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NOV Inc. (NOV)
NYSE:NOV
Earnings Data
Report Date
Apr 23, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.23Last Year’s EPS
0.22Same Quarter Last Year
Moderate Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a mostly constructive picture: the company demonstrated strong cash generation, improved working capital and segment-level wins (notably subsea flexible pipe, Process Systems and Energy Equipment), a healthy backlog and a very conservative balance sheet. These positives are balanced against near-term challenges including a Q4 net loss, an $86M impairment, tariff and inflation pressures, weaker aftermarket and short-cycle demand, and guidance for slightly lower revenue and materially lower cash conversion in 2026. Management emphasized operational efficiency, a $100M cost-out program, disciplined M&A and optimism for an offshore-led recovery in late 2026–2027. Overall, the strengths and demonstrated resilience outweigh the short-term headwinds, but the company signals a cautious near-term outlook.Company Guidance
Quarterly and Annual Revenue Resilience
Q4 2025 revenue of $2.28B (+5% sequential, -1% year-over-year); full year 2025 revenue of $8.74B (-1% year-over-year).
Strong EBITDA and Cash Generation
Q4 adjusted EBITDA of $267M (11.7% of sales) and adjusted operating profit of $177M (7.8% of sales). Full year adjusted EBITDA ~ $1.03B, exceeding $1B for the third consecutive year.
Exceptional Free Cash Flow and Conversion
Free cash flow of $472M in Q4 and $876M for full year 2025; $1.8B free cash flow over the last 2 years. Converted over 85% of EBITDA to cash for the second consecutive year.
Improved Working Capital and Cash Conversion Cycle
Cash conversion cycle improved to 119 days from 143 days in 2023; working capital to revenue run rate reduced to <22% from 28.8% in 2023, freeing approximately $630M of cash.
Backlog, Orders and Book-to-Bill
Ended 2025 with backlog of $4.34B. 2025 book-to-bill ~91% with capital equipment orders of $532M in Q4 and $2.34B for full year. Company expects full-year 2026 book-to-bill near 100%.
Energy Equipment Segment Strength
Energy Equipment Q4 revenue $1.33B (+7% sequential, +4% YoY) and adjusted EBITDA $180M (13.5% margin). Capital equipment drove 63% of segment revenue (up 8% sequential, +15% YoY). Four consecutive years of revenue and margin growth in the segment.
Outstanding Performance in Key Growth Businesses
Subsea flexible pipe: highest quarterly revenue and EBITDA on record for the second consecutive quarter; backlog doubled since end of 2023 and annual shipments up ~50%. Process Systems: Q4 revenue +40% YoY, full year revenue >30% growth and bookings doubled vs 2024.
Balance Sheet and Capital Return
Net debt-to-EBITDA 0.2x, repurchased 5.7M shares for $85M in the quarter, paid $27M in dividends; total capital returned to shareholders $505M YTD and $842M over 2 years while increasing cash balance by $736M.
Operational Efficiency Programs
Ongoing $100M cost-out program and process improvements expected to deliver >$100M annualized savings by end of 2026; inventory turns improved from 3.1 (2023) to ~3.9 (2025).
Positive Market Signals for Offshore Recovery
Increasing offshore tendering (59 floater contracts Sep 2025–Jan 2026 vs 33 prior year), potential for up to 10 FPSO FIDs in 2026 and expectations of improved offshore activity driving spare parts, upgrades and capital equipment demand.
NOV Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NOV Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 04, 2026 | $19.38 | ― | ― |
Oct 28, 2025 | $14.88 | $15.24 | +2.41% |
Jul 29, 2025 | $12.90 | $12.65 | -1.92% |
Apr 28, 2025 | $11.84 | $11.60 | -1.96% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does NOV Inc. (NOV) report earnings?
NOV Inc. (NOV) is schdueled to report earning on Apr 23, 2026, After Close (Confirmed).
What is NOV Inc. (NOV) earnings time?
NOV Inc. (NOV) earnings time is at Apr 23, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is NOV EPS forecast?
NOV EPS forecast for the fiscal quarter 2026 (Q1) is 0.23.