NOV Reports Fourth Quarter and Full-Year 2025 Earnings

Rhea-AI Summary

NOV (NYSE: NOV) reported Q4 2025 revenue of $2.28B, a 1% decline year-over-year, and a Q4 net loss of $78M (loss of $0.21 per share). Adjusted EBITDA was $267M for Q4 and $1.03B for full-year 2025. Full-year revenue totaled $8.74B with net income of $145M and free cash flow of $876M. Ending backlog was $4.34B and the company returned $505M of capital to shareholders in 2025.

Management issued Q1 2026 guidance of consolidated revenue down 1–3% and Adjusted EBITDA of $200M–$225M, and expects full-year 2026 EBITDA in-line to slightly below 2025.

Positive

• Free cash flow of $876M for full-year 2025
• Full-year adjusted EBITDA of $1.03B
• Ending backlog of $4.34B
• Returned $505M of capital to shareholders in 2025

Negative

• Q4 net loss of $78M (loss of $0.21 per share)
• Q4 adjusted EBITDA declined 12% YoY to $267M
• Full-year net income down to $145M, a $490M decrease YoY
• Energy Products and Services revenue down 7% YoY in Q4

Key Figures

Q4 2025 Revenue: $2.28 billion Q4 2025 Net Loss: $78 million (‑$0.21/share) FY 2025 Net Income: $145 million ( $0.39/share ) +5 more

8 metrics

Q4 2025 Revenue $2.28 billion Fourth quarter 2025 revenues, up 5% sequentially, down 1% YoY

Q4 2025 Net Loss $78 million (‑$0.21/share) Fourth quarter 2025 net loss versus prior-year profit

FY 2025 Net Income $145 million ( $0.39/share ) Full-year 2025 net income, down $490 million from 2024

FY 2025 Adjusted EBITDA $1.03 billion Full-year 2025 Adjusted EBITDA, 7% lower YoY, 11.8% of sales

FY 2025 Free Cash Flow $876 million Full-year 2025 free cash flow with >85% EBITDA conversion

Capital Returned 2025 $505 million Full-year capital returned via dividends, buybacks, supplemental dividend

Q1 2026 EBITDA Guide $200–$225 million Management outlook for Adjusted EBITDA in Q1 2026

Total Debt $1.72 billion Total debt as of December 31, 2025

Market Reality Check

Price: $19.38 Vol: Volume 8,764,513 vs 20-da...

high vol

$19.38 Last Close

Volume Volume 8,764,513 vs 20-day average 4,576,937 shows elevated trading interest. high

Technical Price $19.38 is above 200-day MA of $14.00 and slightly above the 52-week high of $19.22.

Peers on Argus

NOV gained 2.12% with strong volume, while close peers were mixed: WFRD +2.33%, ...

NOV gained 2.12% with strong volume, while close peers were mixed: WFRD +2.33%, VAL +4.79%, but CHX -2.49% and AROC -0.10%. This points more to NOV-specific earnings reaction than a uniform sector move.

Common Catalyst Limited same-day peer news; VAL only scheduled its own earnings release, suggesting today’s move is mainly tied to NOV’s earnings report rather than a broad sector catalyst.

Historical Context

5 past events · Latest: Jan 07 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 07	Earnings call notice	Neutral	-0.4%	Scheduled date and webcast details for Q4 and full-year 2025 call.
Dec 10	Strategic partnership	Positive	+0.6%	Sale of Shepherd Power and SMR deployment partnership with Natura Resources.
Dec 10	Asset sale news	Positive	+0.6%	Details on Shepherd Power divestiture and long-term SMR supply chain role.
Nov 20	Dividend declaration	Positive	-5.5%	Announcement of regular quarterly cash dividend of <b>$0.075</b> per share.
Nov 19	Leadership change	Neutral	-5.5%	CEO retirement and appointment of Jose Bayardo effective <b>Jan 1, 2026</b>.

Pattern Detected

Recent history shows occasional negative reactions to shareholder-friendly announcements (dividend, leadership transition), while strategic partnership news has seen modest positive moves.

Recent Company History

Over the past few months, NOV has highlighted several strategic and capital return developments. A November 2025 leadership transition announcement and a $0.075 quarterly dividend both coincided with a -5.52% move, suggesting sensitivity around governance and capital allocation. December’s Shepherd Power sale and SMR partnership drew modestly positive reactions. A January 2026 earnings call scheduling notice had little price impact. Against this backdrop, today’s detailed 2025 earnings release and 2026 outlook build on themes of cash generation, portfolio repositioning, and capital returns.

Market Pulse Summary

This announcement details NOV’s 2025 performance, highlighting Q4 revenue of $2.28B, a net loss of $...

Analysis

This announcement details NOV’s 2025 performance, highlighting Q4 revenue of $2.28B, a net loss of $78M, and full-year net income of $145M alongside strong free cash flow of $876M. Management stresses cash generation, a $505M capital return program, and a cautious but constructive 2026 outlook with Q1 EBITDA guided to $200–$225M. Recent history around dividends and leadership changes suggests investors may closely track margins, backlog trends, and execution versus guidance in upcoming quarters.

Key Terms

adjusted ebitda, free cash flow, non-gaap financial measures, backlog, +4 more

8 terms

adjusted ebitda financial

"Fourth quarter Adjusted EBITDA* of $267 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

free cash flow financial

"free cash flow* of $472 million Full-year revenues of $8.74 billion"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

non-gaap financial measures financial

"non-GAAP measures, see “Non-GAAP Financial Measures,” and “Reconciliation"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

backlog financial

"Full-year bookings of $2.34 billion, with ending backlog of $4.34 billion"

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

book-to-bill financial

"orders booked during the quarter totaled $532 million, representing a book-to-bill of 73 percent"

The book-to-bill ratio compares new orders a company has received (bookings) to the products or services it has invoiced or shipped (billings) over the same period. It matters to investors because a ratio above 1 means demand is outpacing fulfillment and the company may grow revenue or build backlog, while a ratio below 1 suggests slowing demand and possible future revenue weakness — think of it as new customer orders versus what the company actually sold.

cash flow from operations financial

"cash flow from operations of $573 million and free cash flow* of $472 million"

Cash flow from operations is the money a company actually generates from its core business activities—sales, services and day-to-day operations—after paying routine costs like wages and suppliers. Investors watch it like a company’s operating “paycheck” because it shows whether the business can fund growth, pay debts and return cash to shareholders without relying on loans or one-time asset sales; steady positive cash flow is a sign of financial health.

revolving credit facility financial

"with $1.50 billion available on its primary revolving credit facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

supplemental dividend financial

"includes a $78 million supplemental dividend to true up the 2024 capital return program"

A supplemental dividend is an extra cash payment a company gives shareholders on top of its regular dividend, usually one-time or occasional and paid from surplus cash or proceeds from a specific event. It matters to investors because it can signal that the company has excess funds and is returning value to owners, similar to a workplace bonus, but since it’s often non-recurring it can change expectations about future income and stock valuation.

AI-generated analysis. Not financial advice.

• Fourth quarter revenues increased 5% sequentially to $2.28 billion
• Fourth quarter net loss of $78 million, or $0.21 per share
• Fourth quarter Adjusted EBITDA* of $267 million
• Fourth quarter cash flow from operations of $573 million and free cash flow* of $472 million

• Full-year revenues of $8.74 billion
• Full-year net income of $145 million, or $0.39 per share
• Full-year Adjusted EBITDA* of $1.03 billion
• Full-year cash flow from operations of $1.25 billion and free cash flow* of $876 million
• Full-year bookings of $2.34 billion, with ending backlog of $4.34 billion
• Returned $505 million of capital to shareholders during the year

*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.

HOUSTON, Feb. 04, 2026 (GLOBE NEWSWIRE) -- NOV Inc. (NYSE: NOV) today reported fourth quarter 2025 revenues of $2.28 billion, a decrease of one percent compared to the fourth quarter of 2024. Net income decreased $238 million, or $0.62 per diluted share, year-over-year from $160 million, primarily due to a higher effective tax rate from valuation allowances on deferred tax assets, a higher mix of foreign earnings, and an increase in pre-tax Other Items (see Corporate Information for additional details). Operating profit was $92 million and adjusted operating profit was $177 million, compared to operating profit of $207 million and adjusted operating profit of $214 million in the fourth quarter of 2024. Adjusted EBITDA decreased 12 percent year-over-year to $267 million, or 11.7 percent of sales.

For the full-year 2025, NOV reported revenues of $8.74 billion, a decrease of one percent from 2024. Net income for the full-year 2025 was $145 million, a decrease of $490 million from 2024, reflecting lower levels of operating profit and a higher effective tax rate. Operating profit was $494 million and adjusted operating profit was $674 million, compared to operating profit of $876 million and adjusted operating profit of $767 million in the prior year. Adjusted EBITDA decreased 7 percent to $1.0 billion, or 11.8 percent of sales for the full-year 2025.

“NOV delivered a strong finish to 2025, capping off a year in which solid execution and market share gains mostly offset lower levels of industry spend,” said Jose Bayardo, Chairman, President, and Chief Executive Officer. “The combination of our technology leadership across a diverse portfolio of critical products and services along with our efforts to improve operational efficiencies is evident in our results.”

“Our Energy Equipment segment posted its fourth consecutive year of revenue growth and EBITDA margin expansion. Strong operational performance on the segment’s high-quality, production-oriented backlog more than offset lower demand for aftermarket parts and services. This performance largely offset a four percent revenue decline in our shorter-cycle Energy Products and Services segment, resulting in a one percent decline in consolidated full-year revenues against a seven percent decrease in global activity levels.

“These results, along with continued efforts to drive additional efficiencies and process improvements, translated into exceptional cash flow. NOV generated $1.25 billion in cash from operations and $876 million in free cash flow, marking our second consecutive year of greater than 85 percent EBITDA conversion to free cash flow.

“Near term, we expect an oversupplied oil market and geopolitical uncertainty to keep customers cautious, and their budgets weighted toward the back half of 2026. We anticipate markets will begin to rebalance in the second half of the year and are seeing increasing indications that offshore drilling activity is bottoming, which should support improving demand for our drilling equipment aftermarket business later in the year.

“As a result, we expect our fourth quarter 2026 financial performance will improve relative to the fourth quarter of 2025, with full-year 2026 EBITDA in-line to slightly lower than 2025 levels, assuming commodity prices remain at or above current levels. Beyond that, we expect higher levels of offshore and international activity as well as prolonged underinvestment in the industry’s asset base to set the stage for a much more attractive operating environment for NOV in 2027 and beyond.”

Energy Products and Services
Energy Products and Services generated revenues of $989 million in the fourth quarter of 2025, a decrease of seven percent from the fourth quarter of 2024. Operating profit decreased $39 million from the prior year to $73 million, or 7.4 percent of sales, and included $7 million in pre-tax Other Items. Adjusted EBITDA decreased $33 million from the prior year to $140 million, or 14.2 percent of sales. Lower revenues reflected reduced global activity, partially offset by market share gains. Profitability was further impacted by increased tariffs and inflationary pressures.

Energy Equipment
Energy Equipment generated revenues of $1.33 billion in the fourth quarter of 2025, an increase of four percent from the fourth quarter of 2024. Operating profit decreased $45 million from the prior year to $107 million, or 8.0 percent of sales, and included $46 million in pre-tax Other Items. Adjusted EBITDA decreased $5 million from the prior year to $180 million, or 13.5 percent of sales. Revenues benefited from strong execution on backlog, while lower demand for aftermarket spare parts and services led to a less favorable sales mix.

New orders booked during the quarter totaled $532 million, representing a book-to-bill of 73 percent when compared to $728 million of orders shipped from backlog. As of December 31, 2025, backlog for capital equipment orders for Energy Equipment totaled $4.34 billion, a decrease of $93 million from the fourth quarter of 2024.

First Quarter 2026 Outlook
The Company is providing financial guidance for the first quarter of 2026, which constitutes “forward-looking statements” as described further below under “Cautionary Note Regarding Forward-Looking Statements.”

For the first quarter of 2026 management expects year-over-year consolidated revenues to decline between one to three percent with Adjusted EBITDA expected to be between $200 million and $225 million.

Corporate Information
NOV repurchased approximately 5.7 million shares of common stock for $85 million and paid $27 million in dividends during the fourth quarter, resulting in a total of $112 million in capital returned to shareholders. For the full-year, the Company repurchased 22.8 million shares of common stock for $315 million and paid $190 million in dividends. Capital returned to shareholders for the full-year totaled $505 million, which includes a $78 million supplemental dividend to true up the 2024 capital return program. The Company remains committed to returning at least 50 percent of its Excess Free Cash Flow on an annual basis and expects to achieve that threshold for 2025 via a supplemental dividend in the first half of 2026.

During the fourth quarter of 2025, NOV recorded $86 million in pre-tax Other Items, primarily related to goodwill and long-lived asset impairments (see Reconciliation of GAAP to non-GAAP measures).

As of December 31, 2025, the Company had total debt of $1.72 billion, with $1.50 billion available on its primary revolving credit facility, and $1.55 billion in cash and cash equivalents.

Significant Achievements
NOV’s Downhole Broadband Solutions™ technology was used to drill record annual footage of more than 750,000 ft in 2025, up 74% year-over-year, reflecting growing demand for real-time downhole data to improve execution, reservoir exposure, and decision-making. The wired drill pipe-enabled broadband network also delivered measurable gains in completions, including a recent well where the i-Con™ RT tool enabled a complex lower completion to be installed in a single trip, eliminating a split run and reducing operational risk.

NOV was awarded the drilling equipment package for the Kingdom 4 jack-up rig to be built in Saudi Arabia at International Maritime Industries (IMI). The package includes complete topside equipment, structures, drilling equipment, pipe handling, mud processing, and drilling controls, as well as blowout preventer (BOP) equipment and BOP control system.

NOV’s surface automation package, featuring NOVOS™ reflexive drilling system, Kaizen™ intelligent drilling application, and SoftSpeed™ stick-slip mitigation system, delivered strong results in its inaugural offshore deployment for a Middle East National Oil Company (NOC). The technologies increased rate of penetration and reduced the number of drilling runs, contributing to a 68% reduction in total drilling days compared with offset wells. By combining automation and AI-enabled solutions, the package demonstrated measurable performance gains in complex drilling environments.

NOV secured an award to supply a gas dehydration package for a gas plant project in the Middle East, supporting long-term natural gas development in the region. The award reinforces NOV’s position as a global leader in gas processing technology and highlights the Company’s strong positioning in a region experiencing sustained growth in gas investment.

NOV was awarded a contract for an integrated cable lay system and a knuckle boom crane for a cable lay vessel. The vessel will have capabilities for the installation of interconnector subsea power cables that transmit power to shore and inter-array cables that connect wind farm components.

NOV’s initial deployments of its new Electrical Submersible Contra-Helical Pump (ESCHP) technology in unconventional wells in the Permian Basin are delivering significantly longer run-life in high gas volume conditions compared to traditional ESPs. The pumps have operated for more than 240 days, exceeding prior ESP performance in the same wells by approximately 100 days, with some previous ESP runs lasting as few as 40 days. The pump design eliminates downtime associated with gas interference, supporting increased oil and gas production and demonstrating the technology’s effectiveness in unconventional wells with rising gas-to-liquid ratios.

NOV secured contracts to provide composite solutions for corrosion-critical applications both offshore and on land. Following a history of providing composite solutions for FPSO applications where corrosion and weight are consequential, NOV will supply large-diameter 46-in. 2400C-LD-ECP01 Bondstrand™ GRE composite piping for topside production processing on two FPSOs that will operate offshore Brazil. Additionally, NOV secured an order from an operator in the Permian Basin for over 20 miles of 16-in. to 20-in., 750-psi STAR™ Super Seal Key Lock (SSKL) pipe and more than 1,200 fittings.

NOV commercialized and received an order for its Rapid Emergency Disconnect System (Rapid EDS™) technology, a retrofit upgrade that enables floaters to quickly disconnect from a subsea blow out preventer (BOP) and secure the well when needed. The technology enables faster overall shear-and-disconnect performance compared to traditional hydraulic closures. Rapid EDS can expand the critical watch zone for dynamically positioned vessels during shallow-water operations, improving the operational window without increasing risk. In addition, the quicker shear reduces the risk of well washout as well as total volume losses during the closure process.

NOV was awarded an order to supply Tuboscope’s TK™-Ring II GRE lining system for a large water injection program supporting enhanced oil recovery for a major oil producer in Basra, Iraq. With a track record of successful deliveries, the TK-Ring II system provides corrosion protection and improved flow efficiency to extend asset life and reduce maintenance requirements.

NOV was awarded a multi-year contract to deliver instrumentation and digital services across the international fleet of a major global drilling contractor, building on a US fleet award secured earlier in the year. The contract includes deployment of NOV’s next-generation RigSense™ 4.0 Electronic Drilling Recorder (EDR) and WellData™ 4.0 Remote Drilling Monitoring (RDM) applications, powered by the Max™ Platform, to help standardize data access and improve operational efficiency.

Fourth Quarter Earnings Conference Call
NOV will hold a conference call to discuss its fourth quarter 2025 results on February 5, 2026 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 and efficiently produce abundant energy while minimizing environmental impact. 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.

CONTACT:
Amie D'Ambrosio
Director, Investor Relations
(713) 375-3826
Amie.DAmbrosio@nov.com

NOV INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In millions, except per share data)
	Three Months Ended												Year Ended
	December 31,								September 30,				December 31,
	2025				2024				2025				2025				2024
Revenue:
Energy Products and Services	$	989			$	1,060			$	971			$	3,977			$	4,130
Energy Equipment		1,334				1,287				1,247				4,934				4,888
Eliminations		(46	)			(39	)			(42	)			(167	)			(148	)
Total revenue		2,277				2,308				2,176				8,744				8,870
Gross profit		462				493				412				1,767				2,010
Gross profit %		20.3	%			21.4	%			18.9	%			20.2	%			22.7	%
Selling, general, and administrative		300				286				305				1,203				1,134
Goodwill and long-lived asset impairment		70				—				—				70				—
Operating profit		92				207				107				494				876
Interest expense, net		(3	)			(13	)			(11	)			(37	)			(53	)
Equity income (loss) in unconsolidated affiliates		(6	)			(1	)			(11	)			(16	)			36
Other income (expense), net		(17	)			6				(12	)			(66	)			(28	)
Income before income taxes		66				199				73				375				831
Provision for income taxes		147				38				29				224				196
Net income (loss)		(81	)			161				44				151				635
Net income (loss) attributable to noncontrolling interests		(3	)			1				2				6				—
Net income (loss) attributable to Company	$	(78	)		$	160			$	42			$	145			$	635
Per share data:
Basic	$	(0.21	)		$	0.41			$	0.11			$	0.39			$	1.62
Diluted	$	(0.21	)		$	0.41			$	0.11			$	0.39			$	1.60
Weighted average shares outstanding:
Basic		364				388				370				372				392
Diluted		367				390				371				375				396

NOV INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions)
	December 31,
	2025				2024
ASSETS
Current assets:
Cash and cash equivalents	$	1,552			$	1,230
Receivables, net		1,701				1,819
Inventories, net		1,799				1,932
Contract assets		596				577
Prepaid and other current assets		172				212
Total current assets		5,820				5,770
Property, plant and equipment, net		2,050				1,922
Lease right-of-use assets		502				549
Goodwill and intangibles, net		2,037				2,138
Other assets		882				982
Total assets	$	11,291			$	11,361
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	831			$	837
Accrued liabilities		822				861
Contract liabilities		565				492
Current portion of lease liabilities		101				102
Current portion of long-term debt		30				37
Accrued income taxes		57				18
Total current liabilities		2,406				2,347
Long-term debt		1,688				1,703
Lease liabilities		521				544
Other liabilities		354				339
Total liabilities		4,969				4,933
Total stockholders’ equity		6,322				6,428
Total liabilities and stockholders’ equity	$	11,291			$	11,361

NOV INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)
	Three Months Ended				Year Ended
	December 31,				December 31,
	2025				2025				2024
Cash flows from operating activities:
Net income (loss)	$	(81	)		$	151			$	635
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		90				355				343
Goodwill and long-lived asset impairment		70				70				—
Deferred income taxes		54				93				49
Working capital, net		414				399				215
Other operating items, net		26				183				62
Net cash provided by operating activities		573				1,251				1,304
Cash flows from investing activities:
Purchases of property, plant and equipment		(101	)			(375	)			(351	)
Business acquisitions, net of cash acquired		—				—				(298	)
Business divestitures, net of cash disposed		—				—				176
Other		5				13				2
Net cash used in investing activities		(96	)			(362	)			(471	)
Cash flows from financing activities:
Borrowings against lines of credit and other debt		1				3				420
Payments against lines of credit and other debt		(9	)			(26	)			(431	)
Cash dividends paid		(27	)			(190	)			(108	)
Share repurchases		(85	)			(315	)			(229	)
Other		(13	)			(56	)			(58	)
Net cash used in financing activities		(133	)			(584	)			(406	)
Effect of exchange rates on cash		1				17				(13	)
Increase in cash and cash equivalents		345				322				414
Cash and cash equivalents, beginning of period		1,207				1,230				816
Cash and cash equivalents, end of period	$	1,552			$	1,552			$	1,230

NOV INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (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				Year Ended
	December 31,				December 31,
	2025				2025				2024
Total cash flows provided by operating activities	$	573			$	1,251			$	1,304
Capital expenditures		(101	)			(375	)			(351	)
Free Cash Flow	$	472			$	876			$	953
Business acquisitions, net of cash acquired		—				—				(298	)
Business divestitures, net of cash disposed		—				—				176
Excess Free Cash Flow	$	472			$	876			$	831

NOV INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES, CONT. (Unaudited) (In millions)

Presented below is a reconciliation of Operating Profit to Adjusted Operating Profit and Net Income to Adjusted EBITDA. The Company defines Adjusted Operating Profit as Operating Profit excluding Gains and Losses on Sales of Fixed Assets, and, when applicable, pre-tax Other Items. The Company defines Adjusted EBITDA as Adjusted Operating Profit excluding Depreciation and Amortization. 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 Operating Profit, Adjusted EBITDA and Adjusted EBITDA % are not intended to replace GAAP financial measures, such as Net Income and Operating Profit %. Pre-tax Other Items include gain on business divestiture, impairment, restructure, severance, facility closure costs and inventory charges and credits.

	Three Months Ended												Year Ended
	December 31,								September 30,				December 31,
	2025				2024				2025				2025				2024
Operating profit:
Energy Products and Services	$	73			$	112			$	38			$	277			$	475
Energy Equipment		107				152				130				493				608
Eliminations and corporate costs		(88	)			(57	)			(61	)			(276	)			(207	)
Total operating profit	$	92			$	207			$	107			$	494			$	876
Operating profit %:
Energy Products and Services		7.4	%			10.6	%			3.9	%			7.0	%			11.5	%
Energy Equipment		8.0	%			11.8	%			10.4	%			10.0	%			12.4	%
Eliminations and corporate costs		—				—				—				—				—
Total operating profit %		4.0	%			9.0	%			4.9	%			5.6	%			9.9	%
Pre-tax Other Items, net:
Energy Products and Services	$	7			$	3			$	41			$	59			$	7
Energy Equipment		46				4				21				79				(118	)
Corporate		33				—				3				45				2
Total pre-tax Other Items	$	86			$	7			$	65			$	183			$	(109	)
(Gain) loss on sales of fixed assets
Energy Products and Services	$	1			$	—			$	(2	)		$	(3	)		$	—
Energy Equipment		(2	)			—				(1	)			(4	)			—
Corporate		—				—				—				4				—
Total (gain) loss on sales of fixed assets	$	(1	)		$	—			$	(3	)		$	(3	)		$	—
Adjusted operating profit:
Energy Products and Services	$	81			$	115			$	77			$	333			$	482
Energy Equipment		151				156				150				568				490
Eliminations and corporate costs		(55	)			(57	)			(58	)			(227	)			(205	)
Adjusted operating profit	$	177			$	214			$	169			$	674			$	767
Depreciation & amortization:
Energy Products and Services	$	59			$	58			$	58			$	233			$	221
Energy Equipment		29				29				30				115				115
Corporate		2				1				1				7				7
Total depreciation & amortization	$	90			$	88			$	89			$	355			$	343
Adjusted EBITDA:
Energy Products and Services	$	140			$	173			$	135			$	566			$	703
Energy Equipment		180				185				180				683				605
Eliminations and corporate costs		(53	)			(56	)			(57	)			(220	)			(198	)
Total Adjusted EBITDA	$	267			$	302			$	258			$	1,029			$	1,110
Adjusted EBITDA %:
Energy Products and Services		14.2	%			16.3	%			13.9	%			14.2	%			17.0	%
Energy Equipment		13.5	%			14.4	%			14.4	%			13.8	%			12.4	%
Eliminations and corporate costs		—				—				—				—				—
Total Adjusted EBITDA %		11.7	%			13.1	%			11.9	%			11.8	%			12.5	%

NOV INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES, CONT. (Unaudited) (In millions)
	Three Months Ended												Year Ended
	December 31,								September 30,				December 31,
	2025				2024				2025				2025				2024
Reconciliation of Adjusted EBITDA:
GAAP net income (loss) attributable to Company	$	(78	)		$	160			$	42			$	145			$	635
Noncontrolling interests		(3	)			1				2				6				—
Provision for income taxes		147				38				29				224				196
Interest expense		22				24				22				88				91
Interest income		(19	)			(11	)			(11	)			(51	)			(38	)
Equity (income) loss in unconsolidated affiliates		6				1				11				16				(36	)
Other (income) expense, net		17				(6	)			12				66				28
(Gain) loss on sales of fixed assets		(1	)			—				(3	)			(3	)			—
Depreciation and amortization		90				88				89				355				343
Pre-tax Other Items, net		86				7				65				183				(109	)
Total Adjusted EBITDA	$	267			$	302			$	258			$	1,029			$	1,110

FAQ

What were NOV's Q4 2025 results and EPS (NYSE: NOV)?

NOV reported Q4 2025 revenue of $2.28B and a net loss of $78M. According to the company, Q4 loss per share was $0.21 and Adjusted EBITDA was $267M, down 12% year-over-year.

How much free cash flow did NOV generate in full-year 2025 (NOV)?

NOV generated $876M of free cash flow for full-year 2025. According to the company, this represented strong EBITDA-to-free-cash-flow conversion, with $1.25B cash from operations and sustained operational cash conversion.

What guidance did NOV give for Q1 2026 and full-year 2026 (NYSE: NOV)?

NOV expects Q1 2026 revenue to decline 1–3% year-over-year and Adjusted EBITDA of $200M–$225M. According to the company, full-year 2026 EBITDA is expected to be in-line to slightly lower than 2025 assuming commodity prices hold.

How much capital did NOV return to shareholders in 2025 (NOV)?

NOV returned a total of $505M to shareholders in 2025 through share repurchases and dividends. According to the company, this includes $315M in repurchases and $190M in dividends, plus a $78M supplemental dividend.

What is NOV's backlog and bookings status at year-end 2025 (NYSE: NOV)?

NOV reported year-end backlog of $4.34B and full-year bookings of $2.34B. According to the company, Energy Equipment backlog totaled $4.34B, down $93M from the prior year quarter.