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Innovex International (INVX) investor relations material
Innovex International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved $240 million in Q3 2025 revenue, up 58% year-over-year and 7% sequentially, with net income of $39 million and strong market share gains in North America and international markets, driven by acquisitions and operational execution.
Completed major acquisitions including Citadel, Dril-Quip, SCF, and DWS, expanding product offerings and global reach.
Closed the sale of the Eldridge facility for $90 million, generating $87 million in net proceeds and reducing operational footprint by 80%.
Signed an exclusive subsea wellhead supply agreement with OneSubsea, strengthening subsea market position and opening new long-term growth opportunities.
Maintained resilience in a challenging market, with continued market share gains and record technology deployment in key international regions.
Financial highlights
Q3 2025 revenue: $240 million (up 58% year-over-year, 7% sequentially); net income: $39 million; Adjusted EBITDA: $44 million (18% margin); free cash flow: $37 million.
Net cash from operations: $48 million; capital expenditures: $12 million (5% of revenue), with $4 million one-time integration-related.
Gross margins remained flat quarter over quarter, resilient at 32-34% LTM.
Free cash flow conversion: 83–84% in Q3; year-to-date $112 million (+120% YoY).
Ended Q3 with $163 million in cash and $26 million in total debt; $132.8 million available under the revolving credit facility.
Outlook and guidance
Q4 2025 guidance: revenue of $235–$245 million and adjusted EBITDA of $42–$47 million, assuming flat market activity.
Margins expected to remain under pressure in Q4 due to ongoing integration, tariffs, and product mix; improvement anticipated in 2026 post-facility consolidation.
CapEx to remain slightly elevated through year-end, normalizing in 2026.
Long-term goal to expand adjusted EBITDA margins to 25%, contingent on market recovery in key regions.
Management expects stable global upstream energy spending and sustained customer activity, supported by industry underinvestment and strong demand.
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