NOV Inc. Posts $90 Million Net Income in Q3 2026 Amid Revenue Growth and Operational Gains

HOUSTON — NOV Inc. (NYSE: NOV) reported strong financial results for the third quarter of 2026, with revenues totaling $2.23 billion, reflecting a 4% increase from the previous quarter and a 2% rise compared to the same period in 2025. The company’s net income for the quarter was $90 million, or $0.25 per diluted share, marking a $48 million improvement year-over-year despite a $22 million sequential decline.

Operating profit reached $142 million, representing 6.4% of sales and a 33% increase over the third quarter of 2025. Adjusted operating profit was $188 million, up 11% year-over-year. Adjusted EBITDA stood at $281 million, or 12.6% of sales, increasing by $23 million compared to the prior year. These adjusted figures include tariff refund benefits of approximately $5 million in the third quarter, down from $40 million in the second quarter.

Jose Bayardo, Chairman, President, and CEO of NOV, emphasized the company’s operational momentum and strategic focus. "NOV delivered another strong quarter, building on the operational momentum established earlier this year," he said. Bayardo attributed the solid revenue growth to continued customer support in the Middle East and increased manufacturing throughput aligned with a growing backlog of capital equipment orders in the Energy Products and Services segment.

Bayardo also noted that geopolitical events are expected to cause near-term disruptions, including a moderation in Middle East drilling activity during the fourth quarter as some customers adjust their programs. However, he underscored the broader geopolitical context reinforcing the need for energy security, supply diversification, and inventory replenishment. These factors, combined with limited availability of modern, high-specification equipment after a decade of restrained reinvestment, create a favorable environment for demand in equipment and technologies that enhance efficiency and project economics.

"We have positioned NOV for the market environment now emerging," Bayardo added. "Our technology leadership, strong market positions, global footprint, and continued operational improvements give us confidence in our ability to capitalize on the expanding opportunity set and demonstrate materially greater earnings power over the coming years."

Segment performance varied during the quarter. The Energy Equipment segment generated $1.22 billion in revenues, down 2% from the third quarter of 2025. Operating profit for this segment decreased by $8 million to $122 million, or 10.0% of sales, impacted by $14 million in pre-tax other items and a $22 million net loss on fixed asset write-downs. Despite the revenue decline, adjusted EBITDA increased by $7 million to $187 million, representing 15.3% of sales, driven by a favorable project mix and improved backlog margins.

New orders for Energy Equipment totaled $577 million during the quarter, resulting in a book-to-bill ratio of 91% against $632 million of shipped orders. The capital equipment backlog for this segment stood at $3.98 billion as of September 30, 2026.

The Energy Products and Services segment posted revenues of $1.06 billion, a 9% increase year-over-year. Operating profit rose by $50 million to $88 million, or 8.3% of sales, including $7 million in pre-tax other items and a $4 million gain on fixed asset sales. Adjusted EBITDA grew by $18 million to $153 million, or 14.5% of sales. This growth was driven by increased manufacturing throughput against a growing backlog of drill pipe and composite equipment, alongside improvements in cost structure and operational efficiency.

Looking ahead, NOV provided financial guidance for the fourth quarter of 2026, cautioning that ongoing Middle East geopolitical uncertainties could impact results. The company expects consolidated revenues to remain roughly flat year-over-year, with adjusted EBITDA projected between $260 million and $300 million.

During the third quarter, NOV repurchased approximately 0.8 million shares of common stock for $15 million and paid $32 million in dividends, returning a total of $47 million to shareholders. The company also recorded $28 million in pre-tax other items related primarily to severance, inventory write-downs, and business streamlining costs, as well as $18 million in net fixed asset write-downs mainly due to facility closures.

As of September 30, 2026, NOV reported total debt of $1.71 billion, with $1.50 billion available on its revolving credit facility and $1.06 billion in cash and cash equivalents.

Strategically, NOV secured a contract to provide data aggregation and remote monitoring services across a supermajor’s global offshore fleet, including drillships, jackups, and drilling platforms. Powered by the Max™ Platform, these services offer secure real-time data aggregation and integrated visualization, enhancing operational visibility from wellsite to remote operating centers. This unified platform aims to reduce workflow complexity and improve decision-making while laying a scalable digital foundation for future automation.

Additionally, NOV received multiple orders for mooring systems supporting floating oil and gas production projects in the U.S., Eastern Mediterranean, and Angola. These include an APL™ Submerged Swivel and Yoke system for a U.S. FLNG export project, providing shallow-water mooring and continuous subsea gas transfer, as well as spread mooring systems for offshore gas floating control units and FPSOs. NOV’s extensive portfolio positions it well to support ongoing investment in floating offshore production infrastructure globally.

NOV was also awarded an upgrade package for a drillship to enhance lifting capacity and automation capabilities. The project features a 1,435-ton hookload package, TDX-1500 top drive, NOVOS™ process automation platform upgrades, and Multi-Machine Control functionality, expanding the drillship’s capabilities for high-performance ultra-deepwater operations.