| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 2.2K | 0.6% | 0.7% |
| Total Income | 2.2K | 0.6% | 0.7% |
| Expenditure | 2.1K | 1.2% | 3.6% |
| PBT | 73.00 | 36.5% | 58.0% |
| Net Profit | 42.00 | 61.1% | 67.7% |
| OPM | 4.92% | 1.62pp | 3.94pp |
| NPM | 1.93% | 3.01pp | 4.00pp |
| EPS | 0.11 | 62.1% | 66.7% |
NOV Inc. Reports Q3 2025 Results: Bookings of $951 Million
04 May 2026 · 4 May, 8:46 am
Summary
NOV Inc. reported third quarter 2025 revenues of $2.18 billion, a 1% decrease compared to the third quarter of 2024. Net income decreased 68% to $42 million, or $0.11 per share. Adjusted EBITDA decreased 10% year-over-year to $258 million, representing 11.9% of sales. The company's bookings reached $951 million, resulting in a book-to-bill ratio of 141%. For the fourth quarter of 2025, the company expects year-over-year consolidated revenues to decline between five to seven percent with Adjusted EBITDA expected to be between $230 million and $260 million.
Key Highlights
- 1
NOV reported third quarter 2025 revenues of $2.18 billion, a decrease of one percent compared to the third quarter of 2024.
- 2
Net income decreased 68 percent to $42 million, or $0.11 per share.
- 3
Adjusted EBITDA decreased 10 percent year-over-year to $258 million, or 11.9 percent of sales.
- 4
New orders booked during the quarter totaled $951 million, representing a book-to-bill of 141 percent.
- 5
As of September 30, 2025, backlog for capital equipment orders for Energy Equipment totaled $4.56 billion, an increase of $77 million from the third quarter of 2024.
- 6
Cash flow from operations was $352 million and free cash flow was $245 million.
- 7
The company returned $108 million of capital to shareholders through share repurchases and dividends.
Management Comments
Clay Williams
NOV's operational performance improved sequentially in the third quarter. Strong execution on our offshore production backlog, disciplined cost control efforts, and continued efficiency improvements helped NOV maintain steady revenue and margins sequentially despite lower activity in energy and industrial markets. These efforts, combined with improved working capital management, drove robust free cash flow of $245 million during the quarter. Demand for NOV’s production equipment remains strong as the offshore upcycle gains momentum and global natural gas development expands. Bookings more than doubled sequentially, resulting in a book-to-bill ratio of 141%. While near-term industry fundamentals remain challenged, and inflationary pressures are prompting reassessments of both energy and industrial projects, the breadth and resilience of NOV’s portfolio continue to underpin our performance. We are encouraged by the resurgence in offshore investment and the emergence of unconventional development in new regions as these trends will rely on NOV’s differentiated tools and technologies. Our longstanding commitment to technology leadership and our diverse portfolio provide strength through cycles and opportunities for growth. Along with ongoing actions to improve our cost structure and better leverage our global platform, NOV is positioned to increase profitability, generate strong cash flow, and unlock long-term shareholder value.”
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