Innovex International Reports 72% Revenue Growth to $224.2 Million in Latest Quarter

Innovex International, Inc. reported significant financial growth in its latest quarterly results, with total revenues reaching $224.2 million for the three months ended June 30, 2025, a 72% increase from $130.3 million in the same period last year. For the first half of 2025, revenues surged to $464.6 million, up 80% from $258.3 million in the prior year. The company attributed this growth to increased market share and expanded operations following its merger with Dril-Quip and acquisitions of Downhole Well Solutions, SCF Machining Corporation, and Citadel Casing Solutions.

The company's net income for the second quarter was $15.3 million, a 61% increase compared to $9.5 million in the same quarter of 2024. For the six months ended June 30, 2025, net income totaled $30.1 million, reflecting a 16% increase from $26.0 million in the previous year. The increase in profitability was supported by a rise in income from operations, which reached $22.7 million for the quarter, up 74% year-over-year, and $44.5 million for the six-month period, a 26% increase.

Innovex's operational metrics also showed positive trends, with total costs and expenses rising to $201.5 million for the second quarter, primarily driven by increased personnel expenses and costs associated with the expanded business operations. The company reported a significant increase in its employee headcount, which contributed to higher selling, general, and administrative expenses, totaling $28.8 million for the quarter, up 55% from the previous year. The company’s total assets increased to $1.23 billion as of June 30, 2025, compared to $1.20 billion at the end of 2024, reflecting the impact of recent acquisitions.

Strategically, Innovex has focused on expanding its market presence through acquisitions and enhancing its product offerings. The company completed the acquisition of Citadel for $69.7 million in cash, which is expected to improve its product portfolio and operational efficiencies. Additionally, the company has initiated a share repurchase program, authorizing up to $100 million in stock buybacks, which reflects its commitment to returning value to shareholders. Looking ahead, Innovex anticipates continued growth driven by its strategic initiatives and a favorable market environment, despite potential challenges from fluctuating oil and gas prices and global economic conditions.