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Dec 31, 2025
NOV Q4 2025 Earnings Report
The company reported a net loss while generating strong cash flow in the fourth quarter.
Key Takeaways
NOV reported a fourth-quarter net loss driven by impairment charges, while revenues were stable sequentially and cash flow from operations and free cash flow remained strong.
Fourth-quarter revenue reached $2.28 billion with mixed segment performance
Net loss was primarily driven by goodwill and long-lived asset impairments
Adjusted EBITDA totaled $267 million, reflecting resilient margins
Strong cash generation enabled continued capital returns to shareholders
Revenue by Segment
Forward Guidance
Management expects near-term pressure from market uncertainty with improvement anticipated later in 2026.
Positive Outlook
- Strong backlog supporting Energy Equipment execution
- Improving offshore drilling indicators
- Continued focus on operational efficiencies
- Solid liquidity position with substantial cash on hand
- Commitment to disciplined capital returns
Challenges Ahead
- Oversupplied oil market conditions
- Customer spending caution in early 2026
- Geopolitical and macroeconomic uncertainty
- Lower demand for aftermarket parts and services
- Potential volatility in commodity prices
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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