Highlights

  • Third quarter 2026 revenue was $2,226 million, compared with $2,176 million in the third quarter of 2025.
  • Net income attributable to the company was $90 million, or $0.25 per diluted share, compared with $42 million, or $0.11.
  • Energy Equipment capital equipment backlog was $3.98 billion at September 30, 2026, compared with $4.56 billion at September 30, 2025.
  • Cash and cash equivalents were $1,058 million and total debt was $1,707 million at September 30, 2026.

NOV Inc. (NYSE:NOV) shares were trading at USD 19.48 on October 28, 2026, down 5.23%, with a relative volume at time of 3.10. The energy equipment and technology company filed its quarterly report for the period ended September 30, 2026 on October 28, covering results, facility closure charges, backlog and capital return.

NOV is incorporated in Delaware and has its principal executive offices in Houston, Texas. The company describes itself as an independent equipment and technology provider to the global energy industry, serving customers in 56 countries. It operates under two segments. Energy Equipment manufactures capital equipment and integrated systems for oil and gas exploration and production. Energy Products and Services makes and rents products used in drilling, intervention, completion and production, including drill bits, downhole tools and drill pipe. Its fiscal year ends December 31.

Third Quarter 2026 Results

Revenue for the third quarter ended September 30, 2026 was $2,226 million, compared with $2,176 million in the third quarter of 2025. Nine-month revenue was $6,412 million, compared with $6,467 million. Operating profit was $142 million, or 6.4 percent of sales, compared with $107 million, and adjusted operating profit, a non-GAAP measure, was $188 million. Adjusted EBITDA, a non-GAAP measure, was $281 million, or 12.6 percent of sales, and included a benefit of approximately $5 million related to tariff refunds.

Net income attributable to the company was $90 million, or $0.25 per diluted share, compared with $42 million, or $0.11. For the nine months, it was $221 million, or $0.61 per diluted share, compared with $223 million, or $0.59.

Energy Equipment revenue was $1,220 million, a decrease of 2 percent from $1,247 million, which the company attributed to the completion of certain offshore production related projects. Operating profit was $122 million, compared with $130 million, and included $14 million in pre-tax Other Items and a $22 million net loss on write-down of fixed assets. The company said the decrease in operating profit was primarily attributable to charges associated with facility closures.

Energy Products and Services revenue was $1,057 million, compared with $971 million, and operating profit was $88 million, compared with $38 million.

Backlog, Cash Flow and Capital

New orders booked in Energy Equipment during the quarter totaled $577 million, representing a book-to-bill of 91 percent. Capital equipment backlog was $3.98 billion at September 30, 2026, and the company expects approximately 15 percent of backlog to become revenue during the rest of 2026.

Net cash provided by operating activities was $32 million for the nine months, compared with $678 million. Capital expenditures were $234 million, dividend payments were $129 million and share repurchases were $145 million. In the third quarter, the company repurchased approximately 0.8 million shares for $15 million. Cash dividends were $0.09 per share for the quarter.

Cash and cash equivalents were $1,058 million, compared with $1,552 million at December 31, 2025, and approximately $675 million was held by foreign subsidiaries. Total debt was $1,707 million, including $1,092 million of 3.95% Senior Notes maturing December 1, 2042 and $498 million of 3.60% Senior Notes maturing December 1, 2029. The $1.5 billion revolving credit facility, available through September 12, 2030, had no borrowings.

Outlook

The 10-Q does not provide numerical guidance. It states that macroeconomic and geopolitical uncertainty remains elevated due to the conflict in the Middle East. Management said it believes reduced production capacity from years of underinvestment, together with the need to diversify supply sources, will spur renewed investment in upstream capacity, and that it expects increased demand for the company's equipment and technology.

The company reported the average West Texas Intermediate crude oil price at $87.22 per barrel for the third quarter, compared with $95.75 in the second quarter.