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]

NOV (NYSE:NOV) Q4 2025 Earnings call February 05, 2026 11:00 AM ET Company ParticipantsAmy D'Ambrosio - Director of Investor RelationsJeff LeBlanc - TPH and CompanyJim Rollyson - DirectorJose Bayardo - CEOMarc Bianchi - Managing DirectorRodney Reed - CFOStephen Gengaro - Managing DirectorConference Call ParticipantsDaniel Kutz - VP and Equity AnalystOperatorDay, and thank you for standing by. Welcome to the NOV Fourth Quarter 2025 Earnings Conference Call. At this time, all participants are on a listen-only ...

NOV (NYSE:NOV) Q4 2025 Earnings call February 05, 2026 11:00 AM ET Company ParticipantsAmy D'Ambrosio - Director of Investor RelationsJeff LeBlanc - TPH and CompanyJim Rollyson - DirectorJose Bayardo - CEOMarc Bianchi - Managing DirectorRodney Reed - CFOStephen Gengaro - Managing DirectorConference Call ParticipantsDaniel Kutz - VP and Equity AnalystOperatorday, and thank you for standing by. Welcome to the NOV fourth quarter 2025 earnings conference call. At this time, all participants are on a listen-only ...

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]

NOV Inc. Safe Harbor / Forward Looking Statements / Non-GAAP Financial Measures 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," "predic ...

Exhibit 99.1 "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." NEWS Contact: Amie D'Ambrosio (713) 375-3826 FOR IMMEDIATE RELEASE NOV REPORTS FOU ...

分组1 - Nov Inc. reported quarterly earnings of $0.02 per share, missing the Zacks Consensus Estimate of $0.25 per share, and down from $0.41 per share a year ago, representing an earnings surprise of -91.94% [1] - The company posted revenues of $2.28 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 4.97%, but down from year-ago revenues of $2.31 billion [2] - Nov Inc. has not surpassed consensus EPS estimates over the last four quarters, although it has topped consensus revenue estimates four times during the same period [2] 分组2 - The stock has gained approximately 20.1% since the beginning of the year, outperforming the S&P 500's gain of 1.1% [3] - The current consensus EPS estimate for the coming quarter is $0.22 on revenues of $2.03 billion, and for the current fiscal year, it is $1.09 on revenues of $8.49 billion [7] - The Zacks Industry Rank for Oil and Gas - Mechanical and Equipment is currently in the top 40% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]