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Innovex International
Innovex International (INVX) investor relations material
Innovex International Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Q4 2025 revenue reached $274 million, up 14% sequentially, with net income of $14 million and Adjusted EBITDA of $52 million at a 19% margin.
Free cash flow for Q4 2025 was $43 million, with a strong cash position of $203 million and no bank debt at year-end.
Integration of recent acquisitions (Citadel, DWS, Dril-Quip) delivered revenue synergies, operational efficiencies, and expanded technology portfolio.
Strategic alliances and new contracts in Asia Pacific, Mediterranean, and Brazil underpin a positive outlook for subsea business.
Ongoing operational transformation includes exiting the Eldridge facility by Q2 2026, reducing footprint and driving margin improvement.
Financial highlights
Q4 2025 revenue was $274 million, up 14% sequentially and 9% year-over-year.
Adjusted EBITDA for Q4 was $52 million (19% margin); free cash flow was $43 million.
Full-year 2025 revenue totaled $978 million; Adjusted EBITDA was $188 million (19% margin); free cash flow was $156 million.
SG&A expenses for 2025 were $129 million (13% of revenue), down from 18% in 2024.
Q4 net income margin was 5%; full-year net income margin was 9%.
Outlook and guidance
Q1 2026 revenue expected at $225–$235 million; Adjusted EBITDA $38–$42 million, reflecting seasonality and delivery timing.
Margin improvement anticipated as low-margin legacy projects roll off and Eldridge facility exit completes by Q2 2026.
Subsea order volume for 2026 projected to rise versus 2025, with growth expected in the back half of 2026 and into 2027.
Free cash flow conversion expected to normalize to 50%-60% in 2026, with potential for higher performance.
Sequential revenue decline anticipated in Q1 2026 due to lower subsea deliveries and seasonality.
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Latest events from Innovex International
- Q3 revenue up 17% to $152M; $83M net income and $15M synergies highlight merger impact.INVX
Q3 202415 Jan 2026 - Post-merger registration allows resale of 44% of shares, with no proceeds to the company.INVXRegistration Filing16 Dec 2025
- Annual meeting to vote on directors, share increase, LTIP, auditor, and executive pay.INVXProxy Filing2 Dec 2025
- Annual meeting covers director elections, share increase, LTIP, auditor, and say-on-pay votes.INVXProxy Filing2 Dec 2025
- Annual meeting to vote on directors, share increase, incentives, auditor, and pay.INVXProxy Filing2 Dec 2025
- Q3 2025 revenue up 58% YoY to $240M, with strong cash flow and major acquisitions completed.INVXQ3 202513 Nov 2025
- Q2 2025 revenue surged 72% YoY to $224.2M, fueled by acquisitions and global expansion.INVXQ2 20256 Aug 2025
- Revenue up 34% to $120.3M; Innovex merger expected to close in Q3 2024.INVXQ2 202413 Jun 2025
- Q1 2025 saw strong growth and cash flow, but margins declined amid integration costs.INVXQ1 20259 Jun 2025
Next Innovex International earnings date
Q1 20264 May, 2026
Innovex International
Next Innovex International earnings date
Q1 20264 May, 2026
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Frequently asked questions
Dril-Quip, Inc. is a provider of highly engineered drilling and production equipment for the global oil and gas industry, focusing on both offshore and onshore applications. The company designs, manufactures, and services products such as subsea and surface wellheads, production trees, mudline hanger systems, specialty connectors, and drilling riser systems. Dril-Quip’s offerings are tailored for use in deepwater, harsh environments, and other demanding applications. The company also provides installation, commissioning, and decommissioning services as part of its lifecycle management solutions for its equipment. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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