Q2 26 EPS
$0.31
BEAT +93.63%
Est. $0.16
Q2 26 Revenue
$2.13B
BEAT +2.21%
Est. $2.09B
vs S&P Since Q2 26
-3.1%
TRAILING MARKET
NOV +1.0% vs S&P +4.2%
Market Reaction
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% eve… Read more 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 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, source: SEC Filings
NOV Revenue by Segment
With YoY comparisons, source: SEC Filings
NOV Revenue by Geography
With YoY comparisons, source: SEC Filings
“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.”
— Jose Bayardo, Q2 2026 Earnings Press Release
NOV Earnings Trends
NOV vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NOV EPS Trend
Earnings per share: estimate vs actual
NOV Revenue Trend
Quarterly revenue: estimate vs actual
NOV Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.16 | $0.31 | +93.63% | $2.13B | +2.21% |
| Q1 26 MISS | $0.14 | $0.05 | -64.69% | $2.05B | +0.16% |
| Q4 25 MISS FY | $0.25 | $-0.21 | -183.60% | $2.28B | +5.05% |
| FY Full Year | — | $0.39 | — | $8.74B | — |
| Q3 25 MISS | $0.25 | $0.11 | -55.56% | $2.18B | +1.73% |
| Q2 25 MISS | $0.30 | $0.29 | -2.13% | $2.19B | +1.79% |
| Q1 25 MISS | $0.25 | $0.19 | -23.14% | $2.10B | +0.35% |