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Q4 25 EPS
$-0.21
MISS 183.60%
Est. $0.25
Q4 25 Revenue
$2.28B
BEAT +5.05%
Est. $2.17B
vs S&P Since Q4 25
-8.9%
TRAILING MARKET
NOV -0.8% vs S&P +8.2%
Full Year 2025 Results
FY 25 EPS
$0.39
FY 25 Revenue
$8.74B
Market Reaction
Did NOV Beat Earnings? Q4 2025 Results
NOV Inc. Delivered a sharply mixed fourth quarter for 2025, posting revenue of $2.28 billion, up 8.4% year-over-year and beating the $2.07 billion consensus by 10.10%, while swinging to a GAAP net loss that blindsided Wall Street on the bottom line. … Read more NOV Inc. Delivered a sharply mixed fourth quarter for 2025, posting revenue of $2.28 billion, up 8.4% year-over-year and beating the $2.07 billion consensus by 10.10%, while swinging to a GAAP net loss that blindsided Wall Street on the bottom line. The company reported a loss of $0.21 per diluted share, missing the $0.19 consensus estimate by 209.15%, as $86 million in goodwill and asset impairments combined with a $147 million income tax provision, inflated by valuation allowances on deferred tax assets, erased what would otherwise have been a profitable quarter. Analysts noted that NOV's free cash flow of $472 million, converting roughly 177% of Adjusted EBITDA, suggests the statutory loss understates underlying earnings power. Looking ahead, management issued cautious Q1 2026 guidance, projecting revenue down 1–3% year-over-year with Adjusted EBITDA of $200–$225 million, citing an oversupplied oil market and front-half budget softness from customers, though it sees offshore drilling bottoming and a meaningfully stronger operating environment emerging in 2027.
Key Takeaways
- • Strong backlog execution in Energy Equipment segment drove sequential and year-over-year revenue growth
- • Exceptional cash flow conversion — 177% of Adjusted EBITDA to free cash flow in Q4
- • Working capital intensity improved 340 basis points year-over-year
- • Market share gains partially offset lower global activity levels
- • Energy Equipment posted fourth consecutive year of revenue growth and EBITDA margin expansion
NOV YoY Financials
Q4 2025 vs Q4 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 delivered a strong finish to 2025, capping off a year in which solid execution and market share gains mostly offset lower levels of industry spend. The combination of our technology leadership across a diverse portfolio of critical products and services along with our efforts to improve operational efficiencies is evident in our results.”
— Jose Bayardo, Q4 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% |