Quarterly ResultApr 28, 2026, 09:07 AM
NOV Q1 Revenue $2.05B, Net Income $19M; Middle East Impact $54M
AI Summary
NOV Inc. reported Q1 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 decreased 30% to $177 million, primarily due to an estimated $54 million revenue and $32 million Adjusted EBITDA impact from the Middle East conflict. Despite disruptions, the company returned $100 million to shareholders and announced a 20% increase in its base dividend, while management expressed optimism for a new capital equipment cycle.
Key Highlights
- Q1 2026 Revenue decreased 2% YoY to $2.05 billion.
- Q1 2026 Net income was $19 million, or $0.05 per share, down $54 million YoY.
- Adjusted EBITDA decreased 30% YoY to $177 million, or 8.6% of sales.
- Middle East conflict impacted Q1 revenue by $54 million and Adjusted EBITDA by $32 million.
- Returned $100 million to shareholders in Q1 through $67 million in share repurchases and $33 million in dividends.
- Energy Equipment revenue increased 4% to $1.19 billion; Energy Products and Services revenue decreased 10% to $897 million.
- Awarded contracts for deepwater offshore production in Brazil and expanded subsea flexible pipe manufacturing capacity.
- Q2 2026 guidance: Revenue decline 4-6% YoY; Adjusted EBITDA $185 million to $215 million.
Price Impact
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