NOV (NOV) Q3 2026 Earnings
Includes $28 million in pre-tax Other Items (severance, inventory write-downs, facility closure costs) and $18 million net loss on write-down of fixed assets
How Did NOV Stock React to Q3 2026 Earnings?
Did NOV Beat Earnings? Q3 2026 Results
Yes. NOV reported Q3 2026 earnings of $0.25 a share on Oct 28, 2026, beating the $0.25 consensus estimate by 0.0%. Revenue was $2.2B against a $2.2B estimate.
NOV Inc. delivered a narrow but clean beat in the third quarter of 2026, reporting GAAP earnings of $0.25 per diluted share against a consensus estimate of $0.25, a margin of 0.04%, while revenue of $2.23 billion came in 1.52% ahead of the $2.19 billion Wall Street had penciled in and rose 2.3% from a year earlier. The GAAP result includes $28 million in pre-tax charges tied to severance, inventory write-downs, and facility streamlining costs, as well as an $18 million net write-down of fixed assets from facility closures. The primary engine of the quarter's revenue growth was the Energy Products and Services segment, which expanded 9% year-over-year to $1.06 billion on stronger drill pipe and composite equipment throughput, helping offset a 2% year-over-year decline in Energy Equipment to $1.22 billion. The stock had already attracted attention heading into the print amid a broader energy services rally. Looking ahead, NOV guided fourth-quarter consolidated revenue roughly flat year-over-year, with Adjusted EBITDA of $260 million to $300 million, though management flagged anticipated moderation in Middle East drilling activity as a near-term headwind.
- Increasing manufacturing throughput against growing backlog of drill pipe and composite equipment
- Favorable project mix and improved margins in backlog for Energy Equipment
- Continued improvement in cost structure and operational efficiencies
- Strong international growth including 20%+ YoY growth in Argentina and 20%+ QOQ and YOY growth in the Middle East
- Record revenue in Production Midstream and Digital Services
- Seven straight quarters of higher YoY revenue, Adjusted EBITDA, and margins in Subsea Flexible Pipe
- ~35% sequential incremental margins excluding tariff refund benefits
“NOV delivered another strong quarter, building on the operational momentum established earlier this year. The solid sequential and year-over-year revenue growth reflects our continued focus on supporting customers in the Middle East and ramping manufacturing throughput against our growing backlog of capital equipment orders in our Energy Products and Services segment. Strong Adjusted EBITDA flowthrough, excluding tariff refund benefits, reflects disciplined execution, continued efficiency gains, and our efforts to better leverage NOV's global platform.”
NOV CEO, on the earnings call
What Is NOV's Outlook?
For Q4 2026, NOV expects consolidated revenues to be roughly flat year-over-year, with Adjusted EBITDA between $260 million and $300 million. Energy Equipment revenue is expected to decrease 4% to 6% year-over-year with Adjusted EBITDA of $175 million to $205 million. Energy Products and Services revenue is expected to increase 6% to 8% year-over-year with Adjusted EBITDA of $140 million to $160 million. Management expects moderation in Middle East activity during Q4 as certain customers adjust drilling programs, but sees a constructive backdrop for demand driven by energy security needs, supply diversification requirements, and limited availability of modern high-specification equipment. Full-year 2026 capital expenditures are expected to be $340 million to $360 million. NOV expects to return at least 50% of Excess Free Cash Flow to shareholders.
NOV YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $2.2B | $2.2B | +2.3% |
| Gross Profit | $439.0M | $412.0M | +6.6% |
| Operating Income | $142.0M | $107.0M | +32.7% |
| Net Income | $90.0M | $42.0M | +114.3% |
NOV Revenue by Segment
NOV Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.