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NOV (NOV) investor relations material
NOV Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary29 Jul, 2025
Executive summary
Q2 2025 revenue reached $2.2B, up 4% sequentially but down 1% year-over-year; net income was $108M, down 52% due to a prior-year gain and restructuring costs; adjusted EBITDA was $252M (11.5% margin).
Market conditions remain challenging due to macroeconomic uncertainty, OPEC+ quota changes, Middle East conflicts, and lower drilling activity, leading to cautious customer behavior.
Cost reduction initiatives are underway, targeting over $100M in annual savings by 2026 to offset inflation and rising tariffs.
Multi-year contracts for digital services, automation, and advanced equipment were secured, supporting energy transition and operational efficiency.
Offshore activity and international markets remain strong, while North American drilling declined; the company is positioned for long-term growth.
Financial highlights
Revenue: $2.2B, up 4% sequentially, down 1% year-over-year; net income: $108M; EPS: $0.29 per diluted share.
Adjusted EBITDA: $252M (11.5% margin); free cash flow: $108M; gross profit: $446M (20.4% margin).
Working capital as a percentage of revenue improved by 300 bps year-over-year.
Cash and cash equivalents at June 30, 2025: $1.08B; total debt: $1.73B; $1.5B available on credit facility.
$150M spent on share repurchases YTD; $135M in dividends paid YTD; $176M returned to shareholders in Q2.
Outlook and guidance
Q3 2025 consolidated revenue expected to decline 1–3% year-over-year; adjusted EBITDA forecasted at $230M–$250M.
Second half 2025 sales projected to be flat to modestly up versus first half, supported by backlog and seasonal international tool purchases.
Offshore activity and demand for production technologies expected to accelerate in 2026; management expects growth in wind, geothermal, and carbon capture projects.
The company aims to return at least 50% of excess free cash flow to shareholders via dividends and buybacks.
Management anticipates lower industry activity through H2 2025, with offshore growth resuming in 2026.
Explain the drivers behind the Energy Products and Services revenue decline.
Detail the cost control initiatives being implemented.
What is driving the expected offshore activity growth in 2026?
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Q3 202528 Oct, 2025
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Frequently asked questions
NOV Inc., formerly known as Northern Oil and Gas Inc., is a provider of drilling and production solutions for oil and gas drilling operations, as well as for applications in the industrial and renewable energy sectors. The company designs and fabricates systems to improve the safety, productivity, reliability, cost-effectiveness, and efficiency of operations in its target industries. Its system solutions are sold directly to customers to implement on their own equipment or through independent manufacturers of drilling systems under OEM agreements. The company has manufacturing facilities in Calgary, Alberta; Houston, Texas; Fountain Valley, California; Clackamas, Oregon; Visalia, California; Tijuana, Mexico; Kiev, Ukraine; and Zhuhai, China.
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