Companies /Energy

NOV Inc

NYSE: NOV Oil & Gas Equipment & Services
$21.41
▼ $0.30 (−1.38%) today
Markets open · 12:42pm ET

Q1 2026 Earnings

Reported Apr 28, 2026, 9:01am ET · SEC source
$0.05
Miss −64.69%
EPS · est. $0.14
$2.1B
Beat +0.16%
Revenue · est. $2.0B
−10.3%
Trailing market
NOV vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%Apr 28Apr 29report 9:01am ETearnings+0.1%+1.6%
0+2%Apr 28Apr 29earnings+0.1%+1.6%
NOV +1.6%S&P 500 +0.1%
0+2%Apr 28Apr 29report 9:01am ETearnings+0.8%+1.6%
0+2%Apr 28Apr 29earnings+0.8%+1.6%
NOV +1.6%NASDAQ +0.8%
−3%0+3%Apr 27May 6report 9:01am ETearnings+2.9%−0.1%
−3%0+3%Apr 27May 6earnings+2.9%−0.1%
NOV −0.1%S&P 500 +2.9%
−3%0+3%Apr 27May 6report 9:01am ETearnings+5.0%−0.1%
−3%0+3%Apr 27May 6earnings+5.0%−0.1%
NOV −0.1%NASDAQ +5.0%
+2.32%
Day of report
−1.45%
Next session
−2.79%
One week
−3.66%
30 days

S&P 500 over the same 30 days: +6.60%.

Did NOV Beat Earnings? Q1 2026 Results

NOV Inc. delivered a bruising first quarter of 2026, badly missing earnings expectations even as revenue held roughly in line with forecasts. The oilfield equipment and services company posted EPS of just $0.05, falling short of the $0.14 consensus estimate by 64.69%, while revenue of $2.05 billion edged 0.16% above expectations but still slipped 2.3% from a year ago. The single most damaging factor was the ongoing conflict in the Middle East, which the company estimated cost it approximately $54 million in revenue and $32 million in Adjusted EBITDA during the quarter; that pressure contributed to net income collapsing to $19 million from $73 million a year ago, and Adjusted EBITDA contracting to $177 million, representing an 8.6% margin compared to 12.0% a year earlier. Free cash flow turned negative at $91 million. Looking ahead, management guided Q2 2026 consolidated revenue to decline 4-6% year-over-year with Adjusted EBITDA between $185 million and $215 million, though it expressed cautious optimism that tightening supply conditions could catalyze a new capital equipment cycle.

Key Takeaways
  • Strong execution on capital equipment backlog in Energy Equipment segment
  • Strong performance from drill bit and digital services businesses
  • Working capital intensity improved 400 basis points year-over-year
  • Record EBITDA in subsea flexible pipe, process systems, and composite solutions businesses

“The conflict in the Middle East created significant operational disruptions during the first quarter, but also reinforced and accelerated market trends that we believe will drive a meaningfully more constructive environment for NOV.”

NOV CEO, on the earnings call

Forward Guidance & Outlook

For Q2 2026, management expects consolidated revenues to decline 4-6% year-over-year, with Adjusted EBITDA between $185 million and $215 million. Energy Equipment revenue is expected to decline 2-4% YoY with Adjusted EBITDA of $135-$155 million. Energy Products and Services revenue is expected to decline 6-8% YoY with Adjusted EBITDA of $100-$120 million. This guidance assumes Middle East conditions will not deteriorate further. Near-term disruptions from the conflict are expected to persist into Q2. However, management expressed optimism that sustainably higher commodity prices and renewed focus on energy security will drive a meaningful increase in industry activity and investment, potentially catalyzing a new capital equipment cycle. Capital expenditures are expected at $340-$370 million for full-year 2026.

NOV YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$600.0M$1.2B$1.8B$2.1B$2.1BRevenue$456.0M$379.0MGross Profit$170.0M$47.0MOperating Income$73.0M$19.0MNet Income
$0$600.0M$1.2B$1.8BRevenueGross ProfitOperating IncomeNet Income

NOV Revenue by Segment

Energy Equipment$1.2B+4.0%
Energy Products and Services$897.0M−10.0%

NOV Revenue by Geography

Rest of World
North America

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