Q2 25 EPS
$0.29
MISS 2.13%
Est. $0.30
Q2 25 Revenue
$2.19B
BEAT +1.79%
Est. $2.15B
vs S&P Since Q2 25
+24.3%
BEATING MARKET
NOV +41.7% vs S&P +17.4%
Market Reaction
Did NOV Beat Earnings? Q2 2025 Results
NOV Inc. Delivered a mixed second quarter, posting earnings of $0.29 per share on revenues of $2.19 billion as the oilfield equipment maker navigated a difficult backdrop of OPEC+ production quota unwinding, Middle East conflict, and mounting tariff … Read more NOV Inc. Delivered a mixed second quarter, posting earnings of $0.29 per share on revenues of $2.19 billion as the oilfield equipment maker navigated a difficult backdrop of OPEC+ production quota unwinding, Middle East conflict, and mounting tariff pressures. Revenue edged down 1% year-over-year but rose 4% sequentially, with a shift toward capital equipment orders driving the top-line resilience even as it pressured margins, Adjusted EBITDA fell 10% to $252 million, representing an 11.5% margin, as higher-margin consumables and spare parts gave way to lower-margin capital gear. CEO Clay Williams acknowledged that softer oil and natural gas demand is making it harder to offset rising steel tariff costs, keeping customers cautious and pushing the U.S. Rig count lower. A sharp drop in new Energy Equipment orders to $420 million from $977 million a year ago underscored the demand softness heading into the back half. Management guided Q3 revenues down 1-3% year-over-year with Adjusted EBITDA of $230-$250 million, projecting current headwinds to persist through 2025 before offshore activity resumes growth in 2026.
Key Takeaways
- • Higher capital equipment revenues more than offsetting decline in spare parts and product sales
- • Strong execution on higher-margin backlog in Energy Equipment segment
- • Offshore activity remains comparatively strong despite certain project delays
- • Steady application of unconventional technologies in new international basins
NOV YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
NOV Revenue by Segment
With YoY comparisons, source: SEC Filings
NOV Revenue by Geography
With YoY comparisons, source: SEC Filings
“Sales improved four percent sequentially, with an increase in capital equipment revenues more than offsetting a decline in spare part and product sales. Macroeconomic uncertainty, the rapid unwinding of OPEC+ production quotas, and conflict in the Middle East led to greater caution among our customers, deferred orders, and lower year-over-year revenues. These market headwinds and a shift in sales mix pressured margins during the quarter.”
— Clay Williams, Q2 2025 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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |