NOV Inc. Earnings Call Transcripts
Fiscal Year 2026
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First quarter 2026 saw revenue of $2.05B and net income of $19M, with significant disruption from the Middle East conflict impacting results. Strong offshore and international demand, record bookings in key segments, and a constructive long-term outlook support expectations for margin and earnings growth as market conditions improve.
Fiscal Year 2025
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Q4 2025 revenue rose 5% sequentially but fell 1% year-over-year, with full-year revenue at $8.74B and net income of $145M. Strong cash flow and operational efficiency offset market headwinds, while 2026 is expected to be slightly softer before a stronger upcycle in offshore and international markets.
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Q3 2025 saw revenues of $2.18B and net income of $42M, with strong free cash flow and record backlog in energy equipment. Near-term softness is expected, but robust offshore and international demand, technology leadership, and cost controls position the company for growth as market cycles converge in 2026-2027.
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Q2 2025 revenue rose 4% sequentially to $2.2B, with net income of $108M and strong free cash flow. Margins were pressured by tariffs, inflation, and unfavorable sales mix, but cost reduction initiatives are underway. Offshore and international growth expected in 2026.
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Q1 2025 saw stable revenue and margin growth, with strong cash flow and a rising backlog, but management remains cautious due to macro headwinds, tariffs, and OPEC+ actions. Offshore and international markets are expected to drive long-term growth, while North America faces more risk.
Fiscal Year 2024
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Fourth quarter and full-year 2024 saw revenue and margin growth, strong free cash flow, and record backlog in key segments. 2025 is expected to be flat for revenue but with margin improvement and robust shareholder returns, despite macro and market headwinds.
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Q3 2024 delivered higher EBITDA, improved margins, and record backlog, driven by strong offshore production equipment orders. While short-term headwinds persist in drilling equipment and North American land, robust free cash flow and a strong balance sheet support continued investment and shareholder returns.
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Q2 2024 saw 6% revenue growth and 15% higher EBITDA, driven by strong offshore and international demand, while North America remained weak. Bookings surged, margins improved, and robust free cash flow enabled increased shareholder returns and strategic investments.