Companies /Energy

NOV Inc

NYSE: NOV Oil & Gas Equipment & Services
$21.71
▲ $0.35 (+1.64%) today
Markets closed · 11:16pm ET

Q3 2025 Earnings

Reported Oct 28, 2025, 9:00am ET · SEC source
$0.11
Miss −55.56%
EPS · est. $0.25
$2.2B
Beat +1.73%
Revenue · est. $2.1B
+1.8%
Beating market
NOV vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
0+3%+6%Oct 28Oct 29report 9:00am ETearnings+0.0%+6.5%
0+3%+6%Oct 28Oct 29earnings+0.0%+6.5%
NOV +6.5%S&P 500 +0.0%
0+3%+6%Oct 28Oct 29report 9:00am ETearnings+0.7%+6.5%
0+3%+6%Oct 28Oct 29earnings+0.7%+6.5%
NOV +6.5%NASDAQ +0.7%
−8%−4%0+4%Oct 27Nov 5report 9:00am ETearnings−1.2%+0.2%
−8%−4%0+4%Oct 27Nov 5earnings−1.2%+0.2%
NOV +0.2%S&P 500 −1.2%
−8%−4%0+4%Oct 27Nov 5report 9:00am ETearnings−1.4%+0.2%
−8%−4%0+4%Oct 27Nov 5earnings−1.4%+0.2%
NOV +0.2%NASDAQ −1.4%
+2.41%
Day of report
−1.24%
Next session
−1.96%
One week
+0.78%
30 days

S&P 500 over the same 30 days: −1.04%.

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 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'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.”

NOV CEO, on the earnings call

Forward Guidance & Outlook

For Q4 2025, NOV expects consolidated revenues to decline 5-7% year-over-year with Adjusted EBITDA between $230 million and $260 million. Energy Products and Services revenue is expected to decline 8-10% YoY with Adjusted EBITDA of $120-$140 million, with a modest sequential pickup in capital equipment sales more than offset by softer market conditions. Energy Equipment revenue is expected to decline 2-4% YoY with Adjusted EBITDA of $160-$180 million, with a less pronounced than usual seasonal increase due to timing of capital equipment deliveries. Management noted that while near-term industry fundamentals remain challenged with inflationary pressures and tariffs prompting project reassessments, they are encouraged by the resurgence in offshore investment and emergence of unconventional development in new regions.

NOV YoY Financials

Revenue$2.2B
Gross Profit$412.0M
Operating Income$107.0M
Net Income$42.0M

NOV Revenue by Segment

Energy Equipment$1.2B+2.0%
Energy Products and Services$971.0M−3.0%

NOV Revenue by Geography

Rest of World$1.4B
North America$805.1M

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