Revenues of $2.13 billion, up 4% sequentially and down 2% year over year

Net income of $112 million, or $0.31 per share, an increase of $93 million sequentially and $4 million year over year

Adjusted EBITDA 1,2 of $283 million, an increase of $106 million sequentially and $31 million year over year

Returned $127 million of capital to shareholders through share repurchases and dividends

Bookings of $474 million, representing a book-to-bill of 74%

1 Free Cash Flow, Excess Free Cash Flow, Adjusted operating profit, and Adjusted EBITDA are non-GAAP measures, see “Non-GAAP Financial Measures,” and “Reconciliation of GAAP to non-GAAP measures” below. 2 Second quarter 2026 Adjusted EBITDA includes a benefit of approximately $40 million related to tariff refunds

HOUSTON, July 28, 2026 (GLOBE NEWSWIRE) -- NOV Inc. (NYSE: NOV) reported second quarter 2026 revenues of $2.13 billion, up 4% sequentially and down 2% from the second quarter of 2025. Net income rose $4 million year over year to $112 million, or $0.31 per diluted share. Operating profit was $193 million, or 9.0% of sales, compared with the same quarter last year, an increase of 35%. Adjusted operating profit was $190 million, up 15% year over year. Adjusted EBITDA increased $31 million from the prior-year period to $283 million, or 13.3% of sales. Second quarter 2026 adjusted operating profit and Adjusted EBITDA included a benefit of approximately $40 million related to tariff refunds.

“NOV’s second quarter results reflect outstanding execution by our team in a market that is demonstrating significantly improved underlying industry fundamentals,” said Jose Bayardo, Chairman, President, and CEO. “During the second quarter, we were better able to navigate the continued logistical challenges in the Middle East, while our businesses benefited from improving demand in most major regions.

“While recent price volatility and geopolitical uncertainty continue to cause temporary disruptions and project deferrals, we are encouraged by a growing pipeline of capital equipment opportunities and improving short cycle activity across most markets. Additionally, it is becoming increasingly apparent that depleting inventories and significantly heightened focus on energy security, combined with a decade of constrained investments in the industry’s asset base, is starting a synchronized global recovery that should drive meaningful demand for NOV’s technology and equipment over the next several years.

“We believe the actions our organization is taking, including continued investment in the development of superior solutions for our customers and initiatives to drive efficiencies across our operations, position NOV to demonstrate meaningfully higher earnings over the coming years.”

Energy Equipment

Energy Equipment generated revenues of $1.22 billion in the second quarter of 2026, up 1% from the second quarter of 2025. Operating profit increased by $55 million year over year to $177 million, or 14.5% of sales, and included $2 million in pre-tax Other Items and a $7 million gain on sales of fixed assets. Adjusted EBITDA rose $42 million from the prior-year period to $200 million, or 16.4% of sales, including an approximate $14 million benefit related to tariff refunds. NOV said stronger execution on offshore production projects nearing completion and a more favorable sales mix drove the improvement in revenue and profitability.

New orders booked in the quarter totaled $474 million, compared with $420 million in the second quarter of 2025. Orders shipped from backlog were $638 million, resulting in a book-to-bill of 74% and compared with $632 million shipped and a 66% book-to-bill in the prior-year quarter. As of June 30, 2026, backlog for capital equipment orders in Energy Equipment was $4.08 billion, down $220 million from June 30, 2025.

Energy Products and Services

Energy Products and Services generated revenues of $974 million in the second quarter of 2026, down 5% from the second quarter of 2025. Operating profit increased $2 million year over year to $85 million, or 8.7% of sales, and included $9 million in pre-tax Other Items and a $13 million gain on sales of fixed assets. Adjusted EBITDA declined $2 million from the prior-year period to $144 million, or 14.8% of sales, and included an approximate $26 million benefit related to tariff refunds.

The segment’s drill bit and artificial lift businesses gained market share, and digital services continued to grow, but those gains were more than offset by lower capital equipment sales. NOV said orders booked in the first half of 2026 are expected to support higher shipments in the second half of the year.

Third Quarter 2026 Outlook

NOV said its third-quarter guidance is a forward-looking statement and is subject to uncertainty and conflict in the Middle East. The company said it assumes operating conditions in the region remain consistent with those experienced in the second quarter, and that any worsening of those conditions could materially change results.

For the third quarter of 2026, management expects consolidated revenue to be flat to up 2% year over year, with Adjusted EBITDA between $240 million and $270 million.

Capital Returns and Balance Sheet

During the second quarter, NOV repurchased approximately 3.2 million shares of common stock for $63 million and paid $64 million in dividends, returning a total of $127 million to shareholders.

The company recorded $17 million in pre-tax Other Items during the quarter, primarily related to severance and facility closures and costs associated with streamlining business operations.

As of June 30, 2026, NOV had total debt of $1.706 billion, $1.50 billion available on its revolving credit facility, and $1.164 billion in cash and cash equivalents.

Significant Achievements

NOV said it won orders for production processing equipment and seawater treatment systems for offshore developments in multiple regions. The company will provide gas dehydration and seawater treatment systems for a newbuild FPSO for use in West Africa. It also won orders for multiple FPSO topside modules and subsea structures for an offshore gas field development in Indonesia.

The company said it developed and implemented an AI-enabled solution that integrates real-time equipment diagnostics into the operation of a Norwegian operator’s sulphate removal unit. Using NOV’s Max Platform, the solution allows NOV’s AI agent to interface with the operator’s AI agent and recommend maintenance actions.

NOV was selected to supply Bondstrand™ fiberglass piping systems for an FPSO destined for a deepwater development in Suriname. The project includes more than 3,000 meters of pipe, with diameters ranging from 2 inches to 40 inches, for critical water services across the vessel.

The company also secured drill pipe awards for offshore projects in Brazil and Suriname, including new drill pipe string configurations with its Delta™ connection technology. NOV said the orders contributed to strong drill pipe intake in the first half of the year.

NOV was awarded orders to supply Tuboscope™ Zap-Lok™ mechanical interference connection technology for subsea gas pipeline projects in West Africa and Southeast Asia. The projects include the first deployment of Zap-Lok technology in Nigeria and a repeat award in Malaysia.

Its robotics and automation portfolio also continued to gain traction. NOV received new orders for ATOM™ RTX robotics packages and NOVOS™ automation systems across offshore and land drilling operations. After successful deployment in the Permian Basin, additional ATOM RTX orders were received to expand hands-free pipe handling and rig floor automation on onshore rigs. NOV also secured NOVOS automation orders for several offshore and land rigs.

NOV signed an agreement with a major oil and gas operator to deploy Downhole Broadband Solutions for an upcoming North Sea drilling campaign, with operations expected to begin in 2027. The system uses NOV’s proprietary wired drill pipe to deliver real-time, high-density downhole data from the bottomhole assembly and along the drill string.

The company also deployed a remote service rig monitoring solution through its Max Completions offering for a supermajor, providing centralized oversight of workover operations through real-time visibility and improved reporting accuracy. NOV said it expanded its digital portfolio through the acquisition of Rigsmart and Cranesmart.

NOV secured a new contract for its XLC-S connector with a regional operator in Egypt. The offshore conductor casing connector’s wedge thread design is intended to provide enhanced strength and high torque resistance.

The company also won a large order to supply underground composite fuel storage tanks for a customer’s retail fueling expansion across the Upper Midwest and Northeast U.S. NOV said fuel storage tank bookings have nearly doubled over the prior 18 months.

NOV secured a multiyear contract to provide real-time data acquisition, delivery, and visualization services for a leading Latin American operator’s drilling and completion operations. The company said its Max Platform will improve operational visibility and support faster data-driven decision-making.

Its PosiTrack™ torsional vibration mitigation technology also gained traction in offshore markets, with deployments in Norway, Brazil and West Africa during the quarter. In offshore West Africa, the tool was used in an 8½-inch production section as part of a rotary steerable system and logging-while-drilling bottomhole assembly. NOV said PosiTrack helped the operator drill the section more than 2.5 days ahead of plan.

Conference Call

NOV said it will hold a conference call on July 29, 2026, at 10:00 AM Central Time, or 11:00 AM Eastern Time, to discuss second quarter 2026 results. The call will be broadcast at www.nov.com/investors, and a replay will be available for 30 days.

About NOV

NOV (NYSE: NOV) provides technology-driven solutions for the global energy industry. For more than 160 years, the company has developed innovations designed to help customers safely and efficiently produce energy while minimizing environmental impact. Visit www.nov.com for more information.

Non-GAAP Financial Measures

This press release includes non-GAAP financial measures that NOV says are useful for evaluating its overall financial performance. These measures are commonly used in the oilfield services and equipment industry, but companies may define them differently. They are supplemental to, and not a substitute for, GAAP financial measures.

The company also noted that Free Cash Flow and Excess Free Cash Flow do not represent residual cash flow available for discretionary expenditures because they do not account for certain debt service requirements or other non-discretionary expenditures. Reconciliations to the most directly comparable GAAP measures are provided in the attached schedules.

NOV also said it did not provide a reconciliation of projected net income to projected Adjusted EBITDA because it cannot predict certain components, including other income or expense, with reasonable accuracy. It said such items could have a significant impact on net income.

Forward-Looking Statements

This press release contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties, and actual results could differ materially from those anticipated.

NOV said potential factors include changes in oil and gas prices, customer demand for its products, challenges related to operations in the Middle East, possible catastrophic events, intellectual property protection, compliance with laws, worldwide economic activity, Russian sanctions, and changes in U.S. trade policies, including tariffs and retaliatory tariffs.

The company said it undertakes no obligation to update forward-looking statements. It also referred readers to the Risk Factors section of its most recent Annual Report on Form 10-K, updates in Part II, Item 1A of its most recent Quarterly Report on Form 10-Q, and Management’s Discussion and Analysis of Financial Condition and Results of Operations in its most recent Annual Report on Form 10-K.

Certain prior-period amounts have been reclassified to conform to current-period presentation.

CONTACT: Amie D'Ambrosio, Director, Investor Relations, (713) 375-3826, [email protected]