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Dec 31, 2025
Dril-Quip Q4 2025 Earnings Report
Innovex International, Inc. Q4 2025 Earnings Report
Key Takeaways
Innovex delivered a strong finish to 2025, with Q4 revenue of $273.6 million exceeding guidance due to higher subsea deliveries and acquisition synergies. While subsea projects weighed on margins, the company generated significant free cash flow and maintained a debt-free balance sheet.
Q4 Revenue of $273.6 million grew 14% sequentially and 9% year-over-year.
Successfully converted 83% of Adjusted EBITDA into Free Cash Flow for the full year.
Maintained a strong liquidity position with $203.4 million in cash and no bank debt.
Strategic exit from the legacy Eldridge facility is on track for completion by Q2 2026 to improve future margins.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For Q1 2026, Innovex expects a sequential decrease in revenue and EBITDA due to seasonality and the timing of subsea deliveries.
Positive Outlook
- Expected Q1 2026 revenue between $225 million and $235 million.
- Anticipated Adjusted EBITDA of $38 million to $42 million.
- Continued market share growth across U.S. Land and International markets.
- Planned exit of Eldridge facility to optimize manufacturing footprint.
- Strong pipeline of 'small ticket, big impact' M&A opportunities.
Challenges Ahead
- Sequential revenue decrease expected in Q1 2026.
- Low-margin subsea projects expected to weigh on margins through H1 2026.
- Normal seasonality affecting early year performance.
- Earlier-than-anticipated execution of Q1 deliveries pulled into Q4 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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