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NOV (NOV) investor relations material
NOV Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Q3 2025 revenue was $2.18 billion, down 1% year-over-year; net income fell 68% to $42 million, or $0.11 per share, and adjusted EBITDA was $258 million (11.9% margin), reflecting strong execution despite a challenging macro environment and softening oilfield activity.
Free cash flow was $245 million, with a 95% EBITDA-to-free-cash-flow conversion, driven by strong project execution and working capital efficiency.
Bookings reached $951 million, with a record energy equipment backlog of $4.56 billion and a book-to-bill ratio of 141%, more than doubling sequentially.
Major contract wins included MEG reclamation systems, deepwater rig automation, and subsea flexible riser systems, highlighting technology leadership.
$65 million in Other Items impacted Q3, mainly from asset and inventory write-downs, litigation-related charges, and restructuring.
Financial highlights
Q3 2025 consolidated revenue was $2.18 billion, down 1% year-over-year and sequentially.
Net income was $42 million, or $0.11 per diluted share, down from $130 million in Q3 2024.
Adjusted EBITDA was $258 million (11.9% of sales), down 10% year-over-year but up 2% sequentially.
Free cash flow for Q3 2025 was $245 million.
Operating profit for Q3 2025 was $107 million, down 45% year-over-year.
Outlook and guidance
Q4 2025 consolidated revenue expected to decline 5–7% year-over-year, with adjusted EBITDA projected between $160–$260 million.
Energy Equipment segment Q4 revenue expected to decline 2–4% year-over-year, with EBITDA of $160–$180 million.
Energy Products and Services segment Q4 revenue expected to decline 8–10% year-over-year, with EBITDA of $120–$140 million.
Near-term market conditions expected to remain soft, with global drilling activity likely to drift lower and tariffs/inflation weighing on margins.
Offshore drilling and FPSO activity expected to pick up in late 2026 and 2027, driving stronger demand and higher earnings amplitude as cycles converge.
Elaborate on ongoing cost structure improvement actions
How will segment strategies address diverging trends?
How do recent tech innovations drive market share?
How does NOV enable deepwater's cost advantage?
How does segment mix shift impact resilience?
What is the market impact of ATOM RTX robotics?
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Q4 20255 Feb, 2026
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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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