declined $220M YoY, and the outlook remains contingent on Middle East stability.
- + Energy Equipment segment delivered a record 16.4% adjusted EBITDA margin with a fifth consecutive quarter of YoY revenue growth.
- + Q3 guidance calls for sequential and YoY consolidated revenue growth with adjusted EBITDA of $240-270M.
- + Subsea flexible pipe achieved record EBITDA with trailing 12-month book-to-bill of 135% and backlog up 28% YoY.
- + Short-cycle capital equipment backlog strengthened, with drill pipe bookings up 40%+ YoY and backlog roughly doubled versus 12 months ago.
- + Returned $127M to shareholders in Q2 and over $1B since the program began, while cash increased ~$700M.
- − Energy Equipment backlog declined $220M YoY and Q2 capital equipment book-to-bill was 74%, below 100%.
- − Q2 free cash flow was negative $64M impacted by milestone billing timing and elevated inventory tied to Middle East conflict.
- − Quarterly tariff expense increased ~$20M YoY (from ~$10M to $30M) and Middle East logistics remain less predictable and more costly.
- − Q3 guidance is explicitly contingent on Middle East conditions remaining consistent with Q2, with management flagging potential for materially worse outcomes.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
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Guidance & track record
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
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|---|---|---|---|---|---|
|
NOV
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Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Oct 28, 2026
- This year
- 15
NOV reported third-quarter 2026 revenues of $2.23 billion, net income of $90 million and operating profit of $142 million. Energy Equipment revenue declined 2 percent, while Energy Products and Services revenue increased 9 percent; backlog totaled $3.98 billion.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| NOV | +3.0% | -4.4% | -14.4% | -6.2% | +15.7% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | +0.4% | -3.3% | -14.9% | -6.0% | +5.1% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.