Companies /Energy

NOV Inc

NYSE: NOV Oil & Gas Equipment & Services
$21.71
▲ $0.35 (+1.64%) today
Markets closed · 8:08am ET

Q2 2026 Earnings

Reported Jul 29, 2026, 9:06am ET · SEC source
$0.31
Beat +93.63%
EPS · est. $0.16
$2.1B
Beat +2.21%
Revenue · est. $2.1B
+6.9%
Beating market
NOV vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−8%−4%0Jul 29Jul 30report 9:06am ETearnings+0.2%−6.7%
−8%−4%0Jul 29Jul 30earnings+0.2%−6.7%
NOV −6.7%S&P 500 +0.2%
−8%−4%0Jul 29Jul 30report 9:06am ETearnings+1.4%−6.7%
−8%−4%0Jul 29Jul 30earnings+1.4%−6.7%
NOV −6.7%NASDAQ +1.4%
−4%0+4%Jul 28Aug 6report 9:06am ETearnings+4.6%−0.6%
−4%0+4%Jul 28Aug 6earnings+4.6%−0.6%
NOV −0.6%S&P 500 +4.6%
−5%0+5%Jul 28Aug 6report 9:06am ETearnings+7.1%−0.6%
−5%0+5%Jul 28Aug 6earnings+7.1%−0.6%
NOV −0.6%NASDAQ +7.1%
+1.26%
Day of report
+0.67%
Next session
+3.11%
One week
+10.31%
30 days

S&P 500 over the same 30 days: +3.42%.

Did NOV Beat Earnings? Q2 2026 Results

NOV Inc. delivered a sharp earnings beat in the second quarter of 2026, posting adjusted EPS of $0.31 against a consensus estimate of $0.16, a 93.63% positive surprise, while revenue of $2.13 billion edged past the $2.09 billion estimate by 2.21% even as sales slipped 2.5% from a year ago. The standout driver was the Energy Equipment segment, which generated $1.22 billion in revenue at a 14.5% operating margin, fueled by strong execution on offshore production projects nearing completion and a favorable product mix, with segment Adjusted EBITDA margin reaching 16.4%. A $40 million tariff refund benefit lifted consolidated Adjusted EBITDA to $283 million, though underlying performance remained solid absent that tailwind. Free cash flow turned negative at $64 million due to working capital consumption, though the balance sheet held $1.16 billion in cash. Looking ahead, management guided Q3 2026 consolidated revenue flat to up 2% year-over-year, with Adjusted EBITDA of $240 million to $270 million, citing a growing capital equipment pipeline and early signals of a synchronized global energy recovery.

Key Takeaways
  • Strong execution on offshore production projects nearing completion and favorable sales mix drove Energy Equipment improvement
  • Approximately $40 million benefit from tariff refunds included in Q2 Adjusted EBITDA
  • Market share gains in drill bit and artificial lift operations
  • Continued growth in digital services
  • Better navigation of Middle East logistical challenges compared to prior quarter
  • Improving demand across most major regions

“NOV's second quarter results reflect outstanding execution by our team in a market that is demonstrating significantly improved underlying industry fundamentals. During the second quarter, we were better able to navigate the continued logistical challenges in the Middle East, while our businesses benefited from improving demand in most major regions.”

NOV CEO, on the earnings call

Forward Guidance & Outlook

For Q3 2026, management expects year-over-year consolidated revenues to be flat to up 2%, with Adjusted EBITDA between $240 million and $270 million. Energy Equipment revenue is expected to decline 1-3% year-over-year with Adjusted EBITDA of $160-$190 million. Energy Products and Services revenue is expected to increase 5-7% year-over-year with Adjusted EBITDA of $130-$150 million. Full-year 2026 capital expenditures are expected to be $340-$370 million. Guidance assumes Middle East operating conditions remain consistent with Q2 and is subject to risks from geopolitical uncertainty and commodity price volatility.

NOV YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$700.0M$1.4B$2.1B$2.2B$2.1BRevenue$579.0M$521.0MGross Profit$280.0M$193.0MOperating Income$108.0M$112.0MNet Income
$0$700.0M$1.4B$2.1BRevenueGross ProfitOperating IncomeNet Income

NOV Revenue by Segment

Energy Equipment$1.2B+1.0%
Energy Products and Services$974.0M−5.0%

NOV Revenue by Geography

Rest of World
North America

Figures from SEC filings and company reports. Not investment advice.