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Innovex International (INVX) investor relations material
Innovex International Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2026 revenue was $265.054M, up 10% YoY and 8% sequentially; adjusted EBITDA was $55.400M at a 21% margin.
Net income was $26.286M versus $39.228M in Q3 2025, reflecting lower prior-year asset-sale gains and higher SG&A and legal costs.
U.S. Land share gains, subsea awards and renewed Venezuela activity support growth opportunities and offshore visibility into 2027-28.
Financial highlights
Revenue was $265.054M versus $244.896M in Q2 2026 and $240.000M in Q3 2025; adjusted EBITDA was $55.400M versus $47.997M and $43.613M, respectively.
Net income was $26.286M versus $25.031M in Q2 2026 and $39.228M in Q3 2025; diluted EPS was $0.37 versus $0.57 a year earlier.
Net cash from operations was $38.819M and free cash flow was $32.390M after $6.429M of capital expenditures.
9M revenue increased to $749.0M from $704.6M; 9M adjusted EBITDA rose to $152.7M from $136.2M.
Q3 adjusted EBITDA included $2M of Impulse Litigation expenses, including a $1.8M legal-settlement provision; Q2 included $3M, including a $2.8M provision.
Outlook and guidance
Q4 2026 guidance is $260M-$270M revenue and $53M-$58M adjusted EBITDA.
Q4 outlook assumes a rebound in Eastern Hemisphere subsea deliveries, offset by lower Saudi drilling activity and seasonal softness in U.S. Land production-related products.
Conditional on current-to-slightly-higher U.S. Land activity, stable deepwater activity, no major Venezuela disruption and Middle East activity near Q3 levels, 2027 revenue is expected to rise ~10% versus 2026.
Venezuela revenue is expected at ~$10M in 2027; $20M in 2027 is a stretch, while $20M in 2028 is viewed as credible if trends continue.
- Q2 2026 revenue up 9% to $245M, net income $25M, and TCO acquisition boosts growth outlook.INVX
Q2 2026 - Acquisition of TCO adds high-margin, capital-light products and strengthens global market reach.INVX
Acquisition presentation - Q1 2026 saw $239M revenue, $17M net loss, and $49.3M Adjusted EBITDA with a 21% margin.INVX
Q1 2026 - Votes will be held on director elections, auditor ratification, and executive pay approval.INVX
Proxy filing - Proxy covers director elections, auditor ratification, and executive pay, with strong governance focus.INVX
Proxy filing - Q4 revenue up 14% sequentially, strong cash flow, and margin expansion expected in 2026.INVX
Q4 2025 - Post-merger registration allows resale of 44% of shares, with no proceeds to the company.INVX
Registration Filing - Annual meeting to vote on directors, share increase, LTIP, auditor, and executive pay.INVX
Proxy Filing - Q3 revenue up 17% to $152M, net income $83M, and $15M cost synergies achieved post-merger.INVX
Q3 2024
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