• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    NOV Reports First Quarter 2025 Results

    4/28/25 5:45:00 PM ET
    $NOV
    Metal Fabrications
    Industrials
    Get the next $NOV alert in real time by email
    • Net Income of $73 million, or $0.19 per share, down $46 million year-over-year
    • Adjusted EBITDA* of $252 million, an increase of $11 million year-over-year
    • Cash flow from operations of $135 million and free cash flow* of $51 million
    • Returned $109 million of capital to shareholders through share repurchases and dividends

    *Free Cash Flow, Excess Free Cash Flow and Adjusted EBITDA are non-GAAP measures, see "Non-GAAP Financial Measures," "Reconciliation of Cash Flows from Operating Activities to Free Cash Flow and Excess Free Cash Flow" and "Reconciliation of Adjusted EBITDA to Net Income" below.

    NOV Inc. (NYSE:NOV) today reported first quarter 2025 revenues of $2.10 billion, a decrease of two percent compared to the first quarter of 2024. Net income decreased 39 percent to $73 million, or $0.19 per share, and operating profit decreased six percent to $152 million, or 7.2 percent of sales. The Company recorded $13 million within Other Items (see Corporate Information for additional details). Adjusted EBITDA increased five percent year-over-year to $252 million, or 12.0 percent of sales.

    "NOV posted solid results in the first quarter of 2025, delivering higher cash flow and adjusted EBITDA compared to the prior year," said Clay Williams, Chairman and CEO. "We executed well on our large backlog of offshore production technologies, and we continued to drive accelerating adoption of our new, differentiated technologies. These, together with NOV's continued improvements to operational efficiencies, enabled the Company to overcome lower year-over-year revenues and increase Adjusted EBITDA margins compared to the first quarter of 2024. Good progress on profitability and improved working capital efficiency strengthened NOV's cash flow year-over-year, enabling the Company to return $109 million to shareholders through opportunistic share buybacks and dividends during the first quarter of 2025.

    "The macroeconomic drama of the past few weeks, including global trade tensions, weakening economic outlook, and incremental OPEC+ production, are increasing uncertainty and caution among our customers. So far, we believe most intend to proceed with their strategic plans, but some shorter-cycle activity will likely start to soften. In the meantime, NOV remains focused on execution in support of our customers' operations, including managing the impact of new tariffs. Our teams are working closely with suppliers and customers to adjust our global supply chain to mitigate the impact of new tariffs as much as possible.

    "Looking ahead, we expect macroeconomic and geopolitical uncertainties to persist causing incrementally lower activity in the second half of the year. Nevertheless, NOV's leading market positions, technology, global footprint, and customer-focus will enable us to navigate these challenges and post modest sequential revenue improvement in the second quarter of 2025."

    Energy Products and Services

    Energy Products and Services generated revenues of $992 million in the first quarter of 2025, a decrease of two percent from the first quarter of 2024. Operating profit decreased $38 million from the prior year to $83 million, or 8.4 percent of sales, and included $5 million in Other Items. Adjusted EBITDA decreased $29 million from the prior year to $145 million, or 14.6 percent of sales. Revenues declined due to lower industry activity levels, which have disproportionately affected demand for the segment's shorter cycle capital equipment offerings, partially offset by accelerating market adoption of newer performance technologies. Lower volumes and a less favorable sales mix reduced profitability.

    Energy Equipment

    Energy Equipment generated revenues of $1.15 billion in the first quarter of 2025, a decrease of three percent from the first quarter of 2024. Operating profit increased $39 million from the prior year to $134 million, or 11.7 percent of sales, and included $3 million in Other Items. Adjusted EBITDA increased $46 million from the prior year to $165 million, or 14.4 percent of sales. Lower demand for aftermarket parts and services was partially offset by an increase in revenues out of backlog. Improved pricing and strong execution resulted in improved profitability.

    New orders totaled $437 million, an increase of $47 million when compared to the $390 million of new orders booked during the first quarter of 2024. Orders shipped from backlog in the first quarter of 2025 were $549 million, representing a book-to-bill of 80 percent, compared to $507 million orders shipped and a book-to-bill of 77 percent in the first quarter of 2024. As of March 31, 2025, backlog for capital equipment orders for Energy Equipment was $4.41 billion, an increase of $458 million from the first quarter of 2024.

    Q2 2025 Outlook

    The Company is providing financial guidance for the second quarter of 2025, which constitutes "forward-looking statements" as described further below under "Cautionary Note Regarding Forward-Looking Statements."

    For the second quarter of 2025 management expects year-over-year consolidated revenues to be down one to four percent with Adjusted EBITDA between $250 million and $280 million.

    Corporate Information

    NOV repurchased 5.4 million shares of common stock for $81 million during the first quarter. Including dividends, NOV returned $109 million in capital to shareholders during the quarter. NOV expects to return at least 50 percent of Excess Free Cash Flow (defined as cash flow from operations less capital expenditures and other investments, including acquisitions and divestitures) through a combination of quarterly base dividends, opportunistic stock buybacks, and a supplemental dividend to true-up returns to shareholders on an annual basis.

    During the first quarter of 2025, NOV recorded $13 million in Other Items, primarily related to severance pay and the deconsolidation of our Russian subsidiaries following the levy of additional U.S. sanctions on Russian operations in the first quarter (see Reconciliation of Adjusted EBITDA to Net Income).

    As of March 31, 2025, the Company had total debt of $1.74 billion, with $1.50 billion available on its primary revolving credit facility, and $1.16 billion in cash and cash equivalents.

    Significant Achievements

    NOV signed an agreement with Petrobras to develop state-of-the-art solutions for flexible pipes designed for high CO₂ deepwater applications. This collaboration focuses on creating stainless steel armoring to combat stress corrosion cracking caused by CO₂, a persistent challenge in subsea oil and gas operations. The agreement reinforces NOV's position as a technology leader in subsea production infrastructure and strengthens its long-term partnership with Petrobras, while addressing a critical need for more reliable and cost-effective solutions in harsh offshore environments.

    NOV was awarded a contract to supply an integrated cable-lay system for a new vessel commissioned by a Japanese customer. This award reinforces NOV's position as a global leader in advanced cable-lay technology used for constructing the subsea infrastructure needed to transmit electricity from offshore wind farms.

    NOV was awarded a Triethylene Glycol (TEG) gas dehydration project for a National Oil Company in the Middle East, reflecting NOV's leadership in production technologies that support natural gas development. As the Middle East market continues to present opportunities for similar projects, this contract strengthens NOV's presence in an expanding segment of the energy industry.

    NOV's downhole technologies enabled two of the longest single-bottomhole assembly (BHA) runs in onshore U.S. drilling. In the Utica shale play, an operator used a 7-in. NOV drilling motor with a high-torque ERT™ power section to complete a U.S. land record single-bit run, drilling a 5.7 mile (9,049 m) 8.5-in. section at an average rate of penetration (ROP) of 260 ft per hour. Just days later, a second well delivered another high-performance interval of 5.6 miles (8,585 m). These back-to-back record-setting runs highlight the durability and performance of NOV's proprietary ERT power section technology and demonstrate its ability to deliver extended-reach drilling efficiency in demanding unconventional applications.

    NOV received an award to supply XLW-S connectors for deepwater conductor casing for the GranMorgu development project in Block 58 offshore Suriname. This project will involve the development and delivery of 30 plus wells over several years. The initial phase of deploying conductor casing will set the foundation for further development activities in the region. The XLW-S connector eliminates the need for an anti-rotation feature, ensures faster running and compliance with HSE standards by keeping personnel out of the red zone, thereby enhancing operational safety.

    NOV's performance drill bits, drilling motors, and measurement-while-drilling technology are being supplied as an integrated BHA to a service company operating in a Middle East unconventional field. After completing 24 wells over the past two quarters, this NOV solution, featuring the Company's proprietary ERT™ power sections and 4D PDC cutters, has enabled the highest average performance for both 16-in. and 12-in. hole sizes while setting a field record for 12-in. ROP. As unconventional development in the Middle East and other international markets expands, NOV is well positioned to supply higher performance technology to facilitate greater drilling efficiencies for customers.

    NOV developed and delivered a custom choke solution to address production challenges for a major operator in the Middle East. The innovative hybrid choke assembly combines low-end control with high-end capacity in a single trim design, enabling more effective flow management for significantly improved production capabilities. The successful deployment led to several additional orders, highlighting NOV's ability to respond to complex field challenges with value-driven, engineered solutions for customers.

    NOV's Drilling Beliefs & Analytics (DBA) solution continues to gain traction globally, leveraging artificial intelligence to deliver real-time insights into critical well conditions during the drilling process. To date, DBA has been applied across 20 million feet of drilling operations in the Middle East, Africa, Europe, and North America, helping operators improve performance and avoid costly events. During the quarter, a West Texas operator avoided five potential fishing events by detecting early signs of washouts in the drillstring and BHA. Additionally, DBA was recently adapted for geothermal drilling and completed field testing on two rigs in Europe.

    NOV was awarded a contract to supply over 16 km (10 miles) of 16-in. STAR™ Super Seal Key Lock (SSKL) composite pipeline for a major produced-water infrastructure project in West Texas. Additionally, NOV was selected to supply 31 km (19 miles) of STAR SSKL glass-reinforced epoxy pipe and fittings for a production facility capacity expansion project in the Middle East. These awards highlight NOV's leadership in non-corrosive, composite solutions as well as its presence in critical energy production infrastructure projects.

    NOV successfully delivered the first four strings of Tuboscope's TK™ Drakōn thermal insulating coating to two operators drilling in the high-pressure, high-temperature environments of the Haynesville and Eagle Ford shale plays. Building on the proven performance of the first-generation TK insulating coating, the TK Drakōn coating combines NOV's industry-leading Tube-Kote™ technology with low thermal conductivity to protect downhole tools and improve drilling efficiencies in extreme hot well environments. Following strong field results, the customers expanded their investment in this advanced coating solution.

    NOV was awarded a contract to upgrade an existing well service rig in the U.S. from conventional to AC electrical operation. The project includes the integration of PLC controls and a Data Acquisition System enabled with the Max Completions™ Remote Service Rig Monitoring (RSM) software application, allowing remote oversight of key rig functions both on-site and from the office. This upgrade enhances operational efficiency and wellsite accountability, demonstrating NOV's ability to add value through technology-driven retrofits and digital solutions that extend asset life and performance.

    NOV was awarded a contract to deliver a customized solids control solution to support a geothermal drilling campaign in Iceland. The package includes Alpha™ shakers, a BRANDT HS-3400 centrifuge, agitators, a mud hopper, and centrifugal pumps. This project represents entry into the expanding Icelandic geothermal market.

    First Quarter Earnings Conference Call

    NOV will hold a conference call to discuss its first quarter 2025 results on April 29, 2025 at 10:00 AM Central Time (11:00 AM Eastern Time). The call will be broadcast simultaneously at www.nov.com/investors. A replay will be available on the website for 30 days.

    About NOV

    NOV (NYSE:NOV) delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV's deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.

    Visit www.nov.com for more information.

    Non-GAAP Financial Measures

    This press release contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating NOV's overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the oilfield services and equipment industry. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with GAAP and should therefore be considered only as supplemental to such GAAP financial measures. Additionally, Free Cash Flow and Excess Free Cash Flow do not represent the Company's residual cash flow available for discretionary expenditures, as the calculation of these measures does not account for certain debt service requirements or other non-discretionary expenditures. Please see the attached schedules for reconciliations of the differences between the non-GAAP financial measures used in this press release and the most directly comparable GAAP financial measures.

    This press release contains certain forward-looking non-GAAP financial measures, including Adjusted EBITDA. The Company has not provided a reconciliation of projected Adjusted EBITDA. Management cannot predict with a reasonable degree of accuracy certain of the necessary components of net income, such as other income (expense), which includes fluctuations in foreign currencies. As such, a reconciliation of projected net income to projected Adjusted EBITDA is not available without unreasonable effort. The actual amount of other income (expense), provision (benefit) for income taxes, equity income (loss) in unconsolidated affiliates, depreciation and amortization, and other amounts excluded from Adjusted EBITDA could have a significant impact on net income.

    Cautionary Note Regarding Forward-Looking Statements

    This document contains, or has incorporated by reference, statements that are not historical facts, including estimates, projections, and statements relating to our business plans, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements often contain words such as "may," "can," "likely," "believe," "plan," "predict," "potential," "will," "intend," "think," "should," "expect," "anticipate," "estimate," "forecast," "expectation," "goal," "outlook," "projected," "projections," "target," and other similar words, although some such statements are expressed differently. Other oral or written statements we release to the public may also contain forward-looking statements. Forward-looking statements involve risk and uncertainties and reflect our best judgment based on current information. You should be aware that our actual results could differ materially from results anticipated in such forward-looking statements due to a number of factors, including but not limited to changes in oil and gas prices, customer demand for our products, potential catastrophic events related to our operations, protection of intellectual property rights, compliance with laws, and worldwide economic activity, including matters related to recent Russian sanctions and changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs and their related impacts on the economy. Given these uncertainties, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements. We undertake no obligation to update any such factors or forward-looking statements to reflect future events or developments. You should also consider carefully the statements under "Risk Factors," as disclosed in our most recent Annual Report on Form 10-K, as updated in Part II, Item 1A of our most recent Quarterly Report on Form 10-Q, and "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our most recent Annual Report on Form 10-K, which address additional factors that could cause our actual results to differ from those set forth in such forward-looking statements, as well as additional disclosures we make in our press releases and other securities filings. We also suggest that you listen to our quarterly earnings release conference calls with financial analysts.

    Certain prior period amounts have been reclassified in this press release to be consistent with current period presentation.

    NOV INC.

    CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

    (In millions, except per share data)

        

     

     

    Three Months Ended

     

     

    March 31,

     

    December 31,

     

     

    2025

     

    2024

     

    2024

    Revenue:

     

     

     

     

     

     

     

     

     

    Energy Products and Services

     

    $

    992

     

     

    $

    1,017

     

     

    $

    1,060

     

    Energy Equipment

     

     

    1,146

     

     

     

    1,178

     

     

     

    1,287

     

    Eliminations

     

     

    (35

    )

     

     

    (40

    )

     

     

    (39

    )

    Total revenue

     

     

    2,103

     

     

     

    2,155

     

     

     

    2,308

     

    Gross profit

     

     

    447

     

     

     

    458

     

     

     

    493

     

    Gross profit %

     

     

    21.3

    %

     

     

    21.3

    %

     

     

    21.4

    %

      

     

     

     

     

     

     

     

     

     

    Selling, general, and administrative

     

     

    295

     

     

     

    296

     

     

     

    286

     

    Operating profit

     

     

    152

     

     

     

    162

     

     

     

    207

     

    Interest expense, net

     

     

    (11

    )

     

     

    (16

    )

     

     

    (13

    )

    Equity income (loss) in unconsolidated affiliates

     

     

    —

     

     

     

    29

     

     

     

    (1

    )

    Other income (expense), net

     

     

    (20

    )

     

     

    (10

    )

     

     

    6

     

    Income before income taxes

     

     

    121

     

     

     

    165

     

     

     

    199

     

    Provision for income taxes

     

     

    47

     

     

     

    44

     

     

     

    38

     

    Net income

     

     

    74

     

     

     

    121

     

     

     

    161

     

    Net income attributable to noncontrolling interests

     

     

    1

     

     

     

    2

     

     

     

    1

     

    Net income attributable to Company

     

    $

    73

     

     

    $

    119

     

     

    $

    160

     

    Per share data:

     

     

     

     

     

     

     

     

     

    Basic

     

    $

    0.19

     

     

    $

    0.30

     

     

    $

    0.41

     

    Diluted

     

    $

    0.19

     

     

    $

    0.30

     

     

    $

    0.41

     

    Weighted average shares outstanding:

     

     

     

     

     

     

     

     

     

    Basic

     

     

    381

     

     

     

    394

     

     

     

    388

     

    Diluted

     

     

    383

     

     

     

    397

     

     

     

    390

     

    NOV INC.

    CONSOLIDATED BALANCE SHEETS

    (In millions)

       

     

     

    March 31,

     

    December 31,

     

     

    2025

     

    2024

    ASSETS

     

    (Unaudited)

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    1,157

     

    $

    1,230

    Receivables, net

     

     

    1,790

     

     

    1,819

    Inventories, net

     

     

    1,942

     

     

    1,932

    Contract assets

     

     

    680

     

     

    577

    Prepaid and other current assets

     

     

    215

     

     

    212

    Total current assets

     

     

    5,784

     

     

    5,770

      

     

     

     

     

    Property, plant and equipment, net

     

     

    1,953

     

     

    1,922

    Lease right-of-use assets

     

     

    540

     

     

    549

    Goodwill and intangibles, net

     

     

    2,127

     

     

    2,138

    Other assets

     

     

    869

     

     

    982

    Total assets

     

    $

    11,273

     

    $

    11,361

      

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable

     

    $

    796

     

    $

    837

    Accrued liabilities

     

     

    685

     

     

    861

    Contract liabilities

     

     

    520

     

     

    492

    Current portion of lease liabilities

     

     

    102

     

     

    102

    Current portion of long-term debt

     

     

    38

     

     

    37

    Accrued income taxes

     

     

    41

     

     

    18

    Total current liabilities

     

     

    2,182

     

     

    2,347

      

     

     

     

     

    Long-term debt

     

     

    1,699

     

     

    1,703

    Lease liabilities

     

     

    534

     

     

    544

    Other liabilities

     

     

    364

     

     

    339

    Total liabilities

     

     

    4,779

     

     

    4,933

      

     

     

     

     

    Total stockholders' equity

     

     

    6,494

     

     

    6,428

    Total liabilities and stockholders' equity

     

    $

    11,273

     

    $

    11,361

    NOV INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

    (In millions)

     

     

     

    Three Months Ended

     

     

    March 31,

     

     

    2025

     

    2024

    Cash flows from operating activities:

     

     

     

     

    Net income

     

    $

    74

     

     

    $

    121

     

    Adjustments to reconcile net income to net cash provided by (used in) operating activities:

     

     

     

     

    Depreciation and amortization

     

     

    89

     

     

     

    83

     

    Working capital, net

     

     

    (94

    )

     

     

    (311

    )

    Other operating items, net

     

     

    66

     

     

     

    29

     

    Net cash provided by (used in) operating activities

     

     

    135

     

     

     

    (78

    )

      

     

     

     

     

    Cash flows from investing activities:

     

     

     

     

    Purchases of property, plant and equipment

     

     

    (84

    )

     

     

    (69

    )

    Business acquisitions, net of cash acquired

     

     

    —

     

     

     

    (243

    )

    Other

     

     

    3

     

     

     

    1

     

    Net cash used in investing activities

     

     

    (81

    )

     

     

    (311

    )

      

     

     

     

     

    Cash flows from financing activities:

     

     

     

     

    Borrowings against lines of credit and other debt

     

     

    —

     

     

     

    333

     

    Payments against lines of credit and other debt

     

     

    (4

    )

     

     

    (250

    )

    Cash dividends paid

     

     

    (28

    )

     

     

    (20

    )

    Share repurchases

     

     

    (81

    )

     

     

    —

     

    Other

     

     

    (22

    )

     

     

    (20

    )

    Net cash provided by (used in) financing activities

     

     

    (135

    )

     

     

    43

     

    Effect of exchange rates on cash

     

     

    8

     

     

     

    (2

    )

    Decrease in cash and cash equivalents

     

     

    (73

    )

     

     

    (348

    )

    Cash and cash equivalents, beginning of period

     

     

    1,230

     

     

     

    816

     

    Cash and cash equivalents, end of period

     

    $

    1,157

     

     

    $

    468

     

    NOV INC.

    RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW AND EXCESS FREE CASH FLOW (Unaudited)

    (In millions)

    Presented below is a reconciliation of cash flow from operating activities to "Free Cash Flow". The Company defines Free Cash Flow as cash flow from operating activities less purchases of property, plant and equipment, or "capital expenditures" and Excess Free Cash Flow as cash flows from operations less capital expenditures and other investments, including acquisitions and divestitures. Management believes this is important information to provide because it is used by management to evaluate the Company's operational performance and trends between periods and manage the business. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company's results of ongoing operations. Free Cash Flow and Excess Free Cash Flow are not intended to replace GAAP financial measures.

       

     

     

    Three Months Ended

     

     

    March 31,

     

     

    2025

     

    2024

      

     

     

     

     

     

     

    Total cash flows provided by (used in) operating activities

     

    $

    135

     

     

    $

    (78

    )

    Capital expenditures

     

     

    (84

    )

     

     

    (69

    )

    Free Cash Flow

     

    $

    51

     

     

    $

    (147

    )

    Business acquisitions, net of cash acquired

     

     

    —

     

     

     

    (243

    )

    Excess Free Cash Flow

     

    $

    51

     

     

    $

    (390

    )

    NOV INC.

    RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (Unaudited)

    (In millions)

    Presented below is a reconciliation of Net Income to Adjusted EBITDA. The Company defines Adjusted EBITDA as Operating Profit excluding Depreciation, Amortization, Gains and Losses on Sales of Fixed Assets, and, when applicable, Other Items. Adjusted EBITDA % is a ratio showing Adjusted EBITDA as a percentage of sales. Management believes this is important information to provide because it is used by management to evaluate the Company's operational performance and trends between periods and manage the business. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company's results of ongoing operations. Adjusted EBITDA and Adjusted EBITDA % are not intended to replace GAAP financial measures, such as Net Income and Operating Profit %. Other Items include gain on business divestiture, impairment, restructure, severance, facility closure costs and inventory charges and credits.

     

     

    Three Months Ended

     

     

    March 31,

     

    December 31,

     

     

    2025

     

    2024

     

    2024

    Operating profit:

     

     

     

     

     

     

    Energy Products and Services

     

    $

    83

     

     

    $

    121

     

     

    $

    112

     

    Energy Equipment

     

     

    134

     

     

     

    95

     

     

     

    152

     

    Eliminations and corporate costs

     

     

    (65

    )

     

     

    (54

    )

     

     

    (57

    )

    Total operating profit

     

    $

    152

     

     

    $

    162

     

     

    $

    207

     

      

     

     

     

     

     

     

    Operating profit %:

     

     

     

     

     

     

    Energy Products and Services

     

     

    8.4

    %

     

     

    11.9

    %

     

     

    10.6

    %

    Energy Equipment

     

     

    11.7

    %

     

     

    8.1

    %

     

     

    11.8

    %

    Eliminations and corporate costs

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Total operating profit %

     

     

    7.2

    %

     

     

    7.5

    %

     

     

    9.0

    %

      

     

     

     

     

     

     

    Other items, net:

     

     

     

     

     

     

    Energy Products and Services

     

    $

    5

     

     

    $

    —

     

     

    $

    3

     

    Energy Equipment

     

     

    3

     

     

     

    (4

    )

     

     

    4

     

    Corporate

     

     

    5

     

     

     

    1

     

     

     

    —

     

    Total other items

     

    $

    13

     

     

    $

    (3

    )

     

    $

    7

     

      

     

     

     

     

     

     

    Gain on sales of fixed assets:

     

     

     

     

     

     

    Energy Products and Services

     

    $

    (2

    )

     

    $

    (1

    )

     

    $

    —

     

    Energy Equipment

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Corporate

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Total gain on sales of fixed assets

     

    $

    (2

    )

     

    $

    (1

    )

     

    $

    —

     

      

     

     

     

     

     

     

    Depreciation & amortization:

     

     

     

     

     

     

    Energy Products and Services

     

    $

    59

     

     

    $

    54

     

     

    $

    58

     

    Energy Equipment

     

     

    28

     

     

     

    28

     

     

     

    29

     

    Corporate

     

     

    2

     

     

     

    1

     

     

     

    1

     

    Total depreciation & amortization

     

    $

    89

     

     

    $

    83

     

     

    $

    88

     

      

     

     

     

     

     

     

    Adjusted EBITDA:

     

     

     

     

     

     

    Energy Products and Services

     

    $

    145

     

     

    $

    174

     

     

    $

    173

     

    Energy Equipment

     

     

    165

     

     

     

    119

     

     

     

    185

     

    Eliminations and corporate costs

     

     

    (58

    )

     

     

    (52

    )

     

     

    (56

    )

    Total Adjusted EBITDA

     

    $

    252

     

     

    $

    241

     

     

    $

    302

     

     

     

     

     

     

     

     

    Adjusted EBITDA %:

     

     

     

     

     

     

    Energy Products and Services

     

     

    14.6

    %

     

     

    17.1

    %

     

     

    16.3

    %

    Energy Equipment

     

     

    14.4

    %

     

     

    10.1

    %

     

     

    14.4

    %

    Corporate

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Total Adjusted EBITDA %

     

     

    12.0

    %

     

     

    11.2

    %

     

     

    13.1

    %

      

     

     

     

     

     

     

    Reconciliation of Adjusted EBITDA:

     

     

     

     

     

     

    GAAP net income attributable to Company

     

    $

    73

     

     

    $

    119

     

     

    $

    160

     

    Noncontrolling interests

     

     

    1

     

     

     

    2

     

     

     

    1

     

    Provision for income taxes

     

     

    47

     

     

     

    44

     

     

     

    38

     

    Interest and financial costs

     

     

    22

     

     

     

    24

     

     

     

    24

     

    Interest income

     

     

    (11

    )

     

     

    (8

    )

     

     

    (11

    )

    Equity (income) loss in unconsolidated affiliates

     

     

    —

     

     

     

    (29

    )

     

     

    1

     

    Other (income) expense, net

     

     

    20

     

     

     

    10

     

     

     

    (6

    )

    Gain on sales of fixed assets

     

     

    (2

    )

     

     

    (1

    )

     

     

    —

     

    Depreciation and amortization

     

     

    89

     

     

     

    83

     

     

     

    88

     

    Other items, net

     

     

    13

     

     

     

    (3

    )

     

     

    7

     

    Total Adjusted EBITDA

     

    $

    252

     

     

    $

    241

     

     

    $

    302

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250428366553/en/

    Amie D'Ambrosio

    Director, Investor Relations

    (713) 375-3826

    [email protected]

    Get the next $NOV alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $NOV

    DatePrice TargetRatingAnalyst
    3/24/2025$22.00Sector Perform → Outperform
    RBC Capital Mkts
    1/15/2025$25.00 → $18.00Outperform → In-line
    Evercore ISI
    1/6/2025Buy → Neutral
    Seaport Research Partners
    12/19/2024$17.00Neutral
    Piper Sandler
    11/11/2024$21.00 → $18.00Buy → Neutral
    Citigroup
    10/28/2024$28.00 → $22.00Buy
    TD Cowen
    9/25/2024$20.00 → $16.00Equal Weight → Underweight
    Wells Fargo
    7/29/2024$27.00 → $28.00Buy
    TD Cowen
    More analyst ratings

    $NOV
    Financials

    Live finance-specific insights

    See more
    • NOV Declares Regular Quarterly Dividend and Supplemental Dividend

      NOV Inc. (NYSE:NOV) announced today that its Board of Directors declared a regular quarterly cash dividend of $0.075 per share of common stock, payable on June 27, 2025 to each stockholder of record on June 13, 2025. NOV also announced today that its Board of Directors declared a supplemental cash dividend of $0.21 per share of common stock as part of the Company's 2024 return of capital plan. The supplemental dividend is payable on June 13, 2025 to each stockholder of record on June 2, 2025. About NOV NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant

      5/21/25 6:30:00 AM ET
      $NOV
      Metal Fabrications
      Industrials
    • NOV Reports First Quarter 2025 Results

      Net Income of $73 million, or $0.19 per share, down $46 million year-over-year Adjusted EBITDA* of $252 million, an increase of $11 million year-over-year Cash flow from operations of $135 million and free cash flow* of $51 million Returned $109 million of capital to shareholders through share repurchases and dividends *Free Cash Flow, Excess Free Cash Flow and Adjusted EBITDA are non-GAAP measures, see "Non-GAAP Financial Measures," "Reconciliation of Cash Flows from Operating Activities to Free Cash Flow and Excess Free Cash Flow" and "Reconciliation of Adjusted EBITDA to Net Income" below. NOV Inc. (NYSE:NOV) today reported first quarter 2025 revenues of $2.10 billion, a decrea

      4/28/25 5:45:00 PM ET
      $NOV
      Metal Fabrications
      Industrials
    • NOV Announces First Quarter 2025 Earnings Conference Call

      NOV Inc. (NYSE:NOV) will hold a conference call to discuss its first quarter 2025 results on Tuesday, April 29, 2025, at 10 a.m. (Central Time). NOV will issue a press release with the Company's results after the market closes for trading on Monday, April 28, 2025. The call will be webcast live on www.nov.com/investors. About NOV NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV's deep expertise and technology to continually improve oilfield operations and assist in efforts

      3/18/25 6:30:00 AM ET
      $NOV
      Metal Fabrications
      Industrials

    $NOV
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Senior VP and CFO Reed Rodney C. was granted 38,079 shares, increasing direct ownership by 35% to 146,440 units (SEC Form 4)

      4 - NOV Inc. (0001021860) (Issuer)

      3/24/25 9:28:32 AM ET
      $NOV
      Metal Fabrications
      Industrials
    • VP, Corp. Controller, CAO Novak Christy Lynn was granted 6,623 shares, increasing direct ownership by 6% to 112,910 units (SEC Form 4)

      4 - NOV Inc. (0001021860) (Issuer)

      3/24/25 9:28:15 AM ET
      $NOV
      Metal Fabrications
      Industrials
    • President and COO Bayardo Jose A was granted 38,079 shares, increasing direct ownership by 7% to 604,867 units (SEC Form 4)

      4 - NOV Inc. (0001021860) (Issuer)

      3/24/25 9:27:55 AM ET
      $NOV
      Metal Fabrications
      Industrials

    $NOV
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • NOV Declares Regular Quarterly Dividend and Supplemental Dividend

      NOV Inc. (NYSE:NOV) announced today that its Board of Directors declared a regular quarterly cash dividend of $0.075 per share of common stock, payable on June 27, 2025 to each stockholder of record on June 13, 2025. NOV also announced today that its Board of Directors declared a supplemental cash dividend of $0.21 per share of common stock as part of the Company's 2024 return of capital plan. The supplemental dividend is payable on June 13, 2025 to each stockholder of record on June 2, 2025. About NOV NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant

      5/21/25 6:30:00 AM ET
      $NOV
      Metal Fabrications
      Industrials
    • Former Executives Admitted NOV Underpaid Commissions Owed to Enhanced Industrial Technologies

      New admissions from National Oilwell Varco's ((NOV) former senior executives reveal that the company reported costs instead of sales revenues when calculating commissions owed to Enhanced Industrial Technologies, LLC ("EIT") under a consulting agreement that helped launch NOV's oil & gas separations business. The admissions are central to the fraud and breach-of-contract lawsuit pending in Harris County District Court (Cause No. 2021-12076), in which EIT seeks $62 million in actual damages, plus punitive damages. In sworn deposition testimony, Larry Engel, former President of NOV's Process & Flow Technologies division, confirmed that EIT was to be paid commissions based on the sales price

      5/14/25 12:00:00 PM ET
      $NOV
      Metal Fabrications
      Industrials
    • NOV Reports First Quarter 2025 Results

      Net Income of $73 million, or $0.19 per share, down $46 million year-over-year Adjusted EBITDA* of $252 million, an increase of $11 million year-over-year Cash flow from operations of $135 million and free cash flow* of $51 million Returned $109 million of capital to shareholders through share repurchases and dividends *Free Cash Flow, Excess Free Cash Flow and Adjusted EBITDA are non-GAAP measures, see "Non-GAAP Financial Measures," "Reconciliation of Cash Flows from Operating Activities to Free Cash Flow and Excess Free Cash Flow" and "Reconciliation of Adjusted EBITDA to Net Income" below. NOV Inc. (NYSE:NOV) today reported first quarter 2025 revenues of $2.10 billion, a decrea

      4/28/25 5:45:00 PM ET
      $NOV
      Metal Fabrications
      Industrials

    $NOV
    Leadership Updates

    Live Leadership Updates

    See more

    $NOV
    SEC Filings

    See more
    • NOV Appoints Chris Kendall to the Board of Directors

      NOV Inc. (NYSE:NOV) announced today that Chris Kendall has been appointed to the Company's Board of Directors, effective December 15, 2024. "We are pleased to welcome Chris Kendall to our board of directors," said Clay Williams, Chairman, President, and Chief Executive Officer. "Chris brings extensive experience in international, offshore, and domestic upstream oilfield operations to NOV's board. He has a strong and proven record of accomplishments and technical expertise that includes carbon capture and enhanced oil recovery. We look forward to leveraging Chris' expertise to further advance our strategy and create value for NOV's shareholders." Mr. Kendall has more than 30 years of exp

      12/16/24 6:30:00 AM ET
      $NOV
      Metal Fabrications
      Industrials
    • Cormetech Appoints Energy Transition Executive, Patricia Martinez, to President & CEO – Mike Mattes Elevated to Chairman of the Board

      John Moore, Cormetech's Chairman of the Board announced that Cormetech, a leading manufacturer of SCR Catalyst and Carbon Capture Adsorbers and Services for the emissions control industry, is appointing Patricia Martinez as the new President & CEO, effective August 19th, 2024. This strategic leadership transition comes as Mike Mattes retires from the role of President & CEO to assume the position of Chairman of the Cormetech Board of Directors. John Moore said, "I am excited for Patricia and Mike to collaborate and eager to continue to support in my continued role as a Cormetech Board Member." Patricia brings a wealth of experience and a proven track record of growing businesses in the na

      8/19/24 10:07:00 AM ET
      $EFX
      $NOV
      $PARR
      Finance: Consumer Services
      Finance
      Metal Fabrications
      Industrials
    • NOV Appoints Patricia Martinez to the Board of Directors

      NOV Inc. (NYSE:NOV) announced today the appointment of Patricia Martinez to NOV's Board of Directors, effective March 6, 2024. "We are delighted to welcome Patricia Martinez to NOV's board of directors," said Clay Williams, Chairman, President, and Chief Executive Officer. "Patricia brings extensive industry experience to our board, including growing energy businesses in international markets, and more recently guiding and developing projects within the energy transition ranging from CCUS to hydrogen to biogas. Her deep insights into emerging energy opportunities will help shape NOV's energy transition strategy." Ms. Martinez was the Chief Energy Transition Officer of Enerflex Ltd. (TSX

      3/6/24 5:00:00 PM ET
      $EFXT
      $NOV
      $PARR
      Industrial Machinery/Components
      Industrials
      Metal Fabrications
      Oil & Gas Production
    • SEC Form S-8 filed by NOV Inc.

      S-8 - NOV Inc. (0001021860) (Filer)

      5/20/25 2:33:09 PM ET
      $NOV
      Metal Fabrications
      Industrials
    • SEC Form 10-Q filed by NOV Inc.

      10-Q - NOV Inc. (0001021860) (Filer)

      4/29/25 1:25:44 PM ET
      $NOV
      Metal Fabrications
      Industrials
    • NOV Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - NOV Inc. (0001021860) (Filer)

      4/29/25 9:00:21 AM ET
      $NOV
      Metal Fabrications
      Industrials

    $NOV
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13G/A filed by NOV Inc.

      SC 13G/A - NOV Inc. (0001021860) (Subject)

      11/12/24 10:32:10 AM ET
      $NOV
      Metal Fabrications
      Industrials
    • Amendment: SEC Form SC 13G/A filed by NOV Inc.

      SC 13G/A - NOV Inc. (0001021860) (Subject)

      11/7/24 4:13:52 PM ET
      $NOV
      Metal Fabrications
      Industrials
    • Amendment: SEC Form SC 13G/A filed by NOV Inc.

      SC 13G/A - NOV Inc. (0001021860) (Subject)

      11/7/24 4:12:57 PM ET
      $NOV
      Metal Fabrications
      Industrials

    $NOV
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • NOV Inc. upgraded by RBC Capital Mkts with a new price target

      RBC Capital Mkts upgraded NOV Inc. from Sector Perform to Outperform and set a new price target of $22.00

      3/24/25 8:26:39 AM ET
      $NOV
      Metal Fabrications
      Industrials
    • NOV Inc. downgraded by Evercore ISI with a new price target

      Evercore ISI downgraded NOV Inc. from Outperform to In-line and set a new price target of $18.00 from $25.00 previously

      1/15/25 7:40:09 AM ET
      $NOV
      Metal Fabrications
      Industrials
    • NOV Inc. downgraded by Seaport Research Partners

      Seaport Research Partners downgraded NOV Inc. from Buy to Neutral

      1/6/25 9:02:00 AM ET
      $NOV
      Metal Fabrications
      Industrials