Q1 26 EPS
$0.05
MISS 64.69%
Est. $0.14
Q1 26 Revenue
$2.05B
BEAT +0.16%
Est. $2.05B
vs S&P Since Q1 26
-11.9%
TRAILING MARKET
NOV -7.2% vs S&P +4.7%
Market Reaction
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 e… Read more 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
NOV 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, source: SEC Filings
NOV Revenue by Segment
With YoY comparisons, source: SEC Filings
NOV Revenue by Geography
With YoY comparisons, source: SEC Filings
“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.”
— Jose Bayardo, Q1 2026 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% |