Companies reporting this week are generally global Eqmt. & Tech suppliers, making tariffs somewhat more in focus, and while none are pure-plays, most have a good chunk of NAm land exposure, making activity/pricing expectations in this market a key focus. Constructive GTLS, TS; Cautious NBR. Key Takeaways For stocks reporting this week, GTLS, NBR, NOV*, TS (*note: NOV reported 2Q results yesterday), we lower our 2025 / 2026E EBITDA by 2% / 4%. See revisions details in What's Changed? , our earnings cheat she ...

Key Takeaways NOV posted Q2 adjusted EPS of $0.29, missing estimates and down from $0.57 a year ago.Revenues rose to $2.2B, beating the Zacks Consensus Estimate as both core segments outperformed forecasts.NOV returned $176M to shareholders via dividends and repurchases, including 5.5M shares bought back in Q2.NOV Inc. (NOV) reported second-quarter 2025 adjusted earnings of 29 cents per share, which marginally missed the Zacks Consensus Estimate of 30 cents. The bottom line decreased from the year-ago quart ...

NOV Inc. (NYSE:NOV) Q2 2025 Earnings Call July 29, 2025 11:00 AM ET Company Participants Amie D’Ambrosio - Director of Investor Relations Clay C. Williams - Chairman & CEO Jose A. Bayardo - President & COO Rodney C. Reed - Senior VP & CFO Conference Call Participants Douglas Lee Becker - Capital One Securities, Inc., Research Division Grant Hynes - JPMorgan Chase & Co, Research Division James Michael Rollyson - Raymond James & Associates, Inc., Research Division John Matthew Daniel - Daniel Energy Partners, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-12317 NOV INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 76-0475815 (IRS Employe ...

NOV (NOV) Q2 2025 Earnings Call July 29, 2025 11:00 AM ET Company ParticipantsAmie D’Ambrosio - Director - IRClay Williams - Chairman & CEORodney Reed - SVP & CFOJose Bayardo - President & COOStephen Gengaro - Managing DirectorGrant Hynes - Equity Research AssociateJohn Daniel - Founder & CEOConference Call ParticipantsJim Rollyson - Director & Equity Research AnalystDouglas Becker - Equity AnalystOperatorGood day and thank you for standing by. Welcome to NOV's Second Quarter twenty twenty five Earnings Cal ...

Financial Data and Key Metrics Changes - For Q2 2025, NOV reported revenues of $2.2 billion, a 4% increase sequentially but a 1% decrease year-over-year. Net income was $108 million, or $0.29 per fully diluted share [4][5] - Adjusted EBITDA for the quarter was $252 million, representing 11.5% of sales, with margins pressured by a less favorable sales mix and inflationary cost headwinds [12][14] - Free cash flow generated during the quarter was $108 million, resulting in an 83% conversion of EBITDA to free cash flow over the last twelve months [13] Business Line Data and Key Metrics Changes - The Energy Products and Services segment generated revenue of $1.03 billion, a 2% decrease year-over-year, while adjusted EBITDA declined to $146 million, or 14.2% of sales [16][22] - The Energy Equipment segment's revenue was $1.21 billion, nearly unchanged from the previous year, but EBITDA increased by $16 million to $158 million, resulting in a 130 basis point increase in EBITDA margins to 13.1% [22][23] - Capital equipment sales accounted for approximately 62% of the Energy Equipment segment's revenue mix, driven by production and drilling equipment [23] Market Data and Key Metrics Changes - Global drilling activity declined by 6% sequentially, with North American shale activity expected to drift lower through year-end [6][9] - In North America, exploration and production companies curtailed short-cycle activity, leading to a 9% decline in the U.S. oil-directed rig count since March [7] - The company expects a decline in revenues from the Energy Products and Services segment of 1% to 3% in Q3 compared to the previous year [29] Company Strategy and Development Direction - The company is focused on three long-term trends: offshore production supplanting U.S. unconventional resources, accelerating demand for natural gas, and the application of modern technologies to drive efficiencies [30] - NOV is implementing cost reduction initiatives expected to remove over $100 million in annual costs by 2026, despite headwinds from tariffs and inflation [15][44] - The company is optimistic about the future, anticipating a recovery in offshore drilling activity beginning in 2026 [34][57] Management's Comments on Operating Environment and Future Outlook - Management noted that macroeconomic uncertainty and geopolitical factors have made customers more cautious, impacting short-cycle activity and leading to a decline in rig counts [7][9] - Despite current challenges, management remains confident in the long-term outlook, particularly for offshore activity and LNG investments [10][32] - The company expects to see a slight rebound in aftermarket business in the latter half of the year, driven by a recovery in offshore drilling contractor confidence [33][34] Other Important Information - The company repurchased 10.9 million shares for $150 million during the year, returning over $1.2 billion in free cash flow to shareholders over the last five quarters [13] - Tariff expenses for Q2 were approximately $11 million, with expectations for increases in the following quarters due to rising tariff rates [14][43] - The company is consolidating operations and exiting unprofitable product lines to improve efficiency and margins [45][46] Q&A Session Summary Question: Margin outlook and potential recovery - Management acknowledged margin pressures but expressed optimism about recovery in 2026 as offshore activity increases [50][56] Question: Macro indicators for market recovery - Management indicated that increased contracts and activity in offshore drilling would signal a market turnaround [63] Question: Cash generation and working capital outlook - The company reported strong free cash flow conversion and expects working capital as a percentage of revenue to improve in the second half of the year [66] Question: Market preparation and cost reduction initiatives - Management is preparing for a larger market and continuing cost reduction efforts, emphasizing the importance of efficiency [72][76]

Financial Performance - Q2 2025 - NOV's consolidated revenue for Q2 2025 was $2.2 billion, a 1% decrease year-on-year but a 4% increase sequentially [11] - Energy Products and Services revenue was $1.025 billion, a 2% decrease year-on-year but a 3% increase sequentially [15] - Energy Equipment revenue was $1.207 billion, flat year-on-year but a 5% increase sequentially [19] - NOV's consolidated Adjusted EBITDA was $252 million [28] representing 11.5% of revenue [11] - Energy Products and Services Adjusted EBITDA was $146 million, representing 14.2% of revenue [15] - Energy Equipment Adjusted EBITDA was $158 million, representing 13.1% of revenue [19] Backlog and Orders - Energy Equipment ending backlog was $4.3 billion, a 1% decrease year-on-year and a 3% decrease sequentially [19] - Energy Equipment net orders were $420 million, a 57% decrease year-on-year and a 4% decrease sequentially [19] - Energy Equipment book-to-bill ratio was 66% [19] Capital Allocation and Returns - $536 million was returned to shareholders in the last twelve months [22] - Capital expenditures for Q2 2025 year-to-date were $167 million [24] Outlook - Q3 2025 - NOV expects a year-over-year revenue decrease of 1% to 3% [26] and Adjusted EBITDA between $230 million and $250 million [26]

Exhibit 99.1 FOR IMMEDIATE RELEASE NEWS Contact: Amie D'Ambrosio (713) 375-3826 NOV REPORTS SECOND QUARTER 2025 RESULTS *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 Net Income to Adjusted EBITDA" below. HOUSTON, TX, July 28, 2025 NOV Inc. (NYSE: NOV) today reported second quarter 2025 revenues of $2.19 billion, a d ...

Financial Performance - Nov Inc. reported revenue of $2.19 billion for the quarter ended June 2025, a year-over-year decline of 1.3% [1] - The EPS for the same period was $0.29, down from $0.57 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $2.15 billion, resulting in a surprise of +1.85% [1] - The company experienced an EPS surprise of -3.33%, with the consensus EPS estimate being $0.30 [1] Key Metrics - Nov Inc. has a backlog in Energy Equipment of $4.3 billion, below the estimated $4.52 billion [4] - New orders booked in Energy Equipment were $420 million, significantly lower than the average estimate of $717.71 million [4] - Orders shipped from backlog amounted to $632 million, slightly above the estimated $610.44 million [4] - The Book-to-Bill ratio for Energy Equipment was 66%, compared to the estimated 96.3% [4] Revenue Breakdown - Revenue from Energy Products and Services was $1.03 billion, compared to the average estimate of $986.27 million, reflecting a year-over-year change of -2.4% [4] - Revenue from Eliminations was reported at -$44 million, worse than the average estimate of -$35.66 million, but showing a year-over-year improvement of +15.8% [4] - Revenue from Energy Equipment was $1.21 billion, slightly above the average estimate of $1.2 billion, with a year-over-year change of +0.3% [4] Adjusted EBITDA - Adjusted EBITDA for Eliminations and corporate costs was -$52 million, close to the average estimate of -$51.09 million [4] - Adjusted EBITDA for Energy Equipment was $158 million, below the estimated $166.11 million [4] - Adjusted EBITDA for Energy Products and Services was $146 million, slightly lower than the average estimate of $148.25 million [4] Stock Performance - Shares of Nov Inc. have returned +9.7% over the past month, outperforming the Zacks S&P 500 composite's +4.9% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance in the near term [3]

Group 1: Earnings Performance - Nov Inc. reported quarterly earnings of $0.29 per share, missing the Zacks Consensus Estimate of $0.30 per share, and down from $0.57 per share a year ago, representing an earnings surprise of -3.33% [1] - Over the last four quarters, the company has surpassed consensus EPS estimates only once [2] - The company posted revenues of $2.19 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.85%, but down from $2.22 billion year-over-year [2] Group 2: Stock Performance and Outlook - Nov Inc. shares have lost about 4.3% since the beginning of the year, while the S&P 500 has gained 8.6% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The estimate revisions trend for Nov Inc. was unfavorable ahead of the earnings release, resulting in a Zacks Rank 5 (Strong Sell) for the stock, indicating expected underperformance in the near future [6] Group 3: Industry Context - The Oil and Gas - Mechanical and Equipment industry, to which Nov Inc. belongs, is currently in the bottom 14% of over 250 Zacks industries, suggesting a challenging environment [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]