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Innovex International (INVX) investor relations material

Innovex International Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Revenue for Q2 2025 rose 72% year-over-year to $224.2M, driven by the Merger and acquisitions of DWS, SCF, and Citadel, with net income up 61% to $15.3M.

  • International and Offshore markets contributed 48% of revenue for the six months ended June 30, 2025, reflecting strategic expansion beyond North America.

  • The company completed major acquisitions: DWS (remaining 80%), SCF Machining, and Citadel Casing Solutions, enhancing product offerings and global reach.

  • A $100M share repurchase program was authorized, with $9.3M in shares repurchased in H1 2025.

  • The company amended its certificate to increase authorized common stock to 200M shares.

Financial highlights

  • Q2 2025 revenue: $224.2M (up 72% YoY); net income: $15.3M (up 61% YoY); Adjusted EBITDA: $46.6M (up 58% YoY).

  • H1 2025 revenue: $464.6M (up 80% YoY); net income: $30.1M (up 16% YoY); Adjusted EBITDA: $92.6M (up 49% YoY).

  • Free cash flow for H1 2025 was $75.9M, up 144% from H1 2024.

  • Gross margin for Q2 2025 was 32% (down from 35% in Q2 2024); Adjusted EBITDA margin was 21%.

  • Return on Capital Employed for the twelve months ended June 30, 2025 was 13%, down from 17% a year earlier.

Outlook and guidance

  • Management expects stable global upstream energy spending and sustained customer activity, supported by underinvestment in oil and gas development and stable commodity prices.

  • The company anticipates continued growth in International and Offshore markets and ongoing margin expansion through integration of recent acquisitions.

  • Existing cash, operations, and $110.4M in revolver availability are expected to meet liquidity needs.

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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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