EarningsQ2 2026 Earnings Report
MX:NOV Q2 2026 EPS Results
Actual EPS$5.64
Consensus EPS$3.02
Beat/MissBeat by +$2.62
One Year Ago EPS$6.14
MX:NOV Q2 2026 Revenue Results
Actual Revenue$38.79B
Expected Revenue$37.89B
Beat/MissBeat by +$903.91M
YoY Revenue Growth-2.47%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeAfter Close
Conference CallTuesday, July 28, 2026
MX:NOV Upcoming Earnings
NOV's next earnings date is estimated for October 27, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:NOV Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed an overall positive trajectory: sequential revenue and margin improvement, record or near‑record performance in several businesses (notably subsea flexible pipe, Energy Equipment margins, and drill bits), strong bookings in key capital and rental businesses, and continued cost and operational initiatives. These positives are tempered by a material one‑time tariff benefit, negative free cash flow for the quarter, elevated tariffs and inventory, ongoing Middle East logistical and activity uncertainty, and capacity/order timing constraints that keep some recovery deferred into late 2026 and 2027. On balance management expects a broadening market recovery and higher earnings power going forward.Company Guidance
Consolidated Revenue and Profitability
Q2 FY26 revenue of $2.13 billion (up 4% sequentially, down ~2% YoY). Net income $112 million ($0.31 per diluted share). Adjusted EBITDA $283 million (13.3% of sales); excluding a ~$40 million AIPA tariff refund benefit adjusted EBITDA was $243 million.
Strong Sequential EBITDA Conversion
Excellent sequential profitability: management reported adjusted EBITDA incrementals of ~130% sequentially (and ~80% when excluding the AIPA tariff benefit), reflecting strong operational execution and favorable mix on modest sequential revenue growth.
Energy Equipment Segment Margin and Backlog Strength
Energy Equipment revenue $1.22 billion (+2% sequentially, +1% YoY). Segment adjusted EBITDA $200 million (16.4% of sales), the highest quarterly EBITDA margin since the segment's formation. Q2 capital equipment orders $474 million (+13% YoY) with a Q2 book-to-bill of 0.74 and ending backlog of $4.1 billion.
Subsea Flexible Pipe Outperformance
Subsea flexible pipe achieved record EBITDA performance; trailing-12-month book-to-bill 135% and quarter-ending backlog +28% YoY. Milestone delivery: cumulative 1,000 km of flexible pipe produced from Brazil facility, supporting strong demand ahead of planned capacity expansion.
Energy Products & Services Momentum and Digital Adoption
EPS segment revenue $974 million (down 5% YoY but +9% sequentially) with adjusted EBITDA $144 million (14.8%). Notable achievements: drill bits reported record quarterly revenue and eight consecutive quarters of YoY growth; drill pipe H1 bookings strongest in over 10 years with backlog ~2x YoY; wired drill pipe services nearly doubled; artificial lift installs +20% versus the prior two quarters. NOV Digital recorded a fourth straight quarter of YoY revenue growth and won significant digital contracts.
Operational Improvement and Cost Actions
Ongoing simplification, facility consolidation and manufacturing efficiency initiatives. Management referenced a previously announced ~$100 million annualized cost savings program; realized real-estate dispositions (~$45 million) and continued efforts to standardize processes are delivering margin benefits and additional structural savings.
Capital Return and Financial Positioning
Q2 share repurchases of 3.2 million shares for $63 million and dividends of $64 million (including $0.09 supplemental). Since Q2 2024 NOV returned over $1 billion to shareholders while cash increased roughly $700 million. Capex guidance $340–$370 million and targeted 2026 free cash flow conversion of 40%–50% of EBITDA.
Broadening Market Recovery and Long‑term Earnings Potential
Management cited improving conditions across multiple markets (Argentina revenue +20% sequential, +33% YoY) and an increasingly synchronized recovery (offshore contracting activity +32% sequential). Executives presented a conservative 'high‑watermark' earnings capacity: annualized revenue ~ $9.8 billion and EBITDA ~ $1.5 billion, with a goal of reaching mid‑teens EBITDA margins over time.
MX:NOV Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed