Q3 25 EPS
$0.11
MISS 55.56%
Est. $0.25
Q3 25 Revenue
$2.18B
BEAT +1.73%
Est. $2.14B
vs S&P Since Q3 25
+13.2%
BEATING MARKET
NOV +21.5% vs S&P +8.3%
Market Reaction
Did NOV Beat Earnings? Q3 2025 Results
NOV Inc. Delivered a mixed third quarter for 2025, posting earnings per share of $0.11 on revenue of $2.18 billion as a 68% collapse in net income to $42 million, driven by $65 million in charges tied to asset write-downs, inventory adjustments, and … Read more NOV Inc. Delivered a mixed third quarter for 2025, posting earnings per share of $0.11 on revenue of $2.18 billion as a 68% collapse in net income to $42 million, driven by $65 million in charges tied to asset write-downs, inventory adjustments, and restructuring costs, overshadowed otherwise resilient operational performance. The more compelling story, however, was bookings: $951 million worth, representing a 141% book-to-bill ratio that more than doubled the prior quarter and pushed the Energy Equipment backlog to $4.56 billion, reflecting accelerating offshore investment and expanding global natural gas development. Energy Equipment was the standout segment, with revenue rising 2% year-over-year to $1.25 billion and Adjusted EBITDA margin reaching 14.4%, its thirteenth consecutive quarter of year-over-year margin improvement, while Energy Products and Services faced headwinds from softer drilling activity and tariff-related cost pressures. Free cash flow of $245 million funded $108 million in shareholder returns during the quarter. Looking ahead, management guided Q4 consolidated revenue to decline 5–7% year-over-year with Adjusted EBITDA of $230–$260 million, acknowledging near-term market challenges while expressing confidence in the offshore upcycle's trajectory.
Key Takeaways
- • Strong execution on offshore production equipment backlog
- • Disciplined cost control and operational efficiency improvements
- • Improved working capital management driving robust free cash flow
- • Energy Equipment segment achieved thirteen consecutive quarters of YoY Adjusted EBITDA margin growth
- • Bookings more than doubled sequentially to $951 million (141% book-to-bill)
NOV YoY Financials
Q3 2025 vs Q3 2024, 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 operational performance improved sequentially in the third quarter. Strong execution on our offshore production backlog, disciplined cost control efforts, and continued efficiency improvements helped NOV maintain steady revenue and margins sequentially despite lower activity in energy and industrial markets. These efforts, combined with improved working capital management, drove robust free cash flow of $245 million during the quarter.”
— Clay Williams, Q3 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% |