Key Takeaways NOV's shares jumped 37.9% in 3 months, beating oil and gas equipment peers and the broader energy sector.NOV logged a record $4.56B Energy Equipment backlog, with a 141% book-to-bill supporting visibility into 2026.NOV faces headwinds from a 68% YoY net income drop despite only a 1% revenue decline in Q3 2025.NOV Inc. (NOV) is a global provider of engineered equipment, components and technology solutions used in oil and gas drilling, well construction and production operations. Through its bro ...

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]