Innovex International (INVX) Q3 2026 earnings summary

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.