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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
NOV
NOV (NOV) investor relations material
NOV Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 revenue was $2.226B, up 4% sequentially and 2% YoY; Adjusted EBITDA was $281M, including a ~$5M tariff-refund benefit.
Margin gains and operational efficiencies, alongside offshore and international growth opportunities, supported management’s confidence in stronger earnings potential; $1.5B annual EBITDA represents capacity, not a timed forecast.
Financial highlights
GAAP net income attributable was $90M, or $0.25 per diluted share; operating profit was $142M and adjusted operating profit was $188M.
Adjusted EBITDA was $281M, or 12.6% of sales; gross profit was $439M, versus $412M YoY.
Free cash flow was a $47M use, with delayed Middle East milestone billings and collections and logistics-related inventory buffers weighing on cash flow.
Nine-month revenue was $6.41B versus $6.47B; net income attributable was $221M versus $223M, and diluted EPS was $0.61 versus $0.59.
Q3 operating profit included $28M in pretax Other Items and an $18M net fixed-asset write-down, primarily related to facility closures.
Outlook and guidance
Q4 revenue is expected roughly flat YoY, with Adjusted EBITDA of $260M–$300M; Energy Equipment revenue is expected down 4%–6% and EBITDA $175M–$205M, while Energy Products and Services revenue is expected up 6%–8% and EBITDA $140M–$160M.
Including Q4 guidance, H2 2026 revenue is expected to grow ~7% from H1, with mid-40% incremental EBITDA margins excluding tariff refunds; FY capex is forecast at $340M–$360M and the annual effective tax rate at ~30%.
Q4 working capital is expected to be ~25% of annualized revenue; EBITDA-to-free-cash-flow conversion is expected to return to the 50% range in 2027.
Management expects 2027 offshore bookings to meaningfully exceed 2026 and 2025; equipment order intake and revenue momentum may build as projects move from sanctioning to procurement.
Energy Equipment backlog was $3.978B at September 30, with ~15% expected to convert to revenue in the remainder of 2026; remaining performance obligations totaled $4.27B.
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Latest events from NOV
- FY2023 operating profit rose to $651M as international and offshore demand strengthened.NOV
Q4 2023 - Q2 2026 revenue up 4% to $2.13B, net income $112M, strong margins, and $40M tariff refund.NOVQ2 2026
- Q1 2026 revenue and profit declined due to Middle East disruptions; outlook remains cautious.NOVQ1 2026
- Votes sought for nine directors, auditor ratification, and executive pay approval.NOVProxy filing
- Proxy covers director elections, auditor ratification, executive pay, and strong governance practices.NOVProxy filing
- Q4 2025 revenue up 5% to $2.28B, strong cash flow, and mixed segment trends amid market headwinds.NOVQ4 2025
- Q3 2025 saw lower earnings but record bookings and strong free cash flow amid industry headwinds.NOVQ3 2025
- Q2 2025 saw sequential revenue growth, margin pressure, and strong digital contract wins.NOVQ2 2025
- Q3 revenue and net income rose, with record backlog and strong offshore demand.NOVQ3 2024
Next NOV earnings date
Q4 20264 Feb, 2027
NOV
Next NOV earnings date
Q4 20264 Feb, 2027
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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.