Companies /Energy

NOV Inc

NYSE: NOV Oil & Gas Equipment & Services
$21.71
▲ $0.35 (+1.64%) today
Markets closed · 7:04am ET

Q1 2025 Earnings

Reported Apr 29, 2025, 9:00am ET · SEC source
$0.19
Miss −23.14%
EPS · est. $0.25
$2.1B
Beat +0.35%
Revenue · est. $2.1B
−6.3%
Trailing market
NOV vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−3%0+3%Apr 29Apr 30report 9:00am ETearnings−0.1%−4.4%
−3%0+3%Apr 29Apr 30earnings−0.1%−4.4%
NOV −4.4%S&P 500 −0.1%
−3%0+3%Apr 29Apr 30report 9:00am ETearnings−0.0%−4.4%
−3%0+3%Apr 29Apr 30earnings−0.0%−4.4%
NOV −4.4%NASDAQ −0.0%
−6%−3%0+3%Apr 28May 7report 9:00am ETearnings+1.6%−3.9%
−6%−3%0+3%Apr 28May 7earnings+1.6%−3.9%
NOV −3.9%S&P 500 +1.6%
−6%−3%0+3%Apr 28May 7report 9:00am ETearnings+1.9%−3.9%
−6%−3%0+3%Apr 28May 7earnings+1.9%−3.9%
NOV −3.9%NASDAQ +1.9%
−1.96%
Day of report
−3.25%
Next session
−0.92%
One week
+0.00%
30 days

S&P 500 over the same 30 days: +6.33%.

Did NOV Beat Earnings? Q1 2025 Results

NOV Inc. delivered a mixed first quarter for 2025, posting earnings of $0.19 per diluted share on revenue of $2.10 billion — falling short of analyst expectations of $0.26 per share and $2.12 billion — as softer industry activity and $13 million in charges tied to severance costs and Russian subsidiary deconsolidations weighed on net income, which dropped 39% year-over-year to $73 million. The headline weakness masked a meaningful operational story: Adjusted EBITDA rose 5% to $252 million at a 12.0% margin, extending NOV's streak of year-over-year margin improvement to 14 consecutive quarters. The divergence between segments was striking — Energy Equipment's Adjusted EBITDA surged 39% to $165 million on stronger backlog pricing and execution, while Energy Products and Services slipped 17% amid shorter-cycle headwinds. Operating cash flow swung sharply to $135 million from negative $78 million a year earlier. Looking ahead, management guided Q2 revenue down 1–4% year-over-year with Adjusted EBITDA of $250–$280 million, while cautioning that trade tensions and incremental OPEC+ supply would weigh on second-half activity.

Key Takeaways
  • Accelerating market adoption of newer differentiated performance technologies
  • Strong execution on large backlog of offshore production technologies
  • Improved pricing on Energy Equipment backlog projects
  • Continued improvements to operational efficiencies driving 14th consecutive quarter of YoY Adjusted EBITDA margin improvement
  • 520 basis point improvement in working capital intensity year-over-year

“NOV posted solid results in the first quarter of 2025, delivering higher cash flow and adjusted EBITDA compared to the prior year. We executed well on our large backlog of offshore production technologies, and we continued to drive accelerating adoption of our new, differentiated technologies. These, together with NOV's continued improvements to operational efficiencies, enabled the Company to overcome lower year-over-year revenues and increase Adjusted EBITDA margins compared to the first quarter of 2024.”

NOV CEO, on the earnings call

Forward Guidance & Outlook

For Q2 2025, NOV expects consolidated year-over-year revenue to decline 1-4%, with Adjusted EBITDA between $250 million and $280 million. The Energy Products and Services segment is expected to see revenue down 5-8% year-over-year with Adjusted EBITDA of $140-$160 million, while Energy Equipment is expected to see revenue flat to up 1% with Adjusted EBITDA of $155-$175 million. Management expects modest sequential revenue improvement in Q2 2025 but anticipates macroeconomic and geopolitical uncertainties to persist, causing incrementally lower activity in the second half of the year. NOV expects to pay a supplemental dividend of approximately $80 million in mid-June to true-up the 2024 capital return program to 50% of Excess Free Cash Flow.

NOV YoY Financials

Revenue$2.1B
Gross Profit$447.0M
Operating Income$152.0M
Net Income$73.0M

NOV Revenue by Segment

Energy Equipment$1.1B−3.0%
Energy Products and Services$992.0M−2.0%

NOV Revenue by Geography

Rest of World
North America

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