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Sep 30, 2025
NOV Q3 2025 Earnings Report
NOV reported Q3 2025 results with revenue holding steady and robust free cash flow generation despite industry headwinds.
Key Takeaways
NOV delivered $2.18 billion in revenue and $42 million in net income for Q3 2025. Strong operational execution and cost control offset market softness, resulting in strong free cash flow and a 141% book-to-bill ratio.
Revenue totaled $2.18 billion, down 1% YoY but nearly flat sequentially.
Net income declined to $42 million, affected by $65 million in Other Items.
Free cash flow was strong at $245 million, driven by working capital improvements.
Backlog for Energy Equipment rose to $4.56 billion, signaling robust demand.
Revenue by Segment
Forward Guidance
NOV expects Q4 2025 revenue to decline 5–7% YoY, with Adjusted EBITDA in the $230–260 million range.
Positive Outlook
- Strong backlog in offshore production equipment.
- Sequential improvement in adjusted EBITDA.
- Operational execution remains disciplined.
- Efficiency initiatives support margin resilience.
- New bookings show growing demand.
Challenges Ahead
- Industry fundamentals remain challenged.
- Inflationary pressures impacting project economics.
- Reduced demand in industrial markets.
- Softness in aftermarket services.
- Write-downs and restructuring charges weigh on profits.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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