NOV to roughly double the capacity of its manufacturing facility in Brazil over the next three years to support anticipated demand$200 million capital expansion positions NOV to capture expected growth in offshore development activity and advance solutions for high-CO₂ applicationsSustained high utilization and strong backlog across existing facilities support the need for additional capacity HOUSTON, March 25, 2026 (GLOBE NEWSWIRE) -- NOV Inc. (NYSE: NOV) today announced plans to roughly double the capacit ...

HOUSTON, March 17, 2026 (GLOBE NEWSWIRE) -- NOV Inc. (NYSE: NOV) announced today that Sanjay Chowbey has been appointed to the Company’s Board of Directors (the “Board”), effective March 17, 2026. “We are pleased to welcome Sanjay Chowbey to our board of directors,” said Jose Bayardo, Chairman, President, and Chief Executive Officer. “Sanjay brings a successful track record of leading high-quality global industrial companies and extensive experience driving manufacturing and operational excellence. We are c ...

HOUSTON, March 16, 2026 (GLOBE NEWSWIRE) -- NOV Inc. (NYSE: NOV) will hold a conference call to discuss its first quarter 2026 results on Tuesday, April 28, 2026, 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 27, 2026. The call will be webcast live on www.nov.com/investors. About NOVNOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations ...

Financial Performance - As of December 31, 2025, the company's backlog was $4.3 billion, compared to $4.4 billion in 2024 and $4.1 billion in 2023[51] - The company reported foreign currency losses of $55 million, $19 million, and $84 million for the years ended December 31, 2025, 2024, and 2023, respectively[63] - The company had transactional exposures totaling $533 million and translational exposures totaling $341 million in foreign currencies as of December 31, 2025[210] Debt and Financing - The company’s borrowings included $1,092 million in 3.95% Senior Notes and $497 million in 3.60% Senior Notes, with $1.5 billion available under its credit facility[212] Innovation and Technology - The company has invested in new technologies related to renewable energy and has a substantial number of patents with expiration dates ranging from 2025 to 2044[46] Workforce and Training - The company has a diverse workforce of 31,605 employees, with 34% based in the United States and 21% in Europe[52] - The company has implemented training programs to enhance employee skills and career satisfaction, including managerial and leadership training[61] - The company recognizes that diversity contributes to achieving its goals, with women making up 16% of all employees and 33% of the Board of Directors[59] Safety and Quality - The company’s safety programs are reviewed quarterly and include measures such as Stop Work Authority and Life Saving Rules to ensure workplace safety[56] Market Conditions - The company has experienced rising prices for stainless alloy products and has successfully mitigated the impact of higher raw material costs through price adjustments[49]

Core Viewpoint - NOV Inc. is a significant entity in the oil and gas equipment and services sector, focusing on technology-driven solutions to enhance efficiency and safety, with a competitive landscape including companies like Schlumberger and Halliburton [1] Price Target Adjustments - BMO Capital raised its price target for NOV from $19 to $20, indicating a positive outlook for the company [2][5] - Barclays upgraded NOV from underweight to equal weight, also increasing its price target from $15 to $20 [2] - Susquehanna raised its target price from $17 to $20, providing a "positive" rating, while the Royal Bank of Canada maintained an "outperform" rating with a $21 price objective [3] Stock Performance - NOV's stock price is currently at $18.91, reflecting a 3.67% increase, with trading between $18.24 and $19.09 on the day [4][5] - Over the past year, NOV's stock has reached a high of $19.51 and a low of $10.84, with a market capitalization of approximately $6.9 billion and a trading volume of 5,837,753 shares [4]

Core Insights - NOV achieved a full-year book-to-bill ratio of approximately 91% with a 15% increase in revenue from backlog, ending 2025 with a total backlog of $4.34 billion, driven by offshore production technologies [1][6] - The company reported fourth-quarter revenue of $2.28 billion and a GAAP net loss of $78 million, while full-year revenue was $8.74 billion with a GAAP net income of $145 million [4][7] - Free cash flow for 2025 was reported at $876 million, with over 85% of EBITDA converted to cash, marking the best two-year free cash flow performance in a decade [7][9] Financial Performance - Fourth-quarter revenue rose 5% sequentially but fell 1% year-over-year, against a global drilling activity decline of 6%, with adjusted EBITDA totaling $267 million [3] - Tariff expenses were approximately $25 million in Q4 and expected to rise slightly in Q1, impacting overall financial performance [5][10] - Adjusted operating profit for Q4 was $177 million, or 7.8% of sales, with a higher effective tax rate affecting net loss [8] Segment Performance - In the Energy Equipment segment, fourth-quarter revenue was $1.33 billion, up 7% sequentially and 4% year-over-year, with adjusted EBITDA of $180 million [12] - Energy Products and Services reported fourth-quarter revenue of $989 million, up 2% sequentially but down 7% year-over-year, with adjusted EBITDA of $140 million [15] - Record performance in subsea flexible pipe was noted, with backlog doubling since the end of 2023 and annual shipments increasing by about 50% [14] Market Outlook - The outlook for 2026 is cautious, with expectations of a challenging environment due to oversupply in the oil market, but a potential rebalancing in the second half of the year [17] - In the U.S., activity is expected to decline mid-single digits year-over-year, while international activity is anticipated to be flat to slightly up [18] - Long-term opportunities in Venezuela were highlighted, with new orders exceeding past revenue generation, contingent on governance and security conditions [19] Capital Allocation and Cost Management - The company repurchased $85 million in shares during Q4, totaling $505 million returned to shareholders in 2025 [5][20] - A $100 million cost-out program is in progress, aiming for over $100 million in annualized savings by the end of 2026 [22] - For 2026, NOV expects slightly lower revenue year-over-year, with capital expenditures projected between $315 million and $345 million [23]

Core Insights - NOV Inc. reported fourth-quarter 2025 adjusted earnings of 2 cents per share, missing the Zacks Consensus Estimate of 25 cents, and a significant decrease from 41 cents in the prior year due to underperformance in the Energy Products and Services segment [1][8] Financial Performance - Total revenues for NOV reached $2.3 billion, exceeding the Zacks Consensus Estimate by 4.9%, driven by strong performance in the Energy Equipment segment, although revenues fell 1.3% year-over-year due to a 6% decline in global drilling activity [2][8] - The company repurchased approximately 5.7 million shares for $85 million and paid a dividend of 7.5 cents per share, returning a total of $112 million to shareholders during the quarter [3][8] Segmental Performance - **Energy Products and Services**: Reported revenues of $989 million, beating estimates but down 6.7% from the prior year, with adjusted EBITDA of $140 million, also above estimates but lower than $173 million from the previous year [4] - **Energy Equipment**: Revenues increased 3.6% year-over-year to $1.3 billion, surpassing estimates, with adjusted EBITDA of $180 million, slightly down from $185 million year-over-year but above estimates. The segment secured $532 million in new orders and had a backlog of $4.3 billion [5][6] Balance Sheet and Cash Flow - As of December 31, 2025, NOV had cash and cash equivalents of $1.6 billion and long-term debt of $1.7 billion, with a debt-to-capitalization ratio of 21.1%. The company generated $573 million in operating cash flow and $472 million in free cash flow during the quarter [7][8] Strategic Developments - NOV made significant advancements in technology commercialization and digital capabilities, achieving record deployment of Downhole Broadband Solutions™ and enhancing drilling efficiency through automation and AI-driven systems [8][9] - The company strengthened its offshore presence with major equipment awards and secured various contracts in production and processing, demonstrating innovation in artificial lift and increasing recurring digital revenues [10][8] Outlook - For Q1 2026, NOV projects a 1% to 3% decrease in consolidated revenues year-over-year, with adjusted EBITDA expected between $200 million and $225 million. The Energy Equipment segment is anticipated to see a revenue increase of 3%-5%, while the Energy Products and Services segment is expected to decline by 6%-8% [11][13] - Cost-reduction initiatives are expected to generate over $100 million in annualized savings by the end of 2026, while the company maintains a constructive outlook on bookings with a full-year 2026 book-to-bill ratio expected to be close to 100% [12][14]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported revenues of $2.28 billion, a sequential increase of 5% but a year-over-year decrease of 1% [3][5] - The net loss for Q4 was $78 million, or $0.21 per fully diluted share, impacted by a higher effective tax rate and impairment charges [3][28] - Full-year revenues for 2025 were $8.74 billion, with net income of $145 million, or $0.39 per fully diluted share [3][5] - Adjusted EBITDA for Q4 was $267 million, representing 11.7% of sales, with a full-year EBITDA exceeding $1 billion for the third consecutive year [3][5][29] - Free cash flow for 2025 totaled $876 million, with a cash conversion rate of over 85% [8][29] Business Line Data and Key Metrics Changes - The energy equipment segment reported Q4 revenue of $1.33 billion, up 7% sequentially and 4% year-over-year, with adjusted EBITDA of $180 million [32][33] - Capital equipment sales accounted for 63% of the energy equipment segment's revenues, increasing 8% sequentially and 15% year-over-year [33] - The energy products and services segment generated revenue of $989 million in Q4, a 2% sequential increase but a 7% year-over-year decline [42][48] Market Data and Key Metrics Changes - The company ended 2025 with a total backlog of $4.34 billion, with a book-to-bill ratio of approximately 91% [6][34] - Offshore production technologies led 2025 orders, with a more than 10% growth in offshore-related backlog [7] - The company expects U.S. activity to decline mid-single digits year-over-year in 2026, primarily due to lower oil-directed activity [17][18] Company Strategy and Development Direction - The company aims to drive operational efficiencies and explore growth avenues, focusing on a $100 million cost-out program and exiting underperforming product lines [9][10][13] - The company is disciplined in capital allocation, raising the criteria for acquisitions and focusing on core business technology [13][14] - The company plans to leverage its strong market positions and technology leadership to drive value creation and maintain competitive advantages [15][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a challenging near-term market environment but expects a recovery in oil markets in the second half of 2026 [17][50] - The company anticipates a modest recovery in U.S. short-cycle activity by late 2026 and early 2027 [18] - Management highlights the importance of fiscal discipline among operators, which may constrain activity growth but also create opportunities for the company [18] Other Important Information - The company achieved a cash conversion cycle of 119 days, down from 143 days in 2023, freeing up around $630 million of cash [12] - The company has returned $842 million to shareholders over the past two years while increasing its cash balance by $736 million [29] - The company expects overall upstream spending to contract slightly in 2026, with revenue weighted more towards the second half of the year [31] Q&A Session Summary Question: Offshore rig expected ramp late this year into 2027 - Management is optimistic about the offshore space, expecting significant demand for offshore production-related equipment and a potential increase in FPSO deliveries [56][59] Question: Status of passing tariff costs through pricing - Management is having some success passing on costs but acknowledges the difficulty in the current market environment [62] Question: Intentions around M&A - The company is shifting focus from internal efficiencies to pursuing growth opportunities, while remaining disciplined in capital allocation for acquisitions [70]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported revenues of $2.28 billion, a sequential increase of 5% but a year-over-year decrease of 1%. The net loss was $78 million, or 21 cents per fully diluted share [3][28] - For the full year 2025, revenues totaled $8.74 billion, with a net income of $145 million, or 39 cents per fully diluted share. Adjusted EBITDA was $1.03 billion, reflecting a 3% improvement from 2024 [3][49] - The company achieved a free cash flow of $876 million for 2025, marking the second consecutive year of over 85% EBITDA conversion to cash [8][29] Business Line Data and Key Metrics Changes - The energy equipment segment generated Q4 revenue of $1.33 billion, up 7% sequentially and 4% year-over-year, with adjusted EBITDA of $180 million, or 13.5% of sales [32][33] - Capital equipment sales accounted for 63% of the energy equipment segment's revenues, increasing 8% sequentially and 15% year-over-year, driven by growth in subsea flexible pipe and marine construction [33][35] - The energy products and services segment reported Q4 revenue of $989 million, a 2% sequential increase but a 7% year-over-year decline, with adjusted EBITDA decreasing to $140 million, or 14.2% of sales [42][48] Market Data and Key Metrics Changes - The company noted a global drilling activity decline of 6% year-over-year, impacting overall revenue performance [5] - In the U.S., drilling activity is expected to decline mid-single digits year-over-year, primarily due to lower oil-directed activity, although gas basin activity may offset some of this decline [17][18] - Internationally, activity is expected to be flat to slightly up in 2026, driven by rigs returning to work in Saudi Arabia and expanding unconventional activity [18][19] Company Strategy and Development Direction - The company aims to drive operational efficiencies and explore growth avenues, focusing on improving margins and return on capital [9][10] - A $100 million cost-out program is underway to enhance operational efficiency, with expectations of delivering significant cost savings by the end of 2026 [31] - The company is disciplined in capital allocation, raising the criteria for acquisitions and focusing on core business technology bolt-ons and consolidation opportunities [13][70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the offshore market, anticipating a recovery in customer spending and increased activity levels in 2027 [17][59] - The current oil market is oversupplied, but geopolitical risks and storage capacity in Asia are supporting oil prices [16] - Management expects a challenging market environment in 2026 but is confident in the company's strong position and operational capabilities [50][62] Other Important Information - The company achieved a cash conversion cycle of 119 days, down from 143 days in 2023, freeing up approximately $630 million of cash [12] - The company has returned $842 million to shareholders over the past two years while increasing its cash balance by $736 million [29] Q&A Session Summary Question: Offshore rig expected ramp and FPSO opportunity - Management is optimistic about the offshore space, expecting significant demand for offshore production-related equipment and a potential increase in FPSO deliveries [54][56] Question: Status of passing tariff costs through pricing - Management indicated some success in passing on costs but acknowledged the challenges in a soft market environment [61][62] Question: Intentions around M&A - Management clarified a shift towards a more offensive strategy regarding M&A, while maintaining discipline in capital allocation and focusing on organic growth opportunities [68][70]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported revenues of $2.28 billion, a sequential increase of 5% but a year-over-year decrease of 1% [3][5] - The net loss for Q4 was $78 million, or 21 cents per fully diluted share, while for the full year 2025, revenues totaled $8.74 billion with a net income of $145 million, or 39 cents per fully diluted share [3][5] - Adjusted EBITDA for Q4 was $267 million, representing 11.7% of sales, and for the full year, EBITDA exceeded $1 billion for the third consecutive year [5][29] Business Line Data and Key Metrics Changes - The energy equipment segment's Q4 revenue was $1.33 billion, up 7% sequentially and 4% year-over-year, with adjusted EBITDA of $180 million, or 13.5% of sales [33][34] - Capital equipment sales accounted for 63% of the energy equipment segment's revenues in Q4, increasing 8% sequentially and 15% year-over-year, driven by growth in subsea flexible pipe and marine construction [34][35] - The energy products and services segment generated revenue of $989 million in Q4, a sequential increase of 2% but a year-over-year decline of 7% [43][44] Market Data and Key Metrics Changes - The company expects overall upstream spending to contract slightly from 2025 levels, with reductions in North America being greater than international and offshore markets [32] - In the U.S., activity is expected to decline mid-single digits year-over-year, primarily due to low activity exit rates from 2025 [17][32] - Internationally, activity is expected to be flat to slightly up in 2026, driven by rigs returning to work in Saudi Arabia and expansion in unconventional markets [18][19] Company Strategy and Development Direction - The company aims to drive operational efficiencies and lean into growth avenues, focusing on core business technology bolt-ons and direct consolidation opportunities for M&A [8][12] - A $100 million cost-out program is underway to improve operational efficiencies, with expectations of delivering over $100 million in annualized cost savings by the end of 2026 [9][32] - The company is committed to maintaining a disciplined approach to capital allocation, focusing on organic growth opportunities and ensuring any acquisitions are accretive to margins and cash flow [12][73] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a challenging near-term market environment but expresses optimism about operational efficiencies and growth opportunities emerging later in the year [51][52] - The consensus view indicates that the oil market is oversupplied, but management expects a return to balance in the second half of 2026, leading to increased customer spending [16][17] - The company anticipates a strong recovery in offshore production and drilling markets, with significant increases in deepwater exploration budgets expected in the coming years [24][25][26] Other Important Information - The company achieved a free cash flow of $876 million for the full year, with a cash conversion cycle of 119 days, down from 143 days in 2023 [7][11] - The company has returned $842 million to shareholders over the past two years while increasing its cash balance by $736 million [30] - The subsea flexible pipe business achieved its highest quarterly revenue and EBITDA on record for the second consecutive quarter, reflecting strong demand [35][39] Q&A Session Summary Question: Offshore rig expected ramp late this year into 2027 - Management is optimistic about the offshore space, expecting significant demand for offshore production-related equipment and a shift towards longer-term contracts for offshore drilling [56][59] Question: Status of passing tariff costs through pricing - The company is having some success passing on costs but faces challenges due to a difficult market environment and inflationary pressures [63][64] Question: Intentions around M&A - The company is shifting focus from internal efficiencies to pursuing M&A opportunities, while remaining disciplined in capital allocation and emphasizing organic growth [70][72]