NOV Q1 Revenue $2.05B (-2% YoY); Net Income $19M; Adjusted EBITDA $177M
NOV Inc. reported first quarter 2026 revenues of $2.05 billion, a 2% decrease year-over-year, with net income falling to $19 million, or $0.05 per share. Adjusted EBITDA also decreased to $177 million. The company attributed significant operational disruptions and increased costs to the conflict in the Middle East, impacting revenue by an estimated $54 million and Adjusted EBITDA by $32 million. Despite these challenges, NOV returned $100 million to shareholders through share repurchases and dividends, and the CEO expressed optimism for a more constructive environment and a new capital equipment cycle due to market shifts and energy security focus. The company also secured several significant contracts for deepwater offshore production, rig reactivations, and CO2 treatment solutions.
Key Highlights
- NOV Q1 2026 revenues of $2.05 billion, a 2% decrease YoY.
- Net income of $19 million, or $0.05 per share, down $54 million YoY.
- Adjusted EBITDA decreased $75 million YoY to $177 million.
- Returned $100 million to shareholders via $67 million in share repurchases and $33 million in dividends.
- Energy Equipment revenues were $1.19 billion (+4% YoY), with $520 million in new orders.
- Energy Products and Services revenues were $897 million (-10% YoY).
- Middle East conflict impacted revenue by $54 million and Adjusted EBITDA by $32 million.
- Q2 2026 outlook: consolidated revenues to decline 4-6% YoY; Adjusted EBITDA $185M-$215M.
Price Impact
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